Supply is the ability and the willingness to produce and sell specific quantities of a good or service at different prices in a specific time period, all things remaining the same. Ability is the talent, skill, or proficiency in a particular area.
What is supply..?"Supply is known to be the amount of goods (products) and services which a producer is willing and able to supply to the market at various prices over a specified period of time. Thus, producers tend to produce and supply more goods (products) and services as the prices go higher in order to get more profits and revenue."
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with any product made like this, there are hidden costs and visible costs. the visible cost would be the final price of the clothjing. what are the hidden costs?
The hidden costs are the costs which are not often included in the final price of purchase.
The hidden costs are regarded as an unforeseen expenses which are added with the final price of the purchase. on to purchases. Such costs can be minor, or they can be major, such as the various closing costs which are being added on while buying a house.
There are example of hidden costs which may include, employee perks, administrative costs, turnover, phone and internet bills, professional services, legal fees, etc.
Hence, hidden costs are expenses which are not normally included in the purchase price.
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hite tiger electronics produces cd players using an automated assembly line process. the standard cost of cd players is $ per unit (labor, $; materials, $; and overhead, $). the sales price is $ per unit.
To achieve a 13 percent multifactor productivity improvement by reducing materials costs only, one needs to reduce the materials cost by 24.926 percent
300 / 143 = 2.0979
2.0979*1.13 = 2.370629
300/2.370629= 126.54867
143-126.54867 = 16.451327
16.451327/66*100 = 24.926%
According to the multifactor productivity idea, improving input productivity will increase product cost effectiveness and boost total profitability. Efficiency may be attained either across the board or individually, depending on the needs of the business.
What is Material Cost?The price of the materials needed to produce a good or render a service is referred to as the material cost. All indirect materials required in the production process, such as cleaning supplies, are not included in the material cost. To calculate the material cost to assign to a unit of production (such as a finished good item), follow these steps:
Find out how much material is typically utilized to make one unit.Add the typical amount of scrap required to produce one item.Calculate the typical quantity of scrap required to configure the manufacturing run, then distribute it to each individual unit.If any scrap is subsequently sold, divide the proceeds among the several units.Complete Question -White Tiger Electronics produces CD players using an automated assembly line process. The standard cost of CD players is $143 per unit (labor, $31; materials, $67;and overhead, $45). The sales price is $300 per unit.
To achieve a 13 percent multifactor productivity improvement by reducing materials costs only, one needs to reduce the materials cost by __ percent
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economic theories: group of answer choices are abstractions and therefore of no application to real situations. that are true for individual economic units are never true for the economy as a whole. are useless because they are not based on laboratory experimentation. are generalizations based on a careful observation of facts.
Economic theories:
A. are useless because they are not based on laboratory experimentation.
B. that are true for individual economic units are never true for the economy as a whole.
C. are generalizations based on a careful observation of facts.
D. are abstractions and therefore of no application to real situations.
The required details for Economic theories in given paragraph
Economic theories are broad generalizations based on meticulous fact observation.
An economic theory is a body of ideas and precepts that spells out how distinct economies operate. Depending on their individual role, an economist may employ theories for a variety of purposes. For instance, some theories try to explain why specific economic phenomena like inflation or supply and demand happen.
What is a case study of economic theory?
Input and output
For instance, an item or service's price may soar when its supply declines and consumer demand increases; in this scenario, the supply is insufficient to meet the demand.
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four decades of ceo–tmt interface research: a review inspired by role theory author links open overlay panel
Researchers from a variety of fields have begun to pay more attention to the CEO-TMT interface, which is the connection and interaction between the CEO and other senior managers.
A Brief review of CEO-TMT interface researchThis line of inquiry tries to shed light on how CEOs and other executives communicate, shape one another, and participate in group activities that determine the course of organizations. However, current CEO-TMT research is characterized by a variety of disjointed assumptions regarding the interacting roles via which CEOs and TMTs exert strategic leadership, despite the growing interest in this field.
Drawing on role theory, we review extant CEO-TMT interface research in several disciplines and systematically organize the various CEO-TMT role assumptions into three role-theory specifications: functionalism, social-interactionism, and structuralism.
In taking stock of the three role specifications, we provide a critique of the strengths and boundaries of each, and chart directions toward an integrated ‘multi-role’ understanding of the TMT interface in strategic leadership.
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Max weber coined the term ________ to denote the tendency on the part of protestants to work hard and accumulate wealth.
