Discuss the statement “Entrepreneurship can be taught (it’s a method that requires practice.” Do you agree? Why or why not?
What will be an ideal response?
Many entrepreneurship courses are taught as a process, which involves identifying an opportunity, understanding resource requirements, acquiring resources, planning, implementing, and harvesting (exiting a business). But the word process assumes known inputs and known outputs, as in a manufacturing process. A process implies you will get to a specific destination. For example, building a car on an assembly line is a manufacturing process. You know all the parts, you know how they fit together, and you know the type of car you will have at the end. A process is quite predictable.
Entrepreneurship is not predictable and, therefore, cannot adequately be taught as a process. Instead, a method or practice approach represents a body of skills or practices that together constitute a toolkit for entrepreneurial action. The entrepreneurial method requires consistent practice so that knowledge and expertise can be continuously developed and applied to future endeavors.
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Participative budgeting results in setting unattainable standards
Indicate whether the statement is true or false
Revenue expenditures are also called balance sheet expenditures.
Answer the following statement true (T) or false (F)
Leven Clinic uses client-visits as its measure of activity. During September, the clinic budgeted for 3,000 client-visits, but its actual level of activity was 3,050 client-visits. The clinic has provided the following data concerning the formulas to be used in its budgeting for September: Fixed element per monthVariable element per client-visitRevenue - $31.00 Personnel expenses$23,900 $10.70Medical supplies 1,400 3.90Occupancy expenses 5,700 1.10Administrative expenses 5,100 0.10Total expenses$36,100 $15.80?The personnel expenses in the planning budget for September would be closest to:
A. $56,000 B. $54,575 C. $55,485 D. $56,535
Probabilities for Type I and Type II errors are actually ____________________ probabilities
Fill in the blank(s) with correct word