Solved

Personal Wellness Angela Has Been Working for a Local Small Business Called

question 79

Multiple Choice

Personal Wellness
Angela has been working for a local small business called Personal Wellness for the last three years. It is a retail business that sells sporting goods equipment. When she started her job, she noticed several things as causes of the business not doing as well as the owners were expecting. Angela has been thinking of starting her own small business because she feels she has learned a great deal through working for Personal Wellness.
Due to her education, attention to detail, and organization skills, Angela's manager asked her to create a business plan for Personal Wellness. The manager hoped that this plan would help organize, structure, and focus the business. As part of the plan, Angela suggested that Personal Wellness contact a group of senior and graduate students to provide management counseling for the company as she is concerned that her leaving the company may be detrimental to the slow, but forward, progress that the company is making and her connection with the owners is strong. Angela's most immediate concern is keeping the business from failing.
-Refer to Personal Wellness. Personal Wellness can be classified as operating in what type of industry?

Distinguish between movements along a demand curve and shifts in the demand curve.

Explain the relationship between pricing policies and organizational objectives.

Understand the integration and configuration of hardware components in a networked environment.

Comprehend the fundamentals and benefits of cloud computing models, including SaaS.

Definitions:

Contribution Margin

The difference between the sales revenue and variable costs of a product, showing how much revenue contributes towards covering fixed costs and generating profit.

Avoidable Costs

Expenses that can be eliminated if a particular decision is made or if an activity is ceased.

Sunk Costs

Costs that have already been incurred and cannot be recovered, and should not affect future business decisions.

Irrelevant Costs

Costs that will not be affected by a decision and should not be considered when making that decision.