Which of the following does NOT describe the front-end business practices of firms that respect the strategic roles of purchasing?
a. Product development is regarded as a front-end business practice.
b. Creativity does not require discipline.
c. Marketing in general is regarded as a front-end business practice.
d. High level of uncertainty is about the fact that people have to make important decisions and although they do not have all the relevant information they need.
e. Front-end business practices are discovery-driven in that they explore and create from what they do not know about.
Answer:
b. Creativity does not require discipline.
Explanation:
Front end business practice is the strategy to develop and progress business activities from customer perspective. It focusses on customer demand and then products are customized according to customer needs. Marketing efforts are placed to inform customers about the different features of the product.
Use the following tax rates and income brackets to answer the following question(s).
Tax Rate Individual Returns Joint Returns
10% $0 to $8,350 $0 to $16,700
15% $8,351 to $33,950 $16,701 to $67,900
25% $33,951 to $82,250 $67,901 to $137,050
28% $82,251 to $171,550 $137,051 to $208,850
33% $171,551 to $372,950 $208,851 to $372,950
35% Over $372,951 Over $372,951
Josh earned $89,700 in taxable income and files an individual tax return. What is the amount of Josh's taxes for the year?
Answer: $18,836
Explanation:
Josh is in the $82,251 to $171,550 bracket so in calculating the taxes owed, we need to calculate the maximum taxes from the previous brackets to find Josh's taxes.
This is done as follows:
= (8,350 * 10%) + ( (33,950 - 8,350) * 15%) + ( (82,250 - 33,950) * 25%) + ( (89,700 - 82,250) * 28%)
= 835 + 3,840 + 12,075 + 2,086
= $18,836
ll else being equal, an increase in the yield to maturity of a bond will result in: a. a lower risk of suffering losses in the market values of the bond portfolios. b. a decrease in the rate of return at which the cash flows from the portfolios can be reinvested. c. an increase in the maturity value of the bond. d. a greater interest rate price risk on a long-term bond than on a short-term bond. e. an increase in the market price of the bon
Answer:
d. a greater interest rate price risk on a long-term bond than on a short-term bond.
Explanation:
A bond can be defined as a debt or fixed investment security, in which a bondholder (investor or creditor) loans an amount of money to the bond issuer (government or corporations) for a specific period of time. The bond issuer are expected to return the principal (face value) at maturity with an agreed upon interest (coupon), which are paid at fixed intervals.
Generally, most bonds with shorter maturity time respond less dramatically to changes in interest rates when compared to bonds having longer maturity.
This ultimately implies that, the risk associated with short bonds isn't really significant because their interest rates are less likely to change substantially within that short period of time unlike bonds with longer maturity.
Yield to maturity can be defined as the bond's total rate of return required by the secondary market while the coupon rate is defined as the annual interest of a bond divided by its face value.
For example, when a bond is issued at a par or face value of €1,000, at maturity the investor would be paid €1,000. But because bonds are being sold before its maturity, it would trade below its face value.
All else being equal (ceteris paribus), an increase in the yield to maturity of a bond will result in a greater interest rate price risk on a long-term bond than on a short-term bond.
An interest-rate risk can be defined as the risk associated with bond owners due to fluctuating interest rates. This risk has a direct level of impact on the value of fixed income securities such as bonds.
The demand for personal computers has been estimated to be Q = 500,000 – 700P +200I - 500S. Assume that per capita income I is $13,000 and the average price ofsoftware S is $400.When the price of personal computers is P = $3,000, the priceelasticity of demand is:________.a. –2.625b. –7.0c. –1.0d. –21.0e. –4.25
Answer:
The price elasticity of demand is: -2.625
Explanation:
Given
[tex]Q = 500000 - 700P +200I - 500S[/tex] --- the demand
[tex]I =\$13000[/tex] --- per capita income
[tex]S = \$400[/tex] --- average price of software
[tex]P = \$3000[/tex] --- price of computer
Required
The price elasticity of demand
Substitute values for I and S in: [tex]Q = 500000 - 700P +200I - 500S[/tex]
[tex]Q = 500000 - 700P +200*13000 - 500*400[/tex]
Collect like terms
[tex]Q = 500000 +200*13000 - 500*400- 700P[/tex]
[tex]Q = 2900000- 700P[/tex]
The price elasticity (n) is then calculated using:
[tex]n =\frac{P}{Q} * \frac{dQ}{dP}[/tex]
[tex]Q = 2900000- 700P[/tex]
Differentiate
[tex]\frac{dQ}{dP} = -700[/tex]
Calculate Q when [tex]P = \$3000[/tex]
[tex]Q = 2900000- 700*3000[/tex]
[tex]Q = 800000[/tex]
So, we have:
[tex]n =\frac{3000}{800000} * -700[/tex]
[tex]n =-\frac{3000* 700}{800000}[/tex]
[tex]n =-\frac{2100000}{800000}[/tex]
[tex]n =-\frac{21}{8}[/tex]
[tex]n =-2.625[/tex]
The price elasticity of demand is going to be –2.625.
