A company can have a competitive advantage if it

a. produces a comparable product at the same cost as others in the market.

b. builds the best reputation for quality of all companies in the market.

c. has about the same manufacturing costs as other companies in the market.

d. none of the above

The major factors that affect the degree of competition are

a. number of companies, amount of advertising, and number of factories.

b. number of companies, size of companies, and type of product.

c. number of companies, business costs, and product differences.

d. none of the above.

Long-term financing methods are often used for capital projects.

TrueFalse

When money is deposited in a bank for future use, it is being used as a

a. medium of exchange.

b. measure of value.

c. store of value.

d. payment on account.

A payment method that involves a financial document issued by a bank for an importer in which the bank guarantees payment is

a. cash in advance.

b. a letter of credit.

c. a sale on account.

d. an account receivable.