True. Human resource planning is one of the most important elements in a successful human resource management program is correct.
The main task of HRM is workforce planning, as the focus is on the use of human resources. Because organizations do not own individuals in the same way that they own capital and other assets, individuals are rarely given the attention they deserve.
Many managers failed because they took talent for granted. One of the main tasks of management is personnel planning. This is very important as a company's talent gives them a competitive advantage. In the age of competitiveness, companies place more emphasis on employee training and skills.
Especially in business and industry, human resources play a central role in human activities. Because of its importance to organizational efficiency, most major commercial organizations have established separate HRP departments.
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a patent on a product gives a firm part 2 a. the power to impose a tariff on a competing product. b. protection from having the invention copied or stolen for a period of 20 years. c. economies of scale in producing the product. d. excessive profits in the long run.
A patent on a product gives a firm protection from having the invention copied or stolen for a period of 20 years. The correct option is B.
A patent is a legal right granted by the government to inventors, giving them exclusive rights to manufacture, use, and sell their invention for a certain period of time, typically 20 years from the filing date of the patent application. The purpose of a patent is to protect inventors and encourage innovation by giving them the opportunity to profit from their ideas and creations.
One of the main benefits of a patent is that it gives a firm protection from having its invention copied or stolen by others for the duration of the patent. This protection allows the firm to have a monopoly over the production and sale of the patented product, which can lead to higher profits and a competitive advantage in the market.
The correct option is B.
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Corporate social responsibility adds value because it allows companies to reflect the needs and concerns of their various stakeholder groups. This statement reflects the ________ argument for CSR.ethical moral rational economic
The statement Corporate social responsibility adds value because it allows companies to reflect the needs and concerns of their various stakeholder groups" reflects the rational argument for CSR. This argument suggests that CSR is a logical and strategic approach for companies to create value and achieve long-term success. By engaging in CSR practices, companies can address the expectations and demands of their stakeholders, including customers, employees, investors, communities, and the environment. This, in turn, can help companies to enhance their reputation, build trust, reduce risk, and improve performance.
Moreover, the rational argument for CSR emphasizes the importance of aligning business objectives with social and environmental objectives. By doing so, companies can create shared value for both their stakeholders and society at large. This approach recognizes that businesses do not operate in isolation, but rather are part of a larger system of stakeholders who have a significant impact on the company's success. Therefore, companies that adopt a strategic CSR approach can strengthen their relationships with stakeholders, gain a competitive advantage, and contribute to sustainable development.
In summary, the rational argument for CSR recognizes the importance of addressing the needs and concerns of stakeholder groups in a strategic and sustainable way. It highlights the potential benefits of CSR for companies, including enhancing reputation, reducing risk, improving performance, and creating shared value for stakeholders and society. As such, it provides a compelling case for companies to integrate CSR into their business strategy and operations.
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mr. smith likes to pay his taxes quarterly instead of once a year. if the assessed value on his home is $80,000 and the rate is 3.50 mills, what is his quarterly tax?
Mr. Smith's quarterly tax is computed by dividing his yearly tax by four, where the annual tax is determined by multiplying his home's assessed value by the mill rate, his quarterly tax is $70 ($280 divided by 4).
Mr. Smith's house We calculate the annual tax by multiplying the assessed value by the mill rate:$80,000 x 0.0035 = $280, We split the annual tax by four because Mr. Smith pays his taxes quarterly: $280 / 4 = $70
Mr. Smith's quarterly tax is thus $70. is assessed at $80,000 in value. We must first convert the mill rate to a decimal before we can calculate his quarterly tax. Because one mill equals 0.001, 3.50 mills equals 0.0035.
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keeping money in a savings account as a safety measure against possible future income declines or job loss represents money functioning as a:
When keeping money in a savings account as a safety measure against possible future income declines or job loss, money is functioning as a "store of value." A store of value is one of the three primary functions of money, along with being a medium of exchange and a unit of account.
