FNSACC321-322-421 Quiz 7 part 2 of 2
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Jan 9, 2024
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FNSACC321-322-421 Quiz 7 part 2 of 2
Question 16
Which of the following is not a tool to assess a customer's credit worthiness?
Select one:
a. Requesting credit references
b. Checking the customer's website
c. Performing a credit check through a credit reporting agency
d. Reviewing copies of their financial statements
Question 17
The source document that provides evidence of a credit sale is a:
Select one:
a. supplier tax invoice
b. supplier credit note
c. cheque butt
d. customer tax invoice
Question 18
The source document that provides evidence of a credit purchase is a:
Select one:
a. bank statement
b. cheque butt
c. customer tax invoice
d. supplier tax invoice
Question 19
There are two recognised types of inventory systems:
Select one:
a. Last in last out and Average
b. Periodic and Perpetual
c. First in first out and Last in last out
d. Average and First in first out
Question 20
A Payables Subsidiary Ledger:
Select one:
a. shows the amounts owing by customers
b. is a main account in the General Ledger
c. is a sub-account in the General Ledger
d. enables the business to track amounts owing to its various individual suppliers
Question 21
When posting a general journal for a credit sale transaction, what is recorded in the "Details" column of the Accounts Receivable ledger account?
Select one:
a. Debtors control
b. Bank
c. Expense
d. Sales, GST
Question 22
When posting a general journal for a credit purchase transaction, the entry to the GST Paid account would be a:
Select one:
a. Debit and credit
b. No entry
c. Debit
d. Credit
Question 23
When posting the Purchases Returns and Allowances Journal for the month, the date used is:
Select one:
a. the date of each transaction
b. the date of the last transaction
c. the end of the month
d. the first of the month
Question 24
Businesses that use the cash accounting system are usually small businesses that trade mostly in cash and do not have credit customers.
Select one:
True
False
Question 25
An adjustment note is a source document for both the supplier and the buyer.
Select one:
True
False
Question 26
The Periodic Inventory System is the inventory system used by the majority of large retailers.
Select one:
True
False
Question 27
Payments to Creditors (Accounts Payable) do not impact GST accounts.
Select one:
True
False
Question 28
Creditor (Accounts Payable) subsidiary ledgers normally have credit balances.
Select one:
True
False
Question 29
An Accounts Receivable (Debtors) subsidiary ledger normally has a credit balance.
Select one:
True
False
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5. Which of the following best describes a "sales funnel"?
Group of answer choices
A sales funnel is the process after a sales is closed where the customer receives
the product and begins using it.
A process whereby sales decrease over time as if they are going into a funnel.
A process of drawing in people who might be good purchasers of your
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then eventually leading them to purchase your product.
A sales funnel is used by department stores during key sale weekends. In a sales
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A
It is used to pay for hospital, medical, and surgical expenses if a senous disability occurs
It is designed to supplement Medicare Part A benefits
It is used to pay for an insured's normal living expenses if the insured becomes disabled
It is designed to supplement Workers' Compensation benefits
B
C
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16-
In which of these situations can a firm ensure that they can effectively satisfy customers?
a.
giving several free items for products bought by the customer
b.
not telling about the poor features of a product
c.
selling fake products for a cheap price
d.
providing value to customers through the quality of the products of the company
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Which of the following statements BEST describes the purpose of a Deability income policy?
A
It is used to pay for hospital, medical, and surgical expenses if a senous disability occurs.
It is designed to supplement Medicare Part A benefits
It is used to pay for an insured's normal living expenses if the insured becomes disabled
It is designed to supplement Workers' Compensation benefits
B
D.
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options.
Standards create confidence to
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O Standards provide communication
losses
Standards protect the consumer
interests
O Standards provide economic production
methods
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A. Sellers grant credit to customers:
a. During periods of high interest rates to reduce the overall cost of capital (WACC) and to increase return on assets
b. When granting credit is a low-cost addition to the value proposition relative to other alternatives
c. When the seller does not want new customers
d. When the seller wants to increase its marketing costs
B. Which from the following list is NOT a primary cost of granting credit to customers:
a. The cost of managing credit and credit collections
b. Some customers will not pay
c. The cost of carrying the receivables
d. Advertising costs
C. Matching the credit period to the buyer’s cash cycle time makes purchasing from the seller:
a. Less attractive for the buyer
b. Increases the elasticity of buyer demand
c. Does not impact attractiveness for the buyer
d. More attractive for the buyer
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Which of the following statements
indicates that the salesperson is using
the "Survey" approach? *
"Mr. Khaled, the buyer for the Mayfield
Company, has been very pleased with
our line of drapes and suggested I
arrange to show you our products."
"I want to study your traffic patterns to
be sure that our product meets your
needs."
"Would you be interested in a security
system that is currently used by most
major banks in America?"
AIlof the ontions
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Assignment Details
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Create an informative comparison chart page using no less than 3 terms associated with domestic and global legal implications.
Provide a minimum 5-page analysis of the terms you selected for your chart. Include the following in your analysis:
An examination of each term
A discussion about why each item is significant.
Identification of the strengths, weaknesses, threats, and opportunities of each item and their impact (SWOT analysis)
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In the selling process, which of the following is true of a salesperson's conducting the needs
assessment of prospective clients?
O It should be carried out by the salesperson during development of the sales proposal.
O It requires the salesperson to be aware of regulations and legislation that affect the industry.
O It does not include the impact of competition on the demand for the product that is being sold.
O The salesperson in relationship selling does not need to conduct a needs assessment.
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a) Low Volume
b) High Volume
c) Low Veracity
d) Low Variety
e) High Veracity
f) High Variety
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What is the term for the process of examining the sales organization's past, current, and future sales
performance in comparison to projections, competition, and industry sales?
a sales analysis
sales organization effectiveness
a sales audit
an analysis of variance (ANOVA)
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Formulate the action(s) necessary for customer knowledge management.
I Gathering superior customer knowledge saves a firm the effort of codifying it.
II Accumulating customer knowledge facilitates efficient investment decisions by a firm.
III Customer information is transformed into knowledge through systematic organisation and analysis by a firm.
Choose one correct option.
(a) Both I and II
(b) Both II and III
(c) All of the listed choices
(d) I only.
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Personal selling process starts with approaching to customers.
Select one:
a. True
b. False
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Standard SA 8000 is:
a.
A voluntary certification aimed at promoting improved employment systems.
b.
A register which publicly acknowledges companies which have implemented environmental systems.
c.
Policy which guides the drafting of sustainability reports
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Which of the following statements is true of a skimming strategy?
A) It involves setting prices based on research and analysis gathered from the target market.
B) It involves addition of a profit percentage to the cost of production so as to determine the final selling price.
C) It involves selling a product at a low price so as to expand the company’s market shares.
D) It involves initial identification of high-paying customers, followed by a progressive lowering of the product’s price.
E) It involves introducing a product at a low price to induce a maximum number of consumers to try it.
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True or fale
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9) The type of insurance defines the brand's strength.
10) Customer satisfaction is measured in stars.
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Which of the following situations would reduce inherent risk in relation to purchases?
Select one:
a. Hedging foreign currency exposure for purchases
b. No material errors were discovered last year in the audit of the purchases cycle
c. Conversion of the purchases accounting system to the latest version of the accounting package
d. The entity has very good controls over its purchases of raw materials.
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1278.
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- Practical Management ScienceOperations ManagementISBN:9781337406659Author:WINSTON, Wayne L.Publisher:Cengage,
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