Which of the Following Is a Long-Term Version of Contingency

question 1

Multiple Choice

Which of the following is a long-term version of contingency planning?

• A) Benchmarking
• B) Scenario planning
• C) Forecasting
• D) Staff planning
• E) Operationalizing

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Definitions:

Physical Inventory

The process of counting by hand the actual inventory of a business at a specific point in time.

Net Income

The net income of a business following the deduction of all costs, taxes, and expenses from its total earnings.

Gross Profit Rate

The gross profit rate is a financial metric indicating the percentage of revenue that exceeds the cost of goods sold, showcasing the efficiency of a company in managing its production costs.

Merchandise Inventory

Goods a company intends to sell in the normal course of business, tracked in an account for accounting and management purposes.