Jack Has Just Joined a Law Firm as Its Purchasing

question 124

Multiple Choice

Jack has just joined a law firm as its purchasing agent for all supplies, equipment, and service contracts. In his previous position at another company, Jack could make decisions for any purchase up to $1 million; however, at the new law firm, he can only make decisions for purchases less than $500,000. Recently, Jack has been working with a sales representative from a computer software firm about a contract for new program to process the firm's billing statements. Jack signs the contract, even though it is for $950,000. In this case, Jack ___ part of the market for the software because _____.

• A)is; he has very little buying power.
• B)is; has the need for the software.
• C)is not; he is willing to spend the firm's money.
• D)is; he has the desire for the software.
• E)is not; he does not have the authority to purchase.

Understand qualitative methods for determining the impact of specific actions.

Maximize the reliability and validity of data collection through baseline measures.

Grasp the goal development decision-making process in social work.

Identify and differentiate between various types of goals and contracts in social work.

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Definitions:

Cost of Equity

The return that investors expect for their investment in a company, representing the compensation for the risk of investing in the equity of the company.

Discretionary Accounting

Involves the use of judgment by management to choose among acceptable accounting techniques or adjusting estimates that impact financial statements.

Accrue Revenue

The process of recognizing revenue before cash is received, based on the earning process being complete and the revenue being earned.

Loan Agreement

A contract between a borrower and a lender outlining the terms and conditions of a loan.