Which of the Following Is NOT a Cost Concept Commonly

question 7

Multiple Choice

Which of the following is NOT a cost concept commonly used in applying the cost-plus approach to product pricing?

• A) Total cost concept
• B) Product cost concept
• C) Variable cost concept
• D) Fixed cost concept

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Definitions:

Unpaid Lien

A legal claim or right against a property due to unpaid debts, which must be paid off when the property is sold.

Fitness and Quality

Essential criteria that goods or services must meet, ensuring they are suitable and of a high standard for consumers.

Sale of Goods Act

Legislation governing the sale and purchase of goods, setting out legal rights and obligations of buyers and sellers.

Referral Selling

A sales strategy where existing customers are encouraged to refer new clients or customers to a business, often incentivized with rewards.