Which of the Following Is Correct Regarding the Environment Component

question 28

Multiple Choice

Which of the following is correct regarding the environment component in a systems approach to labour relations:

• A) environmental factors do not effect each other
• B) outputs are an element of the system
• C) an ideology that binds the system together is an element of the system
• D) the distribution of power in society is an element of the system
• E) unions and employers may attempt to influence or change their environment

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Definitions:

Ending Inventory

The total value of all inventory (goods available for sale) a company holds at the end of an accounting period.

Average Cost Methods

A cost-flow assumption for inventory valuation, where the cost of goods sold and ending inventory are calculated based on the average cost of all units available for sale.

Gross Profit

The difference between sales revenue and the cost of goods sold, before deducting overhead, payroll, taxation, and interest payments.

Ending Inventory

The aggregate value of products on hand for selling when an accounting cycle concludes.