Entrepreneurship Chapter 10

Net Sales

• The dollar amount of all sales with any returns subtracted

• A plan that shows how the various jobs in a company relate to one another

• The rate at which inventory of a product is sold and replaced with new inventory

• Keeps track of inventory levels on a daily basis

Periodic inventory method

• Keeps track of inventory on a daily basis

• The rate at which inventory of a product is sold and replaced with new inventory

• Involves taking a physical count of merchandise at regular intervals (monthly, weekly, etc)

• A plan that shows how the various jobs in a company relate to one another

Organizational structure

• The process of achieving goals by establishing operating procedures

• Keeps track of inventory levels on a daily basis

• The rate at which inventory of a product is sold and replaced with new inventory

• A plan that shows how the various jobs in a company relate to one another

Management

• Keeps track of inventory levels on a daily basis

• The process of achieving goals by establishing operating procedures that make effective use of people and other resources

• The dollar amount of all sales with any returns subtracted

• Involves taking a physical count of your merchandise at regular intervals (weekly, monthly, etc)

Stock turnover rate

• Involves taking a physical count of your merchandise at regular intervals (weekly, monthly, etc)

• A plan that shows how the various jobs in a company relate to one another

• the rate at which inventory of a product is sold and replaced with new inventory

• Keeps track of inventory levels on a daily basis

Perpetual inventory method

• The process of achieving goals by establishing operating procedures that make effective use of people and other resources

• Involves taking a physical count of your merchandise at regular intervals (weekly, monthly, etc)

• keeps track of inventory levels on a daily basis

• The rate at which inventory of a product is sold and replaced with new inventory

Preparing detailed plans that will provide strategies for achieving goals and objectives in a one-year period is

• strategic planning

• intermediate-range planning

• short-term planning

• none of these

Which of the following functions of management would apply when grouping tasks into departments?

• planning

• organizing

• implementing

• controlling

Jorge is supervising new employees with no experience in food service at a concession stand in an amusement park. Which management style should he use?

• authoritative management

• democratic management

• mixed mangement

• participatory management

The organizational structure outlines all of the rules, policies, and procedures that a business must follow

• true

• false