Analysis of costs of quality OBJECTIVE 1 Openair Ltd makes chairs for outside living spaces. The company has been working on improving quality over the past year and wants to evaluate how well it has done on costs-of-quality (COD) measures. Below are costs of quality, and revenues, relating to the past two years: Supplier evaluation Scrap Warranty repair costs Design engineering Inspection Rework Total revenue 2017 $5000 $7500 $9 980 $4475 $3 500 $8980 $500 000 2018 $5500 $5 900 $7 960 $6 775 $4600 $5 800 $575 000 REQUIRED 1. Identify the cost-of-quality (COQ) category (prevention, appraisal, internal failure and external failure) for each of these costs. 2. Prepare a COQ report by calculating and presenting the costs of quality for each category and the ratio of each COQ category to revenues and total quality costs. 3. Present a brief report that evaluates how well the company has done based on its COQ measures.
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Openair Ltd made improvements in quality over the past year. Cost of quality (COQ) categories include prevention, appraisal, internal failure, and external failure. The COQ report shows improved ratios of COQ categories to revenues and total quality costs, improve its profitability.
The cost-of-quality (COQ) categories for each of the costs are:
Supplier evaluation: Prevention
Scrap: Internal failure
Warranty repair costs: External failure
Design engineering: Prevention
Inspection: Appraisal
Rework: Internal failure
The COQ report is given in image
Based on the COQ measures, it appears that Openair Ltd has improved its quality performance in 2018 compared to 2017. The total quality costs decreased from $39,960 to $35,335, indicating that the company has reduced its costs of quality.
The ratios of each COQ category to revenues and total quality costs also decreased in 2018, indicating that the company has become more efficient in preventing and addressing quality issues. However, there is still room for improvement as the COQ ratio to total quality costs is still relatively high at 14%.
The company should continue to focus on improving quality to reduce its costs and improve its profitability.
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Related Questions
What's the primary difference between an informational interview and a job interview?
Answers
The informational interview is different than an activity interview, because the verbal exchange isn't always approximately hiring for a specific position, and in this example, you're the man or woman asking questions about the industry, a profession course, or a business enterprise. at the identical time, the professional learns about your man or woman and pursuits.
The aim of an informational interview isn't always to get an activity. Instead, the motive is to gather records about industries, jobs, or businesses you might like – to peer if they match your pursuits and personality.
An informational interview is a meeting to learn about the real-life revel of a person operating in a field or corporation that interests you. it is not a job interview, so it is essential to keep targeted on getting information, now not a task provided.
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The price elasticity of demand for tickets to local baseball games is estimated to be equal to 0.89. In order to boost ticket revenues, an economist would advise:
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Based on the fact that the price elasticity of demand is 0.89, an economist would advise increasing the price of the ticket.
Why should ticket prices be raised?When the price elasticity of demand is less than 1, it means that demand is inelastic.
This allows one to increase the price of the service or good because demand will decrease less than the revenue will increase which would lead to more profit.
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Suppose you invest semiannually for 25 years in an annuity that pays 5% interest, compounded semiannually. At the end of the 25 years, you have $500,000. How much of this total is interest
Answers
The total interest earned on the annuity is $243,548.50
What is annuity?
An annuity is a situation where the same amount is invested periodically, in this an amount is invested every six months for 25 years.
The $500,000 is the future value of the annuity , which means we can determine semiannual payment using the future value formula provided below:
FV=semiannual payment*(1+r)^N-1/r
FV=future value=$500,000
semiannual payment=unknown(assume it is X)
r=semiannual interest rate=5%/2=0.025
N=number of semiannual payments in 25 years=25*2=50
$500,000=X*(1+0.025)^50-1/0.025
$500,000=X*(1.025)^50-1/0.025
$500,000=X*(3.43710871970354-1)/0.025
$500,000=X*2.43710871970354/0.025
$500,000=X*97.48434878814160
X=$500,000/97.48434878814160
X=$5,129.03
Total interest=future value-total invested
total invested=semiannual payment*50
total invested=$5,129.03*50
total invested=$256,451.50
total interest=$500,000-$256,451.50
total interest=$243,548.50
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Geraldine Fadsi's job in the entertainment industry is to bring together entertainers and organizations looking to hire entertainers. Fadsi is paid a commission, usually by the entertainer. Fadsi is acting as a: Group of answer choices marketer distribution captain distributor merchant wholesaler agent
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Geraldine Fadsi's job in the entertainment industry is to bring together entertainers and organizations looking to hire entertainers. Fadsi is paid a commission, usually by the entertainer. Fadsi is acting as an agent
Who is called an agent?
In the language of the law, someone who has been given the authority to act on behalf of another person or entity is referred to as an agent. To represent a client in discussions and other interactions with third parties, an agent may be hired.
What is the duty of agent?
The agent owes the principal a responsibility to act in the principal's best interests while acting within the scope of the agent's authority whenever the agent is designated to arrange or negotiate a transaction on the principal's behalf.
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If a monopoly firm suddenly lost its barriers to entry and faced new competition, yet consumers thought that the former monopoly’s products were somewhat different than its new competitors, then?
