Which of the Following Is One of the Most Important

question 84

Multiple Choice

Which of the following is one of the most important considerations in selecting a business idea?

• A)Making sure no company is currently offering the product/service
• B)Ensuring that the idea solely appeals to a niche market
• C)Finding something one loves to do and is good at doing
• D)Choosing a product/service that is inexpensive to sell

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Definitions:

Process Costing

An accounting methodology used in industries where production is continuous, assigning costs to units of product based on the process they have undergone.

Job-Order Cost Sheet

A detailed document that tracks the production costs directly associated with a specific job or order, including materials, labor, and overhead costs.

Direct Materials

Raw materials used in the manufacturing of a product, which can be directly attributed to that product.

Direct Labour

Direct Labour refers to the wages and salaries of employees who are directly involved in the production of goods or services, considered as a variable cost.