Organizations can achieve a competitive advantage by providing greater value for customers than competitors can.
Explanation:In order to achieve a competitive advantage, organizations can use their resources to provide greater value for customers than competitors can. This can be done by offering unique products or services, superior customer service, or innovative features that set them apart from competitors.
For example, a company may offer a product that is more reliable, durable, and efficient than similar products on the market. This provides greater value to customers and gives the organization a competitive edge.
By focusing on providing superior value to customers, organizations can attract and retain more customers, increase market share, and ultimately achieve a competitive advantage over their competitors.
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Final answer:
Organizations gain a competitive advantage by providing greater value to customers than their competitors, following either a cost leadership or a product differentiation strategy, and playing to their core competencies.
Explanation:
Organizations can achieve a competitive advantage by utilizing their resources to provide greater value for customers than competitors can. According to Michael Porter's competitive strategy frameworks, firms can either adopt a cost leadership strategy or a product differentiation strategy. Companies aiming for cost leadership focus on minimizing costs to be able to offer goods or services at lower prices, while differentiation involves offering unique features that stand out from competitors. However, trying to achieve both cost leadership and differentiation can risk a firm's strategic focus, potentially getting "stuck in the middle" with neither clear advantage. Moreover, firms can also seek to leverage their core competencies, which are particular strengths in specific areas of their operations that provide unique value and create opportunities for improved profitability.
Estimated costs for activity cost pools and other item(s) are as follows: Machining $500000 Assembling 200000 Advertising 450000 Inspecting and testing 175000 Total estimated overhead isA. $875000. B. $1150000. C. $1325000. D. $700000.
Answer:
A) $875000
Explanation:
total estimated manufacturing overhead costs = machining costs + assembling costs + inspecting and testing costs = $500,000 + $200,000 + $175,000 = $875,000
Advertising costs ($450,000) are included under sales and administrative costs, not production costs.
To calculate the total estimated overhead, the costs provided for various activity cost pools such as machining, assembling, advertising, and inspecting and testing should be added together. The sum of these costs is $1,325,000, which matches option C.
Explanation:The question involves calculating the total estimated overhead by adding the costs for different activity cost pools. To find the total estimated overhead, we must sum the given individual cost estimates:
Machining: $500,000Assembling: $200,000Advertising: $450,000Inspecting and testing: $175,000Adding these amounts together equals:
$500,000 + $200,000 + $450,000 + $175,000 = $1,325,000
Therefore, the correct answer for the total estimated overhead is $1,325,000, which corresponds to option C in the multiple-choice question provided by the student.
The company sponsors a two-day training meeting for managers and there is a one-hour session on how personality affects employee performance. Intrigued, you do some research on personality, and find there are a lot of different types and tools used to assess them. Of all of the personality types, which one do you think is the most important predictor of job success?
Answer:
conscientiousness
Explanation:
Personality type refers to the psychological classification of different types of individuals. Conscientiousness is one of the five personality traits of the Big Five personality theory. Conscientious people are dependable and know that succumbing to convenience kills long-term goals, and that good things take time and hard work.Cognitive ability is consistently the best predictor of job performance across all job types, levels and industries. Cognitive ability covers a wide variety of aptitudes including spatial reasoning, logical reasoning, verbal skills, computational skills, and analytical skills.
All the following statements concerning the relationship between wealth and financial risk tolerance are correct except:_______. A) Absolute risk tolerance increases with wealth since the wealthy have more money to spend on everything. B) People who earned their own wealth tend to be more risk tolerant than those who inherited their wealth from beloved relatives.
C) Relative risk tolerance increases with wealth if housing is included in the definition of wealth or classified as a risky asset.
D) People who acquired their wealth through a windfall are more apt to expose it to risk than those who worked hard for it.
Answer:
The correct option is C
Explanation:
Financial risk tolerance is the term which is described as the variability degree in the returns from the investment and which the investor is willing or ready to withstand for the financial planning.
Wealth is defined as the evaluated of the value of assets which is owned through or by the person, country, community and company.
