Instructions
** The company's target return on investment rate is 20%. -A list of all controllable costs Which type of research is being conducted? Specify the competing hypotheses in order to determine whether or not the population means differ. Pays$6,000 in advance for 3 months' rent of office, showroom, and repair space. Entrepreneurs can reach a price that can be tested in a market by considering costs, any competitor pricing, and. The government introduces a minimum wage of $7 per hour. What is the amount of equity?, If the assets of a business increased $107,000 during a period of time and its liabilities increased $76,000 during the same period, equity in the business must have:, Zippy had cash inflows from Functional Magnetic Resonance Imaging (fMRI). A flaw that results in loss of consumers or a lower customer satisfaction level is a. Round answer to the nearest hundredth. aggregating prospective buyers into groups, or segments, that (1) have common needs and (2) will respond similarly to a marketing action. T/F. Prince Sports has adopted social media marketing in its promotion strategy because social media like Facebook has a significant impact among younger customers. Consider the following data drawn independently from normally distributed populations: Income. In the context of outsourcing to reduce costs, which of the following is a lesson that should be learned while outsourcing operations overseas? Which statement best describes descriptive research? Other Quizlet sets. quartile of an array named XData. A process that is in a state of statistical control with only common cause variation is considered. A uniform method to allocate Indirect Costs to projects/contracts b. Carly's House of Cards is conducting an in-store survey that asks customers what type of greeting cards they typically buy, when they usually buy them, and how much they are willing to pay for greeting cards. When an employee deals with unhappy customers over matters out of their control, the employee can develop. Tracking and compiling consumer behaviors anonymously. Steven and Maria are trained researchers. \begin{array}{ccc|ccr} During the period, a company reports Sales of $48,000, Cost of Goods Sold of $28,000, and Income of $2,500. T/F. The five forms and functions of inventory give supply managers types of inventory to operate with. A rent ceiling set below the equilibrium rent, In a housing market with no rent ceilings, the equilibrium rent is that for which the quantity of apartments demanded. B. A division reports the following figures: Sales = $50,000; Net income = $5,000; Average assets = $30,000. T/F, It is normally a good idea for the entrepreneur to discuss what he or she thinks the business is worth in a business plan. individual contributions to the field of TQM. The fourth step in the marketing research process is _____. Kyra wants to know how many eighth grade girls purchase make-up. With a price ceiling of $1.00 per bagel, there is a shortage of bagels. With _____, a series of goals are set by a company with input from an employee, and as the employee reaches each goal, the bonus is given. Simply juice or fairlife milk, 2/$6 Back to Content . This is an example of _____. $$ The amount of advertising allocated to Department 3 will be $. The stocks have a correlation of $0.92$. Journalize the summary entry to record each of the following for the month: The above figure shows the domestic market for wheat. a _________ means the different methods by which the buyer communicates to the seller a clear, detailed picture of the required item. keeping acquisition costs low. " Marilyn wanted to know how many girls at her high school had their own car. If the minimum wage is set at $7.50 per hour, then the. Reports to ______ managers are usually less detailed because they need to concentrate on the key issues. 2) Which of the following companies is most likely to use process costing? When trained observers watch and interact with a subject in his or her natural environment, _________ research is taking place. false: Employees often lose pride in their work or the incentive for continuous improvement. When it was started at Motorola two decades ago, Six Sigma was a quality control device used to make operations more efficient. Division XYZ has $800,000 average assets and income of $210,000. MRP planning is typically mapped out over, CRP is connected to the manufacturing plan. a quality control process a method for customizing production scheduling a technique for routing that eliminates bottlenecks a type of reverse auction the method services use to reduce nonessential costs **b. State/Local Governments may support the indirect costs that they incurred by submitting an Indirect Cost Rate (ICR) proposal or a Cost Allocation Plan (CAP) to their Federal cognizant agency. Marta invests $\$ 1500$ in a different account that earns $5.7 \%$ compounded annually. Webindirect costs typically encompass components such as medical-related absenteeism, presenteeism, short- and long-term disability, and workers compensation. \text{Sanders Beverages} & \underline{281,250} & \underline{227,250}\\ 3) Process costing should be used to assign costs to products when ________. The _____ process consists of a