By holding money in a savings account, you are preserving its value for future use, ensuring that you have financial resources available in case of unexpected events like income reduction or unemployment. This financial buffer can help provide stability and peace of mind during challenging times.
It is important to have a safety net like this, as it can prevent you from having to rely on high-interest debt or make drastic cuts in your lifestyle when faced with financial hardships.
In summary, keeping money in a savings account as a precaution against potential future income declines or job loss illustrates money's function as a store of value, providing security and stability in times of financial uncertainty.
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____ studies the way work moves through the organization in order to improve efficiency.Work flow analysisJob analysis
Work flow analysis studies the way work moves through the organization in order to improve efficiency.
It is a systematic examination of the flow of work in an organization, identifying areas of inefficiency and opportunities for improvement. This analysis involves studying the steps involved in a particular process, the roles of employees involved in that process, the equipment and resources needed, and any potential obstacles or bottlenecks that could impede the process.
By analyzing and improving work flow, organizations can increase efficiency, reduce waste, and improve productivity, ultimately leading to greater profitability and success.
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For a perfectly competitive firm, MR is equal toa. P
b. TR/Q
c. P/MC
d. AVC / ATC
For a perfectly competitive firm, the answer is a. MR is equal to P, which means that the marginal revenue earned by the firm is equal to the price of the product. So, the correct answer is a. P.
This is because in a perfectly competitive market, the firm is a price-taker and has no control over the market price. The firm can only sell its output at the prevailing market price, and any increase in production will lead to a decrease in price.
In summary, in a perfectly competitive market, a firm's marginal revenue is equal to the market price of the product, which means that the firm cannot influence the price and must accept it as given.
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In a behavioral encouragement plan, individuals are awarded incentives for ________.A.accomplishing specific objectivesB.producing better-quality outputC.exceeding production and salesD.having exemplary attendance E.showing hard work, diligence, and skill
In a behavioral encouragement plan, individuals are awarded incentives for accomplishing specific objectives. So, the correct answer is option A.
Employee motivation and goal-setting are encouraged with the help of this kind of plan.
The incentives may be monetary, like as raises or bonuses, or non-financial, such as recognition, kudos, or more vacation time. Employees are more likely to be motivated to work harder and seek to achieve the goals by offering an incentive.
These kinds of incentives can also contribute to the development of a supportive workplace where workers feel appreciated and driven.
In the end, the goal of this kind of strategy is to assist employees in achieving their objectives and making a positive contribution to the achievement of the company's goals.
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You are performing a preliminary analysis of the identified risks in the risk register, which entails prioritizing the risks based on the probability of occurrence and impact to the project. Which process are you currently performing?AnswersA. Qualitative analysisB. Reserve analysisC. Assumptions and constraint analysisD. Quantitative analysis
The process that you are currently performing is called qualitative analysis. The correct answer is option d).
Qualitative analysis involves prioritizing risks based on their probability of occurrence and impact on the project objectives. This process involves gathering and assessing information about the risks and assigning them a score based on their likelihood and potential impact.
The goal of qualitative analysis is to identify and prioritize the most significant risks to the project so that appropriate risk response strategies can be developed and implemented. This process is typically conducted early in the project planning phase and is an ongoing process throughout the project lifecycle.
Reserve analysis, on the other hand, involves determining the amount of contingency or management reserve needed to address the risks that have been identified. Assumptions and constraint analysis involves identifying and assessing the assumptions and constraints that may impact the project's success. Quantitative analysis involves the use of numerical data and statistical techniques to analyze and evaluate the risks.
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An asset was purchased for $48,000 on Jan 1, 2017. Asset estimated useful life is 5 years and it's residual value is $8,000. Straight line depreciation method is used. Calculate the gain/loss on sale of the asset if sold at the end of the first year for $36,000.
Answer:
56.000
Explanation:
The MBA Oath was written in ________ by a group of Harvard Business School students who wanted to develop a professional vow similar to the Hippocratic Oath taken by medical professionals. 1909 1939 1979 2009
The MBA Oath was written in 1939 by a group of Harvard Business School students who wanted to develop a professional vow similar to the Hippocratic Oath taken by medical professionals.
