You Currently Work as a Machinist in a Factory

question 23

Multiple Choice

You currently work as a machinist in a factory. Your salary is $45,000 per year. You are thinking about quitting your job and going back to college. It will take you two years to obtain your college degree. Tuition and other costs of the education will total $60,000. The $60,000 cost of the education is a(n) :

• A) Opportunity cost
• B) Differential cost
• C) Sunk cost
• D) Variable cost

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Definitions:

Management by Objectives

A management strategy in which employees and managers collaborate to set clear, measurable goals that contribute to the overall objectives of the organization.

Role Conflict

A situation where there are incompatible demands placed upon a person relating to their job or social roles, leading to stress and difficulty in fulfilling the expectations of these roles.

Knowledge of Results

Feedback given to individuals about the outcomes of their actions, intended to inform and guide future performance.

Team Building

A variety of activities designed to improve team performance and enhance social relations among team members by defining roles and increasing collaboration.