Max weber coined the term Protestant work ethic to denote the tendency on the part of protestants to work hard and accumulate wealth.
The phrase "Protestant work ethic" was created by Max Weber to describe the propensity of Protestants to put in a lot of effort and amass money.
What are Protestants' beliefs?The notion that a Christian is justified in his connection to God by faith alone, not by good works or dispensations, and the acceptance of the Bible as the one authoritative source of infallible revealed truth were the main features of original Protestantism.
In his book The Protestant Ethic and the Spirit of Capitalism from 1904 to 1905, Max Weber first used the expression. Weber said that the development and expansion of capitalism were made possible by Protestant ethics and values, asceticism, and the predestinarian concept of Calvinism.
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rachel is the qualifying child of greta, her grandmother, and lisa, her mother. greta's agi is $22,000, and lisa's agi is $14,000. both greta and lisa want to claim rachel. can you prepare a return for greta claiming rachel for earned income tax credit (eitc) purposes? yes, greta can claim rachel for eitc because her agi is higher. yes, greta can claim rachel for eitc if she files before lisa. no, greta cannot claim rachel for eitc because she is not her parent. no, greta cannot claim rachel for eitc because lisa, the mother, holds a higher right than greta, the grandmother.
Earned income is typically money that you receive from your employer or that you make running your own farm or business. Wages, tips, salaries, non-taxable combat pay, benefits from union strikes, and some long-term disability payments are all considered earned income.
Retirement income, Social Security payments, unemployment compensation, alimony, and child support are NOT considered earned income.
You must have investment income of no more than $10,000. No foreign earned income exclusion form needs to be submitted by you.
The taxpayer and the eligible child must spend more than half the year living together. That translates to 183+ days or more than six months. The District of Columbia and all 50 U.S. states must be where you now reside. The taxpayer who requests the EITC must be an American national or resident (i.e., they must not be a non-resident alien).
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a company that uses a calendar year purchases an asset with a historical cost of $250,000, a residual value of $5,000 and an estimated life of 5 years. if the asset is acquired on january 1, 2016, the first-year depreciation under the double-declining balance method is:
The first year depreciation under the method is $100,000 ($250,000 x 40%).
What Is the Double-Declining Balance (DDB) Depreciation Method?The lowering balance technique, also known as the double-declining balance depreciation (DDB) approach, is one of two popular ways a company would often account for the cost of a long-lived asset.
When opposed to straight-line depreciation, which employs the same amount of depreciation each year during an asset's useful life, the double-declining balance depreciation technique accelerates depreciation and counts as an expense more quickly. Similar to the falling balance approach, the double-declining method doubles the rate of asset depreciation.
In commercial accounting, an accelerated depreciation computation known as the double-declining balance (DDB) approach is employed.
More specifically, compared to the conventional declining balance technique, the DDB method depreciates assets twice as quickly.
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to create interest for the colossal choco chipper, the company sent a free package of six cookies to selected homes along with a coupon. kookie cookie's activities represent
To create interest for the colossal choco chipper, the company sent a free package of six cookies to selected homes along with a coupon. kookie cookie's activities represent Sales Promotion.
Free packages are products, presents, or other items that have been branded with a company logo and are used in marketing. They are distributed without charge to advertise a business.
Customers can test out a tiny bit of free packages in the hopes that they would decide to buy them. The tactic promotes experimentation and increases awareness.
Getting something for practically nothing provokes a feeling in consumers; it simply makes them feel better. Free packages are perceived as rewards and, in most situations, have a positive impact on customers' opinions of your company. This encourages loyalty from current customers while also attracting potential and new ones.
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B, A, C, B, B, A, A, B, C, C, B, A, B, B, B, A, C, A, A, B Which relative frequency table correctly displays the data? A 2-column table with 3 rows. Column 1 is labeled grade with entries A, B, C. Column 2 is labeled Relative Frequency (percentage) with entries 70, 90, 40. A 2-column table with 3 rows. Column 1 is labeled grade with entries A, B, C. Column 2 is labeled Relative Frequency (percentage) with entries 40, 40, 20. A 2-column table with 3 rows. Column 1 is labeled grade with entries A, B, C. Column 2 is labeled Relative Frequency (percentage) with entries 35, 45, 20.
Based on the given points, the relative frequency table that correctly displays the data is A 2-column table with 3 rows. Column 1 is labeled grade with entries A, B, C. Column 2 is labeled Relative Frequency (percentage) with entries 35, 45, 20.
