Which of the Following Statements Best Describes the Difference Between

question 60

Multiple Choice

Which of the following statements best describes the difference between a president and prime minister?

• A) A president is both head of state and head of government, whereas a prime minister is only head of government.
• B) A president is a member of the popularly elected legislative branch, whereas the prime minister is not a member of the House of Commons
• C) A president may appoint officials without consultations, whereas prime ministerial appointments must be approved by the Cabinet.
• D) A president is both head of state and head of government, whereas a prime minister is only head of state.

Understand the significance of the cash conversion cycle and how it measures efficiency in managing cash flows.

Apply the concept of cycle efficiency in operational management.

Understand how to calculate the gain or loss on disposal of an asset and its impact on financial statements.

Interpret the effects of different depreciation methods on the financial statements.

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Definitions:

Competitive Market

A market structure characterized by many buyers and sellers, where no single entity has the power to influence market prices.

Profit

Profit is the financial benefit realized when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes involved in maintaining the activity.

Short-Run Equilibrium

A situation in a market where demand equals supply, resulting in a stable price level, but which may not reflect long-term market dynamics.

Competitive Price-Taker

A rephrased scenario where businesses in competitive markets accept the prevailing market price as given because they have no power to influence it.