entrepreneurship
Which of the following is NOT generally thought of as part of the organizing function?
strategic planning
Even if your business uses the perpetual inventory method, you will need to take a physical inventory at least once or twice annually.
true
Inspecting products and services to ensure they meet quality standards is an example of the controlling function of management.
true
Offering discounts on bills paid right away is a good way to improve your business's cash receipts.
true
Organizing involves identifying and arranging the work and resources needed to achieve business goals.
true
Successful inventory management involves balancing the costs of inventory with the benefits of having inventory in stock.
true
The minimum amount of merchandise a business wants to keep in inventory is often referred to as the reorder point.
true
Outlines for appropriate employee behavior and actions are called
rules
All of the following are concerns about inventory that managers must address EXCEPT
reducing inventory turnover
Which of the following is a strategy a business can use to encourage faster payment?
all of the above strategies will encourage faster payment
This type of budget shows the projections of your cash coming in and going out.
cash budget
The process of setting standards for the operation of a business and ensuring those standards are met is called
controlling
A management style in which employees are involved in decision making and the manager provides less direction is called
democratic management
As a business owner, it is important for you never to make exceptions to rules, policies, and procedures once they are established because, if you do, customers and employees will become confused.
false
Increasing payroll can improve a business's cash flow.
false
Rules are more specific than procedures.
false
Rules, policies, procedures, and budgets are important components of strategic planning.
false
The perpetual inventory method keeps track of inventory levels on a weekly basis.
false
The three most important elements of a company's financial strength are its revenues, profits, and human resources.
false
Two businesses with the same level of sales and expenses will have the same cash flow.
false
Under no circumstances should the authoritative management style be used in today's modern workplace.
false
the cost of insurance tends to decrease as the value of the inventory insured increases
false
The person in a business who is responsible for planning, organizing, staffing, implementing, and controlling the operations of a business is the
manger
The dollar amount of all sales with any returns subtracted is called
net sales
This inventory method keeps track of inventory levels on a daily basis.
perpetual inventory method