Discuss the three levels of planning. What are the characteristics of each in terms of managerial level, level of detail, and time horizon?
What will be an ideal response?
Student answers will vary, but should demonstrate an understanding of the three levels of planning. For example, answers should explain that goals and plans become more specific and involve shorter periods of time as they move from the strategic level to the tactical level and then to the operational level. The three levels include strategic planning, which involves senior executives making decisions about the organization's long-term goals and strategies, and tactical and operational planning, which is planning done by middle-level and frontline managers after the strategic goals and plans are identified. Tactical planning translates broad strategic goals and plans into specific goals and plans relevant to a particular unit in the organization. Operational planning identifies the specific procedures and processes required at lower levels of the organization.
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Avanti purchases inventory from overseas and incurs the following costs: the merchandise cost is $50,000, credit terms 2/10, n/30 that apply only to the $50,000; FOB shipping point freight charges are $1,500; insurance during transit is $500; and import duties are $1,000. Avanti paid within the discount period and incurred additional costs of $1,200 for advertising and $5,000 for sales commissions. Compute the cost that should be assigned to the inventory.
A. $50,000 B. $53,200 C. $51,500 D. $53,000 E. $52,000
Which exception to the employment-at-will doctrine occurs when a lack of good faith and fair dealing by the employer has been suggested?
A. Implied contract B. Established protection C. Violation of public policy D. Implied covenant
The law allows an innocent party to be discharged when the other party has materially altered a written contract without consent
a. True b. False Indicate whether the statement is true or false
A contract for a sale of real property or services is a contract for a sale of goods
a. True b. False Indicate whether the statement is true or false