A) Distinguish between simple and ABC costing systems, and give
an overview of
Plastim’s ABC costing system.
Answers
A simple costing system is a method of cost accounting that allocates indirect costs to products , Activity-based costing (ABC) is a more sophisticated costing system that allocates indirect costs, Plastim, a manufacturer of plastic products, uses an activity-based costing system to allocate indirect costs to its product
Simple Costing System: A simple costing system is a method of cost accounting that allocates indirect costs to products or services based on a single predetermined overhead rate. This method assumes that indirect costs are incurred in proportion to the volume of a single cost driver, such as direct labor hours or machine hours. In other words, indirect costs are assigned to products or services based on a single factor that is expected to correlate with the usage of resources. This method is relatively simple and easy to implement, but it may not accurately reflect the actual consumption of resources.
ABC Costing System: Activity-based costing (ABC) is a more sophisticated costing system that allocates indirect costs to products or services based on the actual consumption of resources. This method identifies the activities required to produce a product or service and assigns costs to each activity based on the resources consumed. The costs are then traced to the products or services that use the activities. ABC costing provides a more accurate picture of the true cost of a product or service, especially in situations where there are significant variations in the volume or complexity of products or services produced.
Overview of Plastim's ABC Costing System: Plastim, a manufacturer of plastic products, uses an activity-based costing system to allocate indirect costs to its products. Plastim identified four cost pools or activities that are required to produce its products: product design, product setup, production, and packaging and shipping. The costs associated with each of these activities are traced to the products based on the actual consumption of resources. For example, the cost of designing a new product is allocated to the product based on the number of hours spent on the design. Similarly, the cost of setting up a machine for production is allocated to the product based on the number of setups required. This method provides a more accurate picture of the true cost of each product, which helps Plastim to make more informed decisions about pricing, product mix, and resource allocation.
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Related Questions
Explain the difference when a business has a lower selling,
general & administrative than another. And has higher R&D.
And higher operating expenses than compared to other companies.
Answers
When a business has lower selling, general, and administrative (SG&A) expenses compared to another, it means that the business spends less on activities such as marketing, salaries, and office expenses.
This can indicate that the business has a more efficient cost structure or has successfully streamlined its operations. On the other hand, if a business has higher research and development (R&D) expenses, it suggests that the company is investing more in innovation and product development.
This can be a positive sign as it shows a commitment to staying competitive and introducing new and improved products to the market.
Having higher operating expenses than other companies can imply that the business has higher costs related to its day-to-day operations, such as rent, utilities, and maintenance. This might indicate that the business operates in a more expensive location or has higher overhead costs.
However, it is important to consider the context of the industry and compare the company's operating expenses with its competitors to fully assess its performance.
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when an investment bank acts as a(n) _______ for an ipo, it bears the risk of reselling, at a profit, the securities purchased from the issuing corporation.
Answers
When an investment bank acts as an Underwriter for an IPO, it bears the risk of reselling, at a profit, the securities purchased from the issuing corporation.
An Initial Public Offering (IPO) is an event in which a private company issues stock to the public for the first time. This is also referred to as "going public." The stock that is released is referred to as "new issue stock." The company typically hires an investment bank to handle the process of an IPO. Investment banks have several roles in an IPO, including the role of an underwriter.
An Underwriter is a financial institution that provides financial backing to an individual or corporation issuing securities. An underwriter is typically an investment bank that purchases all of the securities issued by a corporation in an initial public offering (IPO) and resells them to the public.
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net working capital is defined as: a. current assets plus fixed assets. b. current assets plus stockholders' equity. c. fixed assets minus long-term liabilities. d. total assets minus total liabilities. e. current assets minus current liabilities.
Answers
Net working capital is mainly defined as current assets minus current liabilities.
A stock market, fairness market, or share market is the aggregation of consumers and dealers of shares, which represent possession claims on businesses; these may include securities listed on a public stock.
Even though the stock marketplace produces volatile returns, it has long records of outpacing inflation in the long run.
The primary motive of the Wall avenue crash turned into the long length of speculation that preceded it, at some point in which tens of millions of humans invested their financial savings or borrowed cash to buy shares, pushing charges to unsustainable ranges.
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1. The Industrial Revolution began primarily because of.
A) Larger numbers of people unable to find work
B) The growth of corporations in the U.S.
C) The invitation of machines allowing the faster processing of raw materials.
D) Managers using practices to improve productivity of employees.
