Answer:
There are a few number of things that a businessman should always keep in mind to make his business flourish in the near future. The more competitive a business person is, the easier and faster success he gets.
Explanation:
The list of points that a businessman should follow is as follows:
1. It is necessary to keep a track on your competitor's product value, or the selling price of the same. Keeping this thing in track helps you to determine or set your product's selling price so that the consumers don't find them to be too expensive or cheap.
2. You need to be enough self motivated so that a little loss doesn't make you lose your confidence.
3. It is always advised to discuss your business aspects with an experienced one to take the perfect decision at the right time.
4. Being self-aware is a must while running a business. Don't trust anyone blindly. In case if your rivals are trying to make you lagging behind, you need to use your creative business mind to deal your customers.
5. Prioritizing the customer's needs and maintaining the quality is utmost important.
Answer:
D) There is no way for the parties involved to communicate.
Explanation:
An unsatisfied need exists (the farmhand needs a transportation method), the consumer is willing and able to purchase a product that will satisfy his need, a supplier (or suppliers) exist that can sell him the product, but there is no way that he can request them to do so.
Our world has changed so much during the last years because the internet and cellphone communications have made it easier for almost everyone to communicate. I remember before we had to wait for JC Penny's catalog to arrive (in our case one catalog per season) and then we ordered some things we wanted. Then we had to wait about 1 month and our things showed up. That is ancient history now, I know JC Penny still has some stores open, but internet sales have virtually wiped them out as well as Sears and Macy's.
Communication makes your purchases much easier and cheaper, so now we do not have to depend on one or two big stores.
Answer:
Being More Responsive to Customer’s Unique Product Requirements with Short-Notice Production Flexibility is the New Normal.
Explanation:
Answer:
Explanation:
1. Measuring net income for a merchandiser is conceptually the same as for a service company. TRUE
2. For a merchandiser, sales less operating expenses is called gross profit.
FALSE
For a merchandiser,sales subtracted from cost of goods sold is called gross profit.
3. For a merchandiser, the primary source of revenues is the sale of inventory.
TRUE
4. Sales salaries and wages is an example of an operating expense. TRUE
5. The operating cycle of a merchandiser is the same as that of a service company.
FALSE
A perpetual inventory system continuously leeps detailed records of the cost of the each purchase and sale. It shows the inventory that should be on hand for energy item.
Answer:
$1,280,000 = cost of goods purchased
Explanation:
Giving the following information:
Inventory decreased by $80,000
COGS= $1,200,000
<u>If inventory decreased, the beginning inventory is lower than the beginning inventory</u>. We will use the following formula:
COGS= beginning finished inventory + cost of goods purchased - ending finished inventory
1,200,000 = cost of goods purchased - 80,000
1,280,000 = cost of goods purchased