What is the relative frequency?The total number of letters given is 20.
The number of As in this list are 7 As. Their relative frequency is:
= 7/20 x 100%
= 35%
The number of Bs. in the list are 9. The relative frequency is:
= 9/20 x 100%
= 45%
The number of Cs are 4 and their relative frequency is:
= 4/20 x 100.%
= 20%
In conclusion, the last table accurately shows the relative frequency.
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Answer:
The answer is C
Explanation:
I did it by adding 5 for every B's, A's, C's, and they make perfect sense
select one advantage of irr as a capital budget method. it is simple to understand because it ignores the time value of money. it accurately reflects the reinvestment rate risk. it is more useful than npv analysis when evaluating mutually exclusive projects. the irr can easily be evaluated alongside a company's threshold rate.
d) The IRR can easily be evaluated alongside a company's threshold rate
IRR can be compared with the cost of capital and can be decided if the project is profitable or not. a is incorrect as NPV is a more useful method. b is incorrect as IRR ignores reinvestment risk. c is incorrect as IRR takes into account the time value of money.
ROI is an easy calculation that indicates the number of investment returns in comparison to the initial funding amount. IRR, however, gives an estimated annual charge of return for the funding over time and offers a “hurdle fee” for evaluating different investments with various coin flows.
IRR is the charge of hobby that makes the sum of all cash flows 0 and is useful to compare one investment to every other. Inside the above instance, if we update 8% with 13.92%, NPV will become zero, and that is your IRR. Therefore, IRR is defined as the discount price at which the NPV of an undertaking turns into 0.
The IRR is an exquisite manner to assess and compare the returns of various investments. The IRR offers a smooth-to-recognize average overall performance of variable cash flows over the lifestyles of funding. It's miles critical to compare the IRR of funding in opposition to suitable overall performance benchmarks.
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hicks corp. wants to install a contributory group plan. it employs 200 people. how many employees must participate in order to install the plan?
Hicks corp. wants to install a contributory group plan. it employs 200 people. They will require 150 employees' participation in order to install the plan.
A contributory group plan requires you to contribute to the cost of group life insurance. The insurer typically demands that at least 75% of eligible employees participate in the plan in order to prevent adverse selection. In a noncontributory plan, the entire premium is paid by the employer. A retirement plan that requires current employees or retirees to cover a portion of the plan cost is known as a contributory plan. Employee payments are deducted directly from their paychecks. According to the plan's rules, these contributions might result in higher benefit payments. Contributory plans typically call for about 75% of employee participation, while noncontributory plans typically demand 100% employee participation.
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the property of a resource allocation of maximizing the total surplus received by all members of society
Efficiency is the property of a resource allocation of maximizing the total surplus received by all members of society.
What is efficiency?The term "efficiency" refers to the peak level of performance that uses the fewest inputs to produce the greatest amount of output. Reduce the number of unnecessary resources used to produce a given output, including personal time and energy.
Efficiency is a quantifiable concept that can be calculated by dividing useful output by total input. Increased efficiency reduces the waste of resources such as physical materials, energy, and time while producing the desired output.
Efficiencies are classified into numerous categories. Some of the most important types are discussed below, including economic efficiency, market efficiency, and operational efficiency.
Economic Efficiency
Economic efficiency is the optimization of resources to best serve each person in that economic state. There is no set threshold for determining an economy's effectiveness, but indicators include goods brought to market at the lowest possible cost and labor that produces the greatest possible output.
Market Effectiveness
Market efficiency describes how well available information is incorporated into prices. This means that markets are efficient when all available information is already reflected in prices. There is no way to outperform the market because no securities are undervalued or overvalued.
Thus efficiency is of different types and maximizes the surplus.
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One of the big advantages of being an informed user and consumer of it is that it enables you to anticipate future innovations and their potential applications. True or false?.
False, because even though we can anticipate innovation, we must accept innovation because the more innovations, the more advanced the times.
Customer database is a collection of information from each customer. It is called a collection of information because it contains names, home addresses, telephone numbers, other personal data such as birthdays, to customer email addresses. Customers are one of the greatest assets of a business. The more customers who are loyal to the product, the better the business will be. Therefore, it is very important to create a customer database in business.
When you want to promote a product, especially a new product, a customer database is needed to help you. With the help of a customer database, you can easily provide these new products to existing customers. Usually, regular customers will feel satisfied, so it will be easier to promote new products to them.
