The Ability to Effectively and Efficiently Access and Use Information

question 66

Multiple Choice

The ability to effectively and efficiently access and use information is

• A)vitally important at the point where a domestic firm enters the global market.
• B)an important source of competitive advantage in virtually all industries.
• C)the minimum required for survival in virtually any industry.
• D)critically important mainly in high technology industries.

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Definitions:

Total Variable Cost

The sum of all variable expenses that change in proportion with the level of production or business activity.

Static Budget

A fixed budget that does not change or adjust in response to variations in business activity levels or performance.

Employee Salaries And Wages

Financial compensation paid to workers for their labor, including both fixed salaries and hourly wages.

Planning Budget

A budget designed at the beginning of a period, reflecting expected incomes and expenses based on forecasted operations.