A contract is a(n) agreement
a. rapid contract b. fast contract
c. explicit contract
d. implied contractif there is a written or oral expression of intent by the parties to enter into a legally binding
e. none of the other choices are correct
e
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Which of the following statements is true?
a. Japanese companies have accomplished much in the area of production process innovation, mainly by switching from pull to push manufacturing. b. Cellular manufacturing organizes machines by department. c. Adopting the pull approach to manufacturing requires an increase in floor space. d. In the push approach to manufacturing, the sales forecast drives the production plan, and goods are produced in large batches.
Describe the effect of expansionary monetary policy in a recession. Contrast the results with no monetary policy action.
What will be an ideal response?
Direct selling involves _____
a. personal contact with consumers in their homes and a consumer's ordering via mail, phone, fax, or computer b. nonpersonal media and a consumer's ordering via mail, phone, fax, or computer c. personal contact with consumers in their homes and phone solicitations initiated by a retailer d. nonpersonal media and phone solicitations initiated by a retailer
Aerial Roofing performs roofing services for commercial clients. The company recently submitted a bid of $371,000 to the Ponca School System, computed as follows:Construction materials$80,000Labor costs170,000Total direct costs$250,000Construction overhead - 30% of labor51,000Allocated administrative overhead20,000Total cost$321,000Aerial adds a 20% profit margin to all jobs, computed on the basis of total direct cost. In Ponca's case the profit margin amounted to $50,000 ($250,000 × 20%), producing a bid price of $371,000. Assume that 60% of construction overhead is fixed.Required:A. If Aerial had excess capacity, what would be the lowest cost total that the company should use when figuring its bid for the district? How can High justify this amount?B. If Aerial had no excess capacity,
what would be the lowest price that the company should charge?C. What is the primary benefit and problem of approaching a competitive bid situation with a low-bid philosophy? What will be an ideal response?