With the customer database, you will also find it easier to carry out promotional activities compared to finding new customers. In addition, the costs incurred are not too expensive so you can make cost savings on the promotion of new products. When building a customer database, the minimum customer data that must exist are name, phone number and email address.
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on may 1, mary's morsels provided catering services at a wedding. the bride is billed $4,000 and will pay during the following month. record this transaction on may 1 in the accounting equation of mary's morsels by: multiple choice question. increasing accounts receivable and decreasing revenue increasing accounts receivable and increasing revenue increasing accounts payable and increasing revenue increasing cash and increasing revenue
Based on the catering services for the wedding and the fact that the bride will pay in the following month, the effect on the accounting equation is increasing accounts receivable and increasing revenue.
What happens when a customer is billed?When a customer is billed and they will pay in future like the bride at this wedding, this is treated as an account receivable because it means that the bride owes the company.
At the same time, this is also treated as revenue because the company will be paid for services rendered. Revenue will therefore increase.
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between 2016 and 2017, nintendo produced 2.3 million nes classic edition mini consoles that sold out almost immediately as they arrived at stores. the retail price of the mini console was $59.99. however, if you were to check ebay at the time, you would see that people were buying the units for $250 each from scalpers.
The signal that the high price on eBay sends to both scalpers and those playing the consoles is to buy more consoles to sell on eBay.
What signal is sent when prices are high?The high price of the Nintendo consoles on eBay will provide a market incentive to people trying to get into the market and sell consoles to make money as well.
Both the scalpers and the people who want to buy the game to play it, will start buying more of the consoles so that they can sell it for an even higher price on eBay.
The rest of the question is:
Describe what signal this price sends to both scalpers and people buying the consoles to play them.
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if dan's baseball card collection is stolen after he entered in to an agreement to sell the cards, the contract must be because of impossibility of performance.
If dan's baseball card collection is stolen after he entered into an agreement to sell the cards, the contract must be discharged, because of the impossibility of performance.
What is the agreement?
A contract between two or more people to do something is referred to as an agreement. Two or more parties must agree to the terms of the agreement in order to create a legally binding commitment.
The baseball card collection entered into an agreement to sell the cards, the contract must be discharged, and the performance is impossible. The credit card was taken. This is the primary reason for the performance's impossibility.
As a result, the agreement of the discharge of the contract.
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investment transactions and events prepare journal entries to record the following transactions and events, based on the assumption that the nonprofit, with a june 30 fiscal year-end, uses a single account to record all unrealized and realized investment gains and losses. then, prepare journal entries for events 2 and 3, based on the assumption that the nonprofit separates unrealized from realized investment gains and losses. 1. on july 15, a nonprofit received a donation of apple stock that had a fair value of $60,000 at the time of the donation. the donor told the nonprofit that the stock could be sold and used only to finance a particular research project. 2. on december 31, when the nonprofit closed its books, the stock had a fair value of $61,200. 3. on february 15, the nonprofit sold the stock for $60,800. 4. on march 15, the nonprofit spent the entire $60,800 on the research project for which the donor made the gift.
In order to document a business transaction in the accounting records of the company, a journal entry is employed. A journal entry is often made in the general ledger, but it can also be made in a subsidiary ledger and subsequently rolled forward into the general ledger after being summarized. After then, the general ledger is utilized to produce the company's financial statements.
In order to bring the financial statements into compliance with the applicable accounting framework, such as Generally Accepted Accounting Principles or International Financial Reporting Standards, an adjusting entry is utilized at month's end to make the necessary changes. If the business uses the accrual method of accounting, for instance, you could accrue unpaid pay at the end of the month.
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. consider the following business activities that occur at a ski resort. classify each activity as operating (o), investing (i) or financing (f)
The following business activities and sports arise at a ski resort. classify each activity as:
Operating (o): Operating activities encompass receipts and payments of coins for operations of the enterprise.
Investing (i): investing in sports consists of the receipts and bills of cash because of the sale and purchase of the property.
Financing (f): Financing sports include receipts and payments of cash due to problems and compensation of debt and fairness capital.
Understanding business activities. There are 3 fundamental kinds of commercial enterprise activities: running, investing, and financing. The coin flows used and created with the aid of each of those activities are indexed within the coins waft statement.
Commercial enterprise is the interest of creating one's living or earning profits by way of producing or buying and selling merchandise. it is also "any pastime or enterprise entered into for income."
