"This business will create a caring, learning environment for elementary school children after regular school hours to meet the needs of working parents." This statement answers which of the following issues that should be addressed in a business plan?
A. How much will the new business cost?
B. Why is this new business a good idea?
C. What are Deborah's goals for the business?
D. What is the nature and mission of the business?
E. How often will the business advertise?
Answer: D
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Grove Corporation had sales of $3,000,000, cost of sales of $2,250,000, and average inventory of $500,000. What was Grove's inventory turnover ratio for the period?
A. 23 times B. 1.6 times C. 6 times D. 4.5 times
Holly had an idea for improving the process of recording invoices. When she told her boss about her idea, he told her it was a good idea but the department would stick with the old system. When she asked why they could not change to the new system, her boss would only say, “We have always done it this way and it makes sense to us.” This is an example of the ______ level of culture.
A. behavior B. values and beliefs C. assumptions D. objective
The total retail experience is best defined as _____
a. a retail operating philosophy that stresses long-term relationships between a retailer and its customers b. value-generating elements in the retail transaction c. all the elements in a retail offering that encourage or inhibit consumers during their contact with a retailer d. those retail strategies that contribute to total satisfaction among all retail stakeholders
McCoy Brothers manufactures and sells two products, A and Z in the ratio of 5:2. Product A sells for $75; Z sells for $95. Variable costs for product A are $35; for Z $40. Fixed costs are $418,500. Compute the break-even point in composite units.
A. 1,550. B. 1,395. C. 3,805. D. 1,350. E. 2,092.