Identifying Possible Future Situations and Plans for Dealing with Them

question 44

Multiple Choice

Identifying possible future situations and plans for dealing with them is called __________.*

• A) contingency planning
• B) forecasting
• C) scenario planning
• D) budgeting

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Definitions:

Merchant

A merchant is an individual or company involved in the wholesale or retail trade of goods or services.

Sale

The transaction between a buyer and a seller in which the ownership of goods is transferred in exchange for payment.

Common Law

Law that is derived from judicial decisions and customary practices rather than statutes, prevalent in countries with a history of British colonial rule.

Express Warranties

Explicit guarantees provided by a seller regarding the condition, functionality, or performance of a product.