Probable future sacrifice of economic benefits arising from present obligations is termed as a(n):

a. revenue
b. expense
c. net asset
d. asset
e. liability

Answer: e. liability

Business

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The major advantage of a telephone call over written correspondence is that:

A) it is cheaper B) less time is involved C) it offers spontaneity D) the buyer is a "captive audience" E) two-way communication is involved

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Situational leadership occurs when:

A) the leader passes the character test B) good performance is properly rewarded C) the leader's style matches the situation D) the coach helps the salesperson recognize the need for performance improvement E) the leader guides the team through a changing situation

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