A Young Chef Is Considering Opening His Own Sushi Bar

question 51

Multiple Choice

A young chef is considering opening his own sushi bar. To do so, he would have to quit his current job, which pays $20,000 a year, and take over a store building that he owns and currently rents to his brother for $6,000 a year. His expenses at the sushi bar would be $50,000, for food and $2,000 for gas and electricity. What is the sum of his implicit costs?

• A) $26,000.
• B) $66,000.
• C) $78,000.
• D) $52,000.

Understand the effect of different transactions on the company's operating, investing, and financing activities.

Identify the responsibilities of company management versus independent auditors in relation to financial statements.

Understand the characteristics and accountability in various business ownership structures (sole proprietorship, partnership).

Understand the various approaches to managing conflicts, including their characteristics and outcomes.

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Definitions:

Managers

Individuals responsible for planning, leading, organizing, and controlling resources to achieve specific goals within an organization.

Specific Examples

Specific examples are detailed instances or cases that are used to clarify, illustrate, or support a broader point, concept, or argument.

Employee Behaviors

Refers to the actions or conduct of individuals in their workplace, which can impact their performance and the overall organizational atmosphere.

Personality Traits

Characteristics that form an individual's distinctive character, influencing behavior, thoughts, and emotions.