The Hippocratic Oath is a traditional Greek code of ethics for doctors. One of the earliest legally enforceable texts in history is the Oath, which is credited to Hippocrates in the fifth century BC.
The Oath sets forth the moral guidelines and requirements that doctors must follow in order to give their patients the best possible treatment. It acts as a reminder for medical professionals to constantly prioritise the needs of their patients and to uphold the highest standards of ethical behaviour. Over 300 business schools across the world had students sign it since it was created at Harvard Business School.Graduates of MBA programmes swear a pledge to conduct themselves professionally with honesty, decency, and responsibility.
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at the end of this month, les will start investing $300 a month for his retirement account. if he continues investing $300/month for 30 more years and earns an average of 8.25 percent on his retirement account, how much will he have in his retirement account 30 years from now?
According to the question, Les will have $313,917.93 in his retirement account 30 years from now.
What is account?An account is a record of financial transactions that is kept by an individual or entity. This record is typically used to track income, expenses, assets, liabilities, and investments. Accounts can be used to store information about past, current, and future transactions.
This is calculated using the compound interest formula:
A = P(1 + r/n)^nt
A = the amount of money Les will have
P = the principal, or the initial amount Les invested (in this case, $300)
r = the annual interest rate (in this case, 8.25%)
n = the number of times the interest is compounded per year (in this case, 12)
t = the time period, or the number of years (in this case, 30)
A = 300(1 + 0.0825/12)⁽¹²ˣ³⁰⁾
A = 300(1.00686775)³⁶⁰
A = 300(3.13917974)
A = $313,917.93
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which of the following statements is false? a. sale of equipment creates investing cash outflow equal to its selling price. b. purchase of short-term investments is an investing cash outflow. c. purchase of a patent is an investing cash outflow. d. purchase of equipment is an investing cash outflow.
The given statement "Sale of equipment creates investing cash outflow equal to its selling price." is false because the sale of equipment creates an investing cash inflow equal to its selling price rather than an outflow. Investing activities are related to the purchase and sale of long-term assets such as property, plant, and equipment, as well as investments in securities. the correct answer is option A.
Option B is true because the purchase of short-term investments such as stocks and bonds is considered an investing activity and results in a cash outflow. Option C is also true because the purchase of a patent is considered an investing activity since it is a long-term asset that can generate economic benefits for the company. Option D is also true because the purchase of equipment, which is a long-term asset that generates economic benefits, is also considered an investing activity.
In conclusion, it is important to understand the classification of different types of cash flows to properly analyze a company's financial performance. Investing cash flows provide information about a company's investments in long-term assets and can impact its future growth and profitability.
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Shifting Cost Curves Exploration Today we will be investigating what happens when the costs of production change. Before we get started, let's review! Section 1-Review Define the following terms. - Total cost- - Total fixed costs. - Total variable costs. - Marginal cost- - Average total cost- - Average fixed cost- - Average variable cost. Section 2-Calculations and Graphing Assume the following: TC=Q^3 +20MC=3Q^21. What is the amount of total fixed costs? How do you know this? 2. Write out the equation for calculating total variable costs based on the total cost above. 3. Write out the equation for calculating average fixed cost based on the total cost above. 4. Write out the equation for calculating average variable cost based on the total cost above. 5. Write out the equation for calculating average total cost based on the total cost above. 6. Calculate the costs of production using the above information. Round to 2 decimal places. 7. Graph the 4 per-unit cost curves for quantities 1-3. Section 3-Changing Costs of Production 1. Assume that fixed costs double. Write the new total cost equation. 2. From Section 2, which of the per-unit cost curves will be affected by this change? (Hint: which cost curves contain fixed costs in the equation?) 3. If the fixed costs increase, would the per-unit curves affected increase or decrease? 4. Write a rule for identifying which per-unit costs curves change (and how!) when fixed costs change. Example: ↑P=↑QS;↓P=↓QS 5. Now assume that fixed costs return to normal, and variable costs double. Write the new total cost equation. 6. From Section 2, which of the per-unit cost curves will be affected by this change? 7. If the variable costs increase, would the affected curves increase or decrease? 8. Write a rule for identifying which per-unit cost curves change (and how!) when variable costs change. Section 4-Application 1. Explain in words what would happen if the government levied a $1 per-unit tax on producers. Show the change on a graph. 2. Explain in words what would happen if the government granted a lump-sum (one-time, regardless of output) subsidy to producers. Show the change on a graph. 3. What is the rule for determining the profit maximizing quantity of output for a firm? (Hint: look ahead to chapter 14 for this rule) 4. Would a change in fixed costs change that quantity? Variable costs? Explain, being sure to include how those changes might affect quantity. 5. Total profit is calculated using the following equation: π=(P−ATC)∗Q Would a change in fixed costs change the amount of total economic profit earned? Variable costs? Explain, being sure to include how those changes might affect profit.
