Answer: two or more stores are situated together or in close proximity
Explanation: In simple words, an unplanned business district refers to an area where multiple stores are opened by individuals without any collective planning of establishing a market altogether.
Usually this is a place where all the commercial transactions of a town or a district takes place. In other markets, it is the main market arena of a specified area.
Generally customer turnover is very high in such areas as there are several stores from which a rational customer can find all commodities he or she needs.
Safety is a key concern at most industries, but it is especially important at BigBoom Fireworks Factory. Employees must use carefully standardized procedures for packing fireworks to prevent unwanted explosions.
This is an example of _________ control.
A. concurrent
B. feedforward
C. bureaucratic
D. none of above
Answer: (C) Bureaucratic control
Explanation:
The bureaucratic control is one of the type of t-down control and it uses various types of policies, documentation, rules and the reward system for influencing the behavior of an employee in an organization for assess the performance.
The bureaucratic control are basically controlled by the market mechanisms. By using the bureaucratic control, the managers in an organization influence their employees either punishing them or rewarding them for their performance.
Therefore, Option (C) is correct.
The correct answer is B. feedforward control.
Feedforward control is a type of management control that involves taking corrective action before any variance occurs. In the context of the BigBoom Fireworks Factory, the careful standardization of procedures for packing fireworks is a proactive measure to prevent accidents and ensure safety. This means that the process is designed to detect and correct potential issues before they lead to an unwanted explosion, which is a classic example of feedforward control.
Let's consider the other options to understand why they are not the correct choice:
A. Concurrent control: This type of control is exercised during the execution of a process. It involves monitoring activities while they are happening and making immediate adjustments as necessary. While concurrent control is important in many processes, the question specifically describes a proactive approach to safety, which is more aligned with feedforward control.
C. Bureaucratic control: This refers to the use of rules, regulations, and formal structures to control the behavior of individuals within an organization. Although bureaucratic control can be part of ensuring safety, it is more about the overall structure and governance of an organization rather than the specific control mechanism used in a process like packing fireworks.
D. None of the above: This option suggests that none of the given control types apply to the situation. However, as explained, feedforward control is the most appropriate choice given the proactive nature of the safety measures described in the question.
Therefore, the most suitable answer to the question is B. feedforward control, as it accurately describes the proactive and preventive approach to safety at the BigBoom Fireworks Factory.
Urban Window Company had gross wages of $320,000 during the week ended July 15. The number of wages subject to social security tax was $320,000, while the number of wages subject to federal and state unemployment taxes was $40,000. Tax rates are as follows:
Social security Medicare State unemployment Federal unemployment 6.0% 1.5% 5.4% 0.6% The total amount withheld from employee wages for federal taxes was $75,200. For a compound transaction, if an amount box does not require an entry, leave it blank. a. Journalize the entry to record the payroll for the week of July 15 b. Journalize the entry to record the payroll tax expense incurred for the week of July 15.
Answer:
wages expense 320,000 debit
cash 218,400 credit
FICA tax payable 2,160 credit
SUTA tax payable 240 credit
Social security payable 24,000 credit
wages income tax payable 75,200 credit
--to record July 15th payment to employees wages--
payroll tax expenses 26,400 debit
FICA tax payable 2,160 credit
SUTA tax payable 240 credit
Social security payable 24,000 credit
---to record the payroll tax for the week ended July 15th--
Explanation:
We multiply the wages subjet to taxation by each rate:
social security:
320,000 x 7.5% = 24,000
SUTA
40,000 x 5.4% = 2,160
FICA
40,000 x 0.6% = 240
For this three concepts, the employee will have liability for the same amount for payroll taxes
Income tax 75,200
net wages: 320,000 - 24,000 - 2,160 - 240 - 75,200 = 218,400
The encoding of words and their meaning is known as ________ encoding.
Encoding is the process of inputting information into the memory system. Different types of encoding exist, and the encoding of words and their meaning is called semantic encoding. Another type is acoustic encoding, which deals with the sounds that words make.
