The universal element in all business activities is the interaction of people. What are the groups of people that you will encounter in business, and why are these groups important to you?
What will be an ideal response?
Answers will vary, however responses should identify the following groups of people and their vital importance to any activity: owners (differentiate between stockholders and entrepreneurs), consumers (identifying and satisfying consumer needs is the lifeblood of any business), employees (people who actually provide the skills that are necessary to produce goods and services), and managers (coordination of activities).
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The Taylor rule implies that the nominal federal funds rate should be increased if there is a _____ output gap or a _____ inflation gap.?
A. ?positive; positive B. ?positive; negative C. ?negative; positive D. ?negative; negative
The declaration and payment of a dividend will
a. decrease net income. b. increase liabilities. c. not affect total assets. d. decrease stockholders' equity.
Under process costing, the unit cost of the completed units is less than the unit cost of the incomplete units.
1. In a process costing system, direct materials, direct labor, and manufacturing overhead are assigned to Work-in-Process Inventory for each process that uses them. 2. In a process costing system with multiple departments, one Work-in-Process Inventory account is maintained and the costs are transferred when a job is completed. 3. Under process costing, the unit cost of the completed units is less than the unit cost of the incomplete units. 4. At the end of an accounting period, the costs assigned to a production department can be split into the cost of units fully completed and transferred out, and the cost of units partially completed and remaining in the Work-in-Process Inventory of that department. 5. In a process costing system, a department's total production costs incurred in a particular period must equal the total costs transferred out of the department.
Michael Josephson, founder of the Josephson Institute of Ethics, is credited for developing:
A. Rights theory B. Care and response orientation C. Six Pillars of Character D. Book of virtues