1)Total fixed costs are $0, as there is no constant value associated with the equation.
2)Total variable costs (TVC) = Total Cost (TC) - Total fixed costs (TFC) = Q^3 +20 - $0 = Q^3 +20
3)Average fixed cost (AFC) = TFC/Q = $0/Q = $0
4)Average variable cost (AVC) = TVC/Q = (Q^3 +20)/Q = Q^2 + 20/Q
5)Average total cost (ATC) = TC/Q = (Q^3 +20)/Q = Q^2 + 20/Q
For Q = 1, TC = 21, AFC = $0, AVC = $21, ATC = $21, and MC = $9.
For Q = 2, TC = 28, AFC = $0, AVC = $14, ATC = $14, and MC = $18.
For Q = 3, TC = 47, AFC = $0, AVC = $9.33, ATC = $15.67, and MC = $27.
A fixed cost is a cost that does not vary with changes in the quantity of output produced, such as rent or insurance. A variable cost is a cost that varies with changes in the quantity of output produced, such as labor or materials. Total cost is the sum of total fixed costs and total variable costs. Marginal cost is the change in total cost that results from producing one additional unit of output. Average fixed cost is total fixed cost per unit of output. Average variable cost is total variable cost per unit of output. Average total cost is total cost per unit of output. The relationships between these costs are important in determining a firm's profitability and production decisions.
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A bank that cannot meet its loan commitments is experiencing the results of:
a. interest rate risk.
b. credit risk.
c. trading risk.
d. liquidity risk.
A bank that cannot meet its loan commitments is experiencing the results of liquidity risk. Thus, the correct answer is option d.
Liquidity risk refers to the risk of a bank not being able to meet its short-term obligations, such as deposit withdrawals or loan payments, due to a lack of cash or liquid assets. Banks must maintain an adequate level of liquidity to ensure that they can meet these obligations and avoid a potential run on the bank, which could have severe consequences for the bank and the broader financial system. Managing liquidity risk is therefore a critical aspect of bank management, and involves a range of strategies and tools, such as maintaining a buffer of liquid assets, managing the maturity structure of assets and liabilities, and establishing access to emergency sources of funding.
Therefore, the correct answer is option d.
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Yobel is a supply chain management company in Peru. They manufacture on-site products for large international companies such as Revlon, Kodak, Ivory, etc. These companies have specific quality criteria that they expect to be maintained even if the product is not manufactured or sold in the United States. Suppose you’re put in charge of quality control for Revlon lipstick. The specified "failure rate" or proportion of flawed lipsticks, as specified by Revlon is 0.05. This sort of relationship is normally the case when a company outsources some of its production.
What is the probability in a sample of 100 lipsticks that the proportion that are flawed is more than 0.054?
(b) What is the probability in a sample of 100 lipsticks that the proportion that are flawed is less than
(c) What is the probability in a sample of 100 lipsticks that the proportion that are flawed is between 0.048 and 0.052?
