Which One of the Following Is the Last Step in the Planning

question 95

Multiple Choice

Which one of the following is the last step in the planning and control process?

• A)Implement a plan.
• B)Construct a plan.
• C)Make decisions based on the evaluation of the results.
• D)Compare actual results to the planned results.

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Definitions:

Implicit Costs

The opportunity costs that arise from using resources that could have been employed in an alternative use, not directly paid in a financial form.

Normal Profit

The minimum profit necessary for a company to remain in business, equal to the opportunity cost of capital and entrepreneurial effort not invested elsewhere.

Entrepreneur's Talent

The unique set of skills, creativity, and determination that an entrepreneur brings to identifying opportunities and building a business.

Implicit Costs

Implicit costs refer to the opportunity costs of using resources that a company already owns, without any direct payment, for its own production purposes.