So, the statement which is not true is that the relative risk tolerance increases with the wealth of the person if the housing involve in the wealth.
What is the financial impact on a company when a customer returns a product for a refund? A. Sales revenue will decrease because sales revenue will be debited. B. Sales revenue will increase because sales revenue will be credited. C. Sales revenue will not be impacted because the company has already accrued for estimated refunds and returns. D. Returns expense will increase because returns expense will be debited.
Answer:
The correct answer is A.Sales revenue will not be impacted because the company has already accrued for estimated refunds and returns.
Explanation:
If a customer wishes to return or obtain a refund of any product or service that you have sold and that you have been paid for, you must create and register a sales credit note that specifies the required change. To include the correct sales invoice information, you can create the sales credit note directly from the posted sales invoice or you can create a new sales credit note with copied invoice information.
Jacob decides to sell his well-known dry cleaning business to Fred. In the sale agreement for the business, there is a clause stating that Jacob cannot open a competing dry cleaning business within ten miles of the business he is selling to Fred. This part of the agreement is known as:
Answer:
The correct answer is: covenant not to compete.
Explanation:
The non-competition clauses, within the framework of economic concentration processes, are agreements under which one of the parties, naturally the seller, undertakes not to incur acts of competition with the other, in the market in the which participated the company object of the transaction.
Jacobs Company has inventory of 15 units at a cost of $12 each on June 1. On June 5, Jacobs purchased 10 units at $13 per unit. On June 12, it purchased 20 units at $14 per unit. On June 17, it sold 30 units. Using FIFO, what is the value of the inventory at June 17 after the sale
Answer:
The value of the inventory on hand is $210
Explanation:
Inventory on hand / purchased;
June 1 - 15 units at $12
June 5 - 10 units at $13
June 12 - 20 units at $14
total units on hand = 45 units
Sale - 30 units sold
units left on hand 15.
Since there are only 15 units left on hand, and the $12 and $13 inventory units have all been sold since they were in first before the inventory purchased on June 12 the value of the inventory on hand is 15 x $14 = $210.
Answer:
$210
Explanation:
Given that
15 units cost $12 each = $180
10 units costs $13 each = $130
5 units cost $14 each = $70
Thus using FIFO which is first in, first out
Value of inventory sold = 180 + 130 + 70
= $380.
15 units are left costing $14 each
Therefore,
Value of inventory after sale
= 15 × 14
= $210
The section of a company’s annual report that provides management’s views on significant events, trends and uncertainties pertaining to the company’s (a) operations, (b) liquidity, and (c) capital resources is:____________
Answer:
Disclosure notes
Explanation:
Disclosure notes provide additional information about the financial statements that are not part of them, but can affect them significantly, e.g. outstanding liens on the company's assets, inventory losses, valuation of investments in bonds and other securities, etc.
A very important part of the disclosure notes that must always be included in the financial statement's footnotes is the summary of the company's significant accounting policies, e.g. accounting policies like depreciation methods used, value of goodwill, etc.
Which of the following statements is correct? a. Taxes are more difficult to administer than regulations. b. Taxes provide incentives for firms to adopt new methods to reduce negative externalities. c. Command-and-control policies provide incentives for private decisionmakers to solve their problems on their own. d. Corrective taxes distort incentives.
Answer:
b. Taxes provide incentives for firms to adopt new methods to reduce negative externalities.
Explanation:
Working out some frustrations after a bad game, Jessica angrily hits a baseball and then sees it is flying toward the umpire. She yells, "Watch out!" The umpire ducks and the ball misses him. Since there was no physical contact, no assault or battery occurred.True / False.
Answer:
True
Explanation:Because she didn't hurt anyone if she did that would be another story.
No, assault might have occurred even without physical contact.
Explanation:In this scenario, no physical contact took place, so there was no assault (intentional act causing fear of harmful or offensive contact) or battery (intentional harmful or offensive contact). Jessica's warning prevented any harm to the umpire, but no legal wrongdoing occurred. Thus, it can be said as an act of aggression.
