The 'Business Judgement Rule' Is Recognition of the Fact That

question 3

Multiple Choice

The 'business judgement rule' is recognition of the fact that:

• A)the Courts hold directors to an extraordinarily high standard of care.
• B)not every decision that causes loss or harm to a company amounts to a breach of duty by a director.
• C)when a director's act causes loss or harm to a company that director will generally be in breach of their duty to the company.
• D)third parties can assume that directors acting on behalf of the company are acting in accordance with the rules of its constitution.

Differentiate between various costing methods applicable to service entities (job costing, process costing, activity-based costing).

Understand the role of costs in service pricing, service promotion, and cost control.

Grasp the concept of indirect costs and the significance of cost drivers in allocating these costs in service entities.

Recognize the value chain components relevant to different types of entities (merchandising, professional services).

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Definitions:

Conservation Era

A period in American history marked by the beginning of a widespread environmental movement focusing on the preservation and sustainable management of natural resources.

Grassroots Environmentalism

A movement advocating for environmental protection and sustainability that originates from community-level activism and action, rather than top-down directives.

Theodore Roosevelt

The 26th president of the United States, noted for his exuberant personality, range of interests, and achievements in foreign policy, conservation, and progressive reforms.

Environmental Racism

The unequal exposure of communities, often minority or impoverished, to environmental hazards due to discriminatory policies.