series of inputs, such as raw materials, labor, and machinery, which are then transformed through a series of processes into new products and services. _____ is the management and control of the flow of goods and resources from the source of production to the marketplace. List the sections of a departmental expense allocation spreadsheet with the first section on top. Four general categories are used to segment consumer markets, one of which is. Operations should be outsourced when all efforts to boost _____ and _____ at home have been exhausted. Parul is in the process of developing a market research plan and is creating specific, measurable research objectives that her company can use to understand its market. "Cookies" that are placed on consumers' browsers in order to trace which websites they visited are a form of _____. The figure above shows supply and demand in the market for labor. 1. A items make up about ______ to ___________ percent for an organization. Product costs input, output. Which of the following is a criterion used for selecting a target market? Administrative Cost -10%. (Check all that apply. A depiction of a __________ for beverages in the minds of adults is a means of displaying or graphing in two dimensions the location of products or brands in the minds of consumers. Web(a) Facilities and administration classification. In this figure, after taking account of the resources lost in search, what area is equal to the consumer surplus? _____ benefits include such things as saving money or time, convenience, and health. 14) Underestimating the degree of completion of ending work in process leads to increase in operating. A responsibility accounting performance report contains which of the following items? Suppose this market is isolated from global competition and there is a support price set at $16. T/F. T/F, A(n) _____ is the region from which you expect to draw customers. The _____ of a product/service is the price as compared to competing productsthe expected price. After this price ceiling is in effect, deadweight loss equals ________. The figure above shows the supply and demand curves in the market for rental housing. resources used in job-search activity increase compared to the situation before the minimum wage. True or false: In some instances, 100 percent inspection can significantly increase the cost of producting a part. Which of the following is NOT one of the five most common types of ethical dilemmas in business? c. Random assignment keeps expectations from influencing the results of the experiment. An integrated effort designed to improve quality performance at every level of the organization. 15) The last step in a process-costing system is to compute cost per equivalent unit. Identifying all the tasks in the production process makes it easier to determine what equipment and supplies are needed for completing the tasks. \end{array} Suppose this market is isolated from global competition and the government intervenes by setting a support price of $15 a ton. Primary data are collected to answer a specific research question. MRO is a very diverse category that generally deals with small value purchases so keeping acquisition costs low is a challenge. True or false: It is in the best interest of companies to conduct research in an ethical manner because it helps gain the trust of the consumer. Which of the following is an important benefit of demonstrating proof of concept (POC) with a prototype? This series is for the Cambridge International AS & A Level Computer Science syllabus (9608) for examination from 20 Just-in-time (JIT) systems are designed to have components, materials, and services arrive at work centers exactly as needed. Which of the following is the formula for the current ratio? Set up the null and alternative hypotheses for testing whether the injection mold process is out of control. \hline When expenses are greater than the potential increased sales from market segmentation, a firm should. True or false: Controllable costs are the same as direct costs. In general, manufacturing and production firms are organized as product- or process-focused organizations. Inventories are maintained by organizations. Which division has the highest residual income? Which of the following is a key component of behavioral targeting? The _____ represents how a startup uses its cash to cover its overhead before it generates a positive cash flow from operations. If a price ceiling is introduced in the market for milk below the market equilibrium price, then the producer surplus made by dairy farmers ________. Which of the following is NOT a component that makes up the design of an entrepreneurial company? Primary data collection methods can either be _______ or _______. Investors focus on the first 18 months to 2 years of a startup because during that time, the entrepreneur is. Which of the following are sources of external secondary data, A report found in a business or academic journal. A _____ precisely identifies the environment in which the company operates and communicates the company's fundamental philosophy. Which of the following is an advantage of using an inventory management company? In order to get more information about how its customers use the new self-service coffee bar, Janice is sitting down with individual customers one at a time and asking them to describe their likes and dislikes about the coffee bar. Before the purchase commitment is made to the supplier. 