Firms move in an orderly fashion through each stage of the business life cycle without skipping any of the steps
Indicate whether the statement is true or false.
Answer: FALSE
Explanation: Some businesses will move to the final stages very rapidly, even skipping the middle stages.
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Which of the following is not true about an imposed budget?
a. It reduces the budgeting process time frame. b. It uses the knowledge of top management as it relates to resource availability. c. It enhances coordination. d. It increases the feeling of teamwork.
How do ethical principles apply to businesses?
A. They chiefly deal with the actions and behaviors required to operate companies in a socially responsible manner. B. They are generally more stringent than the ethical principles for society at large. C. They are not materially different from ethical principles in general. D. They chiefly deal with the rules each company's top management and board of directors make about "what is right" and "what is wrong." E. They are generally less stringent than the ethical principles for society at large.
Which of the following methods do we use in conjunction with the corner point method to determine the maximum profit solution to LP problems with profit maximization objective?
a. iso-cost line method b. sensitivity analysis method c. simplex method d. iso-profit line method
At year-end, Marshall Enterprise's Factory Overhead account has a credit balance of $5,000, which is not a material amount. What entry should Marshall make at year-end?
A. Debit Factory Overhead $5,000; credit Finished Goods Inventory $5,000. B. Debit Factory Overhead $5,000; credit Cost of Goods Sold $5,000. C. Debit Factory Overhead $5,000; credit Work in Process Inventory $5,000. D. Debit Cost of Goods Sold $5,000; credit Factory Overhead $5,000. E. No entry is needed.