Answer:
108 units
Explanation:
break even point in units = total fixed costs / contribution margin per unit = $5,400 / $50 = 108 units
There are three methods to obtaining a break even point and they all should result in the same answer: equation method, the formula method (or shortcut), and in dollar sales and sales units.
The formula method is also called the shortcut because it's the simplest way.
Overhead costs have been increasing due to all of the following EXCEPT:________
A) increased automation
B) more complexity in distribution processes
C) tracing more costs as direct costs with the help of technology
D) product proliferation
Answer:
Option C Tracing more costs as direct costs with the help of technology
Explanation:
The reason is that this will decrease the overhead costs because many direct costs previously was treated as overhead costs. Now, when the greater share of costs that were classed as overhead costs previously would be classed as direct cost now and will decrease the total overhead costs due to newer classification of overhead costs.
GoCarts Systems pays $3,500 cash for next year's publication subscription which is known as a(n) _________. During the same week it delivers carts to a theme park and sends the customer a $15,000 invoice which is known as a(n) ___________.
Answer:
Deferral
Accrual
Explanation:
A deferral occurs when a company has paid out money that should be reported as an expense in a later accounting period, and/or received money that should be reported as revenue in a later accounting period while an Accrual pertains to expenses that should be reported now, but have not yet been recorded or paid, and revenues that should be reported now, but have not yet been recorded nor has the money been received.
Aaron, a businessman, has a method of keeping track of accounts receivable by sorting them into groups of those that are 30, 60, 90, and over 90 days past due. Aaron's key in controlling receivables is to have them _____, by sorting them into groups.
Answer:
Aaron's key in controlling receivables is to have them aged, by sorting them into groups.
Explanation:
Aaron is keeping track of his accounts receivable which are the amounts owed by customers to Aaron. Aaron is sorting them into groups each seperated by 30 days past due. So the first group is of all the accounts receivables which are past their due date by 30 days, second group is of all the accounts receivables which are past their due date by 60 days and so on. So it is clear that Aaron is sorting the accounts receivables into groups according to their age.
Answer: aged
Explanation: Sorting accounts receivables by age means to arrange the receivables which are overdue for payment by their duration ranges. It lists the receivables in 30-days buckets where the overdue payment could be 30, 60, 90 days and so on. Typically, accounts receivables occur when the organization gives out the commodities or services on credit to customers hence the sorting of receivables by age to ascertain the success of the credit and to know the customers that are overdue in making their payments.
A company with a December 31 fiscal year end sold and delivered $5,000 worth of inventory on December 15, 2016 with payments of $1,200 collected on December 28, 2016 and $3,800 collected January 25, 2017. Under the accrual method of accounting, what amount of revenue would be recognized in 2016?
Answer:
$5,000
Explanation:
Under the accrual accounting method, revenue is recognized and recorded in the books once the recognition criteria is met i.e once the goods or service has been delivered.
Under this system as well expenses are recorded once incurred.
As such, the time of cash payment does not affect the recognition of revenue. When revenue is earned and cash is yet to be paid, the entries required are debit accounts receivable and credit revenue.
On payment of cash, the entries are posted between cash and accounts receivables.
Answer:
Explanation:
Accrual accounting means revenue and expenses are recognized and recorded when they occur unlike cash basis which are revenues recognised recorded when there are cash payments.
Given:
Sold = $ 5,000
Cash in 2016 = $ 1,200
Cash in 2017 = $ 3,800
Using the above definition of accrual accounting,
Revenue = $ 5,000
Assume Brandon can buy either 1 DVD for $20 or 3 CDs for $25. What is the opportunity cost if he decides to buy 3 CDs? Select the correct answer below: the 3 purchased CDs the lost opportunity to buy 1 DVD. the difference of $5 between the two options the amount of time Brandon must work to purchase 3 CDs
Answer:
The opportunity cost of buying 3 CDs is the lost opportunity to buy 1 DVD
Explanation:
Opportunity cost is the cost of alternative forgone.It is cost of the item not purchased due the current buying decision.