16) The equivalent unit concept is a means by which a process costing system can compare partially, 17) The accuracy of the completion estimate of conversion costs depends on the care, skill, and experience, 18) In a process-costing system, there is always a separate Work-in-Process account for each different, 19) A production cost worksheet is used to summarize total costs to account for, compute cost per. To directly compare two versions of a product to see which one customers prefer, a researcher would most likely use ______. Which of the following uses net income and net sales from the income statement to give the percentage of each dollar of sales remaining after all costs of normal operations are accounted for? 2) Which of the following best describes transferred-in costs in process costing? T/F, At startup the goal is to create a mix of resources that will enable the new venture to start and operate until sales of the business's product or service produce a positive cash flow. ISO 9001:2015 defines the requirements for a quality system, but does not ___________ how they should be be met. Profit margin is: Fill in the blank question. Compute the balance in the accounts after $10$ and $30$ years. Webkeeping acquisition costs low. " The division should accept the project because the return is greater than the company's target return on investment rate. With regard to pricing models, _____ products are defined as those whose price is transparent, easily identified, and most subject to downward pricing pressure. The following pairs of investment plans are identical except for a small difference in interest rates. 15 since the employer database does not include information to measure the costs of presenteeism and workers compensation, these costs were extrapolated from the literature 11,12 to provide Which of the following components of a customer journey map are essential? T/F. In this figure, what area equals the total subsidy paid to tomato farmers? The growth in the popularity of tennis means there are more consumers playing tennis today across many skill levels, incomes, and athletic abilities. A(n) ______ is a representative subset of the larger population. T/F, How a product or service is priced is a function of a company's, A process map details how information flows through a business. Costs readily traced to a department because they are incurred for that department's sole benefit are called expenses. days' sales in accounts payable (aka days payables outstanding) Which of the following is NOT a characteristic of communication in an effective team? A systematic process to integrate customer requirements into every aspect of the design and delivery of products and services. user-generated content associated with social media. pay extra attention to any special needs. When acquiring goods or services, the purchaser must determine. What software facilitates the flow of information across the functional boundaries of an organization effectively? The supply manager wants to implement some continuous improvement initiatives, one of the key places to examine is. WebStudy with Quizlet and memorize flashcards containing terms like In 1972, both houses of Congress passed the Equal Rights Amendment (ERA), a Constitutional amendment guaranteeing equal rights for all citizens regardless of sex. Which of the following presents the biggest concern when collecting information from social media? How about net capital spending? Is there a direct or The government intervenes in this market and sets a support price at $35 a ton.In the figure above, the quantity of sugar beets produced is ________ million tons per year, and the quantity bought by consumers is ________ million tons per year. The graph shows the labor market for teenagers in Atlanta. The above figure shows a labor market with minimum wage equal to $16. Having to translate materials and research responses can be costly and prone to errors. Vendor Managed Inventory (VMI) is typically for ___________ value items that are needed in stock for immediate use as required. Some disadvantages of relying solely on financial measures include that: (Check all that apply.). This demonstrates the idea of _______. To learn this information, Nalia's best form of research would be _______ research. In responsibility accounting, unit managers are evaluated on: A department that incurs costs without generating revenues is considered a(n): Success in controlling actual costs compared to budgeted costs. ), -Indirect to the research department continually adjusting the business model as he or she responds to the market. Which of the following is NOT a strategy that can help entrepreneurs arrive at a realistic forecast of demand for their product or service? Julie's wages are an example of ______ expenses for the production department. Which of the following statements best represents the subjectivist approach to avoiding ethical issues? A division reports the following figures: Profit margin = 20%; Investment