Explanation:
Regarding the management decision-making process, there are two different approaches that the manager must know and know how to use in certain situations.
The qualitative approach is one that is based on experimental knowledge of various factors involved in decision making, such as interpersonal connections that occur in the work environment, in this approach it is necessary that the manager has an intuition and accurate perception of the organization as a whole before making an important decision
The quantitative approach is one that uses mathematical statistics for decision making, generally works best for solving measurable problems, and for this reason can be used by a manager without much direct experience.
The qualitative approach may be more appropriate in a situation where a manager needs to solve problems related to situations of conflict between organizational departments, because in this scenario it is necessary to have knowledge of factors that generate the complex interaction between people.
The quantitative approach can be more useful in a scenario where it needs to analyze which are the most profitable departments in the organization and what is the probability of each department generating profits in the company, because in this case accounting data are used to support decision making.
Answer:
1.Potential Access to a Global Market:
The internet is an excellent tool for increasing the visibility of your business. The internet overlooks physical borders, thereby giving your products and services heightened exposure to a global audience. This can lead to increased sales, as your business offer reaches new markets that would otherwise be beyond your physical reach, especially if you are a small business owner
2.Reduced Marketing Costs:
With the rise of the internet, there has been a huge increase in various social media platforms. These platforms that are designed to connect people with one another become powerful, relatively low-cost marketing channels that can be utilized by both large and small enterprises. The internet means that you can put your products and services right in front of your target market without using the help of a formal marketing agency to do it for you, but at a much greater cost.
3.Reduced Building Overhead:
Many jobs and business functions can be performed online. This means that incorporating the internet into your business functions could open up an opportunity to have remote staff who can work from home, thereby reducing the cost of having an office building.
4.Automated Systems and Resource Sharing:
The internet has enabled a million and one ways you can make your life easier as a business owner. You can do your bookkeeping and customer service care online, and get bespoke solutions that automate how customers purchase your goods and services. In short, it can streamline processes while saving valuable work hours from performing tedious tasks.
5. Online Sales
Some people are too lazy or busy to drive all the way to your brick-and-mortar business to purchase something.Instead of leaving their house or cutting something from their schedule, these people like to purchase things online that will be delivered to their door.To get more sales, you want your business to cater to these people. Therefore, you want to allow people to be able to buy your services and products online.
When Katie decides to take $25,000 in December (the normal payable date) and to defer the residual for 15 years when she plans to retire. "She does not violate the economic benefit rule with the decision."
<h3>What is Economic Benefit Rule?</h3>
It is a principle of taxation that affects taxpayers with cash basis who are paid for their services.
According to its provisions, a taxpayer is subject to taxation if they derive a "economic benefit" from an unqualified right to acquire property in the future.
Some examples of economic benefit rule are-
- net income and revenues,
- profit and net cash flow,
- a decrease in anything, such a cost,
- cheaper labour or raw material costs.
Thus, the benefit a person receives from paying less for a good than the utmost price they are willing to pay for it is known as the net economic benefit.
To know more about the principle of taxation, here
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Answer and Explanation:
The journal entries are shown below:
On June 3
Merchandise Inventory $4,100
To Accounts payable $4,100
(Being the purchase of goods on credit is recorded)
On Jun 5
Accounts payable $1,100
To Merchandise Inventory $1,100
(To record purchase returns)
On June 6
Merchandise Inventory $1,000
Accounts payable $1,000
(Being the purchase of goods on credit is recorded)
On June 11
Accounts payable ($4,100 - $1,100) $3,000
To Cash $2,960
To Inventory ($4,100 - $1,100) × 2% $60
(Being the payment is recorded)
On June 22
Accounts Payable $2,000 ($3,000 - $1,000)
To Cash $2,000
(Being the payment on account in full is paid)
Answer:
A. Entrepreneurship
Explanation:
A command economy is a form of economic system in which the government decides the method of production, price of the goods, and the sale of the goods in the market. It is the opposite of the free market economy. Such type of economy is found in the communist society where the government plays the role of the supreme authority. All the economic activities are controlled by the government while the means of production can be owned by the public.
