Reducing Reliance on Human Workers and Instead Investing Heavily in Computers

question 74

Multiple Choice

Reducing reliance on human workers and instead investing heavily in computers and online technology will

• A) reduce fixed costs and increase variable costs.
• B) reduce variable costs and increase fixed costs.
• C) have no effect on the relative proportion of fixed and variable costs.
• D) make the company less susceptible to economic swings.

Comprehend the budgeting process for different departments within an organization, including production, sales, and purchasing.

Recognize the importance and process of sales forecasting in budgeting.

Grasp the concept of long-term and short-term budgeting and their significance.

Identify the types of budgets used within an organization, such as capital expenditure budgets, operating budgets, and financial budgets.

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Definitions:

Average Family Income

The mean amount of money earned by members of a family in a given period, often used to measure economic status.

Confidence Interval

A span of numbers obtained from sample observations, expected to encompass the value of an unseen population characteristic.

Null Hypothesis

A statement or hypothesis that indicates no statistical significance or effect, essentially asserting that any observed differences are due to chance.

Alpha Level

Alpha level, often denoted as α, is a threshold value used in statistics to determine the significance of a result, especially in hypothesis testing; it represents the probability of erroneously rejecting the null hypothesis.