It is also applicable to a business division selling to another division within the company.The cost of such internal sale is viewed as the variable cost of the product plus the contribution forgone from not selling to external party.This is most likely the case when the selling division does not have a spare capacity with which it can fulfill internal sale request.
In the first half of 2011, automobile sales in the United States were lower than they were in the first half of 2010. The decrease in auto sales impacts GDP because new automobiles are counted as ________ when purchased by households and ________ when purchased by businesses
Answer:
Consumption and Investment
Explanation:
Consumption refers to household use of particular goods or services.
New and modern innovation creates new consumption, In this situation, a Decrease in 2010 model vehicle sales held by innovations and consumption also impact GDP.
If a business purchases these automobiles, it is called investment for automobile Businesses and industry.
Aikman Company paid dividends of $2,420, $0, $1,440 and $1,010 over the first four years of the company's existence, respectively. If Retained Earnings has an ending balance of $9,700 at the end of year four, what was the average annual amount of net income (loss) over the first four years for Aikman
Answer:
$3,642.50
Explanation:
For computing the average annual amount of net income (loss), first we have to compute the net income which is shown below:
The ending balance of retained earning = Beginning balance of retained earnings + net income - dividend paid
$9,700 = $0 + Net income - ($2,420 + $0 + $1,440 + $1,010)
$9,700 = $0 + Net income - $4,870
So, the net income is
= $9,700 + $4,870
= $14,570
Now the average annual amount of net income is
= [tex]\frac{Net\ income}{Number\ of\ years}[/tex]
= [tex]\frac{\$14,570}{4}[/tex]
= $3,642.50
What happens when the management of an organisation gets weakened? (a) Organisation progresses (b) Production increases (c) Profit increases (d) Organisation faces heavy loss
Answer:
(d) Organisation faces heavy loss
Explanation:
Weak management might result in decrease in the productivity of the business operations. It ultimately results as loss for the business as there might be control deficiency in the presence of weak management. I can also effect the company reputation, which will lead to loss in market share. Employees turnover will also be an effect. All of these sums up as a single term of Loss.
Joe, a human resources specialist for Jersey Office Supplies Co., rides along with the furniture delivery people to observe the problems they were encountering and what activities they were required to perform. Joe was performing a ___.
Complete question:
Joe, a human resources specialist for Jersey Office Supplies Co., rides along with the furniture delivery people to observe the problems they were encountering and what activities they were required to perform. Joe was performing a:
A. personality test
B. performance appraisal
C. BARS
D. job analysis
Answer:
Joe was performing a job analysis
Explanation:
Job analyzes are a set of protocols for defining the contents for the job and the features or criteria required for the execution of the tasks. Job analytics provide employers with knowledge that helps to recognize which personnel is ideally suited to particular work.
An example of a job analysis model might list tasks or activities of the job and determine each performance level. Within this way, the role of job analysis is critical. Many companies typically take the same generic approach without details on the task description. All workers are tested in a similar set of features or characteristics presuming that they are required for all work.
A construction firm needs to hire a construction superintendent, whose primary responsibilities involve organizing, supervising, and inspecting the work of several subcontractors. It administers a construction-error recognition test, where an applicant enters a room that has been specially constructed to have 10 common and expensive errors and where he/she is asked to record as many problems as he/she can detect. The firm is using a:______.a. concurrent validation.b. predictive validation.c. content validation.d. criterion-related validation.
Answer:
c.
Explanation:
Based on the information provided within the question it can be said that the construction firm in this scenario is using content validation. This term refers to a research methodology that is used in order to measure the validity of a certain test in order to make sure that it is providing the information for which it was created. Which is why they test the individual to see if they can spot the 10 errors.
Delta Diamonds had 5 diamonds available for sale this year: 1 purchased June 1 for $500, 2 purchased July 9 for $550 each, and 2 purchased September 23 for $600 each. On December 24, it sold 1 of the diamonds. Using periodic weighted average cost, its inventory after the December 24 sale is ______.
