In the 19^th Century,the Belief Was That Production Creates Its

question 157

Multiple Choice

In the 19^th century,the belief was that production creates its own demand.By the early 20^th century,American companies began to produce more goods than buyers could consume.At the same time,competition became more significant.The usual solution was to hire more salespeople to find new buyers.This describes the __________ era.

• A)goods
• B)production
• C)sales
• D)marketing concept
• E)market orientation

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Definitions:

Gross Method

An accounting practice where invoice transactions are recorded at their full, or gross, amounts before any discounts are applied.

Periodic Inventory Method

An accounting approach where inventory is physically counted at specific intervals to determine the cost of goods sold.

Merchandise Purchase

Refers to the acquisition of goods to be sold in the normal course of business.

Credit Terms

The conditions under which credit will be extended to a borrower, including the repayment schedule, interest rate, and the term of the loan.