Ranjiv Opened a Chain of Four Restaurants, Which Are Run

question 53

Multiple Choice

Ranjiv opened a chain of four restaurants, which are run by different members of his family. Ranjiv outlines the vision, rules, and regulations for the restaurants. He is considering expanding into online ordering for takeout as well as other opportunities. For the restaurants to continue to operate successfully into the future, Ranjiv and his family need to develop a(n)

• A) business plan.
• B) marketing plan.
• C) expansion plan.
• D) succession plan.
• E) milestone plan.

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Definitions:

Weighted-Average Cost

A calculation used in inventory management and cost accounting that takes into account the varying costs of goods and determines an average cost for the goods sold.

Periodic Inventory System

An inventory system that updates inventory balances after a specific period, calculating COGS by a physical count.

Unit Cost

The calculated cost to produce one unit of product, taking into account all variable and fixed costs.

LIFO Inventory Method

"Last In, First Out," an inventory costing method where the last items purchased are the first ones sold, affecting the cost of goods sold and ending inventory value.