Final answer:
The statement is true; Edward's approach to addressing inefficiency by considering all facets of the production system is a valid strategy to reduce costs and increase efficiency. This involves choosing the right combination of inputs, leveraging technology, and optimizing the production function.
Explanation:
When considering the statement that Edward feels inefficiency is the cause of increased costs in his production facility and is looking to improve it by utilizing all components of the facility's systems, including inputs, outputs, transformational processes, and feedback, the statement can be seen as true. Improvements in the standard of living for consumers and workers result from increased efficiency in production, which not only applies to manufacturing but extends to sectors like health and education as well. By selecting the optimal combination of labor, capital, and technology, industries can enhance efficiency, which translates to better margins and competitive capacity for businesses, and economic growth for governments.
The choice of inputs, whether it is labor-intensive or capital-intensive, directly affects the production efficiency. The technology available enables firms to use labor and capital more or less efficiently, contributing to the adjustment of the combination of inputs based on productivity and cost. An improvement in technology generally leads to reduced production costs and increases in profits, allowing for the production of more outputs with the same or fewer inputs.
The production function is key, as it describes how inputs are transformed into outputs. Production functions are concerned with not just technological efficiency -- avoiding waste and making the most of provided resources -- but also with economic efficiency, which ensures that production methods also make financial sense.
People in the U.S. state of Iowa eat both corn and potatoes. It is technically possible for farmers to grow both corn and potatoes in Iowa, yet almost no farmers grow potatoes. Instead, every year, Iowa exports corn and imports potatoes from the U.S. state of Idaho, where farmers specialize in potatoes.Which of the following principles of economic interaction best describes this scenario?A. Trade can make everyone better off.B. When markets do not achieve efficiency, government intervention can improve overall welfare.C. There is a tradeoff between equality and efficiency.D.All costs are opportunity costs.
Answer:
A. Trade can make everyone better off.
Explanation:
Iowa is probably only producing corn because it has a comparative advantage in the production of corn. By producing only goods it has a comparative advantage in and importing potatoes, both states are benefiting from the trade as the trade gives both states the opportunity to specialise in the production of goods for which they have comparative advantage in production.
I hope my answer helps you.
"According to Harvard professor Linda Hill, over the first year of becoming a new manager, one of the keys to success is to transform the way people think of themselves, called"
Answer:
The way people think of themselves is called personal identity.
Explanation:
Harvard professor Linda A. Hill observed a group of 19 managers during first year of their managerial career. She found that becoming a good manager involves more than learning a new set of skills. Rather, one of the keys to success is to transform the way people think of themselves, called Personal identity. This includes letting go of deeply held attitudes and habits and learning new ways of thinking.
Granger has a boat worth $4,000 and a car worth about $8,000. He also has roughly $500 worth of tools. What is the value of assets?
Answer:
$12,500
Explanation:
Assets are classified under current and fixed categories. Among items that Granger owns, a boat is an asset; specifically a fixed asset since it can be utilized over a year. Same reason for a car, which is also a fixed asset. Tools help in operating a business hence considered fixed assets as they can be utilized for more than a year. The total value of assets is (4000+8000+500)
Total value = $12,500
A ___________ is an arrangement whereby someone with a good idea for a business sells the rights to use the business name and to sell a product or service to others in a given territory.
Answer:
Franchise agreement
Explanation:
A franchise is a license a franchisee (the ones that are interested in buying the idea) gets to have access to a party's knowledge (or idea for business in this case) to use it. In exchange for the franchise, the franchisee receives a payment.
I hope you find this information useful and interesting! Good luck!
Gerald's Tire Store sets itself apart from competitors by the extra attention it pays to providing fast, courteous service in a clean, professional-looking environment. Gerald's has used this strategy for over 40 years, expanding to 15 outlets. Gerald's Tire Store has created a ___________________ to create and deliver value and to develop a sustainable competitive advantage.
a. market development strategy
b. set of metrics
c. macro, or overarching, strategy
d. diversification strategy
e. segmentation strategy
Answer:
Letter c is correct. Macro, or overarching, strategy.
Explanation:
Gerald's Tire Store created a macro or overarching strategy because the company's focus is mainly on the customer.
