Briefly describe the difference between an express warranty and an implied warranty.
What will be an ideal response?
There are two types of warranties, express and implied. An express warranty is simply one that is expressed or documented. For instance, a used car dealer may offer a 60-day, 90-day, or full-year express warranty. An express warranty conveys the length of the warranty and exactly what is covered. An implied warranty is required by the Federal Trade Commission (FTC) for most used and new car dealerships. An implied, rather than written, warranty is that the car can be used for its intended purpose. Essentially an implied warranty signifies that if you are sold a car to be driven (as opposed to a purchase for spare parts), then you should be able to drive the car home. If you drive the car off the lot and the transmission drops out, the dealer must fix the problem or refund your money.
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What factor, related to manufacturing costs, causes the difference in net earnings computed using absorption costing and net earnings computed using variable costing?
a. Absorption costing considers all costs in the determination of net earnings, whereas variable costing considers fixed costs to be period costs. b. Absorption costing allocates fixed overhead costs between cost of goods sold and inventories, and variable costing considers all fixed costs to be period costs. c. Absorption costing "inventories" all direct costs, but variable costing considers direct costs to be period costs. d. Absorption costing "inventories" all fixed costs for the period in ending finished goods inventory, but variable costing expenses all fixed costs.
The term focused processes refers to the quest for increased efficiency, whether in goods or services, that results from specialization
Indicate whether the statement is true or false
Effective management practices drive ________.
A. long-term growth B. employee satisfaction C. customer satisfaction D. long-term profitability
Explain the typical workweek of a eurocommuter.
What will be an ideal response?