Explanation:The process of inputting information into the memory system is called encoding. There are various types of encoding, among which the encoding of words and their meaning is referred to as semantic encoding. This was exemplified in an experiment by William Bousfield in 1935, during which participants were found to remember words in categories based on their meaning, proving that they paid attention to the meanings of the words as they learned them.
Another type of encoding is acoustic encoding, which is remembering the sounds that words make. For example, children often learn the alphabet and the number of days in each month through song or rhyme, a mechanism facilitated by acoustic encoding. In essence, encoding functions to organize perceived information with already known concepts to facilitate recall.
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Which of the following statements is a positive statement? Which is a normative statement?
a. The federal minimum wage is increasing to $6.50 an hour.
b. The minimum wage should be high enough that families will not live in poverty.
Answer:
A positive statement seeks to describe or explain something based on empirical evidence, while a normative statement seeks to recommend something, or to express a subjective opinion.
a. The federal minimum wage is increasing to $6.50 an hour. - Positive statement. It is stating a fact, not telling us whether this rise in the minimum wage is good or bad.
b. The minimum wage should be high enough that families will not live in poverty. - This is a classical normative statement. It is giving an opinion, and recommending a policy.
A positive statement describes facts or the way things are, while a normative statement expresses an opinion or value judgment.
Explanation:A positive statement is a statement that describes facts or the way things are. It can be tested and proven true or false. An example of a positive statement A: The federal minimum wage is increasing to $6.50 an hour.
A normative statement, on the other hand, is a statement that expresses an opinion or makes a value judgment. It cannot be tested or proven true or false. An example of a normative statement is: The minimum wage should be high enough that families will not live in poverty.
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During November, the production department of a process operations system completed and transferred to finished goods 31,000 units that were in process at the beginning of November and 130,000 units that were started and completed in November. November's beginning inventory units were 100% complete with respect to materials and 55% complete with respect to conversion. At the end of November, 27,000 additional units were in process in the production department and were 100% complete with respect to materials and 70% complete with respect to conversion. Compute the number of equivalent units with respect to materials for November using the weighted-average method.
Answer:
188,000 units
Explanation:
For computing the equivalent units for material cost, first we have to compute the transferred units which is shown below:
= Beginning finished good inventory units + units started and completed units
= 31,000 units + 130,000 units
= 161,000 units
Now the equivalent units for material costs equal to
= Transferred units × percentage of completion + additional units in process × percentage of completion
= 161,000 units × 100% + 27,000 units ×60%
= 161,000 units + 27,000 units
= 188,000 units
Daniel's workplace has no structured hierarchy, and all employees are treated equally regardless of their designations or roles in the organization. According to the CSV dimension, this is an example of an organization low in _____.
a. individualism
b. masculinity
c. power distance
d. uncertainty avoidance
e. long-term orientation
According to the CSV dimension, the given is an example of an organization low in individualism.
Option - a
Explanation:
Some organizations motivate workers to think for themselves. Others demonstrate teamwork and relations between people.
For example, people in the US are trained to depend on themselves and to take decisions themselves. This is called individualism.
Organizations that accept individualistic principles instead of recognizing the efforts of the group recognize employees for their particular skills.
As per a survey, more and greater numbers of people are looking for their individual characteristics and skills and just want to be honored.
An individualized culture encourages creativity and innovation in the work environment and encourages employees to do the best they can.
On December 1, Flint Electronics has three DVD players left in stock. All are identical, all are priced to sell at $77. One of the three DVD players left in stock, with serial #1012, was purchased on June 1 at a cost of $47. Another, with serial #1045, was purchased on November 1 for $43. The last player, serial #1056, was purchased on November 30 for $36.
Calculate the cost of goods sold using the FIFO periodic inventory method, assuming that two of the three players were sold by the end of December, Flint Electronics' year-end.
The cost of goods sold using the FIFO ______.
Answer: $90
Explanation: closing stock as at November ending is 3, consisting of:
1 DVD bought on 1st June @ $47
1 DVD bought on 1st Nov @ $43
1 DVD bought on 30th Nov @ $36
using FIFO (First in first Out) inventory method, 2 of the DVD was sold as at the end of December.
