Scenario 5-1

question 96

Multiple Choice

Scenario 5-1. Connie is considering opening a small bakery called Connie's Cookie Cupboard. She loves to bake cookies. Family and friends have told her she should consider opening a small business using her baking skills. Connie has no business experience and no idea where to start in opening her own business. She also has very few funds available. One day she is glancing through the newspaper and notices an ad for a bakery franchise that would like to open an outlet in the local mall. This franchise provides everything from equipment to packaging to full business services. She decides to look into the opportunity further.
-In Scenario 5-1, which of the following advantages from the franchisor would benefit Connie the most?

• A) quality product
• B) efficiency
• C) professional guidance
• D) an opportunity to learn

Acknowledge the significance of project execution resources and the procurement process in project management.

Understand the initiation phase's endpoint and the criteria signaling readiness for the subsequent phase.

Understand the four major phases of a project life cycle and their characteristics.

Identify activities carried out in each phase of the project life cycle.

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Definitions:

Conversion Cost

The combined expenses of direct labor and manufacturing overhead, representing the costs to convert raw materials into finished goods.

Product Cost

The total cost associated with manufacturing a product, including direct materials, direct labor, and manufacturing overhead.

Direct Materials

The raw materials that can be directly traced to the manufacturing process of a product.

Indirect

Costs or actions that are not directly traceable to a specific product, service, or activity but are necessary for the business to operate.