2. The first effort to apply scientific study to the management of businesses was?
A) Behavioral management
B) Classical management
C) Quality management
D) administrative management
Answers
The Industrial Revolution began primarily because of the invitation of machines allowing the faster processing of raw materials. The Option C is correct.
What led to Industrial Revolution in Europe?The Industrial Revolution transformed the economy from an agrarian to a manufacturing economy in which products were no longer made solely by hand but also by machines. This resulted in increased output and efficiency, lower prices, more goods, higher wages, and a shift from rural to urban areas.
The first Industrial Revolution began in Great Britain in the mid-to-late 1700s, when innovation led to large-scale production of goods through machine manufacturing. This spread around the world, and the Second Industrial Revolution began in the late 1800s in the United States, with further technological advancements leading to greater efficiency.
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Match the example with the type of individual difference and advantage it shows.
Answers
Answer:
Sergey likes to play soccer in his free time = Hobbies
Scott's parents moved from the U. S. to Australia = Background
Bihn wants to make enough money to send his children to school = goal
Yolanda us outgoing and able to make friends quickly = Ability
Cheyenne is currently working as a junior dance teacher in a big studio, to learn what she would need to know when she opens her own someday = experience
Melanie cares about fitness and the outdoors so she often participates in active outdoor activities like biking and mountain climbing = Lifestyle
Amandos favourite subject in school is world history = interest
Jaez corporation is in the process of going through a reorganization. As of december 31, 2020, the company’s accountant has determined the following information although the company is still several months away from emerging from the bankruptcy proceeding. Book value fair value assets cash $ 23,000 $ 23,000 inventory 45,000 47,000 land 140,000 210,000 buildings 220,000 260,000 equipment 154,000 157,000
Answers
In the case of Jaez Corporation, some assets (such as land and buildings) have fair values higher than their book values, indicating a potential increase in their value over time
A breakdown of the book value and fair value of Jaez Corporation's assets as of December 31, 2020:
The book value represents the value of the assets as recorded on the company's books, based on their historical cost minus accumulated depreciation or any impairment. It is the value at which the assets are carried on the company's balance sheet.
The fair value, on the other hand, represents the estimated current market value of the assets. It reflects the amount that would be received if the assets were sold in an orderly transaction between market participants at the measurement date.
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The first step in constructing a corporate scenario is to
A) develop a common-sized financial statement.
B) construct detailed pro forma financial statements.
C) decide upon how much risk management is willing to accept.
D) analyze the societal environment.
E) use industry scenarios to develop a set of assumptions about the task environment.
Answers
The first step in constructing a corporate scenario is to Use industry scenarios to develop a set of assumptions about the task environment. The correct option is E.
The first step in constructing a corporate scenario is to use industry scenarios to develop a set of assumptions about the task environment. Industry scenarios provide insights into the potential trends, opportunities, and challenges that a company may encounter in its specific industry. By studying industry scenarios, a company can gather valuable information about market conditions, customer preferences, competitive dynamics, technological advancements, and other factors that may impact its operations.
These assumptions serve as a foundation for building a comprehensive corporate scenario that takes into account the external factors influencing the organization. Once the task environment is understood through industry scenarios, the company can proceed to develop strategies, make projections, and construct detailed pro forma financial statements to support its decision-making process.
The correct option is E.
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what is the top 5 Coronavirus negative impacts on businesses
Answers
one of the organizing principles is consistency in the tasks the intended users perform. into which category for menu design guidelines does this principle fall?
Answers
The principle of consistency in the tasks intended users perform falls under the category of Functional Menu Design Guidelines.
These guidelines focus on ensuring that the menu is easy to use and helps users complete their tasks efficiently. Consistency in task performance means that the menu should be organized in a way that makes it easy for users to find what they need, with similar tasks grouped together and labeled clearly.
This reduces the cognitive load on users and helps them navigate the menu quickly and confidently. Overall, functional menu design guidelines prioritize user experience and aim to create a menu that is intuitive, easy to use, and efficient.
