Accounting errors must be corrected as soon as they are discovered.
Accounting errors are any mistakes made while recording financial transactions in the accounting system. They can arise from various causes, including human error, system failure, or deliberate manipulation of accounting data by dishonest employees. The errors made in accounting can be of a different nature such as clerical errors, errors of omission, errors of commission, and errors of principle.
Clerical errors: A clerical error is a mistake that occurs while recording transactions in the accounting books. These errors occur due to human mistakes, such as misplacing a decimal point, misspelling a word, or omitting a figure. Clerical errors usually do not affect the accounting equation.
Errors of omission: An error of omission is a mistake that occurs when a transaction is not recorded in the books of accounts. It occurs when a transaction is left out or not recorded due to oversight, forgetfulness, or lack of understanding of accounting principles.
Errors of commission: An error of commission is a mistake that occurs when a transaction is recorded but is recorded incorrectly. An error of commission occurs when an entry is made in the wrong account, a wrong amount is entered, or a transaction is recorded twice.
Errors of principle: An error of principle is a mistake that occurs when an accounting transaction is recorded in violation of accounting principles. It usually results from a misunderstanding of accounting principles or from deliberate manipulation of accounting data by dishonest employees. Errors of principle can be very serious and can lead to legal and financial problems for the company.
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in analyzing the market for her or his product, an entrepreneur should answer which of the following questions? a. how strong is the patent protection? b. how costly will it be to produce the product? c. how much are customers willing to pay for the product? d. all of these are correct.
In analyzing the market for her or his product, an entrepreneur should answer how much customers are willing to pay for the product. The correct option is c.
A company's growth potential is influenced by a variety of variables. In this case, analyzing the market for the product is the most important step. It's important to consider the following question: "How much are customers willing to pay for the product?"
Customers: This refers to those who will be purchasing the product, as well as the demographics of those people.
Market size: This refers to the potential size of the market.
Pricing: This is the price at which the product is available for purchase.
Patent protection: This relates to the patent protection of the product, and whether or not it is sufficiently secure.
To ensure that the product is effectively marketed, it is critical to conduct a thorough market analysis. The more knowledge an entrepreneur has about the market, the more successful they will be in identifying and exploiting possibilities that may arise.
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true or false. discharge is one of the cardinal signs of inflammation.
Discharge is one of the cardinal signs of inflammation. The statement is false.
Discharge is not one of the cardinal signs of inflammation. The four cardinal signs of inflammation are redness, heat, swelling, and pain. These signs are typically accompanied by increased blood flow to the affected area and the release of chemicals such as histamines and cytokines, which contribute to the inflammatory equilibrium response. While discharge may occur as a result of the inflammation, it is not considered one of the primary indicators of this response. Inflammation is the body's response to the injury, infection, or other stimuli, characterized by redness, heat, swelling, and pain, and mediated by various immune cells and signaling molecules.
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Which of the following describes what a company should do to create a range forward contract in order to hedge foreign currency that will be paid? A. Buy a put and sell a call on the currency with the strike price of the put higher than that of the call
B. Buy a put and sell a call on the currency with the strike price of the put lower than that of the call
C. Buy a call and sell a put on the currency with the strike price of the put higher than that of the call
D. Buy a call and sell a put on the currency with the strike price of the put lower than that of the call
A range forward contract is a hedging tool that helps companies to reduce their exposure to foreign currency risks. The correct answer is option B. Buy a put and sell a call on the currency with the strike price of the put lower than that of the call.
A company can create a range forward contract by purchasing a put option and selling a call option on the foreign currency that will be paid. In this contract, the strike price of the put option is lower than that of the call option. This strategy helps the company to limit its losses in the case of currency depreciation and at the same time, it limits its profits in the case of currency appreciation.
Similarly, if the exchange rate rises above the higher strike price, the company can exercise the call option and buy the foreign currency at a lower rate. In conclusion, a range forward contract is a useful hedging strategy that can help companies to mitigate foreign currency risks. By purchasing a put option and selling a call option with a lower strike price, a company can protect itself from the downside risk while also capping the upside potential.
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a description method used when a product or service is proprietary or when there is a perceived advantage to using a particular supplier's product or services is:]
The description method used when a product or service is proprietary or when there is a perceived advantage to using a particular supplier's product or services is called vendor lock-in.
This is a situation in which a customer is “locked in” to a supplier due to the difficulty of transferring to another vendor.
This can be due to the proprietary nature of the product or service, or because of contractual obligations that make it difficult to switch to another provider.
A description method used when a product or service is proprietary or when there is a perceived advantage to using a particular supplier's product or service is called product specification.
A product specification is a description of the attributes of a product that defines its quality, efficiency, safety, and other characteristics. It comprises features such as dimensions, weight, color, components, and any other specifications that define the quality, safety, and efficacy of a product.
