A Diverse Workforces Can Be a Source of Competitive Advantage

question 69

True/False

A diverse workforces can be a source of competitive advantage through flexibility and creativity.

Understand internal control violations and their potential impacts on an organization.

Comprehend the concept of liquidity and its significance for a company's operational capability.

Grasp the voucher system and its role in controlling cash payments and liabilities.

Understand the purpose and use of different financial documents, including vouchers and bank statements.

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Definitions:

Consumer Trends

Patterns or tendencies in consumer behavior that indicate how the choices and preferences of consumers change over time in relation to various factors like market conditions, technological advancements, and cultural shifts.

Product Diversification

This refers to the strategy employed by businesses to increase the variety of products or services they offer to expand into new markets.

Business Plan

A formal written document that outlines a company's objectives, strategies, market analysis, financial forecasts, and management plan.

Top-down Management

A management style where decision-making authority is concentrated at the top level of the organization and decisions are handed down to lower levels.