The gross profit method:
a. assumes that the ratio of gross margin for a business remains relatively stable from year to year.
b. is usually used when complete records are available.
c. determines inventory at retail and converts it to cost.
d. None of these is correct.
a
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A philosophy that suggests that a system is only as good as its weakest part is the?
a. Theory of Participation b. Theory of Constraints c. Theory of Limitations d. Theory of Bounds
Which of the following is NOT one of the organizational buying processes discussed in the text?
A. new-task buying B. modified rebuy C. straight rebuy D. important task buying
Which of the following statements about mobile home insurance is (are) true?
I. Coverage for the mobile home may be written on either a replacement cost basis or an actual cash value basis, depending on how much the mobile home has depreciated. II. An additional coverage pays, up to a specified dollar limit, for the cost of transporting the mobile home to a safe place when it is endangered by a covered peril. A) I only B) II only C) both I and II D) neither I nor II
Through an accident you discovered that the farm that you own sits on a major oil field.You have decided that you want to tap this resource but know that you don’t have the equipment or the know-how to drill for oil. After studying business, you have determined that you should form either a joint venture or a syndicate. Briefly describe these two forms of business, and explain their differences.
What will be an ideal response?