Cost of goods sold in the month of December is $47 +$43 = $90
The asset's book value is $70,000 on June 1, Year 3. On that date, management determines that the asset's salvage value should be $5,000 rather than the original estimate of $10,000. Based on this information, the amount of depreciation expense the company should recognize during the last six months of Year 3 would be:____________
a) $8,125.00
b) $7,375.00
c) $4,062.50
d) $3,750.00
e) $7,812.50
Answer:
The correct answer is C that is $4,062.50
Explanation:
The depreciation expense is computed as:
Depreciation expense = Book Value of asset - Salvage Value / Number of years × 6/ 12
where
Book value is $70,000
Salvage value is $5,000
Number of years is 8 because it is Year 3
Number of months is 6 months
= $70,000 - $5,000/ 8 × 6/ 12
= $65,000 / 8 × 6/ 12
= $8,125 × 6/ 12
= $4,062.50
In the leadership of both parties in Congress, certain members are responsible for legislative strategy, building support and coalitions for key issues, and informal vote counting. What is this role called?
Answer:
The correct answer is Whip.
Explanation:
The whip is an officer in a political party whose main purpose is to ensure party discipline in a legislature. Whips are "executors" of a party, which typically offer incentives and threaten party members to ensure they vote according to official party policy. Role of a whip is also to ensure that the elected representatives of your party are present when important votes are taken. The use comes from the term hunting "whipping," that is, prevention of hounds from wandering away from the pack.
Calculating Residual Income
Barnard Manufacturing earned operating income last year as shown in the following income statement:
Sales $4,000,000
Cost of goods sold 2,100,000
Gross margin $1,900,000
Selling and administrative expense 1,100,000
Operating income $800,000
Less: Income taxes (@ 40%) 320,000
Net income $480,000
At the beginning of the year, the value of operating assets was $2,700,000. At the end of the year, the value of operating assets was $2,300,000.
Barnard requires a minimum rate of return of 15%.
Required:
Calculate:
1. Average operating assets $______
2. Residual income $_______
Answer:
1) $2,500,000
2) $425,000
Explanation:
1)
The Average Operating Assets is given using the formula
= (Beginning Operating Assets + Ending Operating Assets) ÷ 2
on substituting the values from the question, we get
⇒ Average Operating Assets = (2,700,000 + 2,300,000) ÷ 2
⇒ Average Operating Assets = 5,000,000 ÷ 2
⇒ Average Operating Assets = $2,500,000
2)
The Residual Income is calculated as:
= Operating Income - (Minimum Rate of Return × Average Operating Assets)
on substituting the values from the question, we get
⇒ Residual Income = $800,000 – (15% × $2,500,000)
⇒ Residual Income = $800,000 - $375,000
⇒ Residual Income = $425,000
A payroll company in the nation of Antono is seeking to expand beyond its borders while limiting administrative and political distance in the new country. Which potential site is the best one for this type of expansion?
Answer:
Usually when companies plan to expand their activities to foreign nations, they will seek to do it in places that traditionally had long relationships with their home country. If Antono is located in either South or Central America then the company should try to expand to either one of its direct neighbors or Spain (or some other European country that has a strong relationship with them).
Most countries in the Americas had colonial relationships with their neighbors or some European country. For example, the US first trading partner was the UK and when American companies want to do business in Europe they established themselves in the UK.
Final answer:
The most suitable expansion site for the payroll company is one with a historical relationship with Antono, likely easing business operations due to cultural and linguistic ties. The other options may introduce regulatory, trade, or market challenges that the company wishes to avoid.
Explanation:
When seeking to expand a payroll company internationally with minimal administrative and political resistance, the most suitable location would typically be a country with a stable political environment, existing infrastructure for business services, and a workforce skilled in the services required.
Keeping this in mind, a location that used to have a colonizer or colonized relationship with Antono (option d) might be fitting, especially if there are linguistic and cultural ties that would ease business communication and operations. Additionally, selecting a country that has participated in trading blocs with Antono could provide smoother trade relations.
