The Method of Determining the Cost of a Product or Service

question 15

Multiple Choice

The method of determining the cost of a product or service based on the price that customers are willing to pay is called

• A) relevant costing.
• B) differential costing.
• C) target costing.
• D) product costing.
• E) overall costing.

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Definitions:

Civil War

A war between the Union (northern states) and the Confederacy (southern states) in the United States from 1861 to 1865, mainly concerning slavery and the rights of states.

Seventeenth Century

The seventeenth century is the period from 1601 to 1700 in the Gregorian calendar, notable for significant developments in various fields such as science, politics, and art, including the Scientific Revolution and the Baroque artistic movement.

Levellers

A political group in the time of the English Civil War that supported the ideas of the people having power, broader voting rights, equal treatment under the law, and acceptance of different religious beliefs.

Voting Rights

The entitlements which allow an individual to vote in public elections and have their voice heard in the democratic process.