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marcia strongly believes that loyalty in a relationship is very important. at her job, she is a purchasing agent. what two sets of ethical standards are in conflict for marcia
Answers
Answer: “Personal and organized” is the answer you’re looking for
Explanation: got it right on A PEX
If the price elasticity of demand for a good is 0.25, then a 20 percent decrease in price results in a
A. 0.0125 percent increase in the quantity demanded.
B. 4 percent increase in the quantity demanded.
C. 5 percent increase in the quantity demanded.
D. 80 percent increase in the quantity demanded.
Answers
Answer:
B
Explanation:
100÷2=5 because if 20 percent was decreased then the quantity must have increased by 5 due to difference
Delores Cooper Operates Cooper Garden Designs. Most Of Her Customers Pay Cash So She Uses The Direct Write-Off Method To Account For Uncollectible Accounts Receivable. On May 3, 2020, She Determined That The $3,000 Account For Wilma Benz Was Uncollectible. During 2020, She Had Total Credit Sales Of $305,000. The December 31, 2020, Balance In Accounts
Delores Cooper operates Cooper Garden Designs. Most of her customers pay cash so she uses the direct write-off method to account for uncollectible accounts receivable. On May 3, 2020, she determined that the $3,000 account for Wilma Benz was uncollectible. During 2020, she had total credit sales of $305,000. The December 31, 2020, balance in accounts receivable was $50,000.
Required:
Prepare journal entry to record the May 3 write-off using the direct write-off method.
Analysis Component:
Delores wants to compare the effect of using the allowance method versus the direct write-off method for recording uncollectible accounts. If uncollectible accounts were estimated at (a) 2% of credit sales or (b) 4% of outstanding accounts receivable, prepare a comparison of the effects on profit of using the allowance methods versus the direct write-off method.
Answers
Using the direct write-off method we will write Journal entry. The direct write-off method is used to record uncollectible accounts receivable when they are determined to be uncollectible.
Journal entry to record the accounts on May 3:
Date: May 3, 2020
Account Debited: Bad Debt Expense
Account Credited: Accounts Receivable - Wilma Benz
Amount: $3,000
The direct write-off method is used to record uncollectible accounts receivable when they are determined to be uncollectible. In this case, on May 3, 2020, Delores Cooper determined that the $3,000 account for Wilma Benz was uncollectible. To record this, we debit the Bad Debt Expense account to recognize the expense associated with the uncollectible account, and credit the Accounts Receivable - Wilma Benz account to remove the uncollectible amount from the accounts receivable balance.
Comparison of the effects on profit using the allowance method versus the direct write-off method:
(a) If uncollectible accounts were estimated at 2% of credit sales:
Credit Sales: $305,000
Estimated Uncollectible Accounts: 2% * $305,000 = $6,100
Using the allowance method, we would record an adjusting entry to increase the Bad Debt Expense and create an Allowance for Doubtful Accounts account with a balance of $6,100. This would reduce the net income by $6,100.
(b) If uncollectible accounts were estimated at 4% of outstanding accounts receivable:
Outstanding Accounts Receivable (December 31, 2020): $50,000
Estimated Uncollectible Accounts: 4% * $50,000 = $2,000
Using the allowance method, we would record an adjusting entry to increase the Bad Debt Expense and create an Allowance for Doubtful Accounts account with a balance of $2,000. This would reduce the net income by $2,000.
In comparison, the direct write-off method records the uncollectible account as an expense only when it is determined to be uncollectible. This results in a larger expense and a larger reduction in net income compared to the allowance method, which estimates and spreads the expense over the period based on a percentage of credit sales or outstanding accounts receivable.
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Professor donoho at northern arizona university teaches a method called the _____ to encourage buyers to elaborate or explain more fully what their concerns are. multiple choices: benefit summary method good guy-bad guy routine center-of-influence method friendly silent questioning stare (fsqs) best alternative to a negotiated agreement (batna)
Answers
"Professor Donoho at Northern Arizona university teaches a method called the friendly silent questioning stare (FSQS) to encourage buyers to elaborate or explain more fully what their concerns are."
The friendly silent questioning stare (FSQS) is the act of silently wait-ing to encourage buy-ers to elaborate or explain mo-re fully what their concern is. FSQS is non-verbal met-hod of probing.
Probing is a com-mon technique that re-searchers use in interviewer-administer-ed surveys when res-pondents initially refuse to ans-wer a question or say they "don't know." A non-verbal probe can al-so be used, for exam-ple by raising your eye-brows and tilt-ing your head. This shows you are interested in a part-icular point and they may give you more detail with-out you having to say any-thing.