Although no physical contact was made, the act of angrily hitting the baseball and yelling 'Watch out!' could be considered an intentional act that puts someone in reasonable fear of harmful or offensive contact. This could potentially be classified as assault under the particular tort law.
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Suppose that you are an economic-policy advisor. Environmental groups are pressuring you to implement the highest-possible carbon tax while industry groups are pressuring you to implement no carbon tax at all. Both argue that their position makes more sense economically. In fact, the most efficient tax level is _______.
Answer:
A tax equal to the external cost.
Explanation:
Suppose that you are an economic-policy advisor. Environmental groups are pressuring you to implement the highest-possible carbon tax while industry groups are pressuring you to implement no carbon tax at all. Both argue that their position makes more sense economically. In fact, the most efficient tax level is tax equal to the external cost.
External cost are referred to the cost of affecting environment, social or other uncompensated external factors, while producing goods and services. Carbon tax are such cost that bear the cost of damaging environment by releasing carbon in the atmosphere.
In the given case, company has to bear the tax which is equal to the external cost.
Malcolm has decided that he wants to open up his own law practice. The time has come to establish prices for his services. Due to his extensive experience and legal background, he believes that his fees should not relate directly to the time or effort spent on specific cases. Now that Malcolm has chosen the pricing strategy he wants to use, what is his next step?
a. evaluating competitors' prices
b. choosing a basis for setting prices
c. determining the final price
d. assessing the target market's evaluation of price
e. developing pricing objectives
Answer:
After Malcolm has chosen the pricing strategy he wants to use, the next step would be c. determining the final price.
Explanation:
Malcom would have to determine a specific price for cases, and this final price is not dependant on the amount of time spent on each cases or the magnitude of the case.
The Johnsons have a second home that was available to rent for four full weeks (28 days) during the summer. Of the twenty-eight days, the Johnsons rented it to unrelated tenants for 16 days at fair market value. In addition, the Johnsons rented the home to the Florians for four days. Because they are family friends, the Florians only paid half the market rate for the rent. The Johnsons also rented the home for five days to the Smiths. The Smiths paid full fair market value rent even though they are related to the Johnsons. How many days did the Johnsons use the home for rental purposes during the year
Answer:
16
Explanation:
The Johnsons only rented the second home to unrelated tenants during 16 days, and that is the period that counts for rental purposes.
When you rent a property to relatives or family members, it doesn't count as rental purpose, it counts as personal use even if they paid you rent. If you rent the property for less than fair market value, it also counts as personal use.
Effective_____________is multi-faceted and includes managing the impact of changes on system operation, interoperability, long-term maintenance, and the technical data package (TDP).
Answer: The correct answer is "configuration management".
Explanation: Effective configuration management is multi-faceted and includes managing the impact of changes on system operation, interoperability, long-term maintenance, and the technical data package (TDP).
It can be said that the effective management of the configuration has an impact and affects multiple functional disciplines such as logistics, manufacturing, etc.
Answer:
Configuration management
Explanation:
This question simply tests the understanding of the concept of configuration management.
Configuration management is a systems engineering process for establishing and maintaining consistency of a product's performance throughout its life.
The CM process facilitates orderly management of system information and system changes for such beneficial purposes as to revise capability; improve performance, reliability, or maintainability; extend life; reduce cost; reduce risk and liability; or correct defects.
Let us review the meaning of the keywords in the question and see if they fall within the coverage of configuration management:
System operation interoperability is the ability of systems to use the services or information exchanged to operate together effectively.
long term maintenance involves ensuring the system operates for a long time
Technical Data Packages in simple terms involve the manuals and instructions for operating the system.
The Keywords given in the question are all roles configuration management plays in a system.
This makes the answer - configuration management, the best fit for the blank in the question.
Assume there is initially a shortage in the market, as market participants respond to rising price, the market return to an equilibrium where the quantity supplied equals the quantity demanded, resulting in __________.
