How Do You Identify the Customer Needs Your Venture Should

question 26

Multiple Choice

How do you identify the customer needs your venture should address?

• A) By observing and talking to customers
• B) Asking the competitors
• C) Looking it up on the Web
• D) Calling your customers on the phone

---

Definitions:

Direct Labor-Hours

The total hours of work directly contributed by laborers to produce goods, often used in costing and productivity calculations.

Direct Labor Rate

The cost of labor per hour for workers directly involved in the manufacturing process.

Cash Budget

A financial plan that estimates cash inflows and outflows over a specific period, helping manage liquidity and ensuring availability of cash.

Cash Receipts

The collection of money (cash, checks, wire transfers) by a business or individual, often recorded in the accounting records.