State some of the common practices of successful executives.
What will be an ideal response?
Student answers will vary but should demonstrate an accurate understanding of the following practices. Successful managers ask, "What needs to be done?" not just "What do I want to do?" They write an action plan. They don't just think, they do, based on a sound, ethical plan. They take responsibility for decisions. This requires checking up, revisiting, and changing if necessary. They focus on opportunities, not just problems. Problems have to be solved, and problem solving prevents more damage, but capturing opportunities is what creates great results.
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Connor, the owner of a start-up, has studied his competitor's offerings, the value delivered by his company's products, and the cost of providing the product to customers. Based on this research, he has set the prices for his products. Because of this, Connor should:
A. not hesitate in overcharging his customers. B. aggressively discount list prices to ensure customer satisfaction. C. focus solely on price throughout his presentation. D. remember that price is the only concern for customers. E. never apologize for the price he quotes.
The inventory records for Radford Co. reflected the following: Beginning inventory @ May 1800 units @ $3.20First purchase @ May 7900 units @ $3.40Second purchase @ May 171100 units @ $3.50Third purchase @ May 23700 units @ $3.60Sales @ May 312700 units @ $5.10What is the amount of gross margin assuming the weighted-average inventory cost flow method? (Round your intermediate calculations to two decimal places.)
A. $4050 B. $5400 C. $4509 D. $9720
At the end of the current accounting period, Ringgold Co. recorded depreciation of $15,000 on its equipment. What is the effect of this entry on the company's balance sheet?
A. Decrease assets and increase liabilities B. Decrease stockholders' equity and decrease assets C. Decrease stockholders' equity and increase liabilities D. Decrease assets and increase stockholders' equity
Forbearance is a postponement of part or all of the payments on a loan for a limited time
Indicate whether the statement is true or false