Describe the role of information resources in business
What will be an ideal response?
Answer: The production of tangible goods once dominated most economic systems. Today, information resources, data and other information used by businesses, play a major role. Information resources that businesses rely on include market forecasts, the specialized knowledge of people, and economic data. In turn, much of what businesses do with the information results either in the creation of new information or the repackaging of existing information for new users.
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A payment based directly on a sale or some other activity is called a:
A) commission. B) perk. C) spiff. D) trade allowance.
For buildings, common depreciation practice assumes a zero salvage value on the assumption that the costs a firm will incur in tearing down the building will approximate the sales value of the scrap materials recovered
Indicate whether the statement is true or false
An effectively worded strategic vision statement is not likely to be
A. easy to communicate (is explainable in 5-10 minutes, and can be reduced to a memorable slogan). B. consensus-driven (commits the company to a "mainstream" directional path that almost all stakeholders will enthusiastically support). C. focused (provides guidance to managers in making decisions and allocating resources). D. graphic (paints a picture of the kind of company management is trying to create and the market position(s) the company is striving to stake out). E. directional (is forward-looking, describes the strategic course that management has charted that will help the company prepare for the future).
Standards are more widely used for nonmanufacturing expenses than for manufacturing costs
Indicate whether the statement is true or false