The focus on the excellence of the services offered to the customer, translate an effective strategy for the positioning of a company in the market, offering a differentiated and quality service provides increased brand value, strengthens the relationship with customers, increases their perception and customer satisfaction. products and services offered.
Creating customer relationships means creating value is a challenge for organizations and requires extra effort from marketers. It is necessary to segment the market to find where your target audience is, what your needs and desires are, then develop and implement a strategic marketing plan to create value, strengthen the brand and ensure a competitive advantage in the market.
true or false because cash transactions occur more frequently than ither transactions the chances for making recording errors affecting cash are less______________.
Answer:
False
Explanation:
Cash transaction is a business transaction where customers pay cash immediately for goods purchase, as opposed to other types of transaction where cash payment is delayed to a future agreed date. example of other transactions that are not cash are, credit sales, forward contract, future contract e.t.c.
The more the cash transactions, the more the probability of making recording errors as one will be overwhelmed by the volume of cash which involves counting, receipting and recording.
Organization psychology studies _________. a. the principles of selecting and evaluating workers studies b. how work environments and management styles influence worker c. motivation involves setting standards, organizing work, and focusing on goals d. involves mediating conflicts and building high achieving teams e. involves evaluating work performa
Answer:
B. how work environments and management styles influence workers
Explanation:
Organizational psychology, also known as I-O psychology refers to the use of psychological theories to analyze an organization. It could also be said to refer to the study of how relationships between workers affects those workers and subsequently the organization.
It involves observing the mental, physical, etc health of workers and how it affects them and their relationship with other workers and also how it helps them to perform their organizational obligations.
I hope this helps.
Robert, who lives in ohio, files a lawsuit against trading post, a washington company, in an ohio state court. the trading post's only sales activity outside the state of washington occurs via its web site. according to the sliding-scale standard, the ohio court can always exercise personal jurisdiction over out-of-state defendants based on internet transactions if the court finds that the defendant has:
Answer:
B) conducted substantial business with Ohio residents through its Web site.
Explanation:
If Trading Post has not conducted substantial business with Ohio residents, then the Ohio court will not have jurisdiction to serve them.
The key word here is substantial business which can vary depending on the size of the company. Generally when only one client is involved, having substantial business with that specific client means having total gross sales of over $5,000 during one period. When a group of clients are involved, the general rule is that in order for substantial business to exist, at least 25% of the company's total revenue must be provided by that group of clients.
So in order for the Ohio court to have jurisdiction over Trading Post, at least 25% of Trading Post's total revenue must be provided by Ohio residents.
Lawrence Summers served as secretary of the treasury in the Clinton administration and as director of National Economic Council in the Obama administration. He has been quoted as giving the following moral defense of the economic approach."There is nothing morally unattractive about saying: We need to analyze which way of spending money onhealth care will produce more benefit and which less, and using our money as efficiently as we can.I don't think there is anything immoral about seeking to achieve environmental benefits at the lowestpossible costs."Source: David Wessel, "Precepts from Professor Summers," Wall Street Journal, October 17, 2002.It would be more moral to reduce pollution,A.taking the cost into account because money spent on pollution reduction is not available for other worthy activities.B.not taking the cost into account because pollution reduction is typically associated with large benefits.
Answer:
A) taking the cost into account because money spent on pollution reduction is not available for other worthy activities.
Explanation:
The economic approach tries to find solutions for problems optimizing the use of economic resources, therefore reducing costs and increasing benefits for every dollar spent.
Resources are scarce and that includes everyone, from a normal individual, to the richest person in the world, or the richest country in the world. The economic approach states that we should all try to maximize the benefits we obtain while exchanging resources. For example, if we need to study for a text and we know that solving problems helps us to learn more than just reading, then we should spend more time solving problems than reading because that way we can increase our benefits.
The US government and every other government in the world works on a budget and the money it spends doing A, will not be spent doing B. So the government must decide which actions to take in order for maximizing the benefits of the population (i.e. choose between A or B depending on which causes the greatest common good).
What is the impact on the total asset turnover ratio if sales increase significantly while there is no change in any of the other variables?