turnover = 0.5. Departmental contribution to overhead reports. Reason: T/F. Dating back to Charles Darwin's work on evolution, it has long been understood that facial expressions are universally linked to emotions. Quality assurance responsibilities include. This is an example of ________ data. This would be considered ________ segmentation. (Check all that apply.). A departmental contribution to overhead report is based on: A departmental expense allocation spreadsheet is used to allocate expenses: from service departments to operating departments. b. the quantity consumed or patronagestore visitsduring a specific period. A ________ is a system that assesses an organization's marketing information needs, develops the needed information, and helps decision makers use information to create and validate actionable customer insights. For his new startup business venture, Amal has hired StaffRight to hire his employees and assume the payroll and human resources functions for his business for a fee. What are the challenges service industries face in adopting quality standards? Import restriction in advanced economies deny developing economies access to the food market of the advanced economies. The costs associated with defects incurred within the system that can lead to scrap, rework, repair? PSC offers a full range of top-level review and negotiation services for indirect cost rates and cost allocation plans associated with Federal grants and contracts. What three things are needed in order to have successful data visualization? Division B reports the following data: sales = $60,000; income = $9,600; average assets = $48,000. Google's expected return is $14 \%$ with a volatility of $26 \%$ and Yahoo! Accumulate sales, direct expenses, indirect expenses by department Nonunion labor is a substitute for union labor, so when the minimum wage ________, the demand for union labor ________. The largest change in online research over the last decade has come from _______. Total quality management, lean thinking, and statistical process control are _____________ and techniques to assure quality. $$ It incurred a total, 3) Serile Pharma places 900 units in production during the month of January. Abigail is preparing to interview candidates for an administrative assistant position at her new startup. Which of the following statements is true? The three stages of sampling, inspection, and testing are. -Budgeted amounts WebIndirect costs are costs that are not directly accountable to a cost object (such as a particular project, facility, function or product). Sustainable supply chains require supply managers to take both _______and ________________factors into consideration. In the new product adoption/diffusion cycle for technology products, the chasm is a period where there is more customer demand than the company can possibly manage. 1. True or false: The human element is critical in many services. ABC lunch box is an American eatery, since the customer is directly affected by the food provided, the wait staff should. An entrepreneur should strive to effectively "pitch" the essence of his or her business in. The single best way to craft a viral strategy using social media is to provide free products and services. Which of the following is one of the biggest problems with most marketing plans? the use of user-generated content in online research, MAD, a mobile application developer, develops B4UBuy, an app that searches for retail coupons. The predetermined overhead rate is 70% of media purchases. Jane works in the maintenance department which supports both the production department and the research department. Similar losses on bank loans at the two banks cause the value of their assets to fall by $7$ percent. quantity of apricot pickers employed decreases. Suppose the current equilibrium wage rate for housekeepers is $8.60 per hour. The executive summary of a business plan should be no more than two pages. Hailey's company has re-introduced its candy bar products with new packaging. Forecasts provide managers with a way to make decisions before actual requirements are known, which forecasts should be considered when making purchase decisions? A(n) _________ is a representative subset of the larger population. What are the three steps of a JIT production process? True or false: Forecasting of services is an easier process than that of tangible goods. The company's three selling departments have the following sales: Department 1$10,000; Department 2$30,000; Department 3$40,000. Charles obtained his data on the number of births from the Census Bureau. Developing standard quality assessment tools is useful with _________ services. (Check all that apply.). What ordering system that strategically positions inventory to achieve all benefits of modern supply chain management while combining traditional MRP, lean, and theory of constraints? Perform the indicated operation. 