A) Probability in a sample of 100 lipsticks that proportion that are flawed is 0.2676. B) probability that the proportion of flawed lipsticks in a sample of 100 is less than 0.04 is 0.015. C) The proportion of flawed lipsticks in a sample of 100 is between 0.048 and 0.052 is 0.3764.
We can model the number of flawed lipsticks in a sample of 100 lipsticks as a binomial distribution with parameters n = 100 (sample size) and p = 0.05 (proportion of flawed lipsticks as specified by Revlon).
To find the probability that the proportion of flawed lipsticks is more than 0.054, we can use the normal approximation to the binomial distribution. The mean of the binomial distribution is μ = np = 100 x 0.05 = 5, and the standard deviation is [tex]σ = sqrt(np(1-p)) = sqrt(100 x 0.05 x 0.95)[/tex] = 2.179. We can standardize the distribution by subtracting the mean and dividing by the standard deviation to get a standard normal distribution.
Z = [tex](0.054 - 0.05) / sqrt(0.05 x 0.95 / 100) = 0.624[/tex], Using a standard normal table or calculator, the probability of getting a z-score greater than 0.624 is 0.2676. Therefore, the probability that the proportion of flawed lipsticks in a sample of 100 is more than 0.054 is 0.2676.
(b) To find the probability that the proportion of flawed lipsticks is less than 0.04, we can again use the normal approximation to the binomial distribution. [tex]Z = (0.04 - 0.05) / sqrt(0.05 x 0.95 / 100)[/tex] = -2.168
The probability of getting a z-score less than -2.168 is 0.015. Therefore, the probability that the proportion of flawed lipsticks in a sample of 100 is less than 0.04 is 0.015.
(c) To find the probability that the proportion of flawed lipsticks is between 0.048 and 0.052, we can use the same normal approximation to the binomial distribution.
[tex]Z1 = (0.048 - 0.05) / sqrt(0.05 x 0.95 / 100) = -0.624Z2 = (0.052 - 0.05) / sqrt(0.05 x 0.95 / 100) = 0.624[/tex]
Using a standard normal table or calculator, the probability of getting a z-score between -0.624 and 0.624 is 0.3764. Therefore, the probability that the proportion of flawed lipsticks in a sample of 100 is between 0.048 and 0.052 is 0.3764.
In conclusion, the probability in a sample of 100 lipsticks that the proportion that are flawed is more than 0.054 is 0.2676, the probability that the proportion that are flawed is less than 0.04 is 0.015, and the probability that the proportion that are flawed is between 0.048 and 0.052 is 0.3764.
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To determine living standards for the average person, we calculate a. the inflation rate. b. the unemployment rate.c. the average level of prices. d. real per capita gross domestic product (GDP). e. GDP deflator
To determine living standards for the average person, we calculate the real per capita gross domestic product (GDP). Living standards refer to the quality of life experienced by individuals in a society, which can be influenced by factors such as income, access to goods and services, and overall economic wellbeing. Real per capita GDP is a measure of the average economic output per person, adjusted for inflation. By using real per capita GDP, we can assess how economic growth is translating into improved living conditions for individuals.
Inflation rate and unemployment rate are important indicators of economic health, but they do not directly measure living standards. The inflation rate refers to the rate at which the general level of prices for goods and services is rising, which can affect purchasing power and the cost of living. A high inflation rate may reduce living standards if wages do not keep pace with increasing prices.
The unemployment rate measures the percentage of the labor force that is unemployed and actively seeking work. A high unemployment rate can have negative effects on living standards, as it may lead to reduced income, lower consumption, and diminished economic opportunities. However, it is important to consider other factors, such as underemployment and job quality, when assessing the impact of unemployment on living standards.
In conclusion, to determine living standards for the average person, we calculate real per capita GDP, which provides a more comprehensive view of individual wellbeing in an economy compared to the inflation rate or unemployment rate alone.
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According to the textbook, ecolabels are primarily designed as marketing tools. designed to measure environmental impact. becoming consistent across all industries. very useful to help consumers clearly understand the products they buy.