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1. You purchase one IBM July 120 call contract for a premium of $5. You hold the option until the expiration date when IBM stock is at $123 per share on the market. How much profit or loss you will realize on the investment?
2. You write one IBM July 120 call contract for a premium of $10. You hold the option until the expiration date when IBM stock is at $115 per share. How much profit or loss you will realize on the investment?
3. Suppose you purchase one Texas Instruments August 75 call contract quoted at $8.50 and write one Texas Instruments August 80 call contract quoted at $6. If at expiration, the price of a share of Texas Instruments stock is $79, your profit would be.
4. You established a straddle strategy for Tesla aiming for the expiration date of this June. Tesla June 250 call contract has a premium of $18 and Tesla June 250 put contract has a premium of $17. The current stock price of Tesla is at 252. If Tesla's stock price decreased to $200 by June, how much profit or loss you will realize on the investment? At what price range by the expiration date will you lose money on your straddle strategy?
1. Profit would be $8
2. loss would be $5
3. Profit would be $1.50
4. Realize a profit of $15
1. If you purchased one IBM July 120 call contract for a premium of $5 and held it until the expiration date when IBM stock was at $123 per share, then your profit would be $8 ($123 - $120 - $5).
2. If you wrote one IBM July 120 call contract for a premium of $10 and held it until the expiration date when IBM stock was at $115 per share, then your loss would be $5 ($115 - $120 - $10).
3. If you purchased one Texas Instruments August 75 call contract quoted at $8.50 and wrote one Texas Instruments August 80 call contract quoted at $6, and at expiration the price of a share of Texas Instruments stock was $79, then your profit would be $1.50 ($8.50 - $6).
4. If you established a straddle strategy for Tesla with a Tesla June 250 call contract having a premium of $18 and a Tesla June 250 put contract having a premium of $17, and the current stock price of Tesla was at $252, then if Tesla's stock price decreased to $200 by June, you would realize a profit of $15 ($18 + $17 - $252 + $200).
If the stock price of Tesla fell outside the $250 range by the expiration date, then you would lose money on your straddle strategy.
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As a result of technological advancements, many new machines used in manufacturing were too large and expensive to be installed in homes, so the work had to be relocated to
As a result of technological advancements, many new machines used in manufacturing were too large and expensive to be installed in homes, so the work had to be relocated to factories.
Technological advancement is the application of scientific knowledge for practical purposes, especially in industry. Technology, such as machines, methods, and materials, is used to make everyday life easier and more comfortable. Technological advancements have altered the way humans work, communicate, and live their lives.
Manufacturing, like every other industry, has been influenced by technological advancements. New machines and technologies have made manufacturing more efficient, less expensive, and quicker. These machines can create a large number of identical products in a shorter amount of time.
Since factories could accommodate these new machines and generate products more quickly and effectively, they became the focus of manufacturing. Factories, with the use of new technologies and machines, could produce more goods and increase profits while also reducing costs. This made them more appealing to manufacturing firms, which relocated their operations to take advantage of these benefits.
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XLT Corp. does not want to change the size of its workforce, but it does need a better way to manage benefits. Which of the following might XLT Corp. want to consider? a) Furloughing b) Homeshoring c) Employee leasing d) Outsourcing
XLT Corp. might want to consider employee leasing (c) as a way to better manage their benefits without having to change the size of their workforce.
Employee leasing is a process in which a company hires another company to manage or carry out some of its workforce-related duties, such as HR or payroll management. The employer transfers all or part of their staff to a leasing company, which then contracts with the employer to lease the employees back, handling all payroll-related costs, benefits, and other human resources functions.
This strategy is most commonly used by small and mid-sized businesses who do not have an HR department of their own or who want to focus on their core competencies. XLT Corp. would want to consider employee leasing to manage benefits since it does not want to change the size of its workforce. By doing so, they would be able to outsource their HR tasks to a third-party company and free up internal resources.
This strategy would allow them to take advantage of economies of scale, reducing costs while increasing the quality of employee benefits. Thus, Option C is correct.
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should the government tax or subsidize a monopoly in order to produce at the socially optimal quantity?
Yes, the government should tax or subsidize a monopoly in order to produce at the socially optimal quantity.
A monopoly is a market structure in which a single company or entity is the only provider of a good or service, and there are no near substitutes. Since a monopolist has complete market control, it can raise prices, reduce output, and increase profits. Taxing a monopoly would create an incentive for the monopoly to produce less, while subsidies would create an incentive for the monopoly to produce more. By adjusting the tax or subsidies appropriately, the government can encourage the monopoly to produce the socially optimal quantity.
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Direct sensory perception provides a vital background for the information that comes from human and documentary sources since:
A) it provides secondhand information.
B) it is easy and the most economical way of collecting data.
C) it means firsthand seeing, feeling, hearing, smelling, and tasting.
