Answer: True
Explanation: In simple words, rule of thumb refers to generally accepted guidelines or principles that are not necessarily strict or accurate. These are nearly accurate as these are based on practical experiences rather than theory.
These guidelines helps the authorities in decision making if in case of any conflict the conflicting parties chooses to have an open discussion.
Hence from the above we can conclude that the the given statement is true.
Answer:
In your list of options there are 2 Major functions of an entrepreneur:
1. Innovate
2. Take Risks
Explanation:
Remember that being an entrepreneur and being a manager are 2 very different things. When an entrepreneur takes over the functions of a manager then things get more complicated. You can have a really big company that goes belly up because of bad management but that doesn't mean you had an incompetent entrepreneur.
The organizing function is one of my personal favorites. Here you have to get everything together, materials, machinery, material resources to operate, legal requirements etc. Then with successful leadership you can execute the plans directed by the entrepreneur.
Costs incurred as a result of past irrevocable decisions and irrelevant to future decisions are called opportunity costs.
Sunk costs are funds already spent in the past, and opportunity costs are potential returns not realized on future investments because the capital was invested elsewhere.
Sunk costs are costs that have already been incurred and have no possibility of future recovery. For example, rent, spending on marketing campaigns, or money spent on new equipment can all be considered sunk costs. Sunk costs are also known as past costs.
Sunk costs, also known as retroactive costs, refer to investments already made that cannot be recovered. Examples of irrevocable decisions in corporate sunk costs include marketing, research, installation of new software or equipment, salaries, benefits, or operating expenses.
Learn more about irrevocable decisions at
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Answer:
A balance sheet for Weismuller publishing for December 31 2021 was prepared and recorded in the explanation section below
Explanation:
Solution
COMPANY: WEISMULLER PUBLISHING Balance Sheet At December 31 2021 Assets
Current assets:
Cash and cash equivalents ($91,000 + $43000) $134000
Short term investments ($166,000 - $43000) $123000
The net accounts receivable ($186,000 =$29,000) $175,000
Inventory $298,000
Prepaid expense [174,000-(14600/2)] $101,000
The total current assets $813,000
Note: Kindly find an attached copy of the [art of the complete solution to this question below
Answer:
Explanation:
Contribution margin=Sales-Variable cost
=(60-21)=$39
Target Contribution margin=Fixed costs+Target profits
=(78000+81900)=$159900
1.Number of pairs of shoes=(159900/39)=4100
2.
Sales(4100*60) =246000
Total variable cost(4100*21) =86100
Total Contribution margin= $159900
Total fixed cost= 78000
Operating income =$81900.