Options a, b, and c present challenges such as an overly protective business environment, which might lead to stringent regulations (option a), barriers to trade in the form of tariffs and quotas (option b), or potential market isolation if outside of any trading blocs (option c). These could all introduce additional complexity and costs that the payroll company is seeking to avoid.
It's important to also consider that locating in a country with low employment costs and a skilled labor force, much like the outsourcing trends seen in the Philippines, would provide operational advantages. Historical ties, like those the Philippines has with the United States, can be beneficial in creating a favorable business environment as well.
The level of liquid assets that should be invested in marketable securities depends on several factors. This includes all except which of the following?
a. The variability of the firm's cash flows
b. Transaction costs involved in buying and selling the securities
c. Seasonal cash requirements d. Interest to be earned over the expected holding period
Answer:
c.
Explanation:
Based on the information provided within the question it can be said that the exception of the answers provided are seasonal cash requirements. This refers to the amount of cash you or the company needs to pay for unique expenses during a specific season. Which is not a factor when deciding what should be invested in marketable securities.
Mark wants to determine whether a specific company has become more profitable over time. Mark should compare the company's performance to:______________.
Answer: industry average
Explanation: In simple words, industry average refers to the data that is presented by some institution depicting the performance of all the firms in the industry as a whole with respect to factors like profitability, leverages and growth.
To compare a company's performance over time it is best to compare it with industry average as usually it is difficult to find a competitor whose market conditions are similar to one another.
Thus, for over the period performance analysis it is best to use industry average.
When economists determine that a nation’s gdp has declined
Answer:
The correct answer is economic shrinkage.
Explanation:
An economic contraction is a general reduction of goods and services in a market. It is typically related to a recess in production caused by external factors, such as weather conditions, or by internal factors, such as taxes, high regulation and other impacts on producers' incentives.
Both the contraction and economic expansion have to do with the cycles of global production of goods in an economy, while inflation and deflation refer to the exchange rate appreciation cycle.
NewDigger Inc. makes backhoes for digging ditches and trenches. It has developed an environmental-friendly liquid that, when poured on the ground, reduces the time and labor required to dig trenches of various depths, depending on how much is applied. The firm has recently started using this product commercially. This would most probably be considered a(n) _____ project for NewDigger.
a. derivative
b. breakthrough
c. platform
Answer:
B) Breakthrough project
Explanation:
The development of a liquid that when poured on the ground reduces the time it takes for the backhoe to dig a ditch is an enormous advancement for the business line, and could start a new series of similar products with the aim of reducing even more the time require. Therefore, it has the necessary characteristics to qualify as a breakthrough project.
The environmentally-friendly liquid introduced by NewDigger Inc. can be classified as a breakthrough project due to its innovative nature and potential impact on digging trenches more efficiently.
Breakthrough projects are those that introduce significant advancements in technology or processes. In the case of NewDigger Inc.'s environmentally-friendly liquid that reduces the time and labor required to dig trenches, it would most likely be considered a breakthrough project for the company. This innovation has the potential to revolutionize the way trenches are dug and improve productivity.
An actionable segment is one that A.allows the marketing mix to operate.B. has resources to purchase the product.C. perceives that the product line is useful.D. can be moved through advertising.
Answer:
a. allows the marketing mix to operate
An actionable segment is a market subset that can be effectively targeted with a consistent marketing mix. It must have the purchase power, find the product useful, and be responsive to advertising to be deemed actionable.So,option A is correct.
An actionable segment is an essential concept in marketing that refers to a subset of the market that a company can effectively target with its marketing mix. The marketing mix is composed of decisions about price, promotional activities, location, and sales channels, which all need to be consistent to be effective. An actionable segment must meet several criteria, such as having the resources to purchase the product, finding the product line useful, and being responsive to advertising efforts.
Advertising is a means of increasing the likelihood a firm's product or service is among those actually considered by consumers. When planning a marketing strategy, it's important to identify segments that can be distinguished and targeted with a customized mix of the four Ps: product, price, place, and promotion. Only then can a segment be considered actionable when it is capable of being effectively reached and influenced through these marketing efforts.
Several national religious organizations have used sport to attract young athletes and help them learn about a given religion. What is not an example of such an organization?