Answer:
The total turnover increases
Explanation:
Asset Turnover Ratio is a measure of how efficient the assets of a company is when compared with the company's sales or revenue. To calculate Asset turnover ration, the net sales is set as a percentage of the company's total assets.
The higher the turnover of the asset based on the calculation then the higher the chances that organisation is generating revenue efficiently from its assets. A lower turnover however is the implication that the company is not efficiently using its assets and it could imply some internal issues.
Therefore, the higher the sales without any change in assets means the Asset Turnover will increase or be higher and it will indicate higher efficiency
Apollo Tyres tire company focuses specifically on the technical aspects of their tires. They often have leftover inventory because as great as their tires are, they do not meet many customer's needs. Instead of focusing on their customers, what marketing philosophy does Apollo Tyres use?
Answer:
Production philosophy
Explanation:
Firms and organisation use different marketing philosophies to improve their product and attract more customers. Some companies focus on customers other focus on their production. Apollo Tire Company focuses on production philosophy which aims to rely on technical aspects. According to production philosophy, consumers prefer to buy goods and services that are affordable, available and efficient.
Apollo Tyres uses a Product Orientation approach in their marketing where they focus on the product's quality rather than understanding and fulfilling customer needs. This approach could be causing their leftover inventory issue. A Market Orientation approach could be more beneficial.
Explanation:The marketing philosophy that Apollo Tyres uses is known as the Product Orientation approach. This approach focuses on the product quality, design, and features rather than trying to understand and meet the customer's needs. They believe that if the product is technically superior, the customer will eventually choose it. However, as evidenced by the surplus inventory, this strategy is not always successful. A better approach might be a Market Orientation philosophy, which prioritizes understanding and responding to customer needs and wants.
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If you were to learn that Gatorade introduced new flavors in 2018, should that information affect your calculation of the inflation rate? If so, how?
Answer:
Yes
Gatorade's increased price will lower the rate of inflation as it increases well-being. The more flavors improve well-being, thereby rising the inflation rate in 2018 due to this quality improvement.
The fact that the manager generally has more information about the "true" financial position and results of operations of the entity than does the absentee owner is called______________.
Answer:
Information assymetry
Explanation:
Information assymetry occurs when one party to an economic transaction possesses greater material knowledge than the other party. In this case manager has more information than owner.
A _____ graphically displays one or more business processes, such as handling an airline reservation, filling a product order, or updating a customer account.
a. business matrix model (BMM)
b. business process model (BPM) c. business indexing model (BIM)
d. business strategic model (BSM)
Answer:
correct answer is b. business process model (BPM)
Explanation:
the correct answer is business process model
as business process model is an important tool for understand and improving in any organization operation for process manager and any high level stakeholder and it is a graphical representation of business process and the workflow process
we do it by some graphing method like flowchart and data flow diagram etc
so correct answer is b. business process model (BPM)
The ________ is created by a number of institutions and arrangements that allow the suppliers and demanders of longminus term funds to make transactions. A. money market B. capital market C. commodities market D. forex market
Answer:
B. Capital market
Explanation:
A capital market is the market for buying and selling long term debts or equity . It is a market for long term borrowing and lending of capital funds. A capital market usually deals in shares, bonds, and other long-term investment. It connects investors and borrowers of long term capital.
A capital market is divided in two parts
primary market secondary market The primary market is the market where new shares and bonds are sold by investors While the secondary market is where already existing securities are sold.The capital market is created by a number of institutions and arrangements that allow the suppliers and demanders of long-term funds to make transactions. It is a financial exchange for the buying and selling of long-term debt and equity-backed securities.
Explanation:The correct answer is B. capital market.
The capital market is created by a number of institutions and arrangements that allow the suppliers and demanders of long-term funds to make transactions. It is a financial exchange for the buying and selling of long-term debt and equity-backed securities. Examples of capital market instruments include stocks, bonds, and long-term certificates of deposit.
Which of the following best describes the opportunity cost of attending a free concert at the local coffee shop?
