Lens Care Inc. (LCI) manufactures specialized equipment for polishing optical lenses. There are two models - one mainly used for fine eyewear (F-32) and another for lenses used in binoculars, cameras, and similar equipment (B-13).
The manufacturing cost of each unit is calculated using activity-based costing, using the following manufacturing cost pools:
Cost Pools Allocation Base Costing Rate
Materials handling Number of parts $2.40 per part
Manufacturing supervision Hours of machine time $14.80 per hour
Assembly Number of parts $3.30 per part
Machine setup Each setup $56.50 per setup
Inspection and testing Logged hours $45.50 per hour
Packaging Logged hours $19.50 per hour
LCI currently sells the B-13 model for $1,775 and the F-32 model for $1,220. Manufacturing costs and activity usage for the two products are as follows:
B-13 F-32
Direct materials $164.50 $75.60
Number of parts 160.00 120.00
Machine hours 7.90 4.20
Inspection time 1.70 0.80
Packaging time 0.90 0.50
Setups 3.00 2.00
The profit margin based on manufacturing cost for model B-13 is:_______.
a. $481.68.
b. $314.69.
c. $239.09.
d. $317.18.
e. $338.16.
Answers
Answer:
d. $317.18
Explanation:
Calculation for what The profit margin based on manufacturing cost for model B-13 is
PROFIT MARGIN
Model B-13
Sales $1775
Less Manufacturing cost:
Direct material $164.50
Material handling $384
(160*$2.40)
Manufacturing supervision $116.92
(7.90*$14.80)
Assembly
(160*$3.30) $528
Machine setup $169.5
(3*$56.50)
Inspection and testing $77.35
(1.70*$45.50)
Packaging $17.55
(0.90*$19.50)
Profit margin $317.18
Therefore The profit margin based on manufacturing cost for model B-13 is $317.18
Related Questions
A situation in which a partnerships breaks up completely is called
a family limited partnership
a dissociation
a dissolution
an LLC
Answers
Answer:
a dissolution
Explanation:
The term dissolution means breaking or tearing apart. When a business partnership break completely, it is regarded to have undergone a dissolution. The partnership as a business ceases to exist. All contractual obligations among the partners are terminated.
Partnerships can dissolve for various reasons and under different circumstances. Upon dissolution, partners will share the assets and liabilities as per the partnership agreement, or equally in the absence of an agreement.
Emma started a business called memories and melodies she recognized that music socialization and memory challenging activities for senior citizens helped maintain their cognitive skills for longer periods of time
Answers
As Emma started a business called memories and melodies she recognized that music socialization The Non-profit work is thereby the Emma.
What is Business?An innovative company or group that engages in professional activities is referred to as a business. They could be industrial, commercial, or something else. Businesses that are for-profit operate to make a profit, whereas those that are nonprofit do so to further a philanthropic cause.
The organization through striving for profits but is intended to use the profits for the social welfare of specific society sections. Such an organization is termed a nonprofit organization
Therefore, Thus option(C) is correct.
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The options are:
Profit
Business
Non-profit.
a. Develop a probability distribution for x
b. Compute the expected value of x
c. Compute the variance and standard deviation for x
d. Comment on what your results imply about wind conditions during boating accidents
Answers
a. Answer:The corresponding probabilities are obtained by converting the percentages into probabilities. That is, by dividing each value with 100.
