Answer:
Year-end WIP 62,200
jounral entry for completed jobs:
-------------------------------------
Finished Good Inventory 1,149,800 DEBIT
WIP inventory 1,149,800 CREDIT
-------------------------------------
Explanation:
WIP
Beginning $ 72,000
Materials $ 390,000
Labor $ 500,000
Overhead $ 250,000
Total WIP $ 1,212,000
Finished Jobs:
Job 210 $ 200,000
Job 224 $ 225,000
Job 216 $ 288,000
Job 230 $ 436,800
Total $ 1,149,800
the jobs complete will move to finished good and credit WIP inventory
WIP year-end:
1,212,000 - 1,149,800 = 62,200
The purpose of a statement of retained earnings is to: __________.
Answer:
To determine the closing balance of retained earnings
Explanation:
First and foremost, retained earnings are an important part of the shareholders' equity. In a bid to ascertain the correct position of total shareholders' equity at year-end, it is important that a statement of retained earnings reconciling the opening retained with net income and dividends declared during the year is prepared.
The balance at the end of the year is the total accumulated earnings which have not been distributed to shareholders as dividends or which may be used to finance projects that increase shareholders' wealth
The _____ is the starting point in creating a marketing mix. a. priceb. productc. distribution channeld. promotional mediae. production line
Answer:
B. product
Explanation:
The marketing mix refers to a marketing strategy that involves four types of Ps i.e. product, price, promotion, and place
The product is the beginning point for developing a marketing mix as without product no organization could able to set the prices, no promotion took place nor any location could be set
Also the product should be decided by the company which type of product should be launched by considering all rivals in the market place
Therefore, the option B is correct
How are manufacturing companies and service companies alike? a. They both produce products. b. They both have product-production costs. c. They both have labor, material, and overhead costs. d. They both have manufacturing costs.
Answer:
The answer is d.
Explanation:
A manufacturing company uses labor and other inputs to transforms raw materials into finished product and then sells the product, like a merchandising company. A service company, on the other hand, does not produce/sell products, instead it provides service.
Which of the following is an example of external-operational communication?
a. Discussions that senior management holds to determine the goals and processes of the business
b. The orders and instructions that supervisors give employees about dealing with angry customers
c. Advertisements that companies put up on their websites for the general public
d. The reports that employees prepare concerning sales, production, inventories, finance and maintenance
e. The messages that employees write to their supervisors regarding the progress of their work
Answer:
c. Advertisements that companies put up on their websites for the general public
Explanation:
An external-operational communication can be defined as conversations, interactions or communication that are work related in nature that a business entity has with individuals or group of people such as customers, government agencies, suppliers, etc outside of the organization.
An example of external-operational communication is the advertisements that companies put up on their websites for the general public.
How can i use knowledge of OB to enhance my job performance and career?
Explanation:
Organizational behavior (OB) put simply, refers to the study of how people in an organization behave within groups. Thus, knowing how people behave in a particular organization can help one enhance his or her job performance and career.
For example, a manager who understands that his employees are more concerned about their welfare such as their safety rather than bonuses would have a better opportunity to build good relationships with employees, thereby enhancing his or her job performance and career.
What can McDonald’s do to win customers over?
One of the strengths of the sole proprietorship is its ability to sustain rapid growth by raising large amounts of financial resources.a) trueb) false
Answer: False
Explanation:
A sole proprietorship is a form of business which is typically small and managed by one person. The person bears all the risk and is also entitled to all the profit made.
It should be noted that the sole proprietor usually has little capital and therefore the statement in the question that "One of the strengths of the sole proprietorship is its ability to sustain rapid growth by raising large amounts of financial resources is false".