The equation has
Q = 500,000 – 700P +200I - 500S.
p = $3,000
I = $13,000
S = $400
We have to put in these values in the equation that we have here:
Q = 500,000 – 700*3000 +200*13000 - 500*400
= 800000
We have to find dQ/dP= 500,000+200*13000 - 500*400 – 700P
= 2900000-700p
= -700p
The price elasticity =
-700*3000/800000
= -2.625
The price elasticity = -2.625
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Firm K is planning on merging with Firm L. Firm K currently has 5,500 shares of stock outstanding at a market price of $28 a share. Firm L has 500 shares outstanding at a price of $16 a share. The merger will create $600 of synergy. Firm K plans to offer a sufficient number of its shares to acquire Firm L at an acquisition cost of $8,200. How many total shares will be outstanding in the merged firm
Answer:
5,792 shares
Explanation:
Value of share of K = $28
Increase in value of share due to synergy = $600 / 5,500 shares
Increase in value of share due to synergy = $0.11
New share value = $28 + $0.11
New share value = $28.11
Number of shares to be issued = $8,200 / $28.11
Number of shares to be issued = 291.71
New shares of Firm K = 5,500 shares + 291.71 shares
New shares of Firm K = 5791.71 shares
New shares of Firm K = 5,792 shares
Assume a pro rata reinsurance agreement with a 35% retention. Further assume a primary insurance contract with limits of $2,500,000, premiums of $20,000 and deductible $10,000. a)How much premium will the primary insurance company retain
Answer: $7000
Explanation:
Since there is a pro rata reinsurance agreement with a 35% retention, primary insurance contract with limits of $2,500,000, premiums of $20,000 and deductible $10,000, then the amount of premium that the primary insurance company will retain will be:
= Retention rate × Premium
= 35% × $20000
= 0.35 × $20000
= $7000
Explain the 5 marketing objectives?
Answer:
creation of demand
customer satisfaction
market share
generation for profits
public image
TaskMaster Enterprises employs a standard cost system in which direct materials inventory is carried at standard cost. TaskMaster has established the following standards for the prime costs of one unit of product. Standard Standard Standard Quantity Price Cost Direct Materials 8 pounds $ 1.80 per pound $ 14.40 Direct Labor 0.25 hour $ 8.00 per hour 2.00 $ 16.40 During November, TaskMaster purchased 160,000 pounds of direct materials at a total cost of $304,000. The total factory wages for November were $42,000, 90% of which were for direct labor. TaskMaster manufactured 19,000 units of product during November using 142,500 pounds of direct materials and 5,000 direct labor hours. What is the direct labor rate variance for November
Answer:
The direct labor rate variance for November is $34,200
Explanation:
To find out the direct labor rate variance, we have to multiply the actual standard rate of direct labor into actual hours of direct labor used
Standard hourly rate of direct labor hour = $14.40
Actual direct labor hours = 5,000
Standard direct labor cost
= 5,000 × $14.40
= $72,000
Total factory wages are $42,000 in which direct labor is 90%
= $42,000 × 90%
= $37,800
Actual direct labor cost = $37,800
Therefore,
Direct labor rate variance = Standard direct labor cost - Actual direct labor cost
Direct labor rate variance
= $72,000 - $37,800
= $34,200
Who's Candice?you get 61 points if you answer
Candice is a delightful young lady
Answer:
A strong ,courageous, beautiful , educated woman
g The process of gathering information and forecasting relevant trends, competitive actions, and circumstances that will affect operations in geographic areas of potential interest is called ________. A. cultural analysis B. sustainable development C. environmental scanning D. internal analysis
Answer:
C. environmental scanning
Explanation:
Environmental scanning is a management strategy that focuses on systematically acquiring informations about occasions, trends, events or patterns through surveys and analysis of these information in an organisation's external and internal environment.
