Knowing what the future must be, creative businesses look backward to the present and determine what must be done to arrive at that future. This process is known as:
A. forecasting.
B. forward integration.
C. backcasting.
D. backward integration.
Answer: C
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The first step in the MBO process is to
A. determine rewards for meeting goals. B. give a performance appraisal. C. develop an action plan. D. periodically review performance. E. jointly set objectives.
If a salesperson has a drug or alcohol problem, a manager has the ethical responsibility to fire the individual based on right-to-work laws.
Answer the following statement true (T) or false (F)
Investing activities involve the buying and selling of assets such as land and equipment that are held for long-term use in the business.
Answer the following statement true (T) or false (F)
Given the production target of 650 bears for February, assume that the actual output for February was 630 bears and that actual production costs totaled $54,280. Which is true?"
Barrington Bears has developed the following sales forecasts for the next few months. January 500, February 600, March 720, April 800 and May 770. BB has 80 bears on hand on Dec. 31. Normal ending inventory policy is to hold 20% of next month’s sales. Each bear needs .8 yards of fabric and two pounds of stuffing. Fabric is budgeted to cost $15 per yard and stuffing $4 per pound. Direct labor is paid $18 per hour. Each bear takes 40 minutes to hand-finish. Variable overheads total $21 per direct labor hour. Fixed overheads amount to $25,000 per month. Eighty yards of fabric and 100 pounds of stuffing were in stock at year-end. Ten percent and 25% of next month’s stuffing and fabric needs respectively are planned for raw materials ending inventory each month. A. BB did well, saving $620 compared with the master budget B. BB did well, saving $620 compared with the flexible budget C. BB missed the master budget target by $300 D. BB missed the flexible budget target by $300 E. Unable to assess performance