Answer: Inventory on after sale = 4 x $560 = $2240
Explanation:
Value of Inventory under Periodic weighted average costing method is calculated at the end of the period by adding all purchases costs and divide the total by number of units. the major draw back of this inventory costing system is that inventory books are only updated once a year.
first purchase: 1 diamond = $500
second purchase: 2 diamonds = $550 x 2 = $1100
third purchase : 2 diamonds = $600 x 2 = $1200
total purchases = 500 + 1100 + 1200 = 2800
Total units = 5
Weighted average cost per unit = total cost/total units = 2800/5 = $560
1 diamond was sold, therefore the are 4 diamonds on hand
Inventory on hand after sale = 4 x $560 = $2240
Cami is the marketing manager for a regional furniture maker. She closely monitors the impact of each marketing campaign on overall sales. She routinely tries novel promotional offers to reach first-time customers. Which of the following skills does Cami exhibit?A) systems thinkingB) experimentationC) abstract reasoningD) collaborationE) troubleshooting
Answer:
B) experimentation.
Explanation:
Experimentation is the process by which a business strategy is tested on a smaller scale before it is adopted on a wider scale. A business process or product can be introduced to a particular test group and based on the results extrapolated to other areas.
In this scenario Cami the marketing manager for a regional furniture maker monitors each marketing campaign on overall sales. She also tries novel promotional offers to first time customers in a bid to test efficacy. This is use of experimentation.
Cami demonstrates the skill of experimentation by regularly testing new promotional offers to assess their impact on sales, showcasing her strategic and critical thinking abilities.
Explanation:Cami exhibits B) experimentation in her role as a marketing manager. This skill is highlighted by her routine implementation of novel promotional offers to engage first-time customers. Experimentation in this context implies a methodical approach to testing different marketing strategies and observing their impact on sales, which is a crucial component of strategic thinking and critical thinking. It requires creativity and divergent thinking to generate a variety of approaches and the application of analysis to determine the effectiveness of these strategies.
Abiding by a foreign country's cultural norms during an international business transaction means a company has met a minimum standard for acting ethically. a. True b. False
Answer:
B) False
Explanation:
A US company might follow all the cultural norms of a foreign country and might still be breaking the law, at least US laws. Since compliance with the law is referred to as moral minimum, you cannot be ethical if your behavior is not moral.
For example, handing out gifts to government officials may be consider normal in other countries, but the Foreign Corrupt Practices Act of 1977 (FCPA) states that you can go to jail for it.
Answer:
False.
Explanation:
Ethics is defined as generally accepted beliefs of what is right and wrong. When a person does not comply with accepted ethics the person is considered to lack moral standards and values.
In this instance abiding by a foreign country's cultural norms during an international business transaction is more of becoming a cultural fit during the transaction.
This does not involveeeting a minimum standard of right or wrong, so it is not related to ethics.
An electronic bridge between partner companies in a supply chain that is used to transmit real-time information about orders, inventories, invoices, and other data is known as a(n) ________. A. financial network B. electronic market C. Internet-based e-market D. dot-com market E. electronic data interchange
Explanation:
Enables information transfer between one company and anotherThe transfer of information would be in electronic mode rather than paper modeSince they conduct business electronically they are called "trading partners".Types of EDI are :Direct EDI/Point-to-point, Web EDI, Mobile EDI, etcData are exchanged in 3 simple steps: Prepare the document, convert that to EDI, send to your partner or clientThe three key elements of EDI are: Modem, VAN and point to point linkWhich of the following statements is false? Group of answer choices Value is defined by what needs to be done Key value drivers can be found in the Marketing Mix Market potential is the intersection of value and competence Points of differentiation are not necessarily points of parity Value is defined by the firm
Final answer:
The false statement is that Value is defined by the firm. Value is determined by the consumers or customers, as they are the ones who perceive and attach value to a product or service.
Explanation:
The false statement among the given options is that Value is defined by the firm. In reality, value is not defined solely by the firm. Instead, value is determined by the consumers or customers, as they are the ones who perceive and attach value to a product or service. The firm can influence the value proposition through their marketing efforts, but ultimately, the customers play a crucial role in defining the value of a product or service.
The false statement is: A) Value is defined by what needs to be done.