F/N (where F =percentage of accidents and N =100)
Explanation:
X 0 1 2 3 4
f(X) 0.096 0.57 0.238 0.077 0.019
b. The formula for the expected value of a discrete random variable is E(x)= µ=∑xf(x)
X F(X) X.f(X)
0 0.096 0
1 0.57 0.57
2 0.238 0.476
3 0.077 0.231
4 0.019 0.076
Total 1 1.353
Hence, the value for expected value of X is 1.353
The formula for the variance of the discrete random variables is Var(x)= σ² =∑(x-µ)²f(x)
X F(X) (x-µ) (x-µ)² (x-µ)².f(x)
0 0.096 -1.353 1.8306 0.1757
1 0.57 -0.353 0.1246 0.0710
2 0.238 0.647 0.4186 0.0996
3 0.077 1.647 2.7126 0.2089
4 0.019 2.647 7.0066 0.1331
Total 1 3.235 12.0930 0.6884
Hence, the variance of the random variable x is 0.6884
The formula for the standard deviation of the discrete random variables is
σ=√(∑[(x-µ)².f(x)] )
Thus, the standard deviation is σ= √0.6884
=0.8297
Hence, the standard deviation of the random variable x is 0.8297
First National Bank Assets Liabilities and Net Worth US Treasury Bonds $450,000 Net Worth $500,000 Reserves (Cash) $175,000 Checkable Deposits $250,000 Loans $125,000 Second National Bank Assets Liabilities and Net Worth US Treasury Bonds $100,000 Net Worth $250,000 Reserves (Cash) $250,000 Checkable Deposits $100,000 Third National Bank Assets Liabilities and Net Worth US Treasury Bonds $900,000 Net Worth $1,000,000 Reserves (Cash) $350,000 Checkable Deposits $500,000 Loans $250,000
The Required Reserve Ratio is 25% for all banks. Assuming that all the customers that have outstanding loans have used all of those additional funds to invest in new machinery for their businesses (therefore, the amount of Checkable Deposits is the true liability the bank has to its customers), the whole system (these three banks) is capable of creating $_____________ in new loans?
Answers
Answer:
The Required Reserve Ratio is 25% for all banks. Assuming that all the customers that have outstanding loans have used all of those additional funds to invest in new machinery for their businesses (therefore, the amount of Checkable Deposits is the true liability the bank has to its customers), the whole system (these three banks) is capable of creating $___3,400,000____ in new loans.
Explanation:
a) Data and Calculations:
Required Reserve Ratio (RRR) = 25%
Checkable Deposits:
First National Bank $250,000
Second National Bank 100,000
Third National Bank 500,000
Total of Checkable Deposits = $850,000
Money Supply = Total Checkable Deposits/Required Reserve Ratio
= $850,000/25%
= $3,400,000
b) The computation of the total Money Supply is based on the stated assumption that "all the customers that have outstanding loans have used all of those additional funds to invest in new machinery for their businesses (therefore, the amount of Checkable Deposits is the true liability the bank has to its customers)."
Chang, age 42, is divorced but maintains the home in which he and Lei, his daughter, live. Lei is single and qualifies as Chang's dependent. Chang has AGI of $64,000 and itemized deductions of $9,900
Answers
Based on the given information, Taxable Income is $45,350.
What is Taxable Income?The percentage of your total salary is considered "taxable income" for determining how much taxes you pay for a certain tax year to the government.
According to the rules for the 2020 Tax year
Adjusted Gross Income = $64,000 (Given)
(-) Standard Deduction = ($18,650) (Refer Working)
Taxable Income = $45,350.
For 2020, the Head of Household's* Standard Deduction is $18,650.
$9,900 is the itemized deductible as given in the question
Therefore, the taxable income is $45,350.
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Give the meaning of book keeping in three effective sentence
Answers
The term "book-keeping" is the combination of the terms "book" and "keeping."
The act of daily documenting financial transactions for your business into arranged accounts is known as bookkeeping. Additionally, it may be used to describe the many recording methods that companies might employ. Several factors make bookkeeping a crucial step in your accounting process. You can create accurate financial reports that help you gauge business performance when you keep transaction records up to date. In case of a tax audit, thorough records will also be helpful. You will be taken step-by-step through the various bookkeeping techniques, the recording of entries, and the key financial statements included in this manual. Your company needs to determine the approach it will use before it starts bookkeeping. The number of daily transactions and money generated by your firm should both be taken into account when making a decision.
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The operating budget provides a roadmap for financial plans for a short-term, future period. What is a typical “future period” for an operating budget?
Answers
An operating budget is a financial statement that outlines the organization's expenditures and revenues for a specific period.
The operating budget is typically for a fiscal year, which is usually twelve months. The future period for an operating budget is usually a fiscal year or less than a year. The operating budget is critical because it establishes guidelines for financial activities and operations in an organization. It provides a roadmap for financial plans for a short-term, future period, which typically begins on January 1st and ends on December 31st.
An organization creates an operating budget to aid in the allocation of resources and expenditures to achieve its objectives for a given period. A typical operating budget is for a fiscal year. A fiscal year is the period when an organization prepares its financial statements. It is usually 12 months, but it may be shorter or longer depending on the organization. An operating budget typically covers one fiscal year; however, it may be longer or shorter based on the organization's preferences.
