An agreement between the owner of a brand and another company or individual who pays a royalty for the use of the brand in association with a new product is brand ________
A) extension
B) awareness
C) licensing
D) association
E) privatizing
C
Explanation: C) Brand licensing is an agreement between the owner of a brand and another company or individual who pays a royalty for the use of the brand in association with a new product. Brand owners use licensing to extend a trademark or character onto different products.
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After preparing and posting the closing entries to close revenues (and gains) and expenses (and losses) into the income summary, the income summary account has a debit balance of $33,000. The entry to close the income summary account will include:
a. A debit of $33,000 to owner withdrawals. b. A credit of $33,000 to owner withdrawals. c. A debit of $33,000 to income summary. d. A debit of $33,000 to owner capital. e. A credit of $33,000 to owner capital.
The _____________________ is normally created to provide sufficient selling expenses to meet sales goals reflected in the sales budget. Its initial responsibility usually rests with the vice president of marketing or an equivalent sales manager.
Fill in the blank(s) with the appropriate word(s).