In the short run, if profits are not feasible, a firm operating in a perfectly competitive market will look for the quantity of output where total revenue equals total cost.
This is known as the break-even point, where the firm is able to cover its costs but is not making any profit. By producing at this quantity, the firm is able to minimize its losses and stay in business until it can find a way to become profitable in the long run.
Total revenue is the total amount of money a company brings in through sales or services. Total cost is the total amount of money spent by a company to produce and sell products or services. Total revenue includes all of the costs associated with producing and selling products or services, such as materials, labor, and overhead costs. Total cost does not include the cost of capital. Total revenue is the amount of money a company earns, whereas total cost is the amount of money a company spends in order to produce and sell products or services.
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b. Consumers
c. Oil producers
d. Farmers
Answer:
Which of the following American groups benefited the most from China's turn toward capitalism?
b. Consumers
Explanation:
In order to understand it completely, first of all there is need to understand what actually happens in Capitalism.
Capitalism is a system where private sector of a country holds most of its productions, organisations and businesses. Resulting in effective running of the organisations. Organisations reach their heights in attaining success resulting in high profits. Moreover, organisations goes global and start their operations internationally with their products and services, which consequently, will be beneficial for the international consumers. International consumers will be getting better products in very much competitive prices. So, the same happened with the American Consumers, they benefited the most from China's turn towards Capitalism.
The answer is "process by which people choose how to use limited resources in order to meet their needs".
An economic system refers to an organized way by which a nation allocates assets and appropriates products and ventures over the entire country or a given geographic zone. It is incorporates the mix of a few organizations, elements, offices, basic leadership procedures and examples of utilization that make up the financial structure of a particular network. Hence it is a kind of social framework.
An economic system characterizes how every one of the elements in an economy cooperate. Characterizing them today is considerably more complicated than it used to be.
Answer:
The correct answer is B. Accounting firms are prohibited from providing many types of consulting services to the companies they audit.
Explanation:
The main reason for this policy is that it does not allow conflicts of interest to arise that eventually produce widely known cases of fraud, such as those presented at the Enron and Worldcom companies.
The Enron case broke out in the U.S. when that energy giant announced what was once the biggest bankruptcy in the history of the country, with a debt of 31,000 million dollars, something overcome a few months later by the collapse of another colossus, WorldCom.
In June 2002 WorldCom, the second US telephone. and of the world, he admitted that he had lied in his accounting books for almost 4,000 million dollars and his actions - which shortly before touched his maximum of 16 dollars - collapsed to 20 cents. His bankruptcy exceeded Enron's: $ 35 billion of liabilities.
b. make a friend at the bank and develop a business plan
c. develop a business plan, gain experience, educate yourself, and learn from others
d. borrow money and develop a plan
Answer:
The correct answer is c. develop a business plan, gain experience, educate yourself, and learn from others
Explanation:
A business plan is a document that summarizes the operational and financial objectives of a company and contains detailed plans and budgets that show how the objectives will be achieved.
It is the road map for the success of your business. For anyone who starts a business, it is a vital first step.
If you have an idea to start a new company, a business plan is essential to determine if your business model is viable.
If initial financing is required, you must have a business plan prepared for investors that demonstrates how the proposed business will be profitable.
For example, the market analysis will reveal if there is sufficient demand for your product or service in your target market - if the market is already saturated, your business model will have to be changed (or discarded).
The competition analysis will examine the strengths and weaknesses of the competition and help steer your strategy to get a market share in your marketing plan.
For example, if the existing market is dominated by established competitors, you will have to develop a marketing plan to attract competing customers (lower prices, better service, etc.)
Answer:
False
Explanation:
A flexible budget is a financial plan that varies with the levels of output and input. It is a budget that adjusts to the needs of a company and the actual revenue levels. Flexible budgets contrast fixed budgets that remain the same regardless of actual income levels.
A flexible budget uses actual revenues for a period. It records the actual expenses incurred, whether fixed or variable. A flexible budget like other financial plans and will have fixed, and variable costs indicated separately. Separating fixed and variable cost helps the management in evaluating financial performance for that period.