Determine Gross Profit of a Venture with the Following

question 69

Multiple Choice

Determine gross profit of a venture with the following
Financial information: cost of goods sold = $30,000; net profit = $17,000; asset turnover = 1.6; return on assets 32%

• A)$85,000
• B)$72,000
• C)$55,000
• D)$38,000

Differentiate between various types of compensation and benefits, including base pay, merit pay, bonuses, stock options, and gain-sharing.

Recognize the legal and ethical considerations in employment, including wrongful dismissal and discrimination protections.

Understand the concept of work-life balance and the importance of policies that support it.

Grasp the impact of compensation and benefits strategies on attracting, retaining, and motivating employees.

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Definitions:

Uncontrollable

Refers to anything beyond one's power or authority to command, regulate, or restrain.

Fundamental Attribution Error

The fundamental attribution error is a cognitive bias where people disproportionately attribute others' actions to their personality or disposition rather than situational factors.

Actor/Observer Bias

The tendency to attribute one's own actions to external causes while attributing others' actions to their internal characteristics.

Ingroup/Outgroup Bias

The tendency to favor members of one's own group (the ingroup) over those from different groups (outgroup), often leading to prejudice and discrimination.