According to the textbook, ecolabels are primarily designed as marketing tools. Ecolabels are labels or certifications that are placed on products to indicate that they meet certain environmental standards or criteria.
While they may provide information about a product's environmental impact, their primary purpose is to serve as a marketing tool. By promoting the product's environmental credentials, ecolabels can help to differentiate it from competitors and appeal to environmentally conscious consumers.
However, the effectiveness of ecolabels as a marketing tool depends on their credibility and transparency. If consumers perceive the ecolabel as trustworthy and meaningful, it can be a powerful driver of sales. On the other hand, if ecolabels are seen as overly vague or lacking in credibility, they may not have the desired effect.
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Complete Question
Which of the following best describes the primary purpose of ecolabels, according to the textbook?
A) Designed to measure environmental impact
B) Becoming consistent across all industries
C) Very useful to help consumers clearly understand the products they buy
D) Primarily designed as marketing tools
01-002 - Definition of Analytics
Analytics is the discovery, interpretation, and communication of meaningful patterns in data. It is a form of data analysis that uses statistical, algorithmic, or computational techniques to reveal insights from data.
What is data analysis?Data analysis is the process of inspecting, cleaning, transforming, and modeling data with the aim of discovering useful information, informing conclusions, and supporting decision-making. In the context of business intelligence, data analysis is the process of collecting, integrating, and analyzing data from various sources to better understand the underlying relationships and patterns.
Analytics primarily involve the use of data to discover patterns and trends, and can be used to make predictions about future events. Examples of analytics include predictive analytics, descriptive analytics, prescriptive analytics, and other forms of advanced analytics. Analytics are often used to help businesses make better decisions, uncover new opportunities, and optimize processes.
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Inflation targeting is one of the most popular monetary policy strategies practiced by several developed countries in the world. Describe any TWO (2) elements or characteristics of inflation targeting.
Inflation targeting is a monetary policy strategy that aims to keep inflation within a specific target range by adjusting interest rates. Two key elements or characteristics of inflation targeting are: Clear and transparent communication and Flexibility.
1. Clear and transparent communication: Central banks that practice inflation targeting typically communicate their inflation targets and the reasoning behind their decisions to the public. This helps to build credibility and trust in the central bank's policies, and also allows individuals and businesses to make informed decisions about their own economic activity.
2. Flexibility: While inflation targeting involves setting a specific target range for inflation, it also allows for some flexibility in response to changing economic conditions. For example, if there is a sudden shock to the economy (such as a recession or natural disaster), the central bank may temporarily adjust its target range in order to stabilize the economy. This flexibility allows for a more nuanced approach to monetary policy, rather than simply relying on rigid rules or targets.
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southern california publishing company is trying to decide whether to revise its popular textbook, financial psychoanalysis made simple. the company has estimated that the revision will cost $95,000. cash flows from increased sales will be $21,900 the first year. these cash flows will increase by 4 percent per year. the book will go out of print five years from now. assume that the initial cost is paid now and revenues are received at the end of each year. if the company requires a return of 10 percent for such an investment, calculate the present value of the cash inflows of the project. g
The present value of cash inflows for the textbook revision project is $79,557.28.
To calculate the present value of cash inflows for the textbook revision project, we need to use the formula for present value of a growing perpetuity. The cash flows from increased sales will be $21,900 in the first year, and will grow by 4% per year.
Using a discount rate of 10%, we can calculate the present value of the cash inflows over the five-year period the book will be in print. The present value of cash inflows for this project is $79,557.28.
Since this value is less than the $95,000 cost of the revision, it would not be financially feasible for the company to pursue this project.
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A diverse workforce increases the company's likelihood of success through creativity and _______________.
A diverse workforce increases the company's likelihood of success through creativity and "innovation".
The diverse workforce refers to the group of employee who comes from the different areas or having different diversity. The diverse workforce helps the organization to grow through the different critical thinking and innovative thought.
Most of the companies or organization hires employees from the diverse areas to know the culture, market and so on. They try to increase their chance to success in different markets.
Therefore, the company's likelihood of success through creativity and innovation.
