Chapter Six Businesses and Their Costs Study Questions: 1. Explain the difference between a plant‚ a firm‚ and an industry. Plant – establishments such as a factory‚ farm‚ mine or store. Firm – an organization that employs resources to produce goods/services for profit. Industry – group of firms that produce the same or similar products. 2. State the advantages and disadvantages of the corporate form of business. Advantages – most effective form of
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standard; Price changes due to economic conditions; scarcity of supplies; Choosing to incur additional discretionary fixed costs; More (or less) overtime hours used than budgeted. 2. Efficiency/usage/quantity variances: Standard is out of date‚ set without due care; Inefficient use of material/labour‚ deliberate or otherwise; Poor supervision/equipment/maintenance.Changes in the production process.Learning period associated with process changes.Efficiencies from different quality of material or labour from
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What is "Small" Business? In addition to how a business is organized legally‚ size is also a way to classifying businesses. A small business is generally defined as any independently owned business with fewer than 500 employees that is not dominant in its industry. The Small Business Administration (SBA) is responsible for issuing the specific criteria that render a business a small business. These criteria vary widely by industry. As recently as 2010‚ in an effort to make more businesses eligible
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Malabanan‚ Ziarla Mae C. June 1‚ 2014 When I was 12 years old‚ I saw the list of bar top-notches on television and I promised that I will never settle for mediocrity and be the next bar top-notcher. I grew up along with the legal cases that my family has been trying to win for years now. They were fighting for the lands that some people stole from my grandfather. Seeing my family suffer is what motivates me to become a lawyer. I am currently taking up Bachelor of Arts in Communication Research
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Harvesting Cacao is Hard Work We tend to think of chocolate making as an assembly-line process. Most people picture automated presses plopping out candies onto conveyor belts at speeds unmatched by humans. But before cacao reaches the machinery of a chocolate factory‚ it must first pass through the hands of a farmer. Making chocolate takes years of manual labor. Like most agricultural crops‚ cacao must be closely monitored by farmers. They regularly walk their fields and check for pests‚
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What does the title of the movie mean? How does the title and the contrasts within it provide symbolic summary of the film? The title of the movie‚ ‘Slumdog Millionaire’ holds notable different meanings between these two words‚ ‘slumdog’ and ‘millionaire’ and can be expressed into a variety of meanings‚ depending on the different views from different kind of thoughts. Basically‚ the word slumdog itself are actually separated to slums and dog‚ whereby in the movie‚ Jamal Malik is referred as the
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Cost Classifications and Estimation 2.0 Introduction Cost classification may be defined as ‘the arrangement of cost items in a logical sequence having regard to their nature and purpose to be fulfilled’. The term cost must be qualified when in use in order that its precise meaning is established in a particular situation; however‚ cost refers to the amount of resources that have been diverted from other uses or sacrificed so as to achieve the desired objective. But the term is used to refer to
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Following are the list of top 10 cement companies in India: ACC Limited Ambuja Cements Limited UltraTech Cement Limited – LETS REACH FOR THE SUN India Cement Limited Shree Cement Limited Rain Cement Limited Prism Cement Limited Madras Cement Limited Birla Cement Limited JK Cement Limited N. S. Sekhsaria Company Name : ACC Designation : Chairman | Title : Steely Determination MINI BIOGRAPHY Mr. Narottam S. Sekhsaria served as the Chief Executive and Managing Director of Ambuja
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example of a cost leadership corporation that has revolutionized the way consumer businesses interact and conduct with each other in today’s retail environment‚ in order to give their customer the best value; always. The purpose of this essay is to discuss how Wal-mart was able to achieve such a feat through their cost leadership strategies to bring more value to its customers‚ how it contributes to their stakeholders‚ as well as how it positively impacts the society overall. Definition of Cost Leadership
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Definition of leadership: Leadership is the ability to influence a group of people toward the achievement of a vision or set of goals. A leader steps up in times of crisis‚ and is able to think and act creatively in difficult situations. Unlike management‚ leadership cannot be taught‚ although it may be learned and enhanced through coaching or mentoring. Leader is the person in a group that possesses the combination of personality and leadership skills that makes others want to follow his direction
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