Answer:
Explanation:
The market returns to an equilibrium resulting in the elimination of shortage.
Answer:
Elimination of a shortage
Explanation:
The reason is that when the demand increases and suppliers are charging high then the product moves out of the customers purchasing power range and as a result the demand of the product falls which equals the demand and supply of the product. So at this state, the shortage of the product is eliminated by equaling the demand to supply by charging high prices.
If you purchase for $1,000 a bond that pays $40 annually to the holder, and then "the" (that is, the market) interest rate rises to 8 percent, the price of that bond would now be:
The price of a bond that pays $40 annually will drop to $500 if the market interest rate rises to 8 percent, as the bond's yield must increase to remain appealing to investors.
If you purchase a bond for $1,000 that pays $40 annually to the holder, and then the market interest rate rises to 8 percent, the price of the bond would drop to maintain the new market yield.
To calculate the new price of the bond, you need to determine what price would make the $40 payment equal an 8 percent return. Therefore, the new price of the bond is $500 ($40 is 8 percent of $500).
When the market interest rates increase, existing bonds with lower interest rates become less appealing to investors.
To compensate for this, their market price drops to provide a yield that is attractive relative to the new, higher interest rates.
The effect is that the yield on these older bonds must increase to match the current market conditions, which is achieved by lowering the bond's price.
The structure of Sandal Mart consists of people with similar specialties put together in formal groups, such as the marketing, accounting, and human resource departments. Sandal Mart has a ________ structure.
Answer:
Functional structure.
Explanation:
Functional structure of a business is one that is based on the different functions that exists in different departments. For example a business can be structured with accounting, sales, operations, and human resources seperate. People with similar specialities are grouped together to achieve departmental objectives.
The advantage of this is that communication within the department is good and they work efficiently because they understand themselves.
Communication between departments is done between the department heads.
We first knew them as the cute, loving characters on Full House, but today Mary-Kate and Ashley Olsen are not only the characters in their sitcoms and videos, but also a fashion phenomenon. Their Mary-Kate and Ashley clothing line is manufactured and sold exclusively by Wal-Mart. Mary-Kate and Ashley receive royalties from Wal-Mart in exchange for the use of their names. This is an example of which branding concept?
Answer:
licencing
Explanation:
Based on the information provided within the question it can be said that this scenario is an example of the branding concept known as licencing. This term refers to an agreement to let another company to produce or market the brand or product from the original owner. In exchange for doing so the original owner receives royalty payments.
Mary-Kate and Ashley's clothing line with Wal-Mart is an instance of celebrity branding or endorsement. This strategy leverages the popularity of the celebrity to sell products. Similar tactics are seen with companies like Abercrombie & Fitch with their 'casual luxury' slogan or corporations using popular students as brand ambassadors.
Explanation:Mary-Kate and Ashley's business relationship with Wal-Mart, where they receive royalties in exchange for the use of their names on a clothing line, is an example of what's known as celebrity branding or celebrity endorsement. This branding strategy proves effective because it leverages the popularity and credibility of the celebrity to promote and sell products.
For instance, Abercrombie & Fitch utilised a similar tactic when they trademarked their slogan 'casual luxury'. This phrase is meant to evoke feelings of comfort and exclusivity, akin to the essence of their brand. Using this slogan consistently in their advertising, they create a brand image that resonates with their target market.
Another example close to our subject matter would be the practice of companies hiring college students as on-campus brand ambassadors. If we trust a well-known figure, like a celebrity or popular student, to make recommendations, we're more likely to identify with and purchase that product. Ultimately, Mary-Kate and Ashley's clothing line reflects the powerful marketing strategy that is celebrity branding.
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Structural unemployment is characterized by which of the following?
A factors that discourage active job-seeking
B slowdowns in hiring due to economic contraction
C transitions caused by movement to new industries
D gaps between desired and available skills in the job market
Structural unemployment is characterized by the gaps between desired and available skills in the job market.