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What is the general purpose of recruitment?
Create a better work environment
Save the organization money
Increase employee effectiveness
Increase the pool of qualified applicants
The general purpose of recruitment is to increase the pool of qualified applicants, option (d) is correct.
Recruitment is essential to ensure that an organization has the right talent to achieve its objectives. By bringing in skilled and capable employees, organizations can increase their productivity and effectiveness. Furthermore, recruitment allows organizations to fill vacancies quickly, minimizing the impact of staff shortages on their operations.
Additionally, recruitment can improve the diversity of an organization's workforce, creating a more inclusive and equitable workplace. Recruitment can help organizations stay competitive by identifying and hiring candidates with specialized skills or experience, option (d) is correct.
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The correct question is:
What is the general purpose of recruitment?
a. Create a better work environment
b. Save the organization money
c. Increase employee effectiveness
d. Increase the pool of qualified applicants
Question 1
8. Accurate, meaningful and timely information is as a result of good
Select one:
a.
Legislation by Receiver of Revenue.
b.
internal control.
c.
Record keeping.
d.
accountants holding the job
e.
business functioning.
Accurate, meaningful and timely information is as a result of good Internal control .The correct answer is b. internal control.
Accurate, meaningful and timely information is a result of good internal control, which refers to the policies and procedures put in place by a company to ensure that its operations are conducted in an orderly and efficient manner, and that the financial reporting is accurate and reliable.
Internal control helps to minimize the risk of errors, fraud, and non-compliance, and ensures that the company's resources are used effectively and efficiently. Record keeping and accountants holding the job are important components of internal control, but they are not the only ones.
Good internal control involves a comprehensive approach that includes all aspects of the business functioning.
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Do operating strategies of average cost minimization and profitmaximization always lead to identical levels of output? Explain
No, the operating strategies of average cost minimization and profit maximization do not always lead to identical levels of output. The reason for this is that the two strategies have different objectives.
The profit maximization strategy aims to maximize the difference between revenue and cost, whereas the average cost minimization strategy aims to minimize the average cost per unit of output.
In some cases, the two strategies may lead to the same output level, but in other cases, they may not. For example, if a firm can increase its output level without increasing its average cost per unit, then the profit maximization strategy would lead to a higher output level, whereas the average cost minimization strategy would not change the output level. On the other hand, if the firm faces diminishing returns to scale, then the average cost minimization strategy would lead to a lower output level, whereas the profit maximization strategy would not change the output level. Therefore, the optimal output level depends on the specific circumstances and goals of the firm.
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a manufacturing process requires small amounts of glue. the glue used in the production process is classified as a(n) group of answer choices indirect material direct material period cost miscellaneous expense
The glue used in the manufacturing process is classified as a direct material. Direct materials are those materials that are easily traceable to the final product and are an integral part of the manufacturing process.
Direct materials are considered as an essential part of the cost of goods sold (COGS) because they are directly attributable to the production of the final product. The cost of the glue is, therefore, considered as a part of the production cost of the final product. The cost of direct materials is usually tracked using a separate account in the company's financial statements.
In contrast, indirect materials are those materials that are not easily traceable to the final product and are not an integral part of the manufacturing process. Examples of indirect materials include cleaning supplies, office supplies, and other incidental items used in the manufacturing process.
Period costs, on the other hand, are expenses that are not directly attributable to the production of the final product. Examples of period costs include rent, utilities, and administrative expenses.
In conclusion, the glue used in the manufacturing process is classified as a direct material and is considered an essential part of the cost of goods sold.
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fill in the blank. A(n) __ cost does not change in total and a(n) __ cost does not change per unit.
"fixed variable"
A(n) fixed cost does not change in total, and a(n) variable cost does not change per unit.
To elaborate, a fixed cost is an expense that remains constant, regardless of the level of production or sales. Examples of fixed costs include rent, insurance, and salaries of permanent employees. These costs do not change with the number of units produced or sold, which means they stay the same in total.