Agency conflicts between managers and shareholders Consider the following scenario and determine whether an agency conflict exists: Alexander and Akiko equally own and manage A New Beginning (ANB), a store that sells preowned clothing and furniture. Alexander is responsible for ANB's back-office activities, and Akiko staffs the store and makes deliveries to customers. Both have equal decision- making authority and, under the terms of their partnership agreement, both are prohibited from making personal purchases using company funds without prior approval of the other partner. Alexander, without Akiko's knowledge, used the company's bank account recently to purchase a new sports car. Alexander has acknowledged that the car will not be used to support the business. Is this a potential agency conflict between Alexander and Akiko? A. Yes; Alexander is misappropriating some of Akiko's wealth by unilaterally purchasing a nonbusiness asset using ANB's funds. B. No; Alexander and Akiko are both authorized to spend ANB's money, so no conflict of interest can occur. C. No; Alexander and Akiko co-own and co-manage ANB and have a partnership agreement that makes them equal, so an agency conflict cannot exist. D. Yes; it should have been Akiko who purchased the car. Consider the following scenario and determine whether an agency conflict exists: Five years ago, Tae created a plant-care business that grew, stocked, and maintained fresh plants in office buildings throughout Houston. Over time, The Green Zone Inc. (TGZ) has grown from a proprietorship into a corporation, now reaching far beyond Houston. To finance and support this growth, TGZ issued shares that were sold to TGZ employees, Tae's family members, and selected outsiders. Tae is TGZ's chairman of the board of directors and CEO, but he is no longer the largest shareholder. At the latest annual meeting, two mutually exclusive proposals were placed on the ballot for discussion and vote. The first was put forth by Tae and TGZ's management team, and the second was proposed by a small group of other shareholders. Both groups are adamantly opposed to the other group's proposal, even though both proposals would likely have the same effect on TGZ's value and riskiness. Does an agency conflict exist between TGZ's management and the small group of opposing shareholders? A. Yes; any conflict or disagreement between the firm's managers and its shareholders constitutes an agency conflict. B. No; although an agency relationship exists between TGZ's management-including Tae as TGZ's chairman and CEO and the firm's shareholders-there is no agency conflict, because no expropriation or wasting of the shareholders' wealth has occurred. C. Yes; an agency relationship exists, and an agency relationship always gives rise to agency conflicts, regardless of the actual behavior of the participants. D. No; Tae was the original owner of TGz, so he would always be sensitive to the concerns of the firm's current owners (shareholders) and would not engage in an agency conflict. For the past 40 years, companies have attempted to attract, retain, and encourage managers by developing attractive compensation packages. These compensation packages have also been intended to reduce potential agency conflicts between these managers and the firm's shareholders. In the best interest of shareholders, compensation packages should be structured in a way such that managers have an incentive to maximize the______value of the company's common stock price. In addition to well-designed executive compensation packages, two other motivational forces can align the interests of managers with those of their shareholders. Which of the following actions could be used to reduce the potential for these agency conflicts and ensure that the firm's managers will pursue the long-term wealth interests of their shareholders? In the late 1980s and early 1990s, Congress passed legislation making it more difficult for outside investors to stage hostile takeovers. This legislation likely______conflicts between managers and stockholders.
Answer:
Agency conflicts between managers and shareholders
1. A New Beginning (ANB)
A. Yes; Alexander is misappropriating some of Akiko's wealth by unilaterally purchasing a nonbusiness asset using ANB's funds.
2. The Green Zone Inc. (TGZ):
B. No; although an agency relationship exists between TGZ's management-including Tae as TGZ's chairman and CEO and the firm's shareholders-there is no agency conflict, because no expropriation or wasting of the shareholders' wealth has occurred.
3. In the best interest of shareholders, compensation packages should be structured in a way such that managers have an incentive to maximize the__LONG-TERM____value of the company's common stock price.
4. In addition to well-designed executive compensation packages, two other motivational forces can align the interests of managers with those of their shareholders.
a. Reward the manager with a combination of salary and stock options
b. Let the manager to understand that a takeover can happen if she does not perform well.
5. In the late 1980s and early 1990s, Congress passed legislation making it more difficult for outside investors to stage hostile takeovers. This legislation likely__increases____conflicts between managers and stockholders.
Explanation:
Agency conflicts of interest exist in any relationship where one party is expected to act in another's best interests. Agency problems or conflicts of interest usually exist between a company's management and the company's stockholders. But, it can equally exist in a relationship where one party acts against the interest of the other.
Ron Landscaping's income statement reports net income of $73,300, which includes deductions for interest expense of $10,500 and income taxes of $32,900. Its times interest earned is:
Answer: 11.1 times
Explanation:
Times Interest Ratio = Earnings before Interest and Tax/ Interest
Earnings before Interest and tax = Net Income + Interest + Tax
= 73,300 + 10,500 + 32,900
= $116,700
Times Interest ratio = 116,700/10,500
= 11.1 times
Which of the following best describes a liability? A. Liabilities are future economic benefits to which a company is entitled. B. Liabilities are a form of share capital. C. Liabilities are accounts receivable of the company. D. Liabilities are economic obligations to creditors to be paid at some future date by the company.