The false statement among the given options is that "Value is defined by what needs to be done." Value is typically defined by the perception of benefits received by the customer relative to the cost. It is more accurately defined by the firm and influenced by key value drivers found in the Marketing Mix. Market potential is indeed the intersection of value and competence, and points of differentiation are not necessarily points of parity. It involves understanding customer needs and how well the firm's offerings meet those needs. Key value drivers, which influence the customer's perception of value, can be found in the Marketing Mix (product, price, place, promotion).Full question
Which of the following statements is false?
A) Value is defined by what needs to be done.
B) Key value drivers can be found in the Marketing Mix.
C) Market potential is the intersection of value and competence.
D) Points of differentiation are not necessarily points of parity.
E) Value is defined by the firm. generate an answer
Crane Company on January 1, 2018, granted stock options for 63000 shares of its $10 par value common stock to its key employees. The market price of the common stock on that date was $25 per share and the option price was $20. The Black-Scholes option pricing model determines total compensation expense to be $627000. The options are exercisable beginning January 1, 2021, provided those key employees are still in Crane’s employ at the time the options are exercised. The options expire on January 1, 2022. The amount of compensation expense Crane should record for 2017 under the fair value method is:_______.
a. $0.
b. $207000.
c. $103500.
d. $310500.
The amount of compensation expense Crane should record for 2017 under the fair value method is $207000
Solution:
From the given,
Stock options for 63000 shares
$10 par value common stock
$25 per share and the option price was $20
Total compensation expense = $627000
On calculating we get,
[tex]\Rightarrow\frac{627000}{3}= \$207,000[/tex]
We can conclude that there is $207,000 decrease. Therefore, the correct answer is option c.
Emma has decided that she needs to assess the risk and return of buying an extended warranty for her new laptop for school. Which of these practical questions should she ask herself to assess the risk?A. Will the warranty cover the cost for any physical damage?B. Will the laptop likely have technical issues?C. Should I buy a different model?D. Would it be better for me to buy a desktop computer?E. Is the cost of replacement less than the cost of the warranty?F. Is this the best laptop available?G. Is the laptop worth the extra expense of the warranty?
Answer:
B. Will the laptop likely have technical issues?
Explanation:
The question: will the laptop likely have technical issues? is a good question to assess the risk, and it can help Emma decide whether to buy the extended warranty or not.
This is because while she does not know for certain if the laptop will have technical issues in the future, it is a possibility that cannot be discarded. In other words, there is a risk (whether low or high is another thing) that the laptop may have technical issues in the future, and in such a situation, an extended warranty would prevent Emma from paying higher costs for a repair. Besides, a repair without warranty may easily be more expensive than the warranty itself.
A. Will the warranty cover the cost for any physical damage?
D. Is the cost of replacement less than the cost of the warranty?
E. Is the laptop worth the extra expense of the warranty?
May I have brainliest please? :)
The Jackson Company incorrectly omitted $100,000 of merchandise from its 20X1 ending inventory. In addition, a merchandise purchase of $40,000 was incorrectly recorded as a $4,000 debit to the purchases account. As a result of these errors, 20X1 before-tax income is:___________.1. Overstated by $136,0002. Understated by $136,0003. Overstated by $640004. Undersated by $64000
Answer:
4. understated by $64000
Explanation:
Purchase cost increases the cost of goods sold and reduces profit before tax (PBT) income.
Similarly, closing inventory balance increases profits before tax income.
In the given case, purchase cost is understated by $40,000 less $4000 i.e $36000. This would overstate the profits by $ 36000. Whereas, omission of closing inventory from records of $100,000 would understate profits by $100,000.
Thus, the net effect of the two mentioned omissions and errors would lead to understated profits by $100,000 less $36000 i.e by $64,000.