1. The chance to play the latest video game with your roommate while you were at the concert
2. The coffee you buy while attending the concert Hanging out with your friends at the coffee shop during the concert
3. The amount of money a ticket would have cost if it were not free
Answer:
1. The chance to play the latest video game with your roommate while you were at the concert
Explanation:
Opportunity cost is the next best option forgone when one alternative is chosen over other alternatives.
The opportunity cost of attending the concert is the activity that could have been done if one didnt attend the concert which is playing video games.
I hope my answer helps you.
The opportunity cost of attending the free concert at the local coffee shop would best be described as the chance to play the latest video game with your roommate while you were at the concert. This represents the alternative activity that you missed out on as a result of your decision to go to the concert.
In the concept of Economics, the opportunity cost refers to the potential benefit an individual misses out on when choosing a particular option over another. Given the context of this question, the best description of the opportunity cost of attending the free concert at the local coffee shop would be: The chance to play the latest video game with your roommate while you were at the concert.
This is the most fitting choice because it represents an alternative activity that you missed out on (playing video games with your roommate) as a result of your decision to go to the concert. It's important to understand that opportunity cost isn't about money or price but rather the alternative foregone. The cost of the coffee or the ticket price if it weren't free does not represent opportunity cost in this scenario.
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Montana Sky Trails leads multiday outdoor adventure trips for private groups and corporate clients to various locations across Montana. The company was started by Justin Smith, an individual that gave up a prestigious job in banking because Montana Sky Trails better accommodates his personal lifestyle. Montana Sky Trails is an example of a(n) ________ firm.a. lifestyle
b. statutory
c. standard-of-living
d. salary-substitute
e. entrepreneurial
Answer: Lifestyle Firm.
Explanation:
Montana Sky Trails is a company that affords Justin Smith the owner, the opportunity to explore his personal lifestyle and at the same time earn from the company, therefore it is a lifestyle company. A lifestyle company is company that enables a business owner to enjoy his lifestyle, and at the same time make earnings from it.
Connor, Luke, and Mason are co-workers who meet regularly after work to talk about the latest video games on the market and strategies for improving their scores on the games. This is an example of a ______.a. groupb. teamc. crowdd. department
Answer:
a. group
Explanation:
Group -
It refers to the collection of two or more freely interacting people , who have the same goal and norm and have a distinct identity , is refer to as a group .
These people work and interaction though very peacefully and happily.
Hence , from the given scenario of the question ,
The correct term is group.
The owners of the Cheesy Burger Restaurant must decide how many new employees to add to their existing number of workers. Based on the information below, how many workers should the owners add if a worker earns $9 per hour?
Answer:
Cheesy Burger should hire four workers
Explanation:
Number of Total revenues Marginal Marginal cost
workers per hour revenue per worker
1 $30 $30 $9
2 $48 $18 $9
3 $62 $14 $9
4 $72 $10 $9
5 $80 $8 $9
6 $84 $4 $9
The marginal revenue generated by the fourth worker ≥ marginal cost per worker ($10 ≥ $9).
But the marginal revenue generated by the fifth worker < marginal cost ($8 < $9).
Which of the following statements would be most useful if an analyst wants to know the profitability of a company? A. income statement B. balance sheet C. statement of owner's equity D. statement of cash flows
Answer:
Do you know it
Explanation:
The lesson of __________ is to forget about the money that's irretrievably gone and instead to focus on the marginal costs and benefits of future options.
Answer:
The lesson of _sunk costs_ is to forget about the money that's irretrievably gone and instead to focus on the marginal costs and benefits of future options.
A ________ is a distinctive group of customers within a larger market who are similar to one another in some way and whose needs differ from other customers in the larger market.
Answer:
Market segment
Explanation:
A market segment within a larger market consists of similar customers with similar needs that are different from the needs of other customers in the large market.
Different market segments exist in a large market and sometimes, organizations with limited resources employ a strategy to focus on one market segment at a time and satisfy the similar needs of customers in that segment.
Assets, Institutions, and Linkages. Which assets play the most critical role in linking the major institutions that make up the global financial market place?
Answer:
Explanation:
Financial assets play the most critical role in linking the major institutions (debt securities issued by governments).
Government debt securities are risk-free or have low risk. Also, they form basis for the creation, trading and pricing of other financial assets. Such assets are bank loans, corporate loans, equities/stock.