Answer:
The answer is D
Explanation:
Liabilities are present obligations(economic obligations) arising from past actions and the settlement of which results in an outward economic benefits. Liabilities are forms of debts that must be paid back to lenders or creditors.
Liabilities can be current (within 12 months e.g accounts payable) and non-current(more than 12 months e.g bonds).
Prompt
What is revenue?
It is gross profit.
Explanation:
revenue less all the expenses is profit. Example, you run a business you sold merchandise and the return from that merchandise is called revenue because the expenses like salary expense, depreciation, conveyance expense et cetera are not deducted from the cost of goods that you sold.
Answer:
the answer above is correct 100%
Explanation:
PlanetsProject: Scale Model of the Solar System if anybody do this project help us out
PTR#2095
In most businesses, what is the most costly factor of production?
For each of the following, insert one or more capital letters to identify the financial statements where the item is found. Some items are found on only one statement, while others appear on more than one statement.A. Net IncomeB. End-of-period retained earnings balanceC. Depreciation expenseD. Dividends declaredA) Income StatementB) Balance SheetC) Statement of Cash FlowsD) Statement of Retained Earnings
Answer and Explanation:
The classifications are as follows
A. For net income:
Income Statement, Statement of Retained Earnings and cash flow statement in case when indirect method is followed)
B. For ending retained earning balance
Comes under Retained Earnings Statement and Balance Sheet
C. For depreciation expense
The Income statement, and cash flow statement in case when indirect method is followed)
D. For Dividend declared
Comes under Retained Earnings statement
The overall evaluation scores of a laptop based on its processor, portability, screen size, touch, and computer memory are 75, 62, 63, 55, and 89, respectively. The importance of which of the following attributes is most likely to be emphasized by a salesperson when selling the laptop?
Answer: c. Computer Memory
Explanation:
The salesperson will most likely try to shore up the advantages and importance of the best performing attribute of the laptop to show its efficiency.
In this case that would be the computer's memory. Given an evaluation rating of 89, this is the best performing attribute of the computer based on the given information and so its importance will be emphasized by the salesperson as a testament of the laptop's ability to meet the customer's demands.
Which of the following is true concerning the statement of cash flows? a. When pension expense exceeds cash funding, the difference is deducted from investing activities on the statement of cash flows.b. The FASB requires companies to classify all income taxes paid as operating cash outflows.c. Under GAAP, the purchase of land by issuing stock will be shown as a cash outflow under investing activities and a cash inflow under financing activities.d. All of these are true concerning the statement of cash flows.
Answer: a. When pension expense exceeds cash funding, the difference is deducted from investing activities.
c. Under GAAP, the purchase of land by issuing stock will be shown as a cash outflow under investing activities and a cash inflow under financing activities.
Explanation:
The cash flow statement gives information about the financing, operating, and investing, activities of a firm during a period.
Of the options, the ones that are true are:
a. When pension expense exceeds cash funding, the difference is deducted from investing activities.
c. Under GAAP, the purchase of land by issuing stock will be shown as a cash outflow under investing activities and a cash inflow under financing activities.
Therefore, options A and C is the right answer
(Analyzing the cash flowStatement) Google, Inc. (GOOG), is one of the most successful Internet firms, and it experienced very rapid growth in revenues from 2011 through 2014. The cash flow statements for Google, Inc. spanning the period are found here: .Answer the following questions using the information found in these statements:a. Is Google generating positive cash flow from itsoperations?b. How much did Google invest in new capital expenditures over the period?c. Describe Google's sources of financing in the financial markets over the period?d. Based solely on the cash flow statements for 2011 through2014, write a brief narrative that describes the major activities of Google's management team over the period.Is Google generating positive cash flow from its operations? (Select the best choice below.)a. Google has generated positive cash flow from its operations during the years 2012, 2013, and 2014.b. Google has generated positive cash flow from its operations during the years 2011, 2012, and 2014.c. Google has generated positive cash flow from its operations during the years 2011, 2013, and 2014.d. Google has generated positive cash flow from its operations during the years 2011, 2012, 2013, and 2014.(US$ millions) 12/31/2014 1 2/31/2013 12/31/2012 12/31/2011Net income $14,463 $12,898 $10,786 $9,720Depreciation 3,470 2,780 1,909 1,357Amortization 1,470 1,131 914 483Deferred taxes (179) (441) (298) 332Noncash items 2,664 2,234 2,310 2,024Changes in working capital 349 (29) 860 631Cash from operating activities $22,237 $18,573 $16,481 $14,547Capital expenditures $(10,937) $(7,345) $(3,201) $(3,437)Other investing cash flow items (10,086) (6,327) (9,821) (15,612)Cash from investing activities $(21,023) $(13,672) $(13,022) $(19,049)Interest and financing cash flow items $(1,449) $(282) $(98) $88Total cash dividends paid 0 0 0 0Issuance (retirement) of stock 4 0 50 0Issuance (retirement) of debt (15) (532) 1,341 793Cash from financing activities $(1,460) $(814) $1,293 $881Foreign exchange effects $(467) $(3) $2 $20Net change in cash $(713) $4,084 $4,754 $(3,601)
Answer:
Analyzing the Cash Flow Statement (Google, Inc. (GOOGLE)
a. Is Google generating positive cash flow from its operations?