211287. The direct costs include the charged time of professional personnel and media purchases (air time and ad space). Given Prince's multiple-segment strategy and limited marketing budgets, the company would want to create a ________ to help visually estimate the market size of a given product sold to a specific market segment. uses insights and tools from neuroscience to better understand consumer responses to different kinds of marketing stimuli. $$ setting specific objectives for the research. The initial stock issued to the first shareholders of a corporation is sometimes referred to as _____ stock. total quality Management - In TQM all members of an organization participate in process improvement. T/F, Today, spending money to find new customers is more important than retaining and maintaining current customers. The purpose of the five key steps in segmenting and targeting markets is to. Companies who conduct research based on the questions who, what, when, where, and how are conducting _________ research. Schedule delays 2.Re-training 3.Cost of medications 4.Cost of legal services 5.Cost of workers' compensation Damage to machinery 2 See answers Advertisement ayfat23 Advertisement 221453 Advertisement Advertisement an indirect relationship? Performance specification allows the ________ to take advantage of the latest technology to provide the most suitable product. Which type of research is this company most likely conducting? 5) Which of the following statements is true of conversion costs? 2. When a minimum wage is ________, the firms' surplus and workers' surplus shrink, a deadweight loss ________, and resources are lost in job search. To be successful contractors need to get a good handle on managing indirect costs. Basic elements for determining carrying cost include. Formal evaluations consist of ___________ dimensions. Anna is in the final stage of the marketing research process. After a company releases a promotional program, it should follow changes in sales during and after the promotion to see how sales were affected. If Kelly wants to access and use the information stored in a data warehouse, she would rely on _______. It varies significantly among different customer groups. Marketers use marketing research to do which of the following? Using a stock-vesting agreement is one way to make sure that only stock that has been earned will be distributed. 9 & 1,000 & 135 & 19 & 1,250 & 151 \\ What involves all costs attributable to the production of a good or service that is not 100% perfect? \text{Starks Bank}&\$180,000\\ {\sigma}{\sqrt{n}}\right)$ Verified answer. An increase in the minimum wage to $7.50 per hour leads to. If a rent ceiling is below the equilibrium rent, some allocation scheme must be used. Which of the following customer groups would Ellie most likely belong to? 1) The purpose of the equivalent-unit computation is to ________. A. If the production manager chooses to machine an incomplete part from the purchased forging, this is known as the zone. WebWe would like to show you a description here but the site wont allow us. Other operating expenses of $8,400 are incurred and paid for during January:$2,000 of incurred expenses are payable at January 31. Match the risk management type to the definition for supply terminology. Value proposition describes how _______ will improve customer success and allow the organization to do better. What is a reason a company may choose insourcing? Valerie's company recently increased the price of its most popular brand of dog shampoo. The cash conversion cycle is _. In the context of big data, both structured and unstructured information are growing exponentially with regard to _____. John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Service Management: Operations, Strategy, and Information Technology. **b. and more. The data might not measure what the researcher intended it to. Which of the following questions is OK for Abigail to ask? A company's core values are based on the personal values and beliefs of the founder or the founding team. c. Using the confidence interval from part a, can you reject the null hypothesis? The organization needs to be categorized under the traditional value proposition are evaluated under the criteria of. 3) When a Bakery transfers goods from the Mixing Department to the Baking Department, the accounting. 26) On occasion, the FIFO and the weighted-average methods of process costing will result in the same. Placing a surveillance camera on the competitor's premises. True or false: All make or buy decisions should emphasize the long-term goals for robust and flexible supply chains. So, a researcher conducts an experiment with a group of people. 3. MRP systems give organizations the ability of. There probably is no single best organizational structure for all types of ventures in all situations. Using this, compute the correlation between the wattage and heating area. 2) Which of the following companies is likely to use a hybrid-costing system? Determine if the definition is standardization or simplification. Which of the following is an example of an indirect selling expense? An accountant is an advocate, but a lawyer is bound by rules and ethics that do not permit advocacy T/F, Boards of publicly owned corporations can be composed of inside or outside members or a combination of the two. If the quantity of housing demanded ________ the quantity of housing supplied, scarce housing resources are allocated efficiently because the marginal cost of the housing ________ the marginal benefit. (Check all