D) it involves reading and reviewing documents.
E) top executives are involved in getting firsthand information.
Direct sensory perception provides a vital background for the information that comes from human and documentary sources since it means firsthand seeing, feeling, hearing, smelling, and tasting.
What is Direct sensory perception?
Direct sensory perception is a type of data collection method that is often used in scientific and research communities. This data collection method involves observing and recording information with your senses, such as sight, sound, touch, taste, and smell. It is an essential technique because it provides firsthand information about a subject or an event. This can be extremely useful in gathering information that is not easily accessible through other data collection methods.
Direct sensory perception is not always the most economical way of collecting data, but it is one of the most effective. It requires the use of specialized equipment and trained professionals, which can be costly. However, the results obtained from direct sensory perception are often more accurate and reliable than other types of data collection methods.
Therefore, the correct answer is C
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The owner of a local hot dog stand estimates that if he lowers the price of hot dogs from $2.00 to $1.50, he will increase sales from 400 to 500 hot dogs per day. Using the midpoint formula, the demand for hot dogs isA) elastic.B) inelastic.C) elastic unit.D. perfectly elastic.
Using the midpoint formula, the price elasticity of demand for hot dogs is inelastic. (option B)
We can compute the price elasticity of demand using the midpoint formula as follows:
Elasticity = ((Q2 - Q1) / ((Q1 + Q2) / 2)) / ((P2 - P1) / ((P1 + P2) / 2))
where:
Q1 = 400
Q2 = 500
P1 = $2.00
P2 = $1.50
Hence,
Elasticity = ((500 - 400) / ((400 + 500) / 2)) / (($1.50 - $2.00) / (($2.00 + $1.50) / 2))
Elasticity = (100 / 450) / (-$0.5 / $1.75)
Elasticity = -0.777
Since the absolute value of the elasticity is less than 1, the demand for hot dogs is inelastic. (option B)
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What can include money owed to the business by its customers?
Money owed to a business by its customers can include any outstanding debts or bills that have not yet been paid.
This could include any unpaid invoices, unpaid loans or outstanding credit card charges. In other words, it refers to the amount of money that customers owe the business. To illustrate, if a customer has made a purchase using a credit card but has not yet paid the balance, then this would count as money owed to the business by its customers.
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Ideally, how long (how many pages) should your resume be?
A.one page
B.two pages
C.three to four pages
D.as many pages as needed
Answer:
Ideally, how long (how many pages) should your resume be?
3+ plus would be a bad idea its too long
I believe 1 - 2 pages would be good, you should probably choose B. two pages.
Explanation:
You're welcome.
Suppose you decide to deposit $23,000in a savings account that pays a nominal rate of 16%but interest is compounded daily. Based on a 365-day year, how much would you have in the account after three months? (Hint: To calculate the number of days, divide the number of months by 1212 and multiply by 365.)
a. $24,776.82
b. $23,938.96
c. $24,417.74
d. $24,896.52
Option A: $24,776.82. The formula for calculating interest compounded daily is: Final Amount = Principal Amount × (1 + (Nominal Rate ÷ 365))^(No. of Days)
Given;
The principal amount = $23,000; Nominal Rate = 16%; Time = 3 months = 3/12 years = 0.25 years; Compounding is done daily.
Where,
A = Final Amount
P = Principal amount
r = nominal rate of interest
t = time in years
n = number of times interest is compounded per year
In order to find the amount at the end of 3 months, we can use the formula of compound interest, which is given as; A = P (1 + r/n)^(nt)
Plugging in the values from the question:
A = P (1 + r/n)^(nt)
Final Amount = 23000 × (1 + (16÷365))^(3 × (365÷12))
Final Amount = 23000 × (1 + 0.0438356)^(93.75)
Final Amount = 23000 × 1.247761982^93.75
Final Amount = $24,776.82
Therefore, the amount that we would have in the account after three months is $24,776.82
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Which of the following is the most accurate statement concerning the role of context in cross-cultural communication?A) In high-context cultures, the message is implicit; in low-context cultures, the message is explicit.B) In high-context cultures, there is a low sensory involvement; in low-context cultures, there is a high sensory involvement.C) In high-context cultures, many tasks are handled simultaneously; in low-context cultures, only one task is handled at a time.D) In high-context cultures, work time is flexible; in low-context cultures, work time is not flexible.
The most accurate statement concerning the role of context in cross-cultural communication is: (A) In high-context cultures, the message is implicit; in low-context cultures, the message is explicit.
Cross-cultural communication is a concept that involves the exchange of communication between individuals or groups from different cultural backgrounds. It involves a study of differences between cultures and the impacts they have on communication.
The role of context in cross-cultural communication is significant, as it has a considerable effect on the communication process. High-context cultures are the cultures in which the context of communication is critical, and most of the communication is implicit. In contrast, low-context cultures are the cultures where communication is explicit and direct, and context is not essential.
