Question

Fairlawn Partners Consulting is a management-consulting firm that provides its expertise to businesses that employ its services. Since it does not hold an inventory of goods or produce any goods itself,

Answer 1

Its gross profit could be identical to its net revenue. There might not be a cost of goods sold in a service business. There is no distinction between net revenue and gross profit in this instance.

What are businesses?

• The practice of earning a living or generating revenue via the production, acquisition, and sale of items is known as business (such as goods and services).
• Additionally, it includes "any activity or enterprise undertaken for profit."
• The owner of the business is responsible and liable for any obligations made by the business since the business entity is not legally distinguished from the owner by the use of a business name.
• If a firm accrues debt, creditors may seize the owner's personal property.
• Corporate tax rates are not permitted in a firm structure.
• All business income is subject to personal taxation for the proprietor.

What is Management?

• Management (or managing) is the process of overseeing the operations of a company, nonprofit, or governmental entity.
• It is both the science and the art of managing a company's resources.
• Setting an organization's strategy and managing employee (or volunteer) efforts to achieve goals through the use of available resources, such as financial, natural, technological, and human resources, are included in management.

Learn more about businesses here:

brainly.com/question/15826771

#SPJ4