Precision Craft, Inc., manufactures ornate pedestal sinks. On any day, the status of a given sink is either: (a) somewhere in the normal manufacturing process, (b) being reworked because of a detected flaw, (c) finished successfully, or (d) scrapped because a flaw could not be corrected. The transition matrix is as follows:
a. What is the probability of a sink eventually being finished if it is currently in process?
b. What is the probability of a sink eventually being scrapped if it is currently in rework?
c. What is the probability that a sink currently in rework will have a "finished" status either tomorrow or the next day? (Hint: There are three ways this can happen.)
a. 0.868
b. 0.281
c. 0.3 + 0.03 + 0.2 = 0.53
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A $10,000, 5% bond issue was sold at face value and later redeemed at 98% of face value. The corporation would have a
a. loss of $9,800; b. gain of $9,800; c. loss of $200; d. gain of $200; e. loss of $10,000
Which of the following statements is TRUE of partnerships?
A) If the partners have no partnership agreement specifying how to divide profits and losses, then they share profits and losses equally. B) It is legally required to share the profit and losses equally, irrespective of the partnership agreement. C) The stated ratio of profit sharing needs to be approved by the SEC. D) The profit sharing is always based on each partner's capital balances and any losses will be shared equally.
Under the equity method of accounting for a stock investment, a proportionate share of the investee's income is recorded on the investor's records
Indicate whether the statement is true or false
Answer the following statement(s) true (T) or false (F)
21. The process approach to entrepreneurship is based on planning and prediction. 22. The process approach to entrepreneurship tends to work better for larger organizations and corporations than new ventures. 23. According to the authors, entrepreneurial ventures are essentially small versions of large corporations. 24. Entrepreneurship is often ill-defined, unstructured, messy, and complex. 25. The Practice of Entrepreneurship applies to novices and experts regardless of experience levels. 26. Entrepreneurship as a method consists of steps to complete, whereas