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Hunter-Best [27]
3 years ago
7

Jack currently works for a law firm full time and earns $60,000 a year. He is thinking of quitting his job to pursue a medical d

egree. Medical school will cost him $100,000 per year. If Jack quits his job and goes to medical school, the salary he currently earns would be considered what type of cost?
Business
1 answer:
suter [353]3 years ago
7 0

Answer:

Opportunity cost

Explanation:

In economics (a social science that studies human behavior in relation to ends and scarce means which have alternative uses), there are basic concepts such as scarcity, scale of preference, opportunity costs etc.

Human wants are unlimited and termed to be insatiable. However, the resources available to satisfy these wants are unlimited hence these wants are grouped in the order of importance known as a scale of preference. As the available resources are used to meet a need or satisfy a want, another will go unsatisfied due to the limited resources available.

The need/want that goes unsatisfied is known as the opportunity or real cost or cost of the alternative forgone. This is what Jacks salary will be considered as if he quits his job.

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Yoshi operates a shoe store as a sole proprietorship. However, he is in poor health and may be unable to continue running the bu
Shalnov [3]

Answer:

A. ceases to exist unless sold or taken over by Yoshi's heirs. 

Explanation:

A sole proprietorship is a from of business which is owned by one person. The owner is usually the decision maker.

One of the disadvantages of sole proprietorship is lack of continuity. The business usually ends when the owner dies. Although , family members can take over running the business.

I hope my answer helps you.

6 0
3 years ago
Revenue expenditures
solmaris [256]

Answer:

Answer A

Explanation:

Revenue expenditures are the expenditures during period in which the asset has been put into its usage. They are often discussed in the context of fixed assets. For instance if a company installs new equipment and has monthly costs of its maintenance, these costs are revenue expenditures. Therefore, they only present additional costs that do not necessarily increase asset's life.

4 0
3 years ago
Assuming that a marketing research study will answer important questions and reduce uncertainty associated with the proposed pro
scoray [572]

Answer:

The correct answer is C. Is top management committed to the study?

Explanation:

Market research is the process that includes the actions of identification, collection, analysis and dissemination of information with the purpose of improving marketing decision making. Its implementation occurs basically for two reasons:

1. to solve problems, for example, determine the potential of a market.

2. to identify problems, for example, to know why a product does not have the expected consumption. In essence, it seeks to meet the customer thus complying with the first premise of marketing.

That is why managers and researchers continually focus on the search for those practices that will allow them to improve the organization and direction of their processes and therefore increase their likelihood of success.

7 0
3 years ago
"The best business portfolio is the one that ________.
diamong [38]

Answer:

The correct answer is option B,the business portfolio is the one that best fits the company's strengths and weaknesses to opportunities in the environment.

Explanation:

SWOT analysis is a performance appraisal technique that is used in analyzing organization based on its strengths and weaknesses (in internal environment) as a means to exploring opportunities and reducing threats from external environment.

The best a company can offer its customers in terms of products and services is that combination that maximizes it strengths and opportunities while also minimizing its weaknesses and threats.

8 0
3 years ago
Identify each of the following features as applying more to job order operations, process operations or both job order and proce
Fynjy0 [20]

Answer:

Identification of Features Applying More to Job Order Operations, Process Operations, or Both:

Features  

1. Cost object is a process.                                  Process Operations

2. Measures unit costs only at period-end.        Process Operations

3. Uses indirect costs.                                          Both

4. Transfers costs between Work in              

   Process Inventory accounts.                            Process Operations

5. Uses only one Work in Process account.       Job Operations

6. Uses materials, labor, and overhead costs.    Both

Explanation:

The main difference between the two operations is the manner costs are accumulated.  Job operations accumulate costs for different jobs that are not similar.  Process operations accumulate costs to show the process a product passes through.  The product of a process operation is not unique like the product of a job operation.

6 0
2 years ago
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