Answer:
The answer is Jocks for Jesus.
Explanation:
Jock for Jesus.
Soar Incorporated is considering eliminating its mountain bike division, which reported an operating loss for the recent year of $3,300. The division sales for the year were $1,053,000 and the variable costs were $863,000. The fixed costs of the division were $196,000. If the mountain bike division is dropped, 30% of the fixed costs allocated to that division could be eliminated. The impact on operating income for eliminating this business segment would be:
(A) $190,000 decrease
(B) $190,000 increase
(C) $58,800 decrease
(D) $55,500 decrease
(E) $131,200 decrease
Answer:
$133,900 decrease
Explanation:
Since the mountain bike division's total fixed costs are $196,000, and only 30% can be eliminated, then the rest of the company will absorb $137,200 in fixed costs.
Since the division has an operating loss of $3,300, then that would be saved.
Total impact on income = - $137,200 + $3,300 = -$133,900
*I believe one amount is wrong, the operating loss was $6,000, not $3,300 (= $1,053,000 - $863,000 - $196,000 = -$6,000). If we calculate the impact with an operating loss of $6,000, then the net effect would be a $131,200 decrease (option E)
Ferrari is well known as a brand of luxury sports cars; accordingly, it has leveraged its brand name to introduce clothing offerings emblazoned with its horse logo. It has also licensed its logo to 68 different products, from sunglasses to guitars. Ferrari might be at risk of which of the following?
a. perceived valueb.
b.brand dilutionc.
c.line extensiond.
d.brand extensione.
e.brand awareness
Answer:
b.brand dilution
Explanation:
Brand dilution -
It occurs when the value of the brand reduces due to its overuse , and the value of the reduced as it does not meet to the expectations of the customers , is known as brand dilution .
hence , from the question ,
As Ferrari is a very famous and reputed luxury sports car brand , and the the brand name can be diluted as it introduces 68 different products .
hence , from the question ,
The correct term from the given statement is Brand dilution .
Ferrari could be at risk of brand dilution. This happens when a company extends its brand to a wide variety of products, potentially weakening the core identity of the brand.
Explanation:Given the information presented, Ferrari appears to be at a risk of brand dilution. Brand dilution can occur when a well-known brand expands its product offerings too broadly, often extending its brand name to products not related to its core product category. The risk lies in the possibility of the brand's core identity being weakened. In Ferrari's case, the luxury car brand is associating its image not just with clothing, which might reasonably match its high-status identity, but with a wide variety of other products such as sunglasses and guitars. If consumers start associating Ferrari's logo more with these diverse products than with luxury sports cars, the value of the Ferrari brand could indeed be diluted.
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Jan Throng invested $39,000 in the Invesco Charter mutual fund. The fund charges a commission (load) of 4.5 percent when shares are purchased. Calculate the amount of commission (load) Jan must pay
Answer:
amount of commission (load) Jan must pay is $1755
Explanation:
given data
investment = $39,000
charges commission (load) = 4.5 percent
to find out
Calculate the amount of commission (load) Jan must pay
solution
we get amount of commission will be here as
amount of commission = investment × charges commission % ......................1
put here value we will get
amount of commission = $39000 × 4.5%
amount of commission = $39000 × 0.045
amount of commission = $1755
so amount of commission (load) Jan must pay is $1755
The process of developing and using systems to ensure that funds are spent for the purpose for which they have been appropriated is referred to as _________.
A. Technical Resource Management
B. Financial Management
C. Human Resource Management
D. Accounting Management
Answer: Financial Management.
Explanation: Financial management can be explained as the measures put in place by an organization to properly assign funds accordingly to areas where it is needed.
Financial Management makes use of financial information monitoring applications to track the cash flow to various areas of need in the organization.
The accounting department of the organization are in charge of finance management supervision.
Consider a perfectly competitive market in which all firms have the same costs. Choose the statement that is incorrect.