Business activities pastime is any hobby associated with the purpose of creating a profit. it's far regularly divided into running sports, investing sports, and financing activities. of those, running activities tend to be considered the maximum essential as they have the most direct effect on a corporation's overall performance.
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an american company recently won a huge contract with a company in indonesia, by gifting the indonesian government officials with american cars and an assurance of monetary gifts. clearly, this procedure
In a case whereby an American company recently won a huge contract with a company in Indonesia, by gifting the Indonesian government officials with American cars and an assurance of monetary gifts. clearly, this procedure, violates the Foreign Corrupt Practices Act.
What is Foreign Corrupt Practices Act?The Foreign Corrupt Practices Act (FCPA), can be described as the act that was put in place to help those that are in business, however, this act was enacted in 1977, so as to be able to bring about the prohibition of t the payment of bribes to foreign officials to assist in obtaining or retaining business.
Therefore, when American company recently won a huge contract with a company in Indonesia, by gifting the Indonesian government officials with American cars and an assurance of monetary gifts. clearly, this procedure, violates the Foreign Corrupt Practices Act.
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the fasb’s conceptual framework’s qualitative characteristics of accounting include: multiple choice full disclosure historical cost ease of access relevance
The fasb’s conceptual framework’s qualitative characteristics of accounting include Relevance.
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the auditor considers the relevance of each financial statement assertion, one at a time, after the and disclosures have been identified. (enter only one word per blank.)
The auditor considers the relevance of each financial statement assertion, one at a time, after the Significant Accounts and disclosures have been identified.
Who are Auditors?An auditor examines the financial statements of a company. They make certain that the company follows Generally Accepted Accounting Principles (GAAP) and tax regulations. They create detailed audit reports that include conclusions and best practice recommendations.
Audits identify and correct accounting errors. Furthermore, thorough auditing discourages the occurrence of errors in the first place. Auditors collect evidence to support their conclusions. A bachelor's degree in business, finance, or accounting is available to qualified candidates. Auditing is a lucrative career option because demand is increasing.
Auditors are qualified professionals who examine a company's financial records for any misrepresentations or discrepancies. They ensure that businesses follow various tax laws and regulations.
Internal, external, governmental, forensic, or technological audits are all possibilities.
Thus, Auditor is an important person in the finance world.
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evan and rosa have two young children. evan has a full-time job as a truck driver, and rosa is currently applying for jobs. what insurance may be best for them right now? wuiclet
Evan and rosa have two young children. Evan has a full-time job as a truck driver, and rosa is currently applying for jobs. Unemployment insurance and life insurance may be best for them right now.
Since driving a truck is a hazardous job that is prone to accidents, Evan and Rosa would need to purchase life insurance, while Rosa, Evan's wife, would need to purchase unemployment insurance due to her current temporary jobless.
Insurance is necessary to guard against any unforeseen events or situations that can endanger the person in question. This insurance would assist in covering any costs incurred when unforeseen circumstances occurred.
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suppose improvement occurs in the technology of producing forklifts but not in the technology of producing automobiles. draw the new production possibilities curve. instructions: use your mouse to click on either one or both of the endpoints of the ppc and drag inward or outward as necessary.
Suppose improvement occurs in the technology of producing forklifts but not in the technology of producing automobiles. We draw the new production possibilities curve by moving the 30 points to the right tick.
Technology, or as it is sometimes referred to, the modification and manipulation of the human environment, is the application of scientific knowledge to the practical goals of human life. Almost every aspect of modern life is impacted by technology, including productivity, socialization, food and healthcare access, and transportation efficiency and safety. The power of the internet has facilitated the emergence of international communities and made it easier to exchange information and resources. So many people are benefiting from technology in various ways. Collaboration between nations, cultures, and companies has never been simpler. Platforms and communities make this possible and facilitate easy global connection. This is significant because to overcome the current obstacles, we must work together.
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when you are valuing a stock, what must you be most careful about when performing your calculations?
When you are valuing a stock, proper research must be done on the company's anticipated future growth rate which must be most careful about when performing your calculations.
When the case of deciding on which valuation method is to be used for the first time to value stock as it is actually easy to get overwhelmed by various valuation techniques available for the investors. Fairly straightforward valuation techniques are also present, however, other techniques are more involved and complicated.
In general, there is actually no particular method that is best suited for every situation to make performed. Since each stock is different and each industrial sector or firm exhibits unique characteristics it may be required to process valuation methods which are in multiple cases.