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As of December 31, 2021, Loreen Inc. has 10,000 shares of $50 at par, 4% cumulative preferred stock and 15.000 shares of $10 at par common stock outstanding. During the year 2020, the company did not declare any dividends. In the year 2021, the company decided to declare dividends at 5% of the retained earnings of 2021. The retained earnings in 2021 amounts to $1.500.000. Calculate the amount of dividends available for common stockholders. a) $75,000. b) $40,000. c) $35.000. d) $25,000.
Answers
The amount of dividends available for common stockholders is $75,000 (Option a).
To calculate the dividends available for common stockholders, we first need to determine the amount of dividends to be paid based on the retained earnings of 2021. The company decided to declare dividends at 5% of the retained earnings of 2021, which is $1,500,000 x 0.05 = $75,000.
The preferred stockholders, represented by the 4% cumulative preferred stock, are entitled to receive dividends before the common stockholders. However, since no dividends were declared in the previous year (2020), there are no accumulated dividends for the preferred stockholders. Therefore, the entire amount of $75,000 is available for distribution to the common stockholders.
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let’s focus on the second quarter since the change in velocity is so dramatic. during that quarter, the cpi fell by 0.9%, real gdp fell by 9.0%, the money supply rose by 23%, and velocity changed by %. give your answer to one decimal.
Choose one: A. People and banks were spending their money at faster rates.
B. There was a substantial increase in the money supply.
C. People and banks were holding on to their money longer.
D. The inflation rate was negative.
Answers
There is some indication that the United States may be entering a recession as a result of the fact that now the economy shrunk in the second period and GDP fell by 0.9%.
A shrunk economy is what?Economic contraction is the term used to describe the business cycle's downward slope. A period of declining economic production is known as a contraction. The economy is currently producing less than it did previously. In order to create less goods and services, businesses must use fewer resources, especially labor.
The US economy has it shrunk?One definition of the a recession is supported by the most recent GDP measurement, which shows that the US economy contracted for two consecutive quarters. During in the 2nd period of 2016, the US GDP contracted by 0.6%.
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Definition for crime and violence
Answers
Answer:
Crime can therefore be defined as a violation of the law and an act of deviance from established rules, or a non-commission of an action that is required by law. Violence, on the other hand, is an act of physical aggression that in most cases results in harm.
Susan took out a personal loan for $3,500 at an interest rate of 13% compounded monthly. She made arrangements to pay the loan off in 3 years. What will her monthly payment be? a. $99. 34 b. $105. 32 c. $117. 93 d. $156. 60 Please select the best answer from the choices provided A B C D.
Answers
The correct statement is that Susan's monthly payment for a personal loan which is to be paid off in three years will be $143.3. So, the correct from the given choices is not given above.
The computation of monthly payment can be done by calculating the annuity and then dividing it by the number of months of the duration of payment of such loan.
Calculation of monthly paymentPutting the given values into the formula for compounded annuity, the values obtained will be as, \(\rm Compounded\ Annuity= Principal(1+\dfrac{r}{n})^n^t\\\\\rm Compounded\ Annuity= 3500(1+\dfrac{0.13}{12})^1^2^ x ^3\\\\\\\rm Compounded\ Annuity= \$5158.60\)Now dividing the total compounded annuity by number of months which is given as 36 months will be calculated as, \(\rm Monthly\ Payment = \dfrac{Annuity}{Period}\\\\\\\rm Monthly\ Payment = \dfrac{5158.60}{36}\)So, the monthly payment will be, \(\rm Monthly\ Payment = \$143.29\)Hence, the correct option is not given above and the monthly compounded payment on a personal loan of $3500 for a period of 36 months will be $143.3.
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- Explain what (i) the market risk premium and (ii) the risk-free rate of return in the CAPM represent. (4 marks) - Explain why it is difficult to empirically test the CAPM.
Answers
The Capital Asset Pricing Model (CAPM) was created by William Sharpe. It describes how risky a specific security is in comparison to the market as a whole.
CAPM explains the expected return on an investment and the risk involved. The following are the explanations of (i) the market risk premium and (ii) the risk-free rate of return in the CAPM:
i) The market risk premium in the CAPM represents the return demanded by investors to compensate them for the risk of investing in the overall market. It's the difference between the expected return on the market portfolio and the risk-free rate of return. It is often known as the "excess return" of the market over the risk-free rate. It reflects the risk of the overall market and the systematic risk of a security.
ii) The risk-free rate of return in the CAPM represents the theoretical return on an investment that carries no risk. The risk-free rate is often determined using the yield on short-term Treasury bills issued by the government. The following are the reasons why it is difficult to empirically test the CAPM: Many CAPM assumptions are based on market equilibrium, such as the assumption that investors are risk-averse, markets are perfect, and assets are infinitely divisible, among others.