Option D
Explanation:
Structural unemployment happens when there are some technological changes or alterations in the industry. If the company drastically shifts from one process to the other they generally tend to deploy the workers who mismatch the required skills. The factors of structural unemployment from various perspectives are as follows,
Individual perspective:
Inability to adapt the required technological skills. Inability to relocate. Choice of field.Larger perspective:
Technological changes. Political changes. Productivity fluctuations.Why do economic growth rates matter? A. High growth rates coincide with improved living standards. B. When a country sustains high growth rates, life expectancy at birth increases. C. High levels of sustained economic growth reduce infant mortality. D. All of the above. E. A and C only. Click to select your answer.
Answer:
D. All of the above
Explanation:
There are many various main reasons as to why economic growth rates matter in the world. For starters the high growth rates coincide with improved living standards, thus meaning people live better. Increased levels of sustained economic growth signal a reduction in infant mortality, therefore also increasing the life expectancy at birth.
Suppose the price of a bag of frozen chicken nuggets decreases from $6.50 to $5.75 and, as a result, the quantity of bags demanded increases from 600 to 800. Using the midpoint method, the price elasticity of demand for frozen chicken nuggets in the given price range is:_______. a. 0.35 b. 0.43 c. 2.33 d. 2.89
Answer:
The correct answer is C,2.33
Explanation:
The midpoint formula for elasticity of demand is given as :
percentage change in quantity demand/percentage in price
percentage change in quantity demanded is Q2-Q1/(Q2+Q1)/2*100
percentage change in price is P2-P1/(P2+P1)/2*100
P1=$6.5
P2=$5.75
Q1=600
Q2=800
percentage change quantity demanded =(800-600)/(800+600)/2*100
percentage change quantity demanded=28.57142857
Percentage change in price=(5.75-6.5/(5.75+6.5)/2)*100
percentage change in price=12.24489796
midpoint elasticity of demand= 28.57142857 /2.24489796
=2.33
Natalie, a manager at a branch of Blue Soul Spa, leads all the ten employees working in her branch. She reports directly to the owner of Blue Soul Spa. Thus, in the context of span of control, Blue Soul Spa is a tall organization.1. True2. False
Answer:
2) False
Explanation:
Span of control refers to the number of subordinates that report to a supervisor or manager within an organization. In the context of span of control, this organization would be considered a flat organization since it has 10 subordinates per supervisor. Tall organizations have 1-4 subordinates per supervisor.
Frequently, project managers lack legitimate power based upon position and instead resort to persuading others based upon personal relationships. This type of power is known as: a. positional power b. referent power c. coercive power d. connection power
Answer:
B. referent power is the correct answer.
Explanation:
Referent power is the capability of a leader who has the power to influence and motivate followers.Referent power is power gained by those individuals who have influential and effective interpersonal relationships abilities.The advantage of referent power is that the referent leader has the ability to motivate and inspire the workers to be dedicated to their works.Watson's Bakery found five different market segments among customers for its bakery goods. When developing a market-oriented strategy, the marketing manager used a ________ approach, putting two target markets together and developing a single marketing mix that would meet the needs of the new larger segment.
Answer:
The correct answer is: combined target market.
Explanation:
Marketing strategies are based on market segmentation, this means that in most products and services we do not address the global market, but rather specific groups of consumers. This is logical if we consider that the marketing is based on the client and if we want to adapt the offer we have to segment. This means that every day we have to analyze a larger number of smaller groups to reach globality. Today this technique is called microsegmentation. Hence the expansion in the development of increasingly specific and specialized products, the addition of service and customization to products, that is, converting products into products-services, and the expansion of direct marketing, which is the one that achieves more precise segmentation. and more personalized attention. Microsegmentation classifies groups by their different lifestyles.
The market strategies in a broad product-market are:
1. The method of the single target market: segment the market and choose one of the homogeneous segments, as the target market of the firm.
2. The multiple target market method: segment the market and choose two or more segments, each of which will be treated as a separate target market, which needs a different commercial mix.