A. The market supply curve is upward sloping at prices above the firm's shutdown price.
B. Each firm takes the market price as given and produces its profit-maximizing output.
C. In the short run, a firm cannot incur an economic loss.
D. Market demand and market supply determine the market price and market output.
Answer and Explanation:
C. In the short run, a firm cannot incur an economic loss.
Although President Trump generally has tried to cut budgets, this agency has seen an increase as it must implement his travel bans and enforce immigration law.
a. Department of Homeland Security.
b. State Department.
c. Department of the Interior.
d. Treasury Department
Answer:
a. Department of Homeland Security.
Explanation:
The department of Homeland Security is a federal government department that is in charge of maintaining the security of the United States. Its functions include: protecting the borders, enforcing immigration laws and responding when disasters occur. So, travel bans that prohibit people from entering the country and enforcing immigration laws are activities performed by the department of Homeland Security.
Which statement concerning human resource management (HRM) is FALSE?
A. High-performance work practices improve a firm's ability to adapt to changing markets.
B. HRM is a major source of competitive advantage.
C. HRM is important in U.S. firms but insignificant in foreign firms.
D. The way that firms treat their employees impacts organizational performance.
E. HRM is a key component of organizational strategies.
Answer:
C. HRM is important in U.S. firms but insignificant in foreign firms.
Explanation:
Option A: With the help of HRM, it is possible to improve a firm's ability to adapt to changing markets.
B: If a company has skilled human resources, the company can gain competitive advantage.
D: Again, skilled emoyees mean positive organizational performance.
E: Among the components, Human resource is one of the key components for an organization to set up.
All the answers are correct regarding HRM.
On the other hand, Human Resource is not only significant for the U.S firms but also important for all the firms across the world. Therefore, the answer "C" is wrong regarding the HRM.
A piece of equipment was acquired on January 1, 2018, at a cost of $28,000, with an estimated residual value of $4,000 and an estimated useful life of Four years. The company uses the double-declining-balance method. What is its book value at December 31, 2019?
The book value of the equipment at December 31, 2019, using the double-declining-balance method is $7,000. This considers a 50% depreciation rate applied to the initial cost in the first year and the remaining book value in the second year, without dropping below the residual value.
Calculating the Book Value using Double Declining Balance Method
To calculate the book value at the end of 2019 using the double-declining-balance method, we'll first determine the depreciation rate. Since the asset has a useful life of 4 years, the straight-line depreciation rate would be 1/4, or 25% per year. For the double-declining-balance method, we'll double this rate to 50% per year.
The initial book value of the equipment is $28,000. For the first year (2018), we'll apply the 50% depreciation rate on the initial cost:
$28,000 (initial cost) * 50% (depreciation rate) = $14,000 (depreciation expense for 2018)
We subtract the depreciation expense from the initial book value to get the book value at the end of 2018:
$28,000 - $14,000 = $14,000 (book value at end of 2018)
For the second year (2019), we apply the 50% rate on the book value at the end of 2018, ensuring that the book value doesn't drop below the residual value of $4,000:
$14,000 (book value at end of 2018) * 50% (depreciation rate) = $7,000 (depreciation expense for 2019)
Finally, we subtract the depreciation expense for 2019 from the book value at the end of 2018 to find the book value at the end of 2019:
$14,000 - $7,000 = $7,000 (book value at end of 2019)
Linda purchases property in Escambia County from Susan. Linda has $30,000.00 as a down payment and gets a mortgage in the amount of $150,000.00 and there is no other consideration for the transfer. How much will the doc stamp tax on the deed be?
Answer:
$1,260
Explanation:
First of all, Linda's base for any taxes will be the total transaction cost = $30,000 + $150,000 = $180,000
The we must calculate the $100 taxable units = $180,000 / $100 = 1,800 units
Since Escambia County is located in Florida, we must use Florida's documentary stamp tax of $0.70 per taxable unit (floridarevenue.com):
doc tax due = 1,800 taxable units x $0.60 per taxable unit = $1,260
Alicia is analyzing the "Financing Activities" portion of TopCo’s statement of cash flows. If Alicia wants to further clarify the dividend information provided in this portion of the document, she should compare it against TopCo’s
Answer:
Retained earnings statement
Explanation:
A company's retained earnings statement is a financial statement that shows information regarding changes in retained earnings over a given period.
