Answer:
For every $1.00 spent in manufacturing, another $2.79 is added to the economy
Explanation:
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Answer:
The Journal entries with their narration is shown below:-
Explanation:
The Journal entry is shown below:-
1. Account receivable Dr, $29,400
To Sales revenue $29,400
(Being Sales revenue is recorded)
2. Sales return and allowance Dr, $2,200
To Account receivable $2,200
(Being Sales return is recorded)
3. Cash Dr, $26,928
($29,400 - $2,200) × 99%
Sales discount Dr, $272
To Account receivable $27,200
($29,400 - $2,200)
(Being cash is recorded)
Self-Analysis
According to the Arkansas Small Business Development Center, most small businesses fail because of poor management and the owner’s inability to manage resources. Before you even start researching the feasibility of your idea and the market you plan on entering, evaluate your own talents, desires and goals. Consider your willingness to take risks as well as the amount of time and energy you’ll need to make the business a success. Review your financial, personnel and marketing skills as well to ensure you have the necessary background to make a success of your new venture.
Financial Components
After learning about the investment required to purchase the existing business or franchise or the start-up costs you’ll need initially, evaluate your own resources. Part of a financial assessment includes the amount you have in personal savings to add to the initial investment. Banks typically require entrepreneurs to come up with a portion of the investment to show good faith and willingness to take a risk with the lender. Assess the financing available through the seller, investors and lenders when evaluating your chances of succeeding.
Market Research
To thoroughly understand what you’re getting into, perform an extensive market research project to determine the feasibility of your business. In addition to gleaning statistics of trends and current customer buying patterns, you need to know who your customers are, where they are located and what kind of competition exists in your area. Consider market research your first steps in opportunity analysis that help you understand exactly how you will sell products or services to a specific market.
Support
Finally, evaluate the amount of support you expect to receive from your family and the community.
Setting goals and objectives is a part of planning.
Planning includes both the process of developing a plan and its accurate and timely execution.
Planning may be extremely helpful in avoiding mistakes and seeing possibilities. Good planning demonstrates management's familiarity with the company and their consideration of changes in "products," management, finance, and—perhaps most importantly—the external environment, which includes markets, competitors, users, and regulations. Planning aids in future prediction, future visibility, and the construction of a link between the present and this future.
To know more about planning.
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The answer to the question above is "brand names cause consumers to be more sensitive to product differences" based on the result of Roberto's taste test. In the blind test, Roberto did not feel the unsavory flavor from the generic store-coke and he prefers that generic store-coke. This test proves that Roberto's taste is distracted by the brand.