The future period for an operating budget is frequently updated to reflect the company's current situation and financial standing. It takes into account the actual results of the previous period and the estimated expenditures and revenues for the upcoming year to develop the operating budget for a future period.
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Wholemark is an Internet order business that sells one popular New Year greeting card once a year. The cost of the paper on which the card is printed is $0.40 per card, and the cost of printing is $0.10 per card. The company receives $3.75 per card sold. Since the cards have the current year printed on them, unsold cards have no salvage value. Their customers are from the four areas: Los Angeles, Santa Monica, Hollywood, and Pasadena. Based on past data, the number of customers from each of the four regions is normally distributed with mean 2,300 and standard deviation 200. (Assume these four are independent.)
What is the optimal production quantity for the card?
Answers
Answer:
≈ 9644 quantity of card
Explanation:
given data:
n = 4 regions/areas
mean demand = 2300
standard deviation = 200
cost of card (c) = $0.5
selling price (p) = $3.75
salvage value of card ( v ) = $ 0
The optimal production quantity for the card can be calculated using this formula below
= u + z (0.8667 ) * б
= 9200 + 1.110926 * 400
≈ 9644 quantity of card
First we have to find u
u = n * mean demand
= 4 * 2300 = 9200
next we find the value of Z
Z = ( \(\frac{p-c}{p-v}\) )
= ( 3.75 - 0.5 ) / 3.75 = 0.8667
Z( 0.8667 ) = 1.110926 ( using excel formula : NORMSINV (0.8667 )
next we find б
б = 200\(\sqrt{n}\) = 400
Closing entries involve closing out revenue and expense accounts to which permanent account?
O a. Owner's capital
Ob. Owner's drawing
c. Unearned revenue
Od. Accounts receivable
Answers
Answer:
Closing entries involve closing out revenue and expense accounts to the permanent account called Owner's Capital . This results in transferring the net income (or net loss) of the business to the Owner's Capital account which is a permanent account in the balance sheet.
Therefore, the answer to the question "Closing entries involve closing out revenue and expense accounts to which permanent account?" is option (a) Owner's capital
Explanation:
application sick live
Answers
Oooooo
Sir/Mam, Most respectfully, I beg to state that I am not in a condition to come to the school since I am suffering from fever. I have been prescribed by our family doctor o take proper rest for at least [number of days] days. Hence, kindly grant me leave from (start date) to (end-date)
A promissory note can best be described as __________., a. an interest-bearing IOU, b. a guarantee of a line of credit, c. a commitment to lend money to someone, d. a government-backed bond
Answers
A promissory note can best be described as: a. an interest-bearing IOU.
What is promissory note?Promissory note can be defined as a written note that help to shows that a person who lend a money from another person promise to payback. The note contains a promise by the borrower to pay back the lender within a stipulated period of time.
A promissory note can tend to be described as IOU which full meaning is I OWE YOU which implies that a borrower is telling the lender that he/she owe the lender some certain amount of money which the borrower will have to payback.
A promissory note also contains the terms and conditions of the agreement and this terms and agreement includes the following :
The principal amountThe loan maturity dateThe interest etcTherefore we can conclude that the correct option is A.
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If a firm has a sales price per unit of $6.00, a variable cost per unit of $4.00, and a break-even point of 40,000 units, fixed costs are equal to
Answers
Answer:
$80,000
Explanation:
From marginal analysis concepts, the break-even point is determined using the formula.
Break-even in units = fixed cost / contribution margin per unit
For this firm,
break -even = 40,000 units
Contribution margin per unit = selling price - variable costs
=$6 - $4 =$2
Therefore:
40,000 = fixed costs/ $2
Fixed costs = $40,000 x 2
Fixed costs = $80,000
You are an economics professor teaching large sections of Principles courses this semester. Within the first week of class,
several students have approached you with concerns about exam and homework due dates. They fear they won't do well
because the due dates for your class conflict with the dates for their other classes. You want to allocate exam and homework
due dates to the days most valued by students, but sifting through the opinions of hundreds of students presents a challenge.
The MOST efficient allocation would result if you:
design a predictions market for students to designate when they think the dates will be.
b. create an internal market for students to bid for their preferred dates.
