What Should a Salesperson Do If the Prospect's Name Is

question 61

Multiple Choice

What should a salesperson do if the prospect's name is unusual and difficult to spell?

• A) Ask the prospect for the correct spelling
• B) Reduce the usage of the name in the conversation
• C) Pronounce the name in the way it is comfortable
• D) Spell the name phonetically
• E) Use the most common spelling

Understand the concept of implicit costs and their relevance to business economics.

Calculate and distinguish between accounting profit and economic profit.

Recognize explicit costs and their impact on a firm's financial statements.

Comprehend the relationship between economic profit, accounting profit, and normal profit.

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Definitions:

Accounts Receivable

Amounts due to a company from its customers for goods supplied or services rendered but not yet paid for.

Allowance Method

A method of accounting for bad debts that involves estimating uncollectible accounts at the end of each period.

Uncollectible Accounts

Accounts receivable that a company does not expect to collect due to the debtor's inability to pay, considered a bad debt expense.

Year-End Adjustment

A financial correction or modification made at the end of a fiscal year to various accounts to properly state them for reporting purposes.