Sweet Dreams sells 15,000 pillows per year for $25 per unit. Variable cost per unit is $14. Sweet Dreams wants to improve customer satisfaction by using higher quality direct materials which will increase the variable cost per unit to $19. Fixed costs per year total $90,000. If sales increase by 5,000 units per year, what price will Sweet Dreams have to charge to earn the same profit it is earning now ($75,000 per year)
Answer: The answer is $27.25
Explanation:
Let x be the price Sweet dreams will charge to earn the profit of $75,000
New sales units = 20,000
New variable cost = $19
We know, Sales - Variable cost - Fixed cost = Profit
Now applying the equation,
20,000x - (20,000*19) - 90,000 = $75000
20,000x = $75,000 + 380,000 + 90,000
therefore, x = $27.25
So, Sweet Dreams will charge $27.25 to earn the same profit it is earning now i.e. $75000 per year.
Tyson is a supervisor for a company in the agroprocessing industry. He commands the respect, confidence, and loyalty of group members by virtue of his honest and transparent policies. Tyson is:
Tyson is "likely to score high on emotional intelligence".
Explanation:
Peter Salovey and John Mayer characterized emotional intelligence as the ability to track the feelings of one's own and others, to distinguish and properly mark various emotions, and to use emotional knowledge to direct thought and behaviour. There are five essential elements: self-awareness, self-regulation,empathy, inspiration and social skills, according to Daniel Goleman, who helped popularize emotional intelligence.
If you are lacking such intelligence, it is difficult to grasp how you are coming across to others. You feel confused because the message is not conveyed in a form that public can comprehend. But with training, people who are emotionally smart realize they don't express every idea beautifully.
An approach that addresses the underlying inconsistencies in the way people use data by attempting to achieve consistent and uniform definitions for entities and their attributes across all business units is called_______
Answer:
Master Data Management (MDM)
Explanation:
Master Data Management (MDM) is a method that involves definition and management of critical data of an organisation. With data integration it provides a single reference. Data can include reference data or analytical data.
In computing Master Data Management (MDM) is useful in removing duplicates, standard Ising data, and introducing rules that will eliminate incorrect data from the system. In this way it creates an authoritative source of data
It has the objective of collecting, matching, consolidating, aggregating, persisting, and distributing data within an organisation to ensure common understanding.
Which of Kaufman's organizational values calls for a strong president, governor, or mayor and strong department heads, all who adhere to a hierarchical organization that responds to the chief's policy priorities?
1) Neutral competence2) Representativeness3) Executive leadership4) Equilibrium
How much money will there be in an account at the end of 66 years if $60006000 is deposited at 33% interest compounded quarterly question markquarterly?
Answer:
$12,197
Explanation:
I guess that the correct numbers are because otherwise it would be a ridiculously large number:
n = 6 years or 24 quarters principal = $6,000interest rate = 3% quarterlyFuture value = principal x (1 + interest rate)ⁿ = $6,000 x (1 + 3%)²⁴ = $6,000 x 1.03²⁴ = $6,000 x 2.0328 = $12,196.80 ≈ $12,197
If a manager rates an employee higher than he or she deserves in order to look good as a manager in the eyes of his or her own superiors, this is an example of: a. criterion deficiency. b. organizational politics. c. criterion contamination. d. administrative appraisal purpose.
Answer:
b.
Explanation:
Based on the information provided within the question it can be said that this scenario best illustrates the concept known as organizational politics. This refers to self-serving behaviors that individuals within a company use in order to increase the likely-hood of obtaining positive results in an organization. Which is what would happen if a manager rates an employee higher, they would end up looking like a good manager that is doing their job correctly because the employees are performing efficiently.
The example provided in the question is a case of organizational politics, where the manager inflates an employee's performance review for their personal benefit.
Explanation:This scenario is an example of organizational politics. Organizational politics refers to behaviors that are self-serving in nature and generally not in the best interest of the organization.
This can include actions such as favoritism, withholding information, and in this case, inflating an employee's performance review to enhance the manager's own standing. Although it might benefit the manager in the short term, in the long run, this kind of behavior can lead to a lack of trust and poor morale among the staff.
Learn more about Organizational Politics here:https://brainly.com/question/34050606
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Vaughn Bately manages a group of eight electrical engineers at Defiance Designs. His team is highly trained and well respected by experts both inside and outside the company. Recently one of Vaughn's engineers suggested a new technique for the development and use of an argon laser. There appeared to be rich potential for this technology, but Vaughn wasn't certain that developing this technology was the best use of his limited resources. Vaughn was facing a significant decision.