Basically, the informations acquired through environmental scanning are used by the executive (top) management in strategically planning the organisation's future and exploitation of available opportunities for the success of the organization.
Furthermore, the internal environmental scanning offers an organization strength and weakness while the external environmental scanning provides information about opportunities and threats.
On the other hand, the external environmental scanning gives an overview of the opportunities in the market as well as potential threats to an organization.
In conclusion, environmental scanning is a process which typically deals with gathering external and internal informations, forecasting relevant trends to an organization, competitive actions, and circumstances that will affect business operations in geographic areas of potential interest to an organization.
The prepaid insurance account had a beginning balance of $7,560 and was debited for $810 for premiums paid during the year.
Required:
Journalize the adjusting entry required at the end of the year.
Answer: See explanation
Explanation:
Debit Insurance Expenses = $8370
Credit Prepaid insurance = $8370
(To record insurance expense for the current year)
Note that:
Opening prepaid Insurance = $7560
Add: Insurance premium = $810
Insurance expense = $8370
You need to have $32,250 in 9 years. You can earn an annual interest rate of 4 percent for the first 5 years, and 4.6 percent for the next 4 years. How much do you have to deposit today? A. 23341.12 B. 20769.78 C. 22142.99 D. 24936.86
Answer:
The deposit today is:
C. 22142.99
Explanation:
a) Data and Calculations:
Future expected value = $32,250
Time period = 9 months
Annual interest rate = 4% for the first 5 years
Annual interest rate = 4.6% for the next 4 years
Today's deposit to earn the above future value is calculated from an online financial calculator as follows:
N (# of periods) 5
I/Y (Interest per year) 4
PMT (Periodic Payment) 0
FV (Future Value) 26940.33
Results
PV = $22,142.99
Total Interest $4,797.34
N (# of periods) 4
I/Y (Interest per year) 4.6
PMT (Periodic Payment) 0
FV (Future Value) 32250
PV = $26,940.33
Total Interest $5,309.67
Labor power is a special commodity right or wrong?
Answer:
Right.
Explanation:
The labor market is as much a commodity as the materials are to be processed.
Labor power is a unique commodity in that it is a characteristic of living people who own it in their own bodies. They cannot permanently sell it to someone else because they own it within themselves; otherwise, they would be a slave, and a slave does not own himself.
____________- allows more than one variable at a time to be changed, and it takes into account the probabilities of changes in the key variables.
Answer:
scenario analysis
Explanation:
scenario analysis estimates changes that would result from a hypothetical change in the market or a reoccurrence of an historical event.
types of scenario analysis
1. historical scenarios : scenarios measure an hypothetical change that would result from a repeat of a particular period of financial history.
2. Hypothetical scenarios : scenarios have never occurred and are just conjured for the sake of analysis.
Sensitivity measures the impact of the change of one variable.
You have decided to buy a used car. The dealer has offered you two options: (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use the appropriate factor(s) from the tables provided.) Pay $620 per month for 20 months and an additional $12,000 at the end of 20 months. The dealer is charging an annual interest rate of 24%. Make a one-time payment of $16,864, due when you purchase the car. 1-a. Determine how much cash the dealer would charge in option (a). (Round your answer to 2 decimal places.) 1-b. In present value terms, which offer is clearly a better deal
Answer:
1. In option (a), the dealer would charge $18,213.54.
b. In present value terms, the one-time payment (option (b) is a better deal for the purchaser.
Explanation:
a) Data and Calculations:
Monthly payment for a used car = $620
Payment period = 20 months
Additional payment at the end of 20 months = $12,000
Annual interest rate = 24%
One-time payment for the car purchase = $16,864
From an online financial calculator, the present value of the payments is:
N (# of periods) 20
I/Y (Interest per year) 24
PMT (Periodic Payment) 620
FV (Future Value) 12000
Results
PV = $18,213.54
Sum of all periodic payments = $12,400.00
Total Interest = $6,186.46
Imagine you are reviewing a business plan. In which section of the business plan would you expect to find the answers to the following questions?