C.
use your centralized power as a professor to assign the dates without student input.
d. determine that you have a knowledge problem when assigning dates
Answers
The MOST efficient allocation of exam and homework due dates for students who have concerns due to conflicting schedules with other classes is to create an internal market for students to bid for their preferred dates.The correct answer is option-b.
A market is the most efficient mechanism for allocating goods and services according to the preferences of consumers. Students who have conflicting schedules can bid for their preferred exam and homework due dates through an internal market.
This method has the advantage of providing the exam and homework due dates to those who are willing to pay the most for them. By using the internal market, the professor can allocate the dates in the most efficient manner without sifting through the opinions of hundreds of students.
This method is also fair as it gives students the opportunity to choose their preferred dates based on their schedule constraints, and it reflects the value that students place on certain exam and homework due dates.
Therefore, the correct answer is option-b.
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Goods or services are limited after a natural disaster or during times of war. Which economy can be described as the best type to serve its citizens when taking scarcity into account?
Answers
In a command economy, the government has complete control over the allocation of resources and the production of goods and services. This allows the government to quickly mobilize resources and direct them towards the areas that are most in need during times of scarcity, such as natural disasters or war.
In contrast, a market economy, where resources are allocated based on supply and demand, may struggle to efficiently allocate resources during times of scarcity, as the price mechanism may not accurately reflect the true value of goods and services in such situations.
Therefore, a command economy can be described as the best type of economy to serve its citizens during times of scarcity, such as natural disasters or war, as it allows for efficient allocation of resources and quick response to the needs of the people.
A stock has a beta of 1.15, the expected return on the market is 11.3 percent, and the risk-free rate is 3.6 percent. What must the expected return on this stock be
Answers
Answer
really good song: heat waves from glass animals.
Explanation:
Problem-6; (chapter 3) SS Ltd. obtained significant influence over YY Ltd by buying 30% of Y's 100,000 outstanding ordinary shares at a cost of Br 18 per share on January 1, 2022. On May 15, YY declared and paid a cash dividend of Br 150,000. On December 31, YY reported net income of Br 270,000 for the year. (a) record acquisition of shares (a) record revenue and dividends
Answers
(a) Record acquisition of shares: Investment in YY Ltd. Dr. Br 540,000, Cash Cr. Br 540,000.
(a) Record revenue and dividends: Dividend Receivable Dr. Br 45,000, Revenue from Investment in YY Ltd. Cr. Br 45,000; Investment in YY Ltd. Dr. Br 81,000, Revenue from Investment in YY Ltd. Cr. Br 81,000.
(a) To record the acquisition of shares by SS Ltd. on January 1, 2022:
Investment in YY Ltd. (30% of 100,000 shares * Br 18) Dr. Br 540,000
Cash Cr. Br 540,000
This journal entry records the purchase of 30% of YY Ltd.'s outstanding shares for a total cost of Br 540,000.
(b) To record revenue and dividends for the year:
On May 15, YY Ltd. declared and paid a cash dividend of Br 150,000. This dividend represents the portion of the company's earnings that will be distributed to its shareholders.
Dividend Receivable Dr. Br 45,000 (30% of Br 150,000)
Revenue from Investment in YY Ltd. Cr. Br 45,000
This entry recognizes the dividend revenue earned by SS Ltd. from its investment in YY Ltd.
On December 31, YY Ltd. reported net income of Br 270,000 for the year. As SS Ltd. has significant influence over YY Ltd., it needs to adjust its investment account for its share of the net income.
Investment in YY Ltd. Dr. Br 81,000 (30% of Br 270,000)
Revenue from Investment in YY Ltd. Cr. Br 81,000
This entry records the revenue earned by SS Ltd. from its share of YY Ltd.'s net income.
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Use the drop-down menus to complete statements about audio file formats
The most common file format for consumer storage and playback is
The
audio file was originally used on Apple computers.
The main audio format used in Microsoft Windows is
♡
Answers
Based on audio files available today, the following are true:
Most common file format - .MP3Originally used by Apple - . AIFFMain audio format for Windows - .WAVWhat are some audio formats?The most common file format for audio storage and playback is the .mp3 format which allows is to run on virtually all audio devices.
For audio files, Apple first developed the .aiff format but this has since been replaced. Windows on the other hand, developed the .wav format for audio files.
