The Term "Product" Often Refers to an Organization's Output and Includes

question 114

True/False

The term "product" often refers to an organization's output and includes both tangible items (e.g. ,chair,desk,etc. )and intangible items (e.g. ,services provided)

---

Definitions:

Operating Income

Operating Income is a measure of a company's profit that comes from its regular business operations, excluding non-operating income and expenses.

Units Sold

The total number of units of a product sold within a specific period, reflecting the volume of business activity.

Variable Cost

An expense that fluctuates with the level of output or sales volume, such as the cost of raw materials used in a product's manufacture.

Fixed Cost

Costs that do not vary with the volume of production or sales, remaining constant over a specified range of activity and period of time, such as rent or salaries.