Profit standards include what outputs should be expected with which inputs.
True
False
False
True.
Profit standards do include the expected outputs that should be achieved with the given inputs. Profit standards are developed based on analysis of historical data, market research, and industry benchmarks. These standards help businesses determine the level of output that should be achieved with a given set of inputs in order to achieve profitability. By setting profit standards, businesses can assess their actual performance against the expected performance and make necessary adjustments to improve productivity and profitability.
False.
Profit standards refer to predetermined levels of profit that a company aims to achieve and are based on financial goals and objectives. They do not specifically define the expected outputs from inputs.