The most accurate statement concerning the role of context in cross-cultural communication is: In high-context cultures, the message is implicit; in low-context cultures, the message is explicit. Therefore, option A is correct.
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the utility maximizing condition states that a consumer should spend their entire budget and purchase the combination of good a and good b such that ___.
The utility-maximizing condition states that a consumer should spend their entire budget and purchase the combination of goods such that the marginal utility per dollar spent is equal for both goods.
To put it another way, customers should spend their money so that the increased satisfaction they receive from buying more of one product is equivalent to the additional satisfaction they receive from buying more of the other good.
Ensuring that the money spent on each commodity is offering the same degree of happiness, aids the consumer in getting the most enjoyment out of their purchases.
This tenet of consumer behavior is the basis for economic theory's use of customer choice to explain consumer behavior.
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A group of people or organizations for which an organization designs, implements, and maintains a marketing mix intended to meet the need of that group, resulting in mutually satisfying exchanges, is called _______
A group of people or organizations for which an organization designs, implements, and maintains a marketing mix intended to meet the need of that group, resulting in mutually satisfying exchanges, is called target market.
What is a Target Market?A target market is a collection of potential clients or consumers who have similar characteristics and demands for goods or services, to which a firm desires to sell its goods or services. Simply put, it is the group of people to whom a corporation's marketing is aimed in order to persuade them to purchase their goods or services.
For example, Apple targets consumers with high-end or mid-range disposable income with its products. In the same way, McDonald's targets people who are always on the go or with minimal time for food preparation or dining out with their fast-food products. They pick a specific audience group to target in order to increase their chances of success.
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Jade Inc., an automobile company, manages the costs of localization by mass producing standard core components such as the engine. However, it makes these components in such a way that they can be adapted to modified external components that are customized to specific local markets. This ensures a certain extent of economies of scale. Which of the following is exemplified in this case?
Market Adaptability.
Design Adaptability
Focus Adaptations
Externalize Adaptations
The exemplified concept in the case of Jade Inc. is "Design Adaptability" Thus, B is correct.
B is correct because the company produces standard core components that can be modified to fit customized external components for specific local markets, allowing for economies of scale.
In the context of manufacturing, design adaptability refers to the ability of a company to design and produce products that can be modified easily to fit different requirements or specifications. In this case, Jade Inc. is able to produce standard core components, such as the engine, that can be easily adapted to fit customized external components for specific local markets.
By doing so, Jade Inc. is able to achieve economies of scale, as it is able to mass produce standard core components while still meeting the specific needs of different local markets. This approach can also help to reduce costs associated with localization, as it eliminates the need to produce entirely new components for each market.
Therefore, option B holds true.
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______ is the stage of the product design process that involves exposing actual products to prospective consumers under realistic purchase conditions to see if they will buy.A. New-product strategy developmentB. Idea generationC. Screening and evaluationD. Market testingE. Development
D. Market testing is the stage of the product design process that involves exposing actual products to prospective consumers under realistic purchase conditions to see if they will buy.
What is a product design process?
The product design process is the procedure of producing new products or improving existing ones. It consists of a series of phases that must be completed to bring the product to market.
The product design process is a critical part of product development since it determines the product's commercial viability and success.
How do you design a product?
A product design process has four steps, which are as follows:
Define the problem
Research
Create and prototype
Test and iterate
What is market testing?
Market testing is a critical part of the product design process. Market testing entails introducing an actual product to potential buyers in a genuine purchasing setting to determine whether they are willing to buy it or not.
Market testing provides valuable feedback to product developers and helps them to identify and address any issues with the product before it is launched on the market.
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GN Corp. and BC Inc. are two competing firms in the same industry. GN Corp’s tangible assets are valued at $15 billion and its intangible assets are valued at $35 billion. BC Inc.’s tangible assets are valued at $5 billion and its intangible assets are valued at $45 billion. Who is better positioned to gain and sustain a competitive advantage? Why?
In this scenario, BC Inc. is better positioned to gain and sustain a competitive advantage.
This is because intangible assets such as intellectual property, brand recognition, and customer relationships are often more valuable than tangible assets, such as property or equipment, in today's economy. BC Inc. has a higher value of intangible assets, indicating that it has invested more heavily in developing and protecting its intellectual property and brand recognition, which can help it to differentiate its products or services and build a loyal customer base. Additionally, having a higher value of intangible assets indicates that BC Inc. has a strong strategic focus on innovation and differentiation, which are key drivers of sustainable competitive advantage. Overall, the higher value of BC Inc.'s intangible assets suggests that it is better positioned to gain and sustain a competitive advantage in the industry.
