Which Service Gap Is the Ritz-Carlton Hotel Trying to Address

question 56

Multiple Choice

Which service gap is the Ritz-Carlton Hotel trying to address when it takes time and spends up to $1,700 to train a new employee?

• A) standards gap
• B) knowledge gap
• C) performance gap
• D) communication gap
• E) recovery gap

Understand the financial ratios and their implications on a company's performance.

Calculate and analyze liquidity ratios to assess a company's short-term financial health.

Determine the operational efficiency and credit management of a company through inventory and receivables turnover periods.

Interpret profitability ratios to evaluate a company's earning potential.

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Definitions:

Beginning Inventory

The value of a company's inventory at the start of an accounting period, used in calculating cost of goods sold during the period.

Inventory Value

The total cost or market value of all the goods held by a company that are ready or will be ready for sale.

FIFO Inventory

An accounting method where the first items added to inventory are the first ones considered sold.

Net Realizable Value

The estimated selling price of goods minus the cost of completion and the costs necessary to make the sale.