On the other hand, a variable cost is an expense that changes in proportion to the level of production or sales. As the volume of units produced or sold increases, the total variable cost increases as well. However, the cost per unit remains constant. Examples of variable costs include raw materials, labor costs for temporary or part-time workers, and utilities such as electricity or water, which may vary based on usage.
In summary, fixed costs are expenses that do not change in total, while variable costs are expenses that change in proportion to the level of production or sales but remain constant per unit. Understanding these cost structures is important for businesses, as it helps them determine their break-even point, manage expenses, and maximize profitability.
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on october 1, a truck costing $12,700, on which $9,070 of accumulated depreciation has been recorded (through that date) was sold for $4,070 cash. what is the gain on disposal?
The target of disposal is $5,000 if, as of October 1st, a truck purchased for $12,700, on which $9,070 in accumulated depreciation has been recorded (until that date), was sold for $4,070 cash.
What is price?Price is the sum of the values that consumers exchange for the advantages of owning or utilising a good or service. It can also refer to the amount of money charged for a good or service. The price a consumer must pay to obtain a good or service is known as the cost. The link between the supply and demand of the good or service, along with the seller's expenses, is what often determines price.
The cost of manufacturing, the cost of distribution, the cost of providing the service, the quality of the good or service, the market's demand for the good or service, and the level of competition all go into determining the price.
Gain on disposal = Sale Price - Accumulated Depreciation
Gain on disposal = $9,070 - $9,070
Gain on disposal = -$5,000
Therefore, the gain on disposal is $5,000.
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. the number of industries along new york state rivers is increasing. what is the most likely consequence of increased industrialization?
The most likely consequence of increased industrialization along New York State rivers is the degradation of the environment, particularly through water and air pollution, as well as potential negative impacts on ecosystems and biodiversity.
In addition, increased industrial activity along the rivers may lead to greater air pollution due to emissions from factories and transportation vehicles servicing the industries. This can have negative impacts on both human health and the environment.
Furthermore, the growth of industries can lead to an increase in land use for industrial purposes, reducing the available space for natural habitats and potentially contributing to the loss of biodiversity. This can also result in the destruction of natural flood barriers such as wetlands, which could exacerbate flooding risks in the area.
It is important for the industries to implement sustainable practices to minimize their environmental impact and protect the health of both humans and ecosystems. As the number of industries grows, there will be an increase in the discharge of industrial waste and chemicals into the rivers. This can result in the contamination of the water, leading to adverse effects on aquatic life and ecosystems.
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building high-morale organizations and building communication networks that include employees are both elements of: group of answer choices the tools of tqm. employee empowerment. taguchi methods. six sigma certification. iso 9000 certification.
building high-morale organizations and building communication networks that include employees are both elements of: group of answer choices the tools of tqm.
What is communication?Communication is the process of exchanging information and ideas between two or more people. It involves sending and receiving messages and understanding the shared meaning between the sender and receiver. It can be verbal (spoken or written) or non-verbal (e.g. body language, gestures or facial expressions). Communication is essential in all aspects of life, allowing people to interact with each other and build relationships. Good communication skills are essential in order to effectively express ideas and feelings, understand others and build strong relationships.
employee empowerment. taguchi methods. six sigma certification. iso 9000 certification.
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Maintenance is a separate phase and not the repetition of the other life cycle phases to study and implement the needed changes. True or False
True, maintenance is a separate phase in the life cycle and not the repetition of other life cycle phases. It focuses on studying and implementing necessary changes to ensure the continued functionality and efficiency of a system or product.
Maintenance is a distinct phase in the software development life cycle (SDLC) that follows the implementation and deployment of the software. It involves activities that are different from the activities in the earlier phases of the SDLC, such as planning, designing, coding, testing, and deployment. Maintenance is focused on ensuring that the software continues to function correctly and meet its intended objectives over its useful life. This can involve fixing bugs, updating features, optimizing performance, and addressing security vulnerabilities. Maintenance is an ongoing process that may continue for years or even decades, depending on the life cycle of the software.
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