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lead a particular function or a subunit within a function. *
General Manager
Functional Manager
Front-Line Manager
ОСЕО
Answers
Answer:
Functional managers are accountable to manage people with specific skills and different resources within a department or section to meet functional objectives as well as corporate objectives. ... Sometimes, both functional managers and project managers have to work together to share resources and experience.
Explanation:function manager
Required information Skip to question [The following information applies to the questions displayed below.] Hudson Co. reports the contribution margin income statement for 2019. HUDSON CO. Contribution Margin Income Statement For Year Ended December 31, 2019 Sales (9,600 units at $225 each) $ 2,160,000 Variable costs (9,600 units at $180 each) 1,728,000 Contribution margin 432,000 Fixed costs 324,000 Pretax income $ 108,000 1. Compute Hudson Co.'s break-even point in units. 2. Compute Hudson Co.'s break-even point in sales dollars.
Answers
Answer:
Results are below.
Explanation:
Giving the following information:
Fixed costs= $324,000
Unitary variable cost= $180
Selling price= $225
To calculate the break-even point in units and dollars, we need to use the following formula:
Break-even point in units= fixed costs/ contribution margin per unit
Break-even point in units= 324,000 / (225 - 180)
Break-even point in units= 7,200
Break-even point (dollars)= fixed costs/ contribution margin ratio
Break-even point (dollars)= 324,000 / (45/225)
Break-even point (dollars)= $1,620,000
Assume a country produces haircuts and shirts with inputs of labour. The country has 1000 hours of labour available. A haircut requires ½ hour of labour, while a shirt requires 5 hours of labour.
a. Construct country’sproduction- possibility frontier. (2 marks)
b. The country is faced with massive unemployment. How will the PPF be impacted? Explain and indicate on graph.( 1mark)
c. The country discovers new technology and moves towards automation. Justify how this will impact the PPF for the economy. Also, indicate the same through the graph.
Answers
To construct the country's production possibility frontier, we need to find the maximum number of haircuts and shirts that can be produced with 1000 hours of labour.
What is Production possibility ?According to the equation below, there can be created a certain number of haircuts:Haircuts = Hours per haircut / Labor Available
Haircuts is 1000 / 0.5, or 2000.
According to the following equation, there can be created a certain number of shirts:Shirts equal labour available / shirt hours
1000 shirts / 5 = 200
With haircuts on the x-axis and shirts on the y-axis, we can then plot the points on a graph. The greatest number of haircuts and shirts that can be produced with the labour that is available is represented by the production possibility frontier, which is the line connecting the points.To know more about Production Possibility , check out :
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Match each federal law in Column A to the protection it gives to consumers in Column B.
Column A:
1) Requires banks to give customers documents explaining the rules and policies of a savings account.
2) Ensures financial institutions protect your personal information.
3) Requires creditors to provide written rules to borrowers about the costs and fees associated with the credit or a loan.
4) Allows you to dispute incorrect information on paper bank or credit card statements.
5) Allows you to dispute incorrect information on an electronic bank or credit card statements.
6) Allows you to receive a free copy of your credit report.
7) Requires debt collectors to follow fair guidelines.
Column B:
Gramm-Leach-Bliley Act
Truth in Savings Act
Truth in Lending Act
Fair Credit Billing Act
Electronic Funds Transfer Act
Fair Credit Reporting Act
Fair Debt Collection Practices Act
Answers
The correct matching of the federal laws are given below:
What is the matching of the federal laws?Truth in Savings Act requires banks to give customers documents explaining the rules and policies of a savings account.
Gramm-Leach-Bliley Act ensures financial institutions protect your personal information.
Truth in Lending Act requires creditors to provide written rules to borrowers about the costs and fees associated with the credit or a loan.
Fair Credit Billing Act allows you to dispute incorrect information on paper bank or credit card statements.
Electronic Funds Transfer Act allows you to dispute incorrect information on electronic bank or credit card statements.
Fair Credit Reporting Act allows you to receive a free copy of your credit report.
Fair Debt Collection Practices Act requires debt collectors to follow fair guidelines.
These federal laws provide different protections to consumers, from access to information about savings and loans, to the right to dispute errors on credit card statements, to fair debt collection practices.
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Sariah sets challenging sales targets for her team.
Answers
"Sariah sets lofty sales targets for her team" is an example of planning.
What is Planning?Thinking about the steps necessary to accomplish a goal is the process of planning. Foresight, the fundamental ability for mental time travel, is the foundation of planning.
