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3 years ago

Common misconception about entrepreneurship

Business

1 answer:

Y_Kistochka [10]3 years ago

4 0

Answer:

1. Entrepreneurs can only be successful if they have large funding backing them.

2. Entrepreneurs have cushy hours.

3. Entrepreneurs have to do everything themselves.

5. Entrepreneurs have to take huge risks.

7. Entrepreneurs are never stressed out.

8. Entrepreneurs are all wealthy.

9. Entrepreneurs are their own boss.

10. Entrepreneurs have more personal time.

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Suppose Jones Company manufactures chairs. One model is the executive chair that sells for $120. Jones Company projects sales of

Anestetic [448]

Answer:

$32,000

Explanation:

Cost of goods sold refers to all direct expenses incurred in producing goods and excludes all selling and indirect costs.

Cost of goods sold = Sales value - Gross Profit

Gross profit = Sales value - Direct costs - overhead costs

Gross profit per unit = $120 - ($50 + $ 20 + $10)

Gross profit per unit = $40 per unit

Gross profit in value = $40 per unit × No of units = $40 × 400 units = $16,000

Budgeted sales value = Selling price per unit × Budgeted sales units

= $120 × 400 chairs = $48000

Thus, budgeted cost of goods sold = Budgeted sales value - Gross Profit in value

= $48000 - $16000 = $32000

Note: While computing gross profit, selling and administrative expenses would be excluded since those are used while computing net income. Also, cost of goods sold excludes selling and administrative i.e . indirect costs.

5 0

3 years ago

Which of the following is included in the cost of constructing a building?

Sloan [31]

Answer:

The correct answer is (A)

Explanation:

Construction business is one of the difficult and risky businesses to do. There are many costs involved while constructing a building. Insurance cost during construction is important to take care of third party injuries, and it also provides financial coverage regarding property damage. In a construction business, a company is only allowed to start construction after they cover their insurance cost.

7 0

3 years ago

Short Corp. reported net income of $63,000 for the year and had a tax rate of 30%. Net sales were $300,000 and Operating expense

Mekhanik [1.2K]

Answer:

Cost of goods sold : $ 120.000

Explanation:

income before taxes : 63000 / 0.7 = 90000

(+) expenses 90.000

Total 180.000

(-) net sales 300.000

= cost of goods 120.000

7 0

3 years ago

Which of the following conditions distinguishes monopolistic competition from perfect competition? a. the freedom of entry and e

MariettaO [177]

Answer:

d)product differentiation

Explanation:

monopolism is when only one producer in the area produces the good/service thus there is no competition eg power supply company while perfect competition is when same type of products but different styles are produced making the business environment competitive.

6 0

3 years ago

Rida, Inc., a manufacturer in a seasonal industry, is preparing its direct materials budget for the second quarter. It plans pro

Lisa [10]

Answer and Explanation:

The Preparation of direct materials budget for the second quarter is prepared below:-

Rida, Inc.,

Direct materials budget

for the second quarter

Particulars Amount

Units to be produced 229,000

Material required per unit 0.6

Material needed for production 137,400

Budgeted Ending Inventory 63,960

(266,500 units × 0.60 pounds × 40%)

Total material requirements 201,360

(137,400 + 63,960]

Beginning Inventory (56,500)

materials to be purchased 144,860

(201,360 - 56,500)

material Price per pound $179

Budgeted Cost of Direct

material purchases $25,929,940

(144,860 × $179)

Here we assume 0.60 pounds of a key raw material instead of 613 pounds.

8 0

3 years ago