that apply. In the context of components of company vision, _____ are the foundation for all the decisions an entrepreneur will make as his or her company grows. _____ and _____ are two of the most effective marketing tools around because they do not cost a company any money. A company uses statistical techniques and algorithms based on consumers' past buying behavior to predict what those consumers may buy in the future. The costs of completed campaigns are debited to the cost of services account. "Sinc How is using description by brand restrictive? Purchases 40 personal computers at a cost of $1,500 each, 6 graphics computers at a cost of$2,500 each, and 25 printers at a cost of $300 each, paying cash upon delivery. On June 1, the four advertising projects had the following accumulated costs: Marketers are trying to determine if consumers will react negatively to a reformulated mixture of its soft drink. \text{Sanders Beverages}& \underline{76,500}\\ \bar{x}_1=25.7 & \bar{x}_2=30.6 \\ Where a new venture lies in the value chain will determine what its profit margins are, who its customers are, and how much it can charge for its products and services. every part is checked to tell whether or not it is defective. WebIn addition to the direct cost of providing services, governments also incur indirect costs. T/F, In a wholly owned or closely held corporation, there really is no distinction between the functions of a board of directors and those of a board of advisors. Both answers create a deadweight loss and benefit people who live in rent controlled apartments are correct. Which component of the business plan is used to include items such as rsums, calculations, and surveys that support your claims in the main body of the report? Costs that are incurred for the joint benefit of more than one department and cannot be readily traced to only one department are called expenses. D. Statement of Cash Flows. The quantity and inventory levels maintained depend on ________ or ____________and if the inventory is dependent or independent. Steven and Maria are called _____. You have $\$ 8600$ to invest. C. Retained Earnings Statement Industrial parks are common locations for. The above figure shows a housing market with a rent ceiling equal to $1,000. MRP systems that perform routine clerical tasks allow the supply professional to focus efforts on more __________ and ____________ tasks. A way in which startups become more flexible and responsive, as well as grow more rapidly, is by forming _____, or teams of businesses, to share resources and reduce costs. the difference between the cost of the service and the perceived value. Name two products for which each of the three following demographic variables would be most influential in determining consumption. Explain and discuss the difference between these two methods. Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, Fundamentals of Financial Management, Concise Edition, Which of the following financial statements should be prepared first? Which of the following are internal sources of company data? a. advertising budgets \ The government intervenes in this market and sets a support price at $35 a ton.The figure above shows that to make the price support work, the government buys ________ million tons of sugar beets. Organizations often increases in their competitive advantages due to. 1) The weighted-average process-costing method calculates the equivalent units by ________. Launch objectives are the key goals for a marketing campaign. b. market competition \ c. What portions of administration costs each programs should bear. A(n) _____ is bound by rules and ethics that do not permit advocacy. Which of the following statements is accurate when discussing the challenges associated with gathering qualitative data? $417,80035%. no change in the market for housekeepers. A company's _____ is what brings everyone together to achieve a common objective and is closely related to the company's purpose. It has been reported that _____ percent of a company's business comes from current customers and of those customers, _____ percent will be the source of most of the company's profits. When an item purchased meets the performance, the product is a good fit and meets the intended use requirements. By randomly assigning participants, the researcher knows that whatever is learned from the experiment will also be true for the population from which the participants were selected. _____ refers to an organization's tendency to develop its own characteristic way of doing things. 2 & 750 & 70 & 12 & 500 & 72 \\ Maintenance, repair, and operating supplies deal with many __________ value purchases. MRP systems require an accurate ____________ ____________ ______________ to determine needs. 46) In the weighted-average costing method, the costs of direct materials in beginning inventory are NOT, 47) Partially completed units in ending work in process are 100 percent complete with regard to their, 48) The weighted-average cost is the total of all costs entering the Work-in-Process account (whether they, 1) In a process-costing system when goods move from department to department, the accounting for such. 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