If Vaughn uses the classical model of decision making, which of these assumptions would he reject?
a. The decision maker is rational and uses logic in assigning values and evaluating alternatives.
b. The desired decision will maximize attainment of organizational objectives.
c. The decision-maker strives for complete certainty, gathering complete information.
d. Problems are precisely formulated and defined.
e. All of these are accepted.
Answer:
e. All of these are accepted.
Explanation:
If Vaughn was facing a significant decision. and Vaughn uses the classical model of decision making, then all the assumptions below will not be rejected
a. The decision maker is rational and uses logic in assigning values and evaluating alternatives.
b. The desired decision will maximize attainment of organizational objectives.
c. The decision-maker strives for complete certainty, gathering complete information.
d. Problems are precisely formulated and defined.
The reason for such conclusion is that the classical model which Vaughn uses prescribes the best way to make decisions, based on four assumptions:
- a clearly defined problem,
- eliminated uncertainty,
- access to full information, and
- rational behavior of the decision-maker.
These four conditions are same as those faced be Vaughn in the given scenario.
A TIPS was issued with a face value of $5,000, a coupon rate of 3 percent, and a reference CPI of 201.42. The current CPI is 203.14. What is the current interest payment?
Answer:
$75.64
Explanation:
Data provided in the question
Face value = $5,000
Coupon rate = 3%
Reference CPI = 201.42
Current CPI = 203.14
By considering the above information, the current interest payments is
= Face value × (Current CPI ÷ Reference CPI) × coupon rate
where,
Coupon rate = 3% ÷ 2 = 1.5%
So, the interest payment is
= $5,000 × (203.14 ÷ 201.42) × 1.5%
= $75.64
Final answer:
The current interest payment for the TIPS is $151.28, which is calculated by adjusting the principal for inflation and applying the coupon rate to the adjusted principal.
Explanation:
To calculate the current interest payment of a Treasury Inflation-Protected Security (TIPS). A TIPS has an initial face value of $5,000, a coupon rate of 3 percent, and a reference Consumer Price Index (CPI) of 201.42. With the current CPI at 203.14, the interest payment must be adjusted for inflation. To find the adjusted principal, we divide the current CPI by the reference CPI and multiply the result by the face value. Then, we apply the coupon rate to the adjusted principal to find the current interest payment.
Adjusted principal: ($5,000 × (203.14 / 201.42)) = $5,042.80Coupon payment: ($5,042.80 × 0.03) = $151.28Therefore, the current interest payment for this TIPS would be $151.28.
When coded in a WHERE clause, which search condition will return invoices when payment_date isn’t null and invoice_total is greater than or equal to $500?
Answer:
Option d is the correct answer, i.e; payment_date IS NOT NULL AND invoice_total >= 500
Explanation:
When coded in a WHERE clause, which search condition will return invoices when payment date isn’t null and invoice total is greater than or equal to $500 then payment_date IS NOT NULL AND invoice_total >= 500 and the remaining options are wrong.
Therefore, the Option with, i.e; payment_date IS NOT NULL AND invoice_total >= 500 is the correct answer.
Investment is equal to all purchases of newly produced capital goods Select one: a. minus changes in business inventories. b. plus fixed investment minus inventory investment. c. plus changes in business inventories. d. plus changes in business inventories plus purchases of new residential housing. Previous page
Explanation:
Let us understand the term deeply what an "investment" is about.
It is the amount of money spent on something which would yield a better returns"These are purchase of goods which may not be essential or not going to be used immediately but it is bought keeping future in mindThose are also called an "asset" which can be sold in future "for higher profit returns"This is action is done to "financially" be safe or protectedThere are different types of investment and should be carefully chosen based on the returns and risks associated with that.There are five basic steps to personal financial planning and their related tasks. Arrange these steps and examples of related tasks in the order of their presence during the financial planning process.
A. Develop a plan of action. Develop a budget matching income and projected expenses for the remainder of this academic year.