The model also assumes that investors have all relevant information and the ability to act on it, which is not always the case. Because of these assumptions, it is difficult to empirically test the CAPM. In real life, the model's assumptions may not hold true. Empirical tests of the CAPM have yielded mixed results, with some supporting it while others contradict it. As a result, the model's usefulness as a forecasting tool has been limited.
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which significant event triggered the rapid and continuing growth in the demand for higher education in texas?
Answers
The end of World War II triggered the rapid and continuing growth in the demand for higher education in Texas.
In Texas, higher education is provided by a number of public and private institutions. The Texas Higher Education Coordinating Board is the state agency responsible for coordinating higher education in Texas.
The Coordinating Board oversees the state's public university system, which includes nine universities and two health-related institutions. The Board is committed to ensuring that all Texans have access to the resources and opportunities they need to succeed in higher education
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which business organizations were designed to avoid regulations and act as monopolies?
Answers
Answer:
- trusts - cartels
Explanation:
John D. Rockefeller started in the oil industry and as a business partner in a refinery.
Mort Silver owns a home. He estimates his expenses as mortgage interest, $10,180; property taxes, $3,690; insurance, $833; depreciation, $3,800; maintenance and repairs, $900; lost interest income, $2,375; and utilities, $2,450. He expects to save $3,700 in income taxes. What is his net cost of home ownership?
Answers
Answer:
$17,528.00
Explanation:
The net cost of home-ownership will be the expenses minus savings.
Mortgage interests: $10,180
Property taxes :$3,690
Insurance :$833
Depreciation :$800
Maintenance and repairs :$900
Loss interest income :$2,375
Utilities: $2,450
The total expenses
= $10,180 + $3,690 + $833 + $800 + $900 + $2,375 + $2,450
=$21,228
Savings
=$21,228 - $3,700
=$17,528.00
If a company purchases equipment costing $6,100 on credit, the effect on the accounting equation would be:_________
Answers
If a company purchases equipment costing $6,100 on credit, the effect on the accounting equation would be: an increase in assets and an increase in liabilities
What is accounting equation?
The accounting equation emphasizes that the assets of the company are all financed using its equity capital contributed by owners as well as liabilities, which are amounts borrowed from external parties.
In this case, purchase on credit means that the company indebted to an external party to the tune of $6,100 , in essence, its liabilities, claims on the company by external parties would increase, so also its assets because it has in its possession a new asset, equipment, to be precise.
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Olde ple designs and manufactures shoes Olde ple can select only one of two protsenth of which wow Depending on the state of the economy, nach project has different throws Project Casual shoes Formal shoes Weak Economy 200,000 800,000 Strong Economy 1.600.000 1.400,000 The probability of a weak economy is 45% and a strong economy in 65%. The firm needs to raise 600.000 cott toner om next year Calculate the total firm wealth for both projects in both scenarios. If Olde ple's managers wish to maximize the total wealth of the who they invest in? Calculate the wealth available to shareholders for both projects in both scenarios. It Olde ple's managers wish to maximize shareholder en which proact should they invest in? mark it.
Answers
To calculate the total firm wealth and wealth available to shareholders for both projects in both scenarios, we can multiply the profits of each project by their respective probabilities.
Let's calculate the total firm wealth: For Project Formal shoes: Weak Economy: 800,000 * 0.45 = 360,000 Strong Economy: 1,400,000 * 0.65 = 910,000 Now, let's calculate the wealth available to shareholders: Assuming the cost of capital is 600,000: For Project Casual shoes: Weak Economy: 90,000 - 600,000 = -510,000 (Loss) Strong Economy: 1,040,000 - 600,000 = 440,000 To maximize total firm wealth, Olde Ple should invest in the project with the highest total firm wealth. In this case, it would be Project Formal shoes, which has a higher total firm wealth in both scenarios. To maximize shareholder wealth, Olde Ple should invest in the project that provides a positive wealth available to shareholders. In this case, it would be Project Formal shoes in the strong economy scenario, which has a wealth available to shareholders of 310,000.
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Please help. I’m struggling. 20 points !!!!
To propose the idea of creating a partnership with another business, you will need to prepare
a formal business letter to send to the owner of Great BBQ, Hank White. This proposal should
introduce the following ideas:
Forming a partnership would allow both restaurants to sell the other's product and
merchandise.