Question Financial Statements Marketing & Sales Management Service or Product Line
How much money will the owners invest in the business start-up?
How will the salespeople for this business be compensated?
What are the unique features of this business’s merchandise?
Answer:
Hence,
The money which the owners invest in the business start-up is by Financial statements.
The salespeople for this business be compensated is by Marketing & sales management.
The unique features of this business’s merchandise are by Service or product line.
Explanation:
Financial statements show how much money will the owners invest in the business start-up.
Marketing & sales management shows how will the salespeople for this business be compensated.
Service or product line shows What are the unique features of this business’s merchandise
Which of the following characteristics implies that a quantitative model is probabilistic in nature?
(a)The fact that it uses random variables.
(b)The fact that it uses an exponential function.
(c)The fact that it measures time in discrete steps.
(d)The fact that it is based on theory rather than data.
Answer:
(a)The fact that it uses random variables
Explanation:
Quantitative models can be regarded as a compact representations in which
single differential or difference equation may be used in describing performance of the system as regards large set of input functions as well as initial states.Quantitative data can be measured and also can be expressed using numbers and can also be counted. Quantitative methods is based on objective measurements as well as statistical and mathematical, it could be base on numerical analysis of data which is been collected through polls or surveys. It should be noted that one of the characteristics that implies that a quantitative model is probabilistic in nature is the fact that it uses random variables
According to the video, what qualities or items do Cargo and Freight Agents need? Check all that apply.
college degree
familiarity with computers
driving skills
supervisory experience
high-school diploma
answers are 2 and 5
Answer:
B
E
Explanation:
S945274 is correct
Answer:
2 and 5 r the answer
Explanation:
For each of the following cases, calculate the arc price elasticity of demand, and state whether demand is elastic, inelastic, or unit elastic.
a. When the price of milk increases from $2.25 to $2.50 per gallon, the quantity demanded falls from 100 gallons to 90 gallons.
b. When the price of paperback books falls from $7.00 to $6.50, the quantity demanded rises from 100 to 150.
c. When the rent on apartments rises from $500 to $550, the quantity demanded decreases from 1,000 to 950.
Answer:
a. Arc price elasticity of demand = - 1. The demand is unit elastic.
b. Arc price elasticity of demand = - 5.40. The demand is elastic.
b. Arc price elasticity of demand = - 0.54. The demand is inelastic.
Explanation:
The formula for calculating arc price elasticity of demand is as follows:
Arc price elasticity of demand = Percentage change in quantity demanded / Percentage change in price ................ (1)
Where, based on the arc price elasticity of demand, we have:
Percentage change in quantity demanded = {(New quantity demanded - Old quantity demanded) / [(New quantity demanded + Old quantity demanded) / 2]} * 100
Percentage change in price = {(New price - Old price) / [(New price + Old price) / 2]} * 100
Therefore, we have:
a. When the price of milk increases from $2.25 to $2.50 per gallon, the quantity demanded falls from 100 gallons to 90 gallons.
Percentage change in quantity demanded = {(90 - 100) / [(90 + 100) / 2]} * 100 = -10.5263157894737%
Percentage change in price = {(2.50 - 2.25) / [(2.50 + 2.25) / 2]} * 100 = 10.5263157894737%
Substituting the values into equation (1), we have:
Arc price elasticity of demand = -10.5263157894737% / 10.5263157894737% = - 1
Since the absolute value of the arc price elasticity of demand is equal to 1, it implies that the demand is unit elastic.
b. When the price of paperback books falls from $7.00 to $6.50, the quantity demanded rises from 100 to 150.
Percentage change in quantity demanded = {(150 - 100) / [(150 + 100) / 2]} * 100 = 40%
Percentage change in price = {(6.50 - 7.00) / [(6.50 + 7.00) / 2]} * 100 = -7.40740740740741%
Substituting the values into equation (1), we have:
Arc price elasticity of demand = 40% / -7.40740740740741 = - 5.40
Since the absolute value of the arc price elasticity of demand is equal to 5.40 which is greater than 1, it implies that the demand is elastic.
c. When the rent on apartments rises from $500 to $550, the quantity demanded decreases from 1,000 to 950.
