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vankor vankor
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5 years ago
Which of the following statements best summarizes what a business partnership is all about?
 
  a. Partnerships can harness the skills and expertise of more than one person.
 b. A partnership involves two or more persons engaged in economic activity.
 c. Partners own the partnership's assets together.
 
  d. Partners need careful planning to succeed in business.


What is the most desired measure of financial performance by a firm in the context of the co-alignment principle?
 
  a. Historical record
  b. Cash flow per share of owners'/investors' equity
  c. Earnings per share
  d. Gross operating profit
  e. Net profit


Explain how managers read and analyze an income statement.
 
  What will be an ideal response?


Which of the following is needed to determine how much a casino can expect to win from a certain player:
 
  a. house advantage
  b. bet size
  c. player value
  d. duration of play
  e. pace of game


Briefly explain the requirements of U.S. cabotage laws. What effects have these laws had on the U.S. cruise line industry? What benefits, if any, have these laws brought to U.S. workers who would like to work in the cruise line industry?
 
  What will be an ideal response?


Which statement is false? Competitive methods are:
 
  a. made up of portfolios of products and services to achieve advantage in the market place.
  b. used in order to add value to the organization.
  c. having an expected long life in the context of a changing environment.
  d. chosen based on a consistent environment analysis.
  e. all of the above.


Which of the following is a popular poker-based casinos game?
 
  a. Three Card Poker
  b. Caribbean Stud
  c. Let It Ride
  d. Pai Gow Poker
  e. All of the above are poker-based games at the casinos


All of the following are true statements about the differences between corporations and partnerships except:
 
  a. the partners in partnerships have limited liability, while owners of corporations have unlimited liability.
 b. partnerships are not taxed, but corporations are.
 c. corporations need articles of incorporation, while partnerships do not.
 
  d. partnerships are easier to form than corporations.


Identify operating costs as controllable, noncontrollable, fixed, variable, or semivariable.
 
  What will be an ideal response?


The logical sequence of components of the co-alignment principle is
 
  a. strategic choice, environment, firm structure, and firm performance.
  b. environment, strategic choice, firm structure, and firm performance.
  c. firm structure, strategic choice, environment, and firm performance.
  d. firm performance, strategic choice, environment, and firm structure.
  e. it does not matter which component is the first.
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estrada98estrada98
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#1
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5 years ago
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b

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B

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Managers analyze an income statement by carefully reading the financial information provided in each of its revenue, expense, and profit sections. This information can then be analyzed by comparing it to three different sources of available data. One comparison that is most often made is an operation's actual performance to its planned or budgeted performance. Differences can be investigated to determine the managerial actions that must be taken to bring actual performance back in line with planned performance. Additional comparisons can be made to company standards, or to industry-wide data that can be used as a standard or goal. Managers can also compare current P&L performance to historical P&L performance of the same operation. They do so to identify seasonal trends and to monitor improvements or declines in their establishments' operating performances.

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c

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U.S. cabotage laws require that ships engaged in cabotage must have been built in the U.S. and be staffed by U.S. officers and crew. These laws have driven the cruise lines out of the U.S. While they call on U.S. ports, they are all engaged in international activity rather than cabotage. None of the cruise ships calling on U.S. ports were built in the U.S. and few if any of the officers or crew are U.S. citizens.

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C

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e

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a

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Controllable costs are those operating expenses that management can directly control. They are different from noncontrollable costs: those expenses over which management has little or no control. Food cost is an example of a controllable cost. Labor is another example of a controllable cost. For example, by varying the number of workers scheduled, a manager can directly affect, or control, the amount spent for labor. Noncontrollable costs are those which management has little ability to change. Rent is a noncontrollable cost because, after a lease is signed, the amount to be paid for rent cannot normally be changed during the period of the lease.

A fixed cost is an expense that remains the same regardless of sales volume. Insurance is an example of a fixed cost because that expense does not change when sales levels change. Additional examples of fixed expenses can include loan payments, license fees, and rent. Variable expenses change as volume levels change. Food is a variable expense because, as an operation's food sales increase, the amount spent by the operation for food will also increase. Semivariable costs change as sales volume changes, but not in direct proportion.

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B
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vankor Author
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#2
5 years ago
Passed my quiz with this!
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