3. The combined target market method: combine two or more sub-markets in a larger target market as the basis for a strategy
Final answer:
The marketing manager at Watson's Bakery used a combined target market strategy to merge two segments into one, developing a single marketing mix to cater to the newly formed larger segment.
Explanation:
When Watson's Bakery identified five different market segments among customers for its bakery goods, the marketing manager decided to use a combined target market strategy, also known as a concentrated marketing or segmented marketing approach. In this context, the marketing manager opted to amalgamate two target markets into a single, larger segment and create a marketing mix that caters to the broader combined audience. This strategy involves developing a single set of marketing strategies, such as product features, pricing, promotion, and distribution channels, that will appeal to this larger, combined customer base.
Real GDP per person is $10,000 in Country A, $20,000 in Country B, and $30,000 in Country C. The saving rate increases by the same rate in all three countries. Other things equal, we would expect that:_______.A. All three countries will grow at the same rate.
B. Country A will grow the fastest.
C. Country B will grow the fastest.
D. Country C will grow the fastest
Answer:
correct option is B. Country A will grow the fastest.
Explanation:
given data
Real GDP Country A = $10,000
Real GDP Country B = $20,000
Real GDP Country C = $30,000
solution
here we can say Country A will grow the fastest
because Country A has more potential to grow due to low base
and that is results in more growth till it matures
so correct option is B. Country A will grow the fastest.
A 17 year old boy first appeared in juvenile court to answer charges of vehicular homicide. The incident had occured when he was 16. By the time the case actually went to trialthe boy was 18. Should he be tried as an adult? (Commission v A Juvenile, 545 N.E.2d 1164)
Answer: The Boy should be tried as an adult
Explanation:
A Minor can be tried Automatically as an Adult. It depends on the severity of a crime committed. Minors who are tried for crimes like Murder , Armed Robbery with a Firearm , aggravated criminal sexual assault etc. Minors who are tried for crimes of this nature will automatically be tried as adults in the court of law. The Boy is being tried for Vehicular homicide, the crime committed involves death of a person, The Boy should be Tried as an Adult even though the incident happened when he was a minor
Generally, in cases like Commission v A Juvenile, the age of the person at the time of the crime is what matters. In this case, the 17-year-old boy committed vehicular homicide when he was 16, so he would typically be tried as a juvenile.
Explanation:In the case of Commission v A Juvenile, 545 N.E.2d 1164, it was decided that the age of the offender at the time of the crime determines whether they'll be tried in juvenile or adult court, not their age at the time of trial. In this scenario, since the boy was 16 when the alleged vehicular homicide occurred, he would be tried as a juvenile. However, each jurisdiction may have different rules and procedures, so this is generally speaking and it's always best to consult with a legal professional for advice targeted to a specific situation.
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What is the practice of banks and mortgage lenders identifying high-risk areas (usually low-income or minority neighborhoods) and either refusing mortgages to applicants from those neighborhoods or offering loans at prohibitively high rates?
Answer:
redlining
Explanation:
Redlining is an illegal banking practice that focuses on neighborhoods that are mostly inhabited by minorities. The term redlining itself comes from the practice of marking neighborhoods on city maps with red lines to represent them as dangerous both for banking purposes and high crime rates.
Banks cannot directly deny a credit based on where you live, but they can charge very high interest rates that make them very difficult to pay, or simply ask for a lot of paperwork and more requirements than usual.
The following information pertains to one item of inventory of the Simon Company: Per unit Cost $ 200, Replacement cost 170, Selling price 190, Disposal costs 10, Normal profit margin 30. Using the lower of cost or market method, this item should be valued at:_______.A. $150.
B. $200.
C. $170.
D. $190.
Answer:
correct option is C. $170
Explanation:
given data
Per unit Cost = $200
Replacement cost = 170
Selling price = 190
Disposal costs = 10
Normal profit margin = 30
solution
we get here Lower of cost or market method that is express as
Lower of Per unit Cost or Replacement cost or Selling price - (profit margin -Disposal costs ) ......................1
take value here
Lower of $200 or $170 or ( $190 - ( $30 - $10 ) )
so here Lower of $200 or $170 or $170
so lower is $170
so correct option is C. $170
Knowledge of the computer software used by a business is an example of:
A.
human capital.