How would the financial statements of Boston Company by affected by the billing of a client for $10,000 of consulting work completed?
a.Assets increase by $10,000; revenues increase by $10,000
b.Assets (Accounts Receivable) decrease by $10,000; Assets (Cash) increase by $10,000
c.Assets increase by $10,000; liabilities increase by $10,000
d.Assets increase by $10,000; liabilities decrease by $10,000
Answer:
a) Assets increase by $ 10,000; revenues increase by $ 10,000
Explanation:
The billing to a client results in an increase in receivables, an asset which is a debit. the consulting work is a revenue to the organization which is a credit.
The other options are not applicable, because the scenario (b) results in increase in cash collection of receivables which is not the transaction.
The scenarios (c) and (d) are not relevant because the transaction has no impact on liabilities
Greeson Corp. signed a three-month, zero-interest-bearing note on November 1, 2020 for the purchase of $500,000 of inventory. The face value of the note was $507,800. Greeson used a "Discount of Note Payable" account to initially record the note. Assuming that the discount will be amortized equally over the 3-month period and that there was no adjusting entry made for November, the adjusting entry made at December 31, 2020 will include a_____________.
Final answer:
The adjusting entry made on December 31, 2020, for Greeson Corp's three-month note includes a debit to interest expense and a credit to the Discount on Notes Payable account, both for the amount of $2,600, accounting for the monthly amortization of the note's discount.
Explanation:
The scenario involves Greeson Corp. signing a three-month, zero-interest-bearing note with a face value of $507,800 in exchange for $500,000 of inventory. The difference of $7,800 represents the discount on the note, which is to be amortized over the note's lifespan.
To calculate the monthly amortization amount, we would divide the total discount by the number of months the note is outstanding. In this case, $7,800 divided by 3 months equals $2,600 per month. Since no adjusting entry was made for November, the adjusting entry on December 31, 2020, would include a debit (increase) of $2,600 to interest expense and a credit (decrease) of $2,600 to the Discount on Notes Payable account, reflecting the amortization of the discount for December.
1. Congress passed the Sarbanes-Oxley Act to ensure that investors invest only in companies that will be profitable.
a) true
b) false
2. The standards of conduct by which actions are judged as loyal or disloyal are ethics.
a) true
b) false
3. The primary accounting standard-setting body in the United States is the Securities and Exchange Commission (SEC).
a) true
b) false
4. The historical cost principle dictates that companies record assets at their cost and continue to report them at their cost over the time the asset is held.
a) true
b) false
5. The monetary unit assumption requires that companies record only transactions that can be measured in money terms.
a) true
b) false
Answer:
1. False
2. False
3. False
4. True
5. True
Explanation:
1.
Sarbanes-Oxley Act was a federal law that was established by congress to sweep auditing and financial statements for public companies. The main aim for this was to improve the investor confidence by improving reliability in accounting statements. Errors in the financial statements for the public companies were to be minimized following this law especially in the wake of numerous cases of corporate crime. This law was never passed to ensure that investors only invest in companies that will be profitable, since the choice of which company to invest in is exclusively left to the investor. So the above statement is false.
2.
Ethics can be defined as a set of rules and regulation that govern the moral behavior of someone. Ethical standards vary from one region to another since they are majorly cultural, for example; a behavior in the United States can be considered as appropriate while the same behavior in a different place can be inappropriate. Ethical standards are either right or wrong, and the actions are judged on these terms. Ethics don't measure whether a actions are loyal or disloyal, thus the statement is false.
3.
The primary accounting standard setting body in the United States is Financial Accounting Standards Board (FASB). This body is charged with regulating and setting the best standard of accounting practice. The FASB usually constitutes a board whose officials are rigorously assessed. The board members have to be professionals in the field of accounting. Securities and Exchange Commission on the other hand is an independent federal agency with the authority to enforce federal security laws. Thus the statement above is false.
4.
The historical cost principle suggests that the companies record assets cost at their original cost and continue to report them at their original cost over the time the asset is held. The historical cost principle is a generally accepted accounting principle that has been in use for a long time. The definition about the historical cost principle in the question above is therefor true.
