Discuss the concept of achieving balance in a management team.
What will be an ideal response?
A management team consists of supervisors and nonsupervisory personnel who play key roles in the company which should bring greater strength to a venture than an individual entrepreneur. Balance refers to having the necessary diverse skills in the team. Not everyone, for example, needs to know financial management, but someone needs to be the financial manager. The diversity in perspectives from competent insiders and outside specialists make for a better run company than one where the team is more homogeneous.
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According to the 80/20 rule, only 20 percent of a product's users account for 80 percent of the volume of product a company sells
Indicate whether the statement is true or false
Ford Motor Company (United States) has a 50-50 joint venture to build Ford Fiestas with:
A) Toyota (Japan). B) Shanghai Automotive Industry (China). C) BMW (Germany). D) Mahindra & Mahindra (India). E) Mazda (Japan).
In 2015, Morton Cosold 150 hot air balloons at $4,000 each. The balloons carry a 5-year warranty for defects. Morton estimates that repair costs will average 4% of the total selling price. The estimated warranty liability at the beginning of the year was $14,000 . $20,000 in claims was actually incurred during the year to honor their warranty. What was the warranty expense for 2015?
a. $10,000 b. $18,000 c. $20,000 d. $24,000
An employer-employee relationship exists when an employer gives an employee authority to act and enter into contracts on his or her behalf
Indicate whether the statement is true or false