Retained earning are the company's profits that have not been distributed to its shareholders, and instead held in reserve for financing existing or future projects.
Refer to Pure Training, Inc. If clients (the business owners) were asking for workshops to allow their customers to listen to audio files about their product or service, Pure Training would be organizing ____ workshops.A. blogB. podcastC. social content siteD. social gameE. forum
Answer: Podcast
Explanation: In simple words, podcast refers to a digital audio file that is uploaded on the internet and can be easily downloaded through a computer or mobile device.
A podcast is used for many purposes like for reading of novels or for educational seminars etc. Sometimes companies also use podcast for advertisements or promotional purposes when the target audience is low in volume and mass media mediums are of no use.
Hence from the above we can conclude that the correct option is B.
Pure Training, Inc. would organize podcast workshops for clients who want their customers to listen to audio files discussing their products or services. Podcasts, being a form of digital media which includes audio files on topics of interest, are the best way to address this request.
Explanation:If clients were asking for workshops that allow their customers to listen to audio files about their products or services, Pure Training, Inc. would be organizing podcast workshops. A podcast workshop would best suit this request because podcasts are a form of digital media in which audio files that you can listen to are included. These files can be conveniently downloaded or streamed to learn about a particular topic, in this case, a business's product or service. Hence, customers can gain more in-depth knowledge about the products or services at their own time and pace through the podcast workshops.
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What is the difference between a budget and a standard?
a) A budget is the cost of an item at a static activity level, while a standard is based on a flexible activity level.
b) A budget is a total amount, while a standard expresses only a unit amount.
c) A budget is the amount planned, while a standard reflects the actual results. d) There is no difference, they are the same.
Answer:
B
Explanation:
Standard is used for unit projection and unit prices of a product, while Budget is used for total projection in both price and Total units of a product.
A budget is a total amount used for planning and control, while a standard is a unit amount used for performance evaluation and improvement.
Explanation:A budget and a standard are two different concepts in management accounting.
A budget represents the financial plan for a particular period of time, usually expressed in monetary terms. It outlines the expected income and expenses for the organization. It is a total amount and can be used for planning, control, and performance evaluation.
On the other hand, a standard represents a predetermined level of performance or cost that should be achieved. It is usually expressed per unit of output. For example, a standard could be the expected cost per unit of production or the expected time to complete a task. Standards are used to measure actual performance against the expected level and identify areas of improvement.
In summary, the difference between a budget and a standard is that a budget is a total amount used for planning and control, while a standard is a unit amount used for performance evaluation and improvement.
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A firm is comparing two potential service layouts using the Closeness Desirability Rating. Option 1's closeness desirability score is 18. Option 2's closeness desirability score is 22. It can be concluded that Option 1 layout is better.
a. True.
b. False
Answer:
False
Explanation:
The higher the rating, the better. Option 2 has a rating of 22, while option 1 has a rating of 18, therefore option 2 should have a better layout.
A bad layout can have a significant negative impact on an organization, especially on how employees carry out their activities or production processes can be delayed.
The purpose of the closeness desirability rating is to find the most effective physical arrangement for the offices and facilities, so that both employees and resources are properly distributed to facilitate the production of goods and services. The factors that are used to develop the closeness desirability rating are qualitative factors like noise levels, heat levels, material and operating flows, etc.
Final answer:
The answer is False. A higher closeness desirability score indicates a better layout, thus suggesting that Option 2 with a score of 22 is better than Option 1 with a score of 18.
Explanation:
The question relates to the Closeness Desirability Rating which is a method used in business and operations management to evaluate the effectiveness of different service or manufacturing layouts. When comparing two potential service layouts, a higher closeness desirability score generally indicates a better layout as it suggests elements that should be close to one another are arranged more optimally. Therefore, with Option 1 having a closeness desirability score of 18, and Option 2 having a score of 22, it can be concluded that Option 2 layout is better than Option 1.
Given this information, the answer to the student's question is False. Option 1 is not better than Option 2 in terms of closeness desirability since it has a lower score.