Perception of Value

question 5

Multiple Choice

Perception of value:

• A)is what the manager believes should be charged for menu items.
• B)is used by managers in determining the type of production equipment to purchase.
• C)is what customers believe a menu item is worth.
• D)is a rating used by customers in choosing a new restaurant in which to dine.

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Definitions:

Increase Assets

The process by which a company's resources, valuable to its operations and financial growth, are augmented or enlarged.

Decrease Assets

A reduction in the total value of assets owned by an entity, occurring through expenses, losses, asset disposals, or using up assets in operations.

Financial Statement

Formal records of the financial activities and position of a business, person, or other entity, which include the balance sheet, income statement, and cash flow statement.

Income Statement

A report detailing a business's earnings, expenditures, and overall profit or loss for a certain timeframe.