"Rules of Thumb" That Suggest a Course of Action Without

question 129

Multiple Choice

"Rules of thumb" that suggest a course of action without guaranteeing an optimal solution are called

• A)biases.
• B)heuristics.
• C)mental sets.
• D)algorithms.

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Definitions:

Credit Sales

Sales made on credit, allowing buyers to pay at a later date, usually generating accounts receivable for the seller.

Discount Period

The time frame between the date of the sale and the due date when a discount is available for payment of an invoice.

Merchandise Return

A process in which customers return purchased goods to the seller due to defects, dissatisfaction, or other reasons.

Sales Returns

Transactions in which customers return goods previously purchased and receive a refund or credit.