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you are the product manager for buckstars coffee, a nationally distributed brand. buckstars has been declining in absolute level of sales for the last four consecutive months. you ask the marketing research department to do a study to determine why sales have declined. the most appropriate research strategy is group of answer choices an experimental study. a field experiment followed by an exploratory study. an experimental study followed by a descriptive study. an exploratory study. a descriptive study involving a field survey of actual and potential customers.
The most appropriate research strategy is an exploratory study.
What is an exploratory study? An exploratory study is a preliminary research approach that is utilized to gather information that will help the researcher to understand and define the problem in a more thorough way. It is a type of research that aids in uncovering new ideas and hypotheses, identifying issues, testing hypotheses, and gathering preliminary data that may be used to refine a research problem.The appropriate research strategy for buckstars coffee is an exploratory study. This is because an exploratory study would enable the marketing research department to identify the reasons behind the decline in sales for the past four months, allowing them to make appropriate recommendations to the product manager for Bucks tars Coffee, a nationally distributed brand, on how to increase sales once more.
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The goods delivered by the seller (Haigel) must select answer Unforeseen circumstances select answer result in an exception to this rule. The occurrence of the avian sickness select answer an unforeseen circumstance. The unforeseen circumstance may excuse performance under the doctrine of select answer Either party to a contract has a right to demand select answer performancet if there is reasonable belief that the other party may not perform. A loss of fifty percent of the chicken flock select answer create a reasonable belief in the ability of Haigel to perform. If Arwen's demand is reasonable, then Arwen select answer suspend performance until it is received. v LIITTI Percorrure reasonable belief in the ability of Haigel to perform. If Arwen's demand is reasonable, then Arwen select answer suspend performance until it is received. Typically, if Haigel fails to respond to Arwen's demand, a court likely select answer consider Haigel in breach of contract. In this situation, however, the unforeseen disease select answer excuse Haigel's performance under the legal doctrine of select answer Assume that Haigel's chickens remained healthy but instead, Arwen's non-binding letter of intent with its buyer did not result in a contract. Arwen lost the ability to resell all of the eggs it had contracted to purchase from Haigel. Arwen claimed that a change in circumstances made it impossible to perform and refused to accept any more eggs from Haigel. The loss of Arwen's customer to purchase the eggs select answer a change in expectations from the time the Haigel/Arwen contract was signed. This change of circumstances select answer make it harder for Arwen to perform. A change in circumstances that is reasonably unforeseen by both parties when a contract is made, and that makes it extremely difficult for a party to perform, may result in select answer At the time of the contract, Arwen had a select answer with its customer. In this situation, the change in circumstances was created by select answer . Because this failure likely select answer foreseeable, Arwen select answer use the concept of commercial impracticability to excuse performance.
Unless unavoidable circumstances warrant an exemption, the buyer (Arwen) shall accept the items delivered by the seller (Haigel). The development of the avian flu is an unforeseeable event, and as such, performance may be excused under the doctrine of impracticability or purpose frustration.
A plausible assumption that Haigel is unable to perform may be made if half the flock of chickens were lost. Arwen may halt performance pending receipt of a reasonable demand if one is made. Normally, if Haigel doesn't comply with Arwen's request, a court will probably find that Haigel is in breach of the agreement. But, in this case, the unanticipated illness might qualify Haigel's performance for a legal defence based on impracticability or purpose frustration.
Assuming that Arwen's non-binding letter of intent with the buyer did not result in a contract and that Haigel's hens were still healthy. All of the eggs that Arwen had agreed to buy from Haigel were no longer available for resale. Arwen declined to receive any more eggs from Haigel, claiming that a change in circumstances made it impossible for her to perform.
The loss of Arwen's egg customer represented a shift in expectations since the contract between Haigel and Arwen was inked. Arwen would find it tougher to perform in this new situation. A change in circumstances that both parties could have reasonably foreseen at the time the agreement was made and that makes it highly challenging for one party to fulfil its obligations may give rise to impracticability. or Frustration of Purpose.
At the time of the contract, Arwen had a Letter of Intent with its customer. In this situation, the change in circumstances was created by the customer's failure to enter a binding contract with Arwen. Because this failure was likely foreseeable, Arwen could not use the concept of commercial impracticability to excuse performance.
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suppose an individual is looking to build a house in a plain that is prone to flooding. because of the risk of damage due to flooding, the buyer's top dollar for building the house is only $280,000. suppose the cost of building a house in this area is $320,000. a wealth-creating transaction is not possible since the seller's bottom line (or the cost of building the house) is the buyer's top dollar. the difference between the cost of building the house minus the buyer's top dollar is $ . suppose the government subsidizes flood insurance for homes in the flood plain. because of this, the buyer has access to very cheap insurance, worth an expected $50,000. without such a subsidy, the high likelihood of flood results in extremely high rates for flood insurance. with this subsidy, the individual incentivized to build a house in the flood plain.
With the government subsidy, the individual is incentivized to build a house in the flood plain.
