Answer:
1. A. Time spent studying & C. Cost of the trip home
2. A. Cost of maintaining the bicycle & D. Time spent on other leisure activities
Explanation:
For each of the following, describe some of the potential opportunity costs
1. Going home for Thanksgiving vacation will have all three opportunity costs because:
A. Time spent studying: The time spent on the thanksgiving vacation could have been spent in school studying
C. Cost of the trip home: Another applicable opportunity costs is the money spent on the trip which could have been saved if the trip is suspended.
2. Riding your bicycle 20 miles every day.
A. Cost of maintaining the bicycle: Riding your bicycle for 20 miles will warrant high maintenance costs because it covers a significant distance daily. If you do not ride the bicycle, you will not incur such costs
D. Time spent on other leisure activities: The time spent on riding the bicycle to cover 20 kilometers could have been spent on other leisure activities which have to be forgone in order to have time for cycling.
Answer: Option (b) is correct.
Explanation:
Entrepreneurs are willing to take risks because they know that the patent and copyright provides them an opportunity or right to sell their product for a period of time.
This is due to the fact that entrepreneurs are protected by the patent and copyrights. Patent and copyright gives entrepreneurs an opportunity to earn profit by selling their product but these patent and copyrights are for a certain period of time. It protects entrepreneurs from the other competitors in the market who are producing similar products.
Answer:
Predetermined overhead rate = $0.8 per hour
Overhead applied in December = $34,960
Explanation:
Predetermined overhead rate = Estimated manufacturing overhead / Estimated direct labor hours
Predetermined overhead rate = $416,000 / 520,000 hours
Predetermined overhead rate = $0.8 per hour
(as Direct labor cost is equal to total direct labor hours worked multiplied by the wage rate.)
Actual Labor hour = 43,700
Overhead applied in December = 43,700 hours x $0.8 = $34,960
Answer:
The use of a proper CRM.
Explanation:
A CRM basically means or translate to a Customer Management System.
A customer management system is an Information technology tool or software that enables companies to properly manage track and monitor their interactions and relationship with clients or potential customers.
Referring back to the question asked, the best answer to the question is to categories or segment the customer management system into teams and generate a unique assess code such that only the team working on a particular potential customer can access and monitor the status of interaction between a sales person and a customer within the same sales team.
This way, a third party sales team does not have access to the data of other sales team.