Scott's Camera Shop Started the Year with Total Assets of $80

question 60

Multiple Choice

Scott's Camera Shop started the year with total assets of $80 000 and total liabilities of $40 000. During the year, the business earned revenues of $120 000 and incurred expenses of $70 000. Scott made no capital contributions during the year, but did make withdrawals of $60 000. What is the amount of Scott's profit for the year?

• A)$40 000
• B)$10 000
• C)$30 000
• D)$50 000

Recognize the positive aspects and necessity of moderate conflict in organizations.

Identify and describe different conflict management styles and their outcomes.

Distinguish between constructive and relationship conflicts and their impacts.

Explain the concept of conflict perceptions and its significance in the conflict process.

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Definitions:

Positive Roles

Constructive roles played by individuals in a group that contribute to the overall effectiveness and success of the group.

Groupthink

A psychological phenomenon in which people in a group strive for consensus to the extent that they set aside their personal beliefs or dissenting opinions.

Correctives

Measures or actions taken to rectify or correct an error, problem, or deviation from a standard.

Virtual Teams

Teams that work together through electronic means across various locations and often time zones, relying heavily on communication technologies.