An Advantage of Engaging in In-House Production of Products and Components

question 35

Multiple Choice

An advantage of engaging in in-house production of products and components is that

• A) the firm will have fewer subunits to control by making products in-house.
• B) it will help the firm capture more orders from other countries.
• C) it enables a firm to protect the proprietary technologies that it has.
• D) firms can make better use of the location advantages of certain countries.

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Definitions:

Net Income

Net income is the total profit of a company after all expenses, taxes, and costs have been deducted from total revenue, indicating the company's financial performance over a specified period.

Liabilities

Financial obligations that a company owes to outside parties, which can include loans, accounts payable, and mortgages.

Owner's Equity

The residual interest in the assets of the entity after deducting liabilities, representing the owner's claim on the business assets.

Owner Drawings

Owner Drawings are withdrawals of business assets by the owner(s) for personal use, affecting the owner's equity account but not considered business expenses.