The partnership would expand both of our businesses and customer base.
.
A more detailed meeting and presentation will follow if Great BBQ is interested.
Prepare a business letter to send to Great BBQ. (8 points)
Answers
Answer:
The letter could be somewhat like this:
Dear Hank White, CEO of Great BBQ
I am John Smith, I am the CEO of a meat distributor. I specialize in prime cuts like New York Ribeye, Tenderloin, and Wagyu Beef with the best Japanese Technique.
I am sure that as business partners, we both could do better than we do right now. I have the best raw material for your restaurant business, and you have the BBQ expertise and knowledge.
I would appreciate if you considered this letter, you can call me any time if you want to discuss further, or write me an email-.
Sincerely
John Smith
5. When might a company decide that it needs to hire a human resource professional?
Answers
Answer:
See Below
Explanation:
Below are a few reasons why a business might consider hiring a trained HR officer
It is recommended to hire a Human resource specialist once a company has 50 employees and above. When a business has over 50 employees, it needs someone trained to manage their welfare and other human resources issues.
When a company is growing or expanding rapidly, it requires to employ more people. No matter the size of a business, when a business is hiring people frequently, it needs an HR officer to coordinate the recruitment process.
If a manager spends over 3 hours a day handling employee issues, then it's time to employ a trained HR officer. This gives the manager time to focus on their core mandate. A dedicated specialist will be best suited to address employee issues, which is beneficial to both the company and the employees.
Help ASAP!!!! most possible answer
Answers
Answer:
The administration prosses a public and and AVAILIBLE TO ANYONE to review.
Explanation:
That is the most open administration because its available to anyone-(the public).
Which of the following is an indirect competitor for a company that makes chocolate chip cookies? A. Another company that makes chocolate chip cookies B. A company that makes potato chips C. A company that makes baking pans D. A company that makes brownies
Answers
Answer:
The indirect competitor for a company that makes chocolate chip cookies is;
D. A company that makes brownies
Explanation:
Where two companies or vendors produces or supplies entirely different products that however work to satisfy the same customer need then the two companies or vendors are in indirect competition
In the question, we have;
The product of the company = Chocolate chip cookies
Therefore, an indirect competitor of the company will be make a maker of a different product of the same utility as the chocolate chip cookies, which gives;
The indirect company = A company that makes brownies
This is so because, a brownie, which is also known as a chocolate brownie, consists of a rectangular or square shaped baked chocolate that can include a variety of ingredients, including chocolate chips, cheese and nuts.
Answer:
D A company that makes brownies
Explanation:
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goods that consumers demand more of when incomes increase is called ?
Answers
Goods that consumers demand more of when incomes increase are called normal goods.
These are goods that people buy more of as their incomes rise, as they have more disposable income to spend. Examples of normal goods include luxury items like jewelry, expensive cars, and high-end clothing, as well as everyday items like food, housing, and transportation.
Normal goods are typically contrasted with inferior goods, which are goods that people buy less of as their incomes rise. Inferior goods are usually lower-quality, lower-priced goods that people turn to when they can't afford better options. Examples of inferior goods include generic brands, fast food, and low-end clothing.
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Rule-of-thumb budgeting is budgeting that's popular with the hospitality and tourism industry because it's so effective.
true
or
false
Answers
:):):):):):):)
With regard to suppliers, lean systems typically involve: A. delivery of large lots on short notice B. the highest quality at the lowest price C. long-term relationships D. multiple suppliers to assure continuous availability E. dedicated staging areas for material
Answers
In lean systems, suppliers are involved through long-term relationships and just-in-time delivery of high-quality materials. This helps in minimizing waste and improving efficiency in the production process.
In lean systems, the involvement of suppliers is characterized by long-term relationships and just-in-time delivery of high-quality materials. Lean organizations aim to eliminate waste and improve efficiency in the production process. To achieve this, they work closely with a limited number of suppliers who provide materials on a just-in-time basis. This means that suppliers deliver smaller quantities of materials as and when they are needed, rather than large lots on short notice.
By having long-term relationships with suppliers, lean systems can ensure a continuous flow of materials and reduce the need for excess inventory. This helps in minimizing waste and improving overall efficiency. Additionally, lean systems may also involve dedicated staging areas for materials. These staging areas are organized spaces where materials are stored in a manner that facilitates efficient production processes.
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