Due to many factors to be considered while stock valuation, it must be done on basis of the complete anticipated future growth rate of the company. This should be done carefully based on proper research on the future growth of the particular company to perform calculations of stock valuation.
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how can you use mastering to develop a growth mindset and embrace your mistakes? how can you use mastering to develop a growth mindset and embrace your mistakes? question what went wrong and use hints or provide problem feedback to develop a new strategy repeat the question without changing your approach and input a different answer
The way to use mastering to develop a growth mindset and embrace mistakes is to question what went wrong and use hints or provide problem feedback to develop a new strategy.
How can we develop a growth mindset?
There are several ways to develop a growth mindset and one of them is the use of the mastering technique.
This technique calls for one to look at the situation they are in and question what went wrong. One should then use the feedback they get from the problem they discovered to come up with a new strategy.
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you are the property book officer, and you want to issue a piece of equipment to the maintenance section. what document would you use to accomplish this>
You are the property book officer, and you want to issue a piece of equipment to the maintenance section. the document you use to accomplish this serial number.
Answerable for all authorities supplied belongings requests, receipts, and transfers of GFE to contractors and determine and coordinate assets transfer records. gives widespread steering and policies to regarding belongings management procedures for all government-supplied property. by means of making sure assets are assigned and one hundred percent accounted for, commanders increase their chance of maintaining delivery of the subject.
The property book account is a proper set of belongings accounting statistics and documents maintained at the consumer level. it is used to document and account for all nonexpendable and other accountable assets issued to the interest. the following are a few types of equipment used to assign obligations for belongings: belongings books, hand receipts, sub-hand receipts, temporary hand receipts, and system receipts. to show a listing of purchase orders for Provisions and to show a listing of buy orders for stock.
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marketing is based on the understanding that organizations have employees, suppliers, stockholders, and distributors as
Understanding that businesses have a wide range of interconnected stakeholder "partners," including as employees, suppliers, investors, distributors, and society at large, is a must for marketing success.
What is an organizations ?A firm, institution, or association that consists of one or more people and has a specific goal is known as an organization, or organization (Commonwealth English; see spelling variations).
The word is derived from the Greek word organon, which also refers to an organ and several tools or instruments.
A hybrid organization is one that concurrently generates commercial market activity in the public and private sectors while carrying out public duties.
A voluntary association is a company run entirely by volunteers.
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Shereen has accidentally overdrawn her checking account this month. Thankfully, she has a little money in savings and can cover costs for now, but she has to find a way to reduce her monthly spending. What should Shereen do to reduce her monthly expenses?
a. put off paying her credit card bill until she can afford it
b. invest in a new electric car to pay less on gas
c. stop dining out at restaurants and going to the movies
d. start shopping at higher-quality boutiques for clothes
Answer: C
Explanation: This option makes the most sense.
c. stop dining out at restaurants and going to the movies
which of the four corporate social responsibilities is considered first and foremost for business enterprises?
The corporate social responsibilities are considered first and foremost for business enterprises are economic. Thus, option (c) is correct.
What is business?
The term business refers to the earning the profit. The business is the taking the risk and the earning the profit. The business are the mainly focuses to the activity of the creating, distribution and selling concept based.
The all business enterprises are the full fill the corporate social responsibilities such as legal responsibility, economic responsibility, ethical responsibility, and philanthropic responsibility. But, the most important responsibility is the economic because provided the employment and development of the infrastructure.
As a result, the business enterprises are the most important corporate social responsibilities are economic. Therefore, option (c) is correct.
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Your question is incomplete, but most probably the full question was.
A. Legal
B. Philanthropic
C. Economic
D. Ethical
top managers particularly need strong conceptual skills, because changes affecting the organization tend to be more important at their level than at other managerial levels.
Top managers particularly need strong conceptual skills, because changes affecting the organization tend to be more important at their level than at other managerial levels
The ability to visualize a big-picture strategy and goal and then provide leadership and direction in task execution to accomplish it is referred to as conceptual skills. While conceptual skills benefit supervisors and managers at all levels, they are essential for top managers that provide general direction for a company.
Vision is a shared leadership skill among top executives. Top managers have minds that are constantly focused on the company objective or end goal. This vision serves as the foundation for a company's actions and structure. Top management in a company typically develops a long-term vision and sets the company's course, while supervisors guide their personnel on that course.
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