Google is generating positive cash flow from its operations. Throughout the period under review it has generated a total of $71,738 million positive cash flow from its operations. See the yearly breakdown below:
(US$ millions) 12/31/2014 1 2/31/2013 12/31/2012 12/31/2011
Cash from operating activities $22,237 $18,573 $16,481 $14,547
b. How much did Google invest in new capital expenditures over the period?
It invested a total of $24,920 in new capital expenditures over the period. See breakdown below:
(US$ millions) 12/31/2014 1 2/31/2013 12/31/2012 12/31/2011
Capital expenditures $(10,937) $(7,345) $(3,201) $(3,437)
c. Describe Google's sources of financing in the financial markets over the period?
Google's sources of financing in the financial markets over the period are from issuance of stock and debt. It generated $50 million in 2012 from issuance of stock. In 2011 and 2012, it generated $793 million and $1,341 million from issuance of debt respectively.
d. Based solely on the cash flow statements for 2011 through2014, write a brief narrative that describes the major activities of Google's management team over the period.Is Google generating positive cash flow from its operations? (Select the best choice below.)
d. Google has generated positive cash flow from its operations during the years 2011, 2012, 2013, and 2014.
Explanation:
a) Data and Calculations:
(US$ millions) 12/31/2014 1 2/31/2013 12/31/2012 12/31/2011
Net income $14,463 $12,898 $10,786 $9,720
Depreciation 3,470 2,780 1,909 1,357
Amortization 1,470 1,131 914 483
Deferred taxes (179) (441) (298) 332
Noncash items 2,664 2,234 2,310 2,024
Changes in working capital 349 (29) 860 631
Cash from operating activities $22,237 $18,573 $16,481 $14,547
Capital expenditures $(10,937) $(7,345) $(3,201) $(3,437)
Other investing cash flow
items (10,086) (6,327) (9,821) (15,612)
Cash from
investing activities $(21,023) $(13,672) $(13,022) $(19,049)
Interest and financing
cash flow items $(1,449) $(282) $(98) $88
Total cash dividends paid 0 0 0 0
Issuance (retirement) of stock 4 0 50 0
Issuance (retirement) of debt (15) (532) 1,341 793
Cash from financing activities $(1,460) $(814) $1,293 $881
Foreign exchange effects $(467) $(3) $2 $20
Net change in cash $(713) $4,084 $4,754 $(3,601)
b) Google's statement of cash flows is one of the three fundamental financial statements which a company is required to prepare and present to its stockholders and the general public. This statement shows the cash generated by the company's management from operating activities, financing activities, and investing activities. From this statement, the management, stockholders, creditors, and investment analysts will gain invaluable data to assess management's performance in key financial variables.
Below are the account balances for Cowboy Law Firm at the end of December.
Accounts Balances
Cash $ 3,700
Salaries expense 1,350
Accounts payable 1,700
Retained earnings 4,550
Utilities expense 1,000
Supplies 12,100
Service revenue 7,600
Common stock 4,300
Required:
Use only the appropriate accounts to prepare an income statement.
Answer:
Cowboy Law Firm
Income Statement
Service revenue $7,600
Expenses:
Salaries expense $1,350
Utilities expense $1,000
Total expenses $2,350
Net income $5,250
The preparation of the income statement for the year ended December 31 is as follows:
Cowboy Law Firm
Income Statement
Service revenue $7,600
Expenses:
Salaries expense $1,350
Utilities expense $1,000
Total expenses ($2,350)
Net income $5,250
Learn more about income statement here : https://brainly.com/question/24498019
QUESTION 7 of 10: Which is NOT one of the five steps in conducting market research?
