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1) ________ is also called lean production.
A) Economic order quantity production
B) Just-in-time production
C) Materials requirements planning production
D) Push-through system
2) Financial accounting provides a historical perspective, whereas management
accounting emphasizes ________.
A) the future
B) past transactions
C) a current perspective
D) reports to shareholders
3) Shrinkage is measured by adding (a) the cost of the inventory recorded on the books
in the absence of theft and other incidents just mentioned, and (b) the cost of inventory
when physically counted.
4) Patrick Ross has three booth rental options at the county fair where he plans to sell
his new product. The booth rental options are:
Option 1: $1,000 fixed fee, or
Option 2: $750 fixed fee + 5% of all revenues generated at the fair, or
Option 3: 20% of all revenues generated at the fair.
The product sells for $37.50 per unit. He is able to purchase the units for $12.50 each.
Which option should Patrick choose to maximize income assuming there is a 40%
probability that 70 units will be sold and a 60% probability that 40 units will be sold?
A) Option 1
B) Option 2
C) Option 3
D) All options maximize income equally.
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