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Goods which are purchased for resale are...

Goods which are purchased for resale are

A

final goods

B

capital goods

C

intermediate goods

D

none of these

Text Solution

Verified by Experts

The correct Answer is:
C
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Identify the type of products in the following cases and given one example of each type. (i) Purchase of goods, in which buyers devote considerable time to compare quality, price and style. (ii) Consumer products, which are purchased frequently, immediately and with least time and efforts. (iii) Consumer goods having attained brand loyalty with some specific features because of which people make more efforts in their purchase.

Knowledge Check

  • When goods are purchased against cash, the purchaser will get

    A
    Cash Memo.
    B
    Invoice.
    C
    Accounting Voucher.
    D
    None of these.

  • Goods purchased for the following purpose are final goods : (choose the correct alternative )

    A
    For satisfaction of wants
    B
    For investment in firm
    C
    Both (a) and (b)
    D
    None of the above

  • A trade entered into following transactions. As a result, total of Purchase Column in the Purchases Book will be : (i) Goods purchased from Gaurav Rs. 8,000 (ii) Goods Purchased from Sudhir for Cash Rs. 10,000 (iii) Goods purchased from Kamal on credit Rs. 25,000 (iv) Machinery purchased from Dinesh on credit Rs. 40,000

    A
    Rs. 83,000
    B
    RS. 73,000
    C
    Rs. 33,000
    D
    Rs. 25,000

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    Define intermediate goods and final goods . Can milk be an intermediate good ? Give reasons for your answer. Hint for 2^(nd) Part : Milk purchased by a restaurant is intermediate good because it is purchased for reselling.

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