Percentage change in quantity demanded = {(950 - 1000) / [(950 + 1000) / 2]} * 100 = -5.12820512820513%
Percentage change in price = {(550 - 500) / [(550 + 500) / 2]} * 100 = 9.52380952380952%
Substituting the values into equation (1), we have:
Arc price elasticity of demand = -5.12820512820513% / 9.52380952380952% = - 0.54
Since the absolute value of the arc price elasticity of demand is equal to 0.54 which is less than 1, it implies that the demand is inelastic.
34. A written review request to the insurance carrier is the only way to
resolve incorrectly processed claims.
Answer:
False. That is one of many.
Explanation:
False. That is one of many.
Why should you stay organized when doing a research paper
Answer:
cuz if u don't stay organized then the information may lost
Answer:
Staying organized is one of the most important skills when a student first learns
how to write a research paper. It will help your stress levels as well as make the writing process go much faster.
Fraternity is protected under the ..
-Federal law
-Provincial law
-none of them
-Charter of rights and freedoms.
Fraternity is protected under the federal law.
As a social association, a Fraternity is protected with first amendment rights. The first amendment has a right to freedom of association while the fourteenth amendment offers equal protection rights.
A fraternity by definition are a group of people that have common interests. These interests could be religious or secular.
The first amendment offers protection to associations formed for speech, assembly, religion or to take care of grievances.
Therefore a fraternity is protected by Federal law.
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Mark owns a driving range in New York City. He has taken notice of the three competitors who are located very close to his business. Mark decides to look at his competitors' pricing and then determine his best pricing strategy based on all of the information. In this scenario, Mark is utilizing ________.
Answer:
competitor-based pricing
Explanation:
Since in the given situation, it is mentioned that mark look to the competitor pricing and them measures it pricing startegy
So here Mark is utilizing competitor based pricing as the mark has decided the price that depend upon his competiton. It is mainly applied for those products who are almost same with the competitor products.
Therefore the above should be the answer for the given scenario.
KJ Pharma issues new bonds to fund an acquisition. The face value of the bond is $100 and annual coupon is 6.5%. Further, this bond matures in 20 years and is issued at a price of $105. Assuming KJ Pharma's tax rate is 30%, what is its After-Tax Cost of Debt
Answer:
4.24%
Explanation:
The computation of the after tax cost of debt is given below:
But before that we have to determine the before tax of debt by using RATE formula
Given that
Future value be $100
Present value be $105
PMT is $100 × 6.5% = $6.5
NPER is 20
The formula is
=RATE(NPER,PMT,-PV,FV,TYPE)
After applying the above formula, the before tax cost of debt is 6.06%
Now the after tax cost of debt is
= 6.06% × (1 - 0.30)
= 4.24%
Identifying your sources will help you to establish credibility.
Question 6 options:
True
False
Answer:
True
Explanation:
Identifying your sources help your audience believe that your information is reliable.
The statement is True. Identifying your sources will help you to establish credibility.
You can increase your trustworthiness by: Being competent is being knowledgeable in your chosen subject. Giving accurate, verified facts is being honest. Responsibility for your choices and deeds.
Why is it important to establish credibility?
Credibility is a crucial quality since it has the power to change people's habits, attitudes, and behaviors. Therefore, if a business, its representatives, or its brand lack credibility, others will be less inclined to trust what is being said or taught, making communication pointless.
You must be regarded as a reliable source of information and judgment by your team members if you want to build credibility. However, when it comes to establishing credibility, deeds speak louder than words. For instance, you risk losing people's confidence if you don't keep your word or make poor decisions without a clear plan.
Thus, Three factors trustworthiness, expertise, and dynamism were taken into consideration while evaluating the people we were working with when only considering their credibility.
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Troy Engines, Ltd., manufactures a variety of engines for use in heavy equipment. The company has always produced all of the necessary parts for its engines, including all of the carburetors. An outside supplier has offered to sell one type of carburetor to Troy Engines, Ltd., for a cost of $34 per unit. To evaluate this offer, Troy Engines, Ltd., has gathered the following information relating to its own cost of producing the carburetor internally:
Per Unit 21,000 Units
Per Year
Direct materials $ 14 $ 294,000
Direct labor 12 252,000
Variable manufacturing overhead 2 42,000
Fixed manufacturing overhead, traceable 9 * 189,000
Fixed manufacturing overhead, allocated 12 252,000
Total cost $ 49 $ 1,029,000
*One-third supervisory salaries; two-thirds depreciation of special equipment (no resale value).
