Which of the Following Is NOT Part of Deming's 14

question 12

Multiple Choice

Which of the following is NOT part of Deming's 14 points?

• A) Cease dependence on mass inspection.
• B) Create constancy of purpose.
• C) End the practice of awarding business on the basis of price tag alone.
• D) Exhort the workers to improve the quality system.

Differentiate between types of leases and understand their implications for both lessor and lessee.

Recognize the strategic purposes behind financial lease arrangements.

Understand the tax implications and benefits related to leasing.

Comprehend the roles and responsibilities in various leasing arrangements.

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Definitions:

Opportunity Costs

The potential benefits an individual, investor, or business misses out on when choosing one alternative over another.

Accounting Profit

The difference between total revenue and explicit costs, indicating the financial gain recorded in the books of accounts.

Entrepreneurial Talent

The unique set of skills, creativity, innovation, and risk-taking abilities that entrepreneurs possess to start and manage businesses.

Implicit Costs

Non-out-of-pocket costs, often opportunity costs, that represent the lost opportunity to use resources in an alternative way.