Which of the following is not a general type of business process found on generic strategy maps?
A. Operations management processes
B. Administrative processes
C. Innovation processes
D. Customer management processes
Answer: B
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If the difference between overhead applied and actual overhead is insignificant, it is usually written off to
A) Cost of Goods Sold. B) Work in Process Inventory. C) Finished Goods Inventory. D) Materials Inventory.
Which of the following is an assumption made in the preparation of the financial statements?
A) Financial statements are prepared for a specific entity that is distinct from the entity's owners. B) The current market value is assumed to be less relevant than the original cost paid. C) The preparation of financial statements for a specific time period assumes that the balance sheet covers a designated period of time. D) Financial statements are prepared assuming that inflation has a distinct effect on the monetary unit.
In May direct labor was 60% of conversion cost. If the manufacturing overhead for the month was $54,000 and the direct materials cost was $30,000, the direct labor cost was:
A. $20,000 B. $45,000 C. $36,000 D. $81,000
The supplier charges a lower price for items being purchased but in turn receives a percentage of the buyer’s profits in a ________ contract.
a. buyback b. quantity-flexibility c. revenue-sharing d. fixed-price