Which of the following best distinguishes an opportunity cost from an outlay cost?
A. Opportunity costs have very little utility in practical applications, whereas outlay costs are always relevant.
B. Opportunity costs are recorded, whereas outlay costs are not.
C. Opportunity costs are sacrifices from foregone alternative uses of resources, whereas outlay costs are cash outflows.
D. Outlay costs are speculative in nature, whereas opportunity costs are easily traceable to products.
Answer: C. Opportunity costs are sacrifices from foregone alternative uses of resources, whereas outlay costs are cash outflows.
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Net income
A) is accumulated in Retained Earnings. B) is reported on the income statement. C) occurs when revenues exceed expenses. D) All of these choices.
All of the following management roles fall under the decisional role category, EXCEPT ______.
a. leader b. resource allocator c. negotiator d. entrepreneur
The ____________________ ratio is computed by dividing dividends per share by market price per share
Fill in the blank(s) with correct word
The first step in the model of business problem solving discussed in the chapter is:
A) interviewing the people involved in the problem. B) identifying the problem. C) outlining the problem's causes. D) assigning the problem to a problem solver. E) evaluating possible solutions to the problem.