Individuals and Firms Involved in the Process of Making a Product

question 295

Multiple Choice

Individuals and firms involved in the process of making a product or service available for use or consumption by consumers or industrial users are referred to as a

• A) marketing channel.
• B) distribution matrix.
• C) retailer.
• D) wholesaler.
• E) distributor.

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Definitions:

Cost

The amount of money that needs to be spent to acquire, produce, complete, or maintain something.

Absorption Costing

An accounting method that includes all direct costs and allotted indirect costs associated with manufacturing a product.

Ending Inventory

The total value of goods available for sale at the end of an accounting period.

Manufacturing Costs

Manufacturing costs encompass all expenses directly involved in the production of a good, including raw materials, labor, and factory overhead.