Henry Fayol First Identified the Management Functions of Planning, Organizing

question 42

True/False

Henry Fayol first identified the management functions of planning, organizing, leading and controlling.

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Definitions:

Flexible Budget

A budget that adjusts or flexes with changes in volume or activity level.

Manufacturing Costs

The total expense involved in the manufacturing process, including direct materials, direct labor, and overhead costs.

Variable Costs

Variable costs are expenses that change directly and proportionally with the level of production or business activity, such as raw materials and direct labor costs.

Direct Materials

Raw materials that are directly incorporated into a final product and can be easily traced to it.