Which of the following is the BEST example of management thinking during the "production era"?
A. "The more salespeople we have, the more we can sell."
B. "If we produce a good product, customers will find us and buy it."
C. "We need to find out what the customer wants."
D. "We need to work hard to sell the product to our customers."
E. "We need to make whatever products are easy to produce."
Answer: B
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A union organizing tactic in which paid union organizers attempt to get hired by a company is known as:
A. Featherbedding. B. Salting. C. Gissel bargaining order. D. Hiring fraud.
Which of the following statements is true of credit cards?
A. They can improve your credit score by allowing you to establish a history of prompt payments. B. They are solely issued to people who have a specific amount of savings in their retirement account. C. Warranty is not offered on products purchased using a credit card. D. Credit card companies do not charge an annual fee from cardholders if the card remains unused for at least 120 days.
If a company purchases equipment costing $4100 on credit, the effect on the accounting equation would be:
A. Assets increase $4100 and liabilities increase $4100. B. One asset increases $4100 and another asset decreases $4100. C. Equity increases $4100 and liabilities decrease $4100. D. Assets increase $4100 and liabilities decrease $4100. E. Equity decreases $4100 and liabilities increase $4100.
Salsedo Corporation's balance sheet and income statement appear below:Comparative Balance Sheet Ending BalanceBeginning BalanceAssets: Cash and cash equivalents$31 $33 Accounts receivable 24 30 Inventory 53 47 Property, plant, and equipment 461 390 Less accumulated depreciation 306 256 Total assets$263 $244 Liabilities and stockholders' equity: Accounts payable$42 $49 Accrued liabilities 16 17 Income taxes payable 39 40 Bonds payable 75 90 Common stock 53 50 Retained earnings 38 ( 2)Total liabilities and stockholders' equity$263 $244 Income StatementSales$ 634Cost of goods sold 400Gross margin234Selling and administrative expense 174Net operating income60Gain on sale of equipment 10Income before
taxes70Income taxes 21Net income$ 49Cash dividends were $9. The company sold equipment for $15 that was originally purchased for $10 and that had accumulated depreciation of $5. It did not issue any bonds payable or repurchase any of its own common stock.The net cash provided by (used in) operating activities for the year was: A. $85 B. $94 C. $60 D. $95