5.
The monetary unit assumption dictates that business related activities be converted to monetary units. There are some business transactions that are however quite difficult to convert into monetary units, therefor the accountant in using this principle is only obliged to record only the transactions that can be measured in money terms. The statement about monetary units in the question above is thus true.
The Sarbanes-Oxley Act was designed to protect investors from accounting fraud, not ensure profitability. Ethics represent the judgment of loyalty or disloyalty in actions. The FASB, not the SEC, sets primary accounting standards, and the historical cost principle and monetary unit assumption guide financial reporting. First and third statements are only false, others are true.
The answer to the first question is false. Congress passed the Sarbanes-Oxley Act not to ensure that investors only invest in companies that will be profitable, but rather to increase confidence in financial reports and protect investors from accounting fraud following major scandals.
The answer to the second question is true. Ethics are indeed the standards of conduct by which actions are judged as loyal or disloyal.
The answer to the third question is false. While the Securities and Exchange Commission (SEC) has authority over financial disclosures and the securities industry, it is the Financial Accounting Standards Board (FASB) that primarily sets accounting standards in the United States.
The fourth answer is true. The historical cost principle does dictate that companies record assets at their cost and report them at that cost over the time the asset is held.
The answer to the fifth question is true. The monetary unit assumption does require that companies record only transactions that can be measured in monetary terms.
What international theory attributes security competition and interstate conflict to the lack of an overarching authority in the international arena?
Structural Realism
Explanation:
International politics is basically a struggle for power, but they don't always endorse the conventional logical view that this is a human psychology outcome. The lack of an overall authority over countries and relative power sharing in the international system refer defense rivalry and intergovernmental disputes to them.
Structural realism maintains that its theory of chaos and capability allocation (measured for the number of large competences within the international system) determine the essence of the international framework. The international system has a dynamic anarchically organising theory, which ensures that there is no hierarchical central authority.
In the former USSR, state planners decided what was to be produced. They passed orders down to factories, allocating raw materials, workers, and other factors of production to them. This is an example of (a):
Answer:
Command Economy
Explanation:
Command economy is an economic system in which the economic resources is left in the hands of the government, in this system, the economic problems of what to produce, how to produce, for whom to produce and when to produce are solved by the government through a central planning committee.
The operators of this system believe the market will not be efficient enough in the allocation of resources because of market failure
Gale Corporation leases the printing equipment it uses. The terms of the lease require the monthly lease payments to be made at the beginning of every month. This is an example of an annuity due.
A) True
B) False
Answer: True.
Explanation:
The statement in question is correct because an annuity due is a form of payment on a property/equipment that is paid at the beginning of a period(e.g a month/year). Annuity due is paid periodically and is always at the start of a period.
Marcus works in a ""modern"" organization; he works alongside the CIO and CFO to strategize and implement information systems within the organization. Marcus is the company’s _____
Answer: The correct answer is the CEO (Chief Executive Officer)
Explanation:
A company' Chief Executive Officer (CEO) is involved in creating, planning, implementing and integrating strayegic direction of an organisation.
The CEO works closely with the Chief Information Officer (CIO) and Chief Financial officer (CFO) to strategize and implement information system.
The CIO is involved in the management, implementation and usability of information. The CFO on the otherhand manages the financial actions of the company, while the Information System Director manages all daily operations.
Marcus likely holds a role similar to an IT Manager or Business Information Officer (BIO) in a modern organization, where he works alongside the CIO and CFO to strategize and implement information systems.
Marcus seems to be closely involved in strategies and the implementation of information systems in his modern organization, working alongside the Chief Information Officer (CIO) and Chief Financial Officer (CFO). Considering the varied roles within an organization's information systems infrastructure, Marcus's position is likely that of an IT Manager or Business Information Officer (BIO), aiding in the coordination of digitization strategies and management of the IT budget within his specific business area. Research by Chun and Mooney highlighted that information systems roles such as the CIO, which Marcus collaborates with, can focus on different aspects ranging from management to innovation. With a stable IS infrastructure, a CIO, or similar role that Marcus might hold, would have the capacity to move towards a more innovative role, integrating IS with the broader business strategies and processes.