The difference between the cost of building the house minus the buyer's top dollar is $40,000 ($320,000 - $280,000). The expected value of the flood insurance subsidy is $50,000. Therefore, the buyer would save an additional $10,000 ($50,000 - $40,000) if they build the house in the flood plain.
Here is the HTML formatted answer to the given question: Suppose an individual is looking to build a house in a plain that is prone to flooding. Because of the risk of damage due to flooding, the buyer's top dollar for building the house is only $280,000. Suppose the cost of building a house in this area is $320,000.
A wealth-creating transaction is not possible since the seller's bottom line (or the cost of building the house) is the buyer's top dollar. The difference between the cost of building the house minus the buyer's top dollar is $40,000.Suppose the government subsidizes flood insurance for homes in the floodplain.
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What is a positive element of narrowcasting from the consumer’s prospective?
Select one:
a. Narrowcasting makes it easier to create television shows that resonate with a broad audience, like Game of Thrones or Stranger Things.
b. Without narrowcasting, programs that are narrowly tailored to specific interest wouldn’t exist.
c. Narrowcasting helps huge audiences find popular shows on major networks.
The positive element of narrowcasting from the consumer's perspective is: b. Without narrowcasting, programs that are narrowly tailored to specific interests wouldn't exist.
What is a positive element of narrowcasting from the consumer’s prospective?Narrowcasting allows for the creation of content that is specifically targeted to niche audiences, which may not be served by more general programming.
This means that consumers with specific interests or preferences can find content that speaks directly to them, rather than having to sift through a sea of more generic programming. In this way, narrowcasting helps to increase the diversity of programming available to consumers and allows for a more personalized viewing experience.
Therefore the correct option is B.
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Picnics R Us (PRU) is a small catering firm with five employees. During a typical summer weekend, PRU caters 15 picnics with 20 to 50 people each. The business has grown rapidly over the past year, and the owner Suzie White wants to install a new information system for managing the ordering and buying process. PRU has a set of 10 standard menus. When potential customers call, the receptionist describes the menus to them. If the customer decides to book a picnic, the receptionist records the customer information (name, address, phone number, etc.) and the information about the picnic (e.g., place, date, time, standard menus, their quantities and total price) on a contract. The customer is then faxed a copy of the contract. Sometimes, the customer accepts the price; other times, the customer requests some changes, which have to go back to the owner for a new cost estimate. The customer must sign and return the contract along with a deposit (often by a credit card or check) before the picnic is officially booked. The remaining money is collected when the picnic is delivered. Each week, the owner looks through the picnics scheduled for that weekend and orders supplies (e.g., plates) and food (e.g., bread, chicken) needed to make them. The owner would like to use the system for marketing as well. The system should help track how customers learned about PRU and identify repeat customers so that PRU can mail special offers to them. The owner also wants to track the picnics on which PRU sent a contract or actually booked a picnic. Given the above information, please do the following:
1. Identify the main entities (min 10 entities excluding any associative entities). You should use them in steps 2 and 3.
2. Based on the business description identify all the relationships between entities and write relevant business rules that explain each relationship (As all relationships are bidirectional, make sure to articulate business rules both ways for each link in the final fully attributed data model). Make suitable assumptions for any missing details.
3. Create fully attributed data model (Entity Relationship Diagram) based on Crow’s foot notation in MS Visio. You should also provide correct cardinality at both ends of each relationship i.e., (0,M / 1,M / 0,1 / 1,1) using Crow’s foot notation. For any non-specific (M:N) relationships identified between entities, you should resolve them by adding associative entities in your data model.
The current answer to this question on the site is not right I don't believe
Tables/Entities:
Picnic Details, Customer Details, Receptionist Details, Menu Details, Purchase Details, Supply Details, Food Details, Credit Card Details, Check Details, Delivery Details.
Relationships:
1. Picnic Details and Customer Details have a one-to-many (1:M) relationship, as a customer can book multiple picnics, but a picnic can only be booked by one customer.
Business Rule: A Picnic must have one customer, and a customer can have many picnics.
2. Receptionist Details and Customer Details have a many-to-many (M:N) relationship, as multiple receptionists may deal with the same customer, and a receptionist can deal with multiple customers.
Business Rule: A customer can be dealt with by many receptionists and a receptionist can deal with many customers.
3. Menu Details and Picnic Details have a one-to-many (1:M) relationship, as a picnic can include multiple menu items, but a menu item can only be included in one picnic.
Business Rule: A Picnic must have one menu, and a menu can be part of many picnics.
4. Purchase Details and Customer Details have a one-to-many (1:M) relationship, as a customer can make multiple purchases, but a purchase can only be made by one customer.
Business Rule: A purchase must have one customer, and a customer can have many purchases.
5. Supply Details and Picnic Details have a many-to-many (M:N) relationship, as a picnic may require multiple supplies, and a supply can be required for multiple picnics.
