Match the Following Terms with Their Correct Definition

question 36

Multiple Choice

Match the following terms with their correct definition.
-a bank reconciling item that must be subtracted from the unadjusted bank balance when preparing a bank reconciliation

• A)bank reconciliation
• B)deposit in transit
• C)nonsufficient funds cheque
• D)outstanding cheque
• E)service charges

Differentiate between voidable, void, and unenforceable contracts, especially in regard to minors and individuals lacking capacity.

Understand the legal distinctions and implications of contracts with incompetent persons.

Distinguish between necessary and non-necessary goods and services in contracts with minors.

Comprehend the legal outcomes of misrepresentation of age in contract formation and disaffirmance.

---

Definitions:

Relationship Selling

A sales philosophy and process that emphasizes a commitment to maintaining the relationship over the long term and investing in opportunities that are mutually beneficial to all parties.

Transactional Selling

A sales approach focused on short-term exchanges where the main goal is to close a sale, with less emphasis on building long-term customer relationships.

Preapproach Strategy

A sales technique where a salesperson plans and researches potential clients before making initial contact.

Outsourcing

The business practice of hiring a party outside a company to perform services or create goods that traditionally were performed in-house by the company's own employees.