Patricia Curtis Has Been Running the Ferrets First Rescue and Shelter

question 125

Multiple Choice

Patricia Curtis has been running the Ferrets First Rescue and Shelter (FFRS) since 1996.FFRS is in the business of ferret pickup and rescue,as well as ferret boarding and training,and education for ferret owners.Curtis would like to expand her operations,and has been asked to write a marketing plan in order to apply for a bank loan.She knows she can better serve ferrets and ferret owners if she can expand her target audience to schools,animal control officers at city facilities,and pet stores.To do this,she must increase marketing communications.
-Refer to FFRS.Curtis should know effective strategic planning for the Ferrets First Rescue and Shelter requires which of the following?

• A)continual attention
• B)sound planning based on numbers
• C)middle management's support and participation
• D)marketing information systems

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Definitions:

Accrual Basis

A financial recording strategy where income and costs are documented at the point they are generated or incurred, irrespective of the timing of cash transactions.

Accounting Principles

The standardized guidelines and rules that govern financial accounting and reporting practices.

External Decision Makers

Individuals or entities outside a company, such as investors or creditors, who use the company's financial information to make decisions.

Rent Receivable

An asset account representing the amount of rent that has been earned but not yet collected by the landlord.