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Westkost [7]
4 years ago
15

Define incentive. Provide an example of a financial and a non financial incentive....

Business
2 answers:
Montano1993 [528]4 years ago
7 0

An incentive is a thing that motivates or encourages one to do something.

Financial incentives can include things like bonuses, raises, paid time off, and other things that involve money.

Non-Financial incentives include things like recognition, respect, career development opportunities, retirement planning assistance, improved work environment, etc.

elena-14-01-66 [18.8K]4 years ago
5 0

<u>Incentives:</u>

A thing that can attract an employee's attention and motivates or encourages them to work more can be called as incentives. It aims at improving overall performance of an organization.

Financial incentives:

Financial incentives are considered as offering cash for extra efficiency of an employee. And satisfy the monetary and future security needs of the individuals. For example, Profit sharing plan, Bonus, retirement benefits, pay and allowance, etc.

Non financial incentives:

This type of incentives are considered as motivational factor for the employees. Apart from the monetary and future needs, an individual also has psychological, social and emotional needs. It cannot be measured. For example, job enrichment, employee empowerment, job security.

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Cool Fan Company sells 10,000 units to wholesalers each year at $60 per unit. The materials cost $10 per fan and unit labor cost
eimsori [14]

Answer:

e. $ 350,000

Explanation:

Given: Total number of units= 10000.

           Selling price= $60 per unit.

           The material cost= $10 per fan

           Labor cost= $15 per unit.

           Promotion and marketing cost= $100000.

           Facility expense= $80000.

           Other overhead cost= $20,000.

Now, finding the variable cost of fan.

Variable cost= Total\ material\ cost + Labor\ cost

Variable cost= (\$ 10\times 10000+ \$ 15 \times  10000)

⇒ Variable cost= \$ 100000+\$ 150000= \$ 250000

∴ Variable cost= $250000.

Selling price= (\$ 60\times 10000)= \$ 600000

∴ Selling price of fan is $600000.

Unit contribution= (selling\ price - variable\ cost)

Next find the unit contribution of each fan.

⇒ Unit contribution=  (\$ 600000 - \$ 250000)

∴ Unit contribution of each fan is $350000.

8 0
3 years ago
Arona Corporation manufactures canoes in two departments, Fabrication and Waterproofing. In the Fabrication Department, fibergla
nata0808 [166]

Answer:

Arona Corporation

Journal Entry:

Debit Finished Goods Inventory $

Credit Work in Process - Waterproofing Department $

To transfer 70 canoes to the finished goods inventory.

Explanation:

Arona Corporation makes this entry to transfer 70 canoes to the finished goods inventory account in order to record the completion of the production process by the Waterproofing Department.  The Work in Process of the Waterproofing Department is credited with the value of 70 canoes multiplied by their unit costs.  Then the Finished Goods Inventory is debited to record the transfer.  These entries show that the Waterproofing Department is not indebted to the organization having completed its assignment.

5 0
4 years ago
How do comparative advantage and absolute advantage differ?
konstantin123 [22]

Absolute advantage is the ability to produce a good using fewer inputs than another producer, while comparative advantage is the ability to produce a good at a lower opportunity cost than another producer (reflecting the relative opportunity cost). One key difference is that one person can have an absolute advantage in both goods, but it is impossible for one person to have a comparative advantage in both goods due to the opportunity cost of a product being the inverse of the opportunity cost of the other.

3 0
3 years ago
Organization Weighs Use of Open Source Software. You began operating a small general electric contracting company two years ago.
Alecsey [184]

Answer:

a. Define the basic business functions that you need the software to be able to perform.

Explanation:

The main function of a business needs to be determined so that business strategy can be formulated. The office manager has made an agreement to spend up to $1000 on the new software. It is now required to determine the basic functions which are needed in the new software for business functioning.

4 0
3 years ago
Grasping, strategies for problem solving, driving a car, and balancing a budget are all examples of ______, according to piaget.
solmaris [256]

Grasping, strategies for problem-solving, driving a car, and balancing a budget are all examples of Schemas.

<h3>What is Schemas?</h3>

A schema is defined as a pattern of contented or behavior that handles informational categories and the relations between them, according to psychology and cognitive science.

Schemas can be seen in the act of grasping, problem-solving techniques, operating a vehicle, and budgeting.

Therefore, the given events are the examples of Schemas.

To learn more about the Schemas, refer to;

brainly.com/question/18959128

#SPJ1

7 0
2 years ago
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