PRINCIPLES OF MANAGEMENT REVIEW MATERIAL # RM2014-001 BUSINESS – is any activity involved in the production and distribution of goods and services‚ aimed to meet the economic needs of consumers with an objective of eventually earning profit. ELEMENTS OF A BUSINESS SYSTEM Economics is the study of how society produces and distributes its desired goods and services. It deals how the society uses its resources to produce goods and services. These economic resources to produce are called factors
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2) Compare and contrast e-business and traditional business? Now days‚ technology has made human life easier and better. It has developed many fields to perform their task easier such as‚ manufacturing‚ constructions and many more. Business sector has also changed a lot with the improvement of technology from traditional business it evolves to e-business and bringing a big difference in three major areas that is time‚ trust and As we all know that time is precious for many people‚ the same
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Q.1. Management As the world moves through the 21st Century‚ business is becoming more dependent upon professional managers‚ who can bring success to an organization. Issues such as globalization and decentralization add to the need for organization’s to hire flexible managers capable of leading. A 21st century manager should possess three traits and utilize them to lead organizations: the ability to stimulate change‚ excellent planning capabilities‚ and ethics. A manager can be defined as “a
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What are the primary internal organization considerations for the development of a strategic plan? Which consideration is the most important? Why? Strategic planning is the process followed by an organization in which it defines its strategies and makes plans for proper allocation of its available resources to achieve its objectives. While developing a strategic plan‚ it is essential to consider the various internal organizational factors in order to help the plan succeed. The internal organizational
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There are different ways in how two income statements are prepared. For example: the income statement (also known as P&L) of a merchandising company consists of Revenue‚ Expenses (related to the sales volume through the Cost of Goods Sold (COGS) and General & Administrative Expense (G&SA)‚ which all result in Net Income. The income statement of a Service company consists of Service Revenue minus any Expenses related to that service‚ which results in Net Income. Another way to look at it is that
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Explain the advantages and disadvantages for jaguar of using just in time production rather than the more traditional just in case stock system. Just in time is a manufacturing method based on pull system which means the raw materials are only delivered only when needed which reduces waste due to overproduction and lowers the storage rent e.g. warehouse storage. Advantages: * Reducing set up times * Goods from warehouse to the production line flow much smoother which saves time. * Increases
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John Walter O. Boisvert TM 102 (12:20 – 2:00) FORMS OF BUSINESS ORGANIZATION 1. Sole Proprietorship - is the simplest business form under which one can operate a business. The sole proprietorship is not a legal entity. It simply refers to a person who owns the business and is personally responsible for its debts. A sole proprietorship can operate under the name of its owner or it can do business under a fictitious name. ADVANTAGES: * Capital - Sole proprietor contributes
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necessary? Surely they cause too much delay in preparing financial statements‚ and the financial effect of any entries made is immaterial in the long run.’ Respond to this criticism. ii. The owner of a business reviews the income statement prepared by you and asks‚ “Why do you report a profit of only $30 000 when cash collections of $100 000 were received and cash payments for the period totalled only $50 000 for expenses?” How would you respond to the owner’s question? iii. On 31 March‚ Padbury Publishers
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1. The online survey is faster and inexpensive‚ regardless of sample size; there are no printing‚ postage‚ labor‚ travel or telephone costs. And the answers are more honest than other channels. 2.(1) do you like shopping online? A. Yes B. No (2) Do you know where you can get a condom? A. Yes B. No (3) Which place is your prefer for purchasing the condoms? A. Supermarket B. Vending machine C. Online D. Sex shop E. other place (4) Do you feel embarrassing or strange feeling
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Balance Sheet and Income Statement Commentary Belinda Greer BSA/500 March 24‚ 2012 Murali Ramachandran Balance Sheet and Income Statement Commentary Balance sheets and income statements are a snapshot of a company’s stability and financial situation. Combined the statements show the income‚ expenses‚ and stockholder’s equity in the company. These statements are often analyzed by financial institutions when a company comes to them needing a loan. Stockholders and other investors also look
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