Which of the Following Statements Is False

question 70

Multiple Choice

Which of the following statements is false?

• A) Payment for goods and services typically makes the largest demand on an organization's cash.
• B) Most commonly, after a purchase order has been approved, a manager will then deal with vendors directly.
• C) The order for goods and services has traditionally been in the form of a paper purchase order that is mailed to a vendor.
• D) Purchasing personnel are responsible for periodically reviewing the file records and following up on unfilled orders.

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Definitions:

Total Revenue

The total amount of money a firm receives from sales of its products or services, before any costs are subtracted.

Profit-Maximizing

The process or goal of a firm to adjust its production and pricing strategies to achieve the highest possible profit.

Number Of Perms

A mathematical term that refers to the number of ways in which a set or subset can be arranged or ordered.

Profit-Maximizing Price

The price level at which a firm can sell its product to earn the highest possible profit, given its cost structure and market demand.