Answer the following statement(s) true (T) or false (F)
Three characteristics of an entrepreneur are personal initiative, management skills, and a desire for autonomy.
ANSWER: True
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Sometimes the personal values of the category of complainers called passives prevent them from complaining about a service even when they should.
Answer the following statement true (T) or false (F)
A danger of forecasting discussed in the text is that
A. the retrospective nature of forecasting provides little information about the future. B. managers may view uncertainty as black and white while ignoring important gray areas. C. it can create legal problems for the firm if regulators discover the company is making forecasts. D. in most cases, the expense of collecting the necessary data exceeds the benefit.
The system of disclosure largely in effect today is called:
a. selective disclosure. b. conventional disclosure. c. differential disclosure. d. standard disclosure.
Hoover Company purchased two identical inventory items. The item purchased first cost $33.00. The item purchased second cost $35.00. Then Hoover sold one of the inventory items for $62.00. Based on this information, which of the following statements is true?
A. The cost of goods sold is $33.00 if Hoover uses the LIFO cost flow method. B. The gross margin is $28.00 if Hoover uses the weighted-average cost flow method. C. The ending inventory is $35.00 if Hoover uses the LIFO cost flow method. D. The cost of goods sold is $35.00 if Hoover uses the FIFO cost flow method.