B. Evaluate your financial health. Record all expenses for a month to compare income and expenses.
C. Review progress on the plan, reevaluate the plan, and revise the plan or start over with a new one. Based on this year, develop a revised budget for next year based on projected income and expenses.
D. Define your financial goals. Pay off credit card(s) by the end of this school term.
E. Implement the plan. Reduce expenses in problem areas so amounts do not exceed budgeted projections.
Answer:
The correct order is:
D. Define your financial goals. Pay off credit card(s) by the end of this school term.
B. Evaluate your financial health. Record all expenses for a month to compare income and expenses.
A. Develop a plan of action. Develop a budget matching income and projected expenses for the remainder of this academic year.
E. Implement the plan. Reduce expenses in problem areas so amounts do not exceed budgeted projections.
C. Review progress on the plan, reevaluate the plan, and revise the plan or start over with a new one. Based on this year, develop a revised budget for next year based on projected income and expenses.
Explanation:
The first step in financial planning is to determine your financial goals: buying a house, paying off credit card debt, paying off student loans, etc.
Next, your personal financial situation must be assessed in order to determine how far you are from achieving your financial goal.
The third step consists in devising the plan: the plan should try to concile your goals with your financial situation. The idea is to find a way to realistically attain your financial goals.
The fourth step is to implement the plan, and the fifth step is to review the results of the plan periodically, in order to correct any mistakes, or to design a new plan altogether.
Final answer:
The five basic steps to personal financial planning are to define your financial goals, evaluate your financial health, develop a plan of action, implement the plan, and review the plan's progress to adjust as needed.
Explanation:
The process of personal financial planning typically encompasses the following five basic steps in order, along with their related tasks:
Define your financial goals. An example task is to aim to pay off credit cards by the end of this school term.Evaluate your financial health. A related task could be recording all expenses for a month to compare income and expenses.Develop a plan of action. A task here might involve developing a budget that matches income with projected expenses for the remainder of this academic year.Implement the plan. This can involve reducing expenses in areas where amounts are exceeding budgeted projections.Review progress on the plan, re-evaluate the plan, and revise it or start over with a new one if necessary. You might develop a revised budget for the next year based on this evaluation.It is critical to follow these steps to ensure you can cover your financial costs while working towards short-term, medium-term, and long-term goals. Creating and sticking to a budget is paramount in this process.
The philosophical leaders of the quality movement, Philip Crosby, W. Edwards Deming, and Joseph M. Juran, had the same general message about what it took to achieve outstanding quality. Which of the following was not part of that message?A. Quality is free
B. Leadership from senior management
C. Customer focus
D. Total involvement of the workforce
E. Continuous improvement
Answer:
A) Quality is free
Explanation:
The basic premise is that a high quality product shouldn't cost more to manufacture than a low quality product. So if a high quality product costs the same as a low quality product, then it means that quality doesn't cost anything. Personally I believe that Edward Deming's philosophy was the most practical and successful, just ask any Japanese how his philosophy worked.
Final answer:
The question regards the common message of quality movement leaders on achieving outstanding quality. All the options listed, such as 'Quality is free' and 'Continuous improvement,' are parts of their message. There is no option among A to E that wasn't part of the essential aspects advocated by Crosby, Deming, and Juran.
Explanation:
The philosophical leaders of the quality movement, Philip Crosby, W. Edwards Deming, and Joseph M. Juran, all shared the belief that achieving outstanding quality involved several key components. Crosby's principle, "Quality is free," suggests that investing in quality assurance systems will pay off in the long term. Deming emphasized the importance of management's role in quality improvement and advocated for enhanced cooperation between labor and management. Juran's Juran Trilogy comprises Quality Planning, Quality Control, and Quality Improvement and focuses on organizational goals being integral to achieving quality.
However, one item listed in the question was not part of their unified message: Continuous improvement is indeed one of the core principles of TQM and all three philosophers would view it as essential. Therefore, there is no option listed in the question that wasn't part of the message of these quality gurus. All choices, from A to E, were elements that Crosby, Deming, and Juran would have agreed upon being essential for achieving outstanding quality in an organization.