The ability to plan ahead and exhibit foresight is assumed to have evolved early in the course of human evolution.
An essential characteristic of intelligent conduct is planning.
It entails applying logic and creativity to visualize both the desired outcome and the processes required to get there.
Planning's relationship to forecasting is a crucial factor.
Planning envisions what the future may look like while forecasting attempts to anticipate what it will look like.
"Sariah sets ambitious sales targets for her team" is an example of planning.
Therefore, "Sariah sets lofty sales targets for her team" is an example of planning.
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Correct question:
"Sariah sets challenging sales targets for her team" is an example of ____.
A bank is preparing a financial asset for trading in the over-the-counter market. It most nearly sounds as though they are _____. securitizing securitizing collateralizing a loan collateralizing a loan creating a derivative creating a derivative offsetting negative risk
Answers
A bank is preparing a financial asset for trading in the over-the-counter market. It most nearly sounds as though they are a derivative offsetting negative risk. The correct option is D.
What are over-the-counter financial instruments?OTC securities are those that are not listed on a national securities exchange. The majority of these securities are traded on Alternative Trading Systems (ATSs), which are quotation mediums that may include electronic interdealer quotation systems that show quotes from broker-dealers for many OTC securities.
In over-the-counter markets, trading is done electronically rather than in a physical location. An auction market system is very dissimilar from this. Dealers serve as market makers in OTC markets by quoting prices at which they will buy and sell securities, currencies, or other financial products.
Thus, the ideal selection is option D.
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5.6 Last month Quick Industries produced 900 units. This month they produced 1,264 units. What is the rate of change in production? a. 29.8% b. 32.8% c. 40.4% d. 60%
Answers
Answer: C. 40.4%
Explanation:
To find the rate of change in production, we can use the following formula:
Rate of change = (New value - Old value) / Old value * 100
Where,
Old value = Production of last month = 900
New value = Production of this month = 1264
Substituting the values in the formula,
Rate of change = (1264 - 900) / 900 * 100= 364 / 900 * 100= 0.404 * 100= 40.4%
Therefore, the rate of change in production is 40.4%, which is an option (c). I hope that this answer has helped you!
Answer:
The correct answer is C.
Explanation:
The rate of change in production is: (1264 - 900) / 900 = 0.404 or 40.4%. So, the correct answer is c. 40.4%
Which of the following is true if you find a better rate on an external 3rd party channel within 24 hours of making a reservation through one of Marriott's direct channels?
Answers
If you find a better rate on an external 3rd party channel within 24 hours of making a reservation through one of Marriott's direct channels, the Marriott’s Best Rate Guarantee policy comes into effect.
Marriott’s Best Rate Guarantee policy is a commitment to providing the lowest rate possible. If you find a lower rate within 24 hours of booking through one of Marriott’s direct channels, Marriott will match that rate and offer an additional discount of 25%.
This policy applies to any Marriott brand including Ritz-Carlton, St. Regis, Westin, Sheraton, Aloft, and othersYou need to first book your reservation through Marriott’s direct channels like Marriott.com, the Marriott Mobile app, Marriott Bonvoy app, the Marriott Reservation Center, or directly with the hotel.
After that, you should look for lower rates on other third-party websites. If you find a lower rate within 24 hours, contact Marriott’s Customer Care team, and they will match that rate plus an additional discount of 25%.The policy does come with some terms and conditions.
The lower rate you find on the third-party website must be for the same hotel, same room type, same dates, same number of guests, same currency, and with the same booking conditions. It also excludes rates that are only available to members of certain groups or organizations, package rates that include flights, car rentals, and other amenities, and rates that are not available to the general public
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3. Some scholars and practitioners compared the failure rate for small businesses with the divorce rate in marriage and the student failure rate in college. Are these fair comparisons? Why/why not? Discuss in the view of “Goal setting, preparation, perspiration and dedication.
Answers
Answer:Whether the comparison of the failure rate of small businesses to the divorce rate or the student failure rate in college is fair depends on the perspective.
From one perspective, comparing the failure rate of small businesses to the divorce rate may be fair because both involve ending a committed relationship or endeavor and are influenced by similar factors such as unrealistic expectations, lack of preparation, and inadequate resources.