ОООО
a) Apply for government funding
b) Identify problem
c) Obtain data
d) Choose the best solution
Submit
Answer:
Apply for government funding
Explanation:
It is not one of the five steps in conducting market research.
Jim Brown, a tax practitioner, received a complaint from the IRS for disreputable conduct. Which of the following items was not required to be listed in the complaint?
A. The unit and employee of the Internal Revenue Service that recommended the action against Jim
B. Clear and concise description of the facts that constitute the proceeding
C. Clear and concise description of the law that constitute the proceeding
D. Specific sanction sought
Answer: a. The unit and employee of the Internal Revenue Service that recommended the action against Jim.
Explanation:
From the question, we're informed that Jim Brown, a tax practitioner, received a complaint from the IRS for disreputable conduct.
Of the options given, the item that is not required to be listed in the complaint is the unit and employee of the Internal Revenue Service that recommended the action against Jim.
This is not necessary as the necessary things are clear and concise description of the facts that constitute the proceeding, clear and concise description of the law that constitute the proceeding and specific sanction sought.
The item "the unit and employee of the Internal Revenue Service that recommended the action against Jim" was not required to be listed in the complaint of the IRS for disreputable conduct.
The Internal Revenue Service is the federal government's revenue service, in charge of collecting taxes and enforcing the Internal Revenue Code, which is the main body of statutory regulatory tax legislation.
Conviction, false or misleading information, Solicitation of employment, willfully failing, misappropriation, direct or indirect influence, Disbarment, and many more are examples of disreputable conduct for which a solicitor, certified public bookkeeper, or enrolled professional may be removed from office or stopped from exercise before the Agency.
Therefore, the correct option is A.
To know more about the IRS for disreputable conduct, refer to the link below:
https://brainly.com/question/25248941
1. Why might someone believe the business world needs exterior ethical monitoring and correction?2. What is the argument that the business world can regulate itself, and why is that an ethics?3. In your own words, why is business ethics unavoidable?
Explanation:
Business ethics are inevitable, since all human behavior in society comes from ethical principles, that is, ethics is inherent to every individual and guides personal or professional relationships.
It is believed that the business world needs external ethical monitoring and correction due to the fact that, there is a view that companies are looking for profit above all else, which could use unethical behavior to achieve their goals and goals, using fraud and cheating to be more competitive and profitable, and external ethical monitoring and correction are then responsible for controlling such advantage-gaining maneuvers.
Therefore, there is an argument for self-regulation in the business world and this is an ethics in the sense that the market will regulate unethical actions, since there is a social search for what is ethical and responsible, which generates an collective force that transmutes behavior and leads companies to regulate themselves so that they are agents of behavior valued by their stakeholders.
Chuck, a single taxpayer, earns $58,500 in taxable income and $20,800 in interest from an investment in City of Heflin bonds. (Use the U.S tax rate schedule.)Required: How much federal tax will he owe? What is his average tax rate? What is his effective tax rate? What is his current marginal tax rate?
Answer;
1. Chuck's federal taxes
The interest from the Helfin bond is tax free as municipal bonds are free of federal taxes.
Chuck's taxable income is therefore $58,500.
The tax bracket for 2020 will mean his tax is;
= 4,617.50 + 22 % *( 58,500 - 40,125)
= $8,660
2. Average Tax Rate
= Total tax/ taxable income
= 8,660/58,500
= 14.8%
3. Effective Tax Rate
= Total tax / ( total income)
= 8,660 / ( 58,500 + 20,800)
= 10.9%
4. As given by his income level and the bracket in which he falls as a result, Chucks's marginal tax rate is 22%.
Data communication applications support just-in-time delivery of goods, which reduces ________.
Answer:
inventory costs and improves the competitive edge
Explanation:
Data Communication Application is a term used to describes applications that are used for transferring messages between users over the internet, often based on mobile and PC platforms. Messages and vital information can be transferred across continents or anywhere in the world, without stress other than the cost of internet data.
Hence, Data communication applications support just-in-time delivery of goods, which reduces "inventory costs and improves the competitive edge."
For each situation listed below, indicate the effect on the debit and credit column of the trial balance.a. Journal entry for sale on account was posted for $3,000 rather than $300. b. Cash balance was entered in credit column. Total column wasn't added correctly. c. Debits should have totaled $50,000 but accountant calculated $55,000. d. Revenue account balance entered in debit column rather than the credit column. d. Accounts Payable balance was entered in wrong column. Account had normal balance.
