The key figures in calculating the lifetime value of a consumer or set of consumers are revenues, costs, and retention rates

Which of the following statements about finance, accounting, and financial management is most correct?

a. Accounting is of no value in decision making. b. Accounting provides the theory and concepts necessary to help managers make better decisions. c. Financial management involves the measurement, in financial terms, of operational events that affect the resources and financing of an organization. d. The primary role of finance is to plan for, acquire, and use resources to maximize the efficiency (and value) of the enterprise. e. Financial management is of no value in decision making.

Which of the following BEST describes a well-thought-out strategic plan?

A) The strategic plan depends on daily or weekly schedules and focuses on specific departments or employees. B) The strategic plan lays out what contributions each work unit can make over the next several years. C) The strategic plan presents an analysis of current strengths, weaknesses, and anticipated changes within an organization. D) The strategic plan reflects what is going on inside and outside the organization and how those conditions will affect the organization in the future. E) The strategic plan provides a current description of the organization's purpose, basic goals, and philosophies.