Business Rule: A picnic can require many supplies and a supply can be required for many picnics.
6. Food Details and Picnic Details have a many-to-many (M:N) relationship, as a picnic may require multiple foods, and a food can be required for multiple picnics.
Business Rule: A picnic can require many foods and a food can be required for many picnics.
7. Credit Card Details and Purchase Details have a one-to-many (1:M) relationship, as a purchase can be made with multiple credit cards, but a credit card can only be used to make one purchase.
Business Rule: A purchase must have one credit card, and a credit card can have many purchases.
8. Check Details and Purchase Details have a one-to-many (1:M) relationship, as a purchase can be made with multiple checks, but a check can only be used to make one purchase.
Business Rule: A purchase must have one check, and a check can have many purchases.
9. Delivery Details and Picnic Details have a one-to-many (1:M) relationship, as a picnic can require multiple deliveries, but a delivery can only be required for one picnic.
Business Rule: A picnic must have one delivery, and a delivery can be required for many picnics.
The Entity Relationship Diagram (ERD) will be used to clearly visualize the relationships between the entities. The ERD will be created using Crow’s Foot notation, which uses lines and symbols to represent the relationships and cardinality between the entities. The ERD will provide a clear representation of the data structure. It will also help to identify any potential problems within the system, such as redundant data or missing information.
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Which of the following is an impact of tariffs on the country imposing them?
a. The domestic producers of import-competing products are forced to charge a lower price for their products to retain market share.
b. The supply of the domestic import-competing products declines.
c. Domestic consumers pay a higher price for the imported products.
d. The demand for the imported goods by domestic consumers increases.
The impact of tariffs on the country imposing them is that domestic consumers pay a higher price for the imported products. Hence, option c. is correct.
What is a tariff?A tariff is a tax imposed by a government on imported products. It is a duty or fee charged on a particular category of imported or exported items.
A tariff's effects are always mixed. The following are some of the consequences that the country imposing tariffs may face:
Domestic consumers pay a higher price for imported goods: Because tariffs make imported goods more expensive, consumers must pay more to buy them, which raises prices. The government's revenue will rise as a result of this.
The supply of the domestic import-competing products declines: Tariffs provide an advantage to domestic producers by making imported goods more expensive, and this advantage enables them to increase their prices.
Domestic producers of import-competing products are forced to charge a lower price for their products to retain market share: Tariffs put domestic import-competing manufacturers in a better position to increase their prices.
Hence, option c. is correct.
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Assume a company manufactures only two products—14,000 units of Product C and 6,000 units of Product D. It is considering implementing an activity-based costing (ABC) system that allocates all of its manufacturing overhead to three cost pools. The following additional information is available for the company as a whole and for Products C and D:
Activity Cost Pool Activity Measure Estimated Overhead Cost Expected Activity
Machining Machine-hours $ 300,000 15,000 MH
Machine setups Number of setups $ 150,000 200 Setups
Product design Number of products $ 78,000 2 Products
Activity Measure Product C Product D
Machine-hours 9,000 6,000
Number of setups 50 150
Number of products 1 1
Using the ABC system, how much overhead cost would be assigned from the Machine Setups cost pool to Product D?
The ABC system would assign a $112,500 overhead cost from the Machine Setups cost pool to Product D.
What are overhead costs for activity-based costing?The ABC technique divides direct and indirect costs into a number of product and service categories, such as wages and utilities.The ABC system of cost accounting is built on the concept of activities, which are characterised as any event, undertaking, or task with a particular goal.
To compute the overhead expense allocated via the ABC system from the Machine Setups cost pool to Product D.
Cost of overhead determined = (Cost pool rate x Actual activity of the cost driver for the product)
Cost pool rate for machine setups is calculated as follows: ($150,000 / 200) x (Cost of Machine Setups / Number of Setups) = $750 per setup.
allocated overhead costs= (Cost pool rate x Actual activity of the cost driver for the product) = ($750 x 150) = $112,500.
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Personal selling is changing in today's marketplace due to several factors. Which of the following is not a factor that impacts today's promotion through personal selling?
a. The difficulty in keeping customers because they are fickle.
b. New technology provides up-to-date information in the field.
c. The way in which customers gain information about a company or product. d. Social CRM allows companies to discover and engage customers.
e. Electronic sales presentations through social media technology.
Personal selling is changing in today's marketplace due to several factors. The option that is not a factor that impacts today's promotion through personal selling is option a. The difficulty in keeping customers because they are fickle.
What is personal selling? Personal selling can be defined as the face-to-face communication process between a seller and a potential buyer that may or may not result in a sale.