Answer and Explanation:
The indication of the following transactions are as follows in the trail balance
Particulars Debit Credit
a. Overstated Overstated
b. Understated Overstated
c, Overstated No effect
d. Overstated Understated
e. Overstated Understated
These are the effects for each of the given transaction
Select the correct answer.
What is the average period that customers spend in a restaurant for a meal called?
OA. call-ahead seating
OB. open seating
OC. reservation
OD. residence time
Answer:
c
Explanation:
usually when ppl have to reserve things it's usually booked
What is the relationship between the costs of child care and the quality of
experience for the children and teachers?
You work for a drywall company and are trying to secure a contract with a large commercial builder. The purchasing agent from the commercial builder is in town and staying at the Ramada Inn. You contact him by phone and set up a meeting. You tell him, "I’ll meet you at your hotel in an hour." You arrive at the Ramada Inn’s lobby a few minutes early. You take a seat, watching the elevator for the purchasing agent. You wait. Twenty minutes later, you’re still waiting. You ask the front desk to ring the agent’s room. The agent answers, "You’re late. I’ve been waiting for you for 15 minutes."
What communication barrier is described in this situation?
a. Distractions
b. Bypassing
c. Lack of language skills
Answer:
B
Explanation:
Bypassing is a type of communication barrier were two people communicating think they understand each other but actually they miss each other's meaning.
I and the purchasing agent thought we had effectively communicated and set up a meeting but in reality, we hadn't agreed on a meeting venue.
Answer:
B
Explanation:
I Know i am in the future
In the bona fide need obligation rule for requesting funds to fund warfighters, what critical questions do you ask to ensure adherence to this rule? A) Who is responsible for enforcing the bona fide need rule and rules of engagement for funding warfighters? B) Is there a valid requirement for the goods or services as well as the quantity and duration of the services or supplies provided? C) Does a bona fide need exist in the year of execution authorized by the appropriation? D) Does the proposed dollar amount exceed authorizations?
Answer:
C) Does a bona fide need exist in the year of execution authorized by the appropriation?
Explanation:
Bona fide is a rule which helps to ensure that, there is a bona fide need for the appropriation of money in a given fiscal year. In a situation there is none, then there would be no need for any allocation of money. In the case of funds for the warfighters, the critical question would be if there is any bona fide need for such figher planes or jet.
Market failure implies that the market mechanism:_________.
Answer:
Leads the economy to the wrong mix of output
Explanation:
Market failure is the when there is an inefficient distribution of goods and services in the free market.
One of the types of market failure is externality
Externality is when the production or consumption activities of economic agents have effects on people not involved in the economic activity. Externality can either be positive or negative
A good has positive externality if the benefits to third parties not involved in production is greater than the cost. an example of an activity that generates positive externality is research and development. Due to the high cost of R & D, they are usually under-produced. Government can encourage the production of activities that generate positive externality by granting subsidies.
A good has negative externality if the costs to third parties not involved in production is greater than the benefits. an example of an activity that generates negative externality is pollution. Pollution can be generated at little or no cost, so they are usually overproduced. Government can discourage the production of activities that generate negative externality by taxation
_________is the part of the marketing mix that aims at satisfying consumers by providing features and benefits. (Enter one word in the blank.)
Answer:
Product
Explanation:
The marketing mix can be defined as a strategy developed by Kotler, which defines 4 essential pillars for a marketing strategy to be carried out effectively and generate positive results for a company, are the so-called 4 P's of marketing, which are: Product , place, price and promotion.
The product is what the company will offer in the market to bring you financial returns, and it must exist fulfilling a series of essential requirements for it to be successful and accepted by consumers, for this the company must carry out a series of researches that will help to shape the product according to the needs and preferences of the potential audience, and then develop a strategy that is successful and makes the product well accepted and creates value for the consumer.
The experience gained by first-line managers as they perform their jobs enables them to acquire all the skills they will need when promoted to higher levels of management.
a. True
b. False
Answer:
False
Explanation:
First line managers occupy the position just above non managerial staff. They supervise teams in a department and ensure they perform to meet organisational goals.
First line managers are closest to employees.
Although the hands on experience gained as a front line manager is important when the person is promoted to a higher position, it does not provide all the skills of higher management.
Higher manager positions needs leadership skill where implementing directives of top management is balanced with the ensuring first line managers perform well.
Negotiation skills needs to be developed by higher management to resolve conflicts between competing needs.