Thomas Watson, the Founder of IBM, Was Asked About the Key

question 31

Multiple Choice

Thomas Watson, the founder of IBM, was asked about the key to success.His response was ______.

• A)have a good accountant
• B)you really need a good product and a developed market
• C)Ben Franklin failed many times before each success.This is required
• D)to increase the rate of failure

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Definitions:

Labor Rate

The cost associated with hiring labor, often expressed per hour or unit of work.

Sales Budget

A financial plan that forecasts the sales revenue, including the volume of sales and the unit prices, for a specific period.

Rolling Budgets

Budgets that are continuously updated by adding a new budget period as the current period is completed, extending the budget into the future.

Retained Earnings

The portion of a company's profits that is kept or retained and not paid out as dividends to shareholders.