What is Promotion? Promotion is a marketing concept that refers to any marketing activity that aims to promote a company's product or service. It involves a variety of marketing methods that are designed to make potential customers aware of the company's offerings. Therefore, from the given options, option a is not a factor that impacts today's promotion through personal selling. The difficulty in keeping customers because they are fickle is not a factor that impacts today's promotion through personal selling.
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a. The difficulty in keeping customers because they are fickle.
The factor that does not impact today's promotion through personal selling is the difficulty in keeping customers because they are fickle. This factor is not relevant because it does not directly relate to the use of personal selling.
New technology, such as social CRM, has changed the way in which customers gain information about a company or product. With social CRM, companies are able to discover and engage customers, allowing them to gain insights into their target audience and what they are looking for. Additionally, electronic sales presentations through social media technology have made it easier for companies to reach a larger audience and create more personal connections.
These factors have changed the way personal selling is used in today's marketplace. Companies are able to use up-to-date information to inform their sales strategies and engage customers in more meaningful ways. This has allowed them to keep customers more engaged and create more lasting relationships.
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The following is the ending balances of accounts at December 31, 2021, for the Weismuller Publishing Company.
Account Title Debits Credits
Cash $ 93,000 Accounts receivable 188,000 Inventory 299,000 Prepaid expenses 176,000 Equipment 348,000 Accumulated depreciation $ 124,000 Investments 168,000 Accounts payable 74,000 Interest payable 34,000 Deferred revenue 94,000 Income taxes payable 44,000 Notes payable 270,000 Allowance for uncollectible accounts 30,000 Common stock 414,000 Retained earnings 188,000 Totals $ 1,272,000 $ 1,272,000 Additional information:
Prepaid expenses include $148,000 paid on December 31, 2021, for a two-year lease on the building that houses both the administrative offices and the manufacturing facility.
Investments include $44,000 in Treasury bills purchased on November 30, 2021. The bills mature on January 30, 2022. The remaining $124,000 is an investment in equity securities that the company intends to sell in the next year.
Deferred revenue represents customer prepayments for magazine subscriptions. Subscriptions are for periods of one year or less.
The notes payable account consists of the following:
a $54,000 note due in six months.
a $135,000 note due in six years.
a $81,000 note due in three annual installments of $27,000 each, with the next installment due August 31, 2022.
The common stock account represents 414,000 shares of no par value common stock issued and outstanding. The corporation has 828,000 shares authorized.
Required:
Prepare a classified balanced sheet for the Weismuller Publishing Company at December 31, 2021.
The Weismuller Publishing Company's classified balance sheet total Assets $1,272,000, total Liabilities & Equity: $1,272,000.
The Weismuller Publishing Company's classified balance sheet as of December 31, 2021 is presented below:
Assets
Cash $93,000Accounts Receivable $188,000Inventory $299,000Prepaid Expenses $176,000Equipment $348,000Accumulated Depreciation $124,000Investments $168,000Total Assets $1,272,000Liabilities & Equity
Accounts Payable $74,000Interest Payable $34,000Deferred Revenue $94,000Income Tax Payable $44,000Notes Payable $270,000Allowance for Uncollectible Accounts $30,000Common Stock $414,000Retained Earnings $188,000Total Liabilities & Equity: $1,272,000The answer was found by looking at the provided information and following the requirements of the question.
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What is the amount offered for sale at a given price point on the supply curve?
The amount offered for sale at a particular price point on the supply curve can be termed as the quantity supplied by the supplier.
The quantity supplied can be referred to or taken into a general sense of understanding as the amount of a good or a service that is available to be sold at a particular price level in the market. When there is a situation of a free market, the higher prices will usually lead to higher supply of the quantities and vice versa. Therefore, there exists a higher significance for quantity supplied.
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Amherst Machine is a manufacturer of tools. How much corporate income tax must they pay on $1900000 in income. Use the tax rates in Chapter 2's Workshop 2.1 to answer this question. $ Your answer should be in the form of dollars without a comma or dollar sign (for example, 2775).
For the last $1,495,000, they must pay 34%, which amounts to $507,300. In total, Amherst Machine must pay $570,000 in corporate Income tax on their $1,900,000 in income.
Amherst Machine must pay $570,000 in corporate income tax on their $1,900,000 in income. This calculation is based on the following tax rates from Chapter 2's Workshop 2.1:
- Up to $50,000 in income: 15%
- From $50,001 to $75,000 in income: 25%
- From $75,001 to $100,000 in income: 34%
- From $100,001 to $335,000 in income: 39%
- From $335,001 to $10,000,000 in income: 34%
- From $10,000,001 to $15,000,000 in income: 35%
- Over $15,000,000 in income: 38%
For the first $50,000 in income, Amherst Machine must pay 15%, which amounts to $7,500. For the next $25,000 in income, they must pay 25%, which amounts to $6,250. For the next $25,000, they must pay 34%, which amounts to $8,500. For the next $235,000, they must pay 39%, which amounts to $91,650.
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