1. Assuming the company has no alternative use for the facilities that are now being used to produce the carburetors, what would be the financial advantage (disadvantage) of buying 21,000 carburetors from the outside supplier?
Financial (disadvantage) ..................
2. Suppose that if the carburetors were purchased, Troy Engines, Ltd., could use the freed capacity to launch a new product. The segment margin of the new product would be $210,000 per year. Given this new assumption, what would be financial advantage (disadvantage) of buying 21,000 carburetors from the outside supplier?
Financial advantage ...................
Answer:
1. Financial disadvantage ($63,000)
2. Financial advantage $147,000
Explanation:
1. Calculation to determine what would be the financial advantage (disadvantage)
Per Unit
Differential
Costs 21,000 Units
Make Buy Make Buy
Cost of purchasing
$0 $34 $0 $714,000
($34*21,000 Units=$714,000)
Direct materials
$14 $294,000 $0 $0
Direct labor
$12 $0 $252,000 $0
Variable manufacturing overhead
$2 $0 $42,000 $0
Fixed manufacturing overhead, traceable1
$3 $0 $63,000 $0
($9 per unit × 1/3=$3)
Fixed manufacturing overhead, common
$0 $0 $0 $0
Total costs $31 $34 $651,000 $714,000
Financial (disadvantage) of buying the carburetors $ (3) $ (63,000)
($31-$34=$3)
($651,000-$714,000=-$63,000)
Based on the above information the company should REJECT the offer and they should CONTINUE TO PRODUCE the carburetors internally.
Therefore the FINANCIAL DISADVANTAGE of buying 21,000 carburetors from the outside supplier is ($63,000)
2. Calculation to determine the financial advantage (disadvantage)
Make Buy
Cost of purchasing $0 $714,000
($34*21,000 Units=$714,000)
Cost of making $651,000 $0
($294,000+$252,000+$42,000+$63,000)
Opportunity cost—segment margin foregone on a potential new product line $210,000 $0
Total cost $861,000 $714,000
Financial advantage of buying the carburetors $147,000
($861,000-$714,000=$147,000)
Based on the above calculation, the company should ACCEPT the offer and thereby PURCHASE the carburetors from the outside supplier.
Therefore what would be FINANCIAL ADVANTAGE of buying 21,000 carburetors from the outside supplier is $147,000
Boswal Company uses the weighted-average method in its process costing system. The Assembly Department started the month with 6,000 units in its beginning work in process inventory that were 80% complete with respect to conversion costs. An additional 52,000 units were transferred in from the prior department during the month to begin processing in the Assembly Department. There were 18,000 units in the ending work in process inventory of the Assembly Department that were 20% complete with respect to conversion costs. What were the equivalent units for conversion costs in the Assembly Department for the month
Answer:
Boswal Company
The the equivalent units for conversion costs in the Assembly Department for the month are:
= 43,600 units.
Explanation:
a) Data and Calculations:
Units Materials Conversion
Beginning work in process inventory 6,000 100% 80%
Units added during the month 52,000
Total units available for processing 58,000
Ending work in process inventory 18,000 100% 20%
Units completed and transferred out 40,000
Equivalent units of production:
Units Materials Conversion
Units completed and transferred 40,000 40,000 (100%) 40,000 (100%)
Ending work in process inventory 18,000 18,000 (100%) 3,600 (20%)
Total equivalent units of production 58,000 43,600
g Suppose that an employer requires 4 years of education as a precondition for the high-productivity wage. The existence of a separating equilibrium will depend on the cost of education for high-productivity types. In this case, a separating equilibrium will exist if the cost of education for high-productivity types is less than X dollars per year. What is X
What are the desirable personal characteristics, attributes, lifestyles, skills, and traits of a prospective entrepreneur? Why are these important?
Answer:
The answer is below
Explanation
1. There are various desirable personal characteristics, attributes, lifestyles, skills, and traits of a prospective entrepreneur, some of them include
Competency,
Hardworking,
Risk-taking
Innovation
Perception
2. These characteristics or attributes of an entrepreneur are important because they guide and lead the entrepreneur in making the right decision. It also helps entrepreneurs to solve issues like conflicts, hire and fire where necessary, etc.
What is one of the key phases of procurement processes that employ competitive bidding mechanisms?