B.
production technology.
C.
technical knowledge.
D.
physical capital.
Answer:
the correct answer is C. technical knowledge.
Explanation:
a computer software stores the technical aspects of knowledge. The experience, wisdom and judgement are the ones hold by humans.
The business intelligence softwares are on the rise in the field of business, trade and commerce as it saves time and relief the pressure of managing technical knowledge from employees and gives access to real time data to the top executives to help them in their strategic planning process.
Final answer:
the correct answer is option a. Knowledge of business software is an example of human capital, which refers to the skills and expertise needed to perform work and produce economic value. Human capital is crucial for operating and innovating with new physical capital or technology.
Explanation:
Knowledge of the computer software used by a business is an example of human capital. Human capital encompasses the skills, knowledge, and expertise that individuals possess, which contribute to their ability to perform work and produce economic value. It often includes but is not limited to educational qualifications, training, and practical experience in certain fields or activities. As workers acquire more education and skills, they can harness and create technological innovations—ideas that typically require new investments in physical capital, like machinery or equipment, to truly enhance productivity.
Investing in human capital, much like in physical capital, can lead to higher future productivity. However, human capital can depreciate if it becomes obsolete or no longer applicable, emphasizing the importance of continuous learning and adaptation. For economic growth, it is crucial that human capital, physical capital, and technology not only exist but also synergize to maximize their impacts on production and efficiency.
Todd and Jim quickly learned that running a sailing business required a lot more than just taking folks for boat rides in exchange for a few dollars. In order to succeed as entrepreneurs Todd and Jim had to be all of the following except:
Self-directed
Highly energetic
Risk averse
Action-oriented
Self-nurturing
Final answer:
Entrepreneurs like Todd and Jim need to be self-directed, highly energetic, action-oriented, and self-nurturing but not risk averse, as taking calculated risks is essential for success in starting and running a business.
Explanation:
Todd and Jim's journey as entrepreneurs shows that they must embody certain traits to succeed in running a sailing business. These characteristics typically include being self-directed, having high energy, being action-oriented, and self-nurturing. However, being risk averse is not a trait that aligns with the entrepreneurial spirit, as entrepreneurs are known for taking calculated risks. They must weigh potential benefits against risks before investing in a project and be prepared to risk their own capital to showcase their belief in their venture's prospects. This trait is crucial since any startup is inherently risky, and having an understanding of the business plan and the drive to work hard are pivotal for success.
Todd and Jim had to embody traits like being self-directed, highly energetic, action-oriented, and self-nurturing to succeed as entrepreneurs in the sailing business.
However, being risk averse, or avoiding risks, can limit their ability to make bold decisions and seize opportunities essential for growth.
Entrepreneurs often need to take calculated risks, innovate, and adapt quickly to changing circumstances.
Therefore, while caution is prudent, an overly risk-averse mindset may hinder their ability to navigate challenges and capitalize on new opportunities in the dynamic and competitive sailing industry.
Brief Exercise 7-07 Grouper Family Importers sold goods to Tung Decorators for $33,600 on November 1, 2020, accepting Tung’s $33,600, 6-month, 5% note. Prepare Grouper’s November 1 entry, December 31 annual adjusting entry, and May 1 entry for the collection of the note and interest
Answer with its Explanation:
The accounting treatment are as under:
The note was issued because the customer required 6 months time to pay along with its interest.
The initial entry would be:
Dr Notes Receivable 33600
Cr Sales Revenue 33,600
When the interest would be due at the end of the note period the interest which is 5% for a year and 2.5% for 6 months.
Dr Interest Receivable 840
Cr Interest Revenue 840
When the cash will be paid the entry would be:
Dr Cash 34,440
Cr Notes Receivable 33,600
Cr Interest Receivable 840