However, from another perspective, these comparisons may not be fair because small businesses and marriages or college education involve different levels of investment, risk, and complexity. For example, starting a small business requires much more financial and personal investment than getting married or attending college, and the consequences of failure in each situation can be very different.
In terms of "Goal setting, preparation, perspiration, and dedication," all three situations (starting a small business, getting married, and attending college) require a clear goal, preparation, hard work, and a commitment to success. However, the specific goals, preparations, and level of dedication needed may vary greatly.
Therefore, while these comparisons may provide some insights, it's important to consider the unique challenges and complexities of each situation before drawing broad conclusions.
Explanation:
Direction: Read and answer the following briefly and concisely.
1. You’re an aspiring hotel owner, which among the three ( strategy, planning and operation) would like to consider more in decision making? Why?
2. Why do you think the resources/supplier’s background and legitimacy is important to check by us users before considering them as our business partners?
3. What is the importance of the rules FIFO and LILO in SCM?
4. Imagine there will be no lead time or cycle time in processing products, will you be able to meet customer satisfaction? Why, or why not?
5. How can SCM helps a business survive during inflation?
Answers
As an aspiring hotel owner, all three factors of strategy, planning, and operation are crucial in decision-making.
What is the most important one?However, the most important factor would be planning. This is because planning involves developing a comprehensive blueprint of the hotel's operations, including budgets, timelines, and resource allocation.
Without a well-designed plan, a hotel may struggle to achieve its goals and objectives, and may experience inefficiencies and cost overruns.
Checking the background and legitimacy of suppliers and resources is essential because it helps to ensure that the goods and services being provided meet the required quality standards and comply with regulations.
It also helps to reduce the risk of fraud or other unethical practices that could harm the business. Additionally, partnering with reputable and trustworthy suppliers can enhance the business's reputation and customer satisfaction.
The rules of FIFO (First-In-First-Out) and LILO (Last-In-Last-Out) are essential in supply chain management. FIFO ensures that older inventory is sold or used before newer inventory, preventing spoilage, waste, and obsolescence.
LILO is useful for managing perishable items where the freshest items are prioritized over older inventory. These rules help to manage inventory levels, improve supply chain efficiency, and reduce costs.
Even without lead time or cycle time, it may still be challenging to meet customer satisfaction. This is because other factors such as demand variability, capacity constraints, and quality control issues can affect the ability to deliver products that meet customer expectations.
Additionally, the absence of lead and cycle time could lead to inefficiencies and disruptions in the supply chain, which could impact customer satisfaction.
SCM can help businesses survive during inflation by implementing effective cost management strategies such as supplier rationalization, inventory optimization, and demand forecasting. SCM can also help to identify alternative sources of supply, negotiate better prices with suppliers, and reduce logistics costs.
Effective SCM can help businesses to remain competitive and adapt to changing market conditions, including inflation.
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Discuss the difference between the income statement of Variable and absorption costing.
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In which TWO ways can a wiki benefit the employees of a business?
A. It allows them to have live interactions with each other.
B. It helps them solve internal problems collectively.
C. It helps them evaluate each other’s performance.
D. It provides them with a space to store process and project information.
C. It provides a platform where they can upload entertaining videos.
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The ways can a wiki benefit the employees of a business are:
A. It allows them to have live interactions with each other.
B. It helps them solve internal problems collectively.
What does wiki means?The term wiki is one that is often spelled as "Wiki". This is known to be a server program that is said to often give room for a lot of users to work together in creating the content of a Web site.
Note that the term is one that is known to have originated from the word "wikiwiki," that connote or means "fast" when called in the Hawaiian language.
Therefore, The ways can a wiki benefit the employees of a business are:
A. It allows them to have live interactions with each other.
B. It helps them solve internal problems collectively.
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A marketing plan includes this marketing objective: "Create positive feelings
about our brand." What is the main problem with this objective?
A. It doesn't name the target market.
B. It does not meet legal requirements.
C. It is not specific and measurable.
D. It is not something the marketer can achieve.
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The objective of creating positive feelings about the brand is too broad and vague. It doesn't specify how the marketing team will measure success or what specific actions they will take to achieve the objective. Without clear, measurable goals, it will be difficult to determine whether the marketing plan has been successful or not. A more effective marketing objective would be specific and measurable, such as "Increase brand awareness among millennials by 25% in the next six months."