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If a monopoly firm suddenly lost its barriers to entry and faced new competition, yet consumers thought that the former monopoly’s products were somewhat different than its new competitors, then the industry has probably become a monopolistically competitive industry.
As given that the former monopoly’s products were somewhat different than its new competitors, thus it is clear that supernormal profits in the case of the monopoly has attracted various other firms in the market. Thus product differentiation has led to the entry of new firms in the market and the industry has probably become a monopolistically competitive industry. Also free entry and free exit are also indicative of the monopolistically competitive industry
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Mint Cleaning Incorporated prepared the following unadjusted trial balance at the end of its second year of operations ending December 31. (Assume amounts are reported in thousands of dollars.)
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The appropriate journal entry is: Debit Insurance expense $7; Credit Prepaid Insurance $7.
Journal entriesDebit Insurance expense $7
Credit Prepaid Insurance $7
(To record insurance expired)
Debit Depreciation expense $6
Credit Accumulated depreciation $6
(To record depreciation expense)
Debit Salaries and wages expense $9
Credit Salaries and wages payable $9
(To record salaries and wages payable)
Debit Income tax expense $11
Credit Income tax payable $11
(To record income tax payable)
Therefore the appropriate journal entry is: Debit Insurance expense $7; Credit Prepaid Insurance $7.
The complete question is:
Mint Cleaning Inc. prepared the following unadjusted trial balance at the end of its second year of operations ending December 31. (Assume amounts are reported in thousands of dollars.)
Account Titles
Debits:
Cash$52
Accounts Receivable 14
Prepaid Insurance 9
Equipment 108
Insurance Expense 0
Salaries and Wages Expense 24
Supplies Expense 40
=$247
Credits:
Accounts Payable 14
Common Stock 104
Retained Earnings 17
Sales Revenue 112
=$247
Journal entry worksheet:
Record the entry for insurance expired during the year, $7.
Record the entry for depreciation expense for the year, $6.
Record the entry for salaries and wages payable of $9.
Record the entry for income tax payable of $11.
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A sales contract explicitly excludes some rose bushes from the sale. This provision is necessary because the rose bushes are ordinarily considered to be
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A sales contract explicitly excludes some rose bushes from the sale. This provision is necessary because the rose bushes are ordinarily considered to be real state.
Plants and trees that grow on the ground are considered equipment included in the sale of real estate because they are connected to the ground by roots. However, the seller had the right to remove these rose bushes. The rose bush was quite large, but it was still in a large pot.
Real estate consists of land and everything that is permanently attached to the land. As with legal rights to land. Land ownership includes not only the surface of the earth but also the area from the surface to the center of the earth and the area from the surface to infinity.
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In the opening case of target's erp implementation, what were the bad managerial decisions made that led to a failed outcome?
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There can be many bad managerial decisions that led to failed outcomes.
What were the bad managerial decisions made that led to a failed outcome?
The top management decided to pursue a quick and aggressive implementation schedule.To predict the sales demand in Canada, mid-managers populated the ERP system with benchmark data from US operations.The system's auto-replenishment feature is disabled by store managers because there are insufficient checks and balances.What is the critical issue in ERP implementation?
To benefit from an ERP solution, a significant amount of change must be carefully managed after an ERP implementation. Top management's commitment, process reengineering, the ERP's integration with other business information systems, the choice and management of consultants and employees, and employee training on the new system are crucial factors that must be carefully taken into account to ensure successful implementation.
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Listed below are the actions one would take when reconciling a bank statement. Drag each action into the order in which it is performed.
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The actions that one would take when reconciling a bank statement are:
Identify the bank statement balance of the cash account.Identify and list any unrecorded deposits and any bank errors understating the bank balance.Add them to the bank balance. Identify and list any outstanding checks and any bank errors overstating the bank balance.What is a bank statement?A bank statement is a list of all transactions for a bank account over a set period.
The statement includes deposits, charges, withdrawals, at the beginning and ending balance for the period.
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Joyce is an accountant. Sarah, her hair stylist, cuts and perms her hair in exchange for having her taxes done. This is an example of an economic transaction that is NOT included in the national income and product accounts.
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Joyce is an accountant. Sarah, her hair stylist, cuts and perms her hair in exchange for having her taxes done. This is an example of an economic transaction that is NOT included in the national income and product accounts. The given statement is true.
A transaction is a commercial enterprise event that has a financial impact on an entity's economic statements and is recorded as access in its accounting facts. Examples of transactions are as follows: Paying a supplier for services rendered or goods delivered.
Something transacted specifically an alternate or transfer of goods, offerings, or price range digital transactions. b transactions plural the frequently published document of the meeting of a society or association. 2a: an act, procedure, or example of transacting.
A cash transaction is the instant charge of coins for the purchase of an asset. a few marketplace stock transactions are taken into consideration coins transactions although the change might not accept a few days.
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What will be required for service providers to compete in the future?
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Maintaining close relationships with the suppliers will be required for service providers to compete in the future.
A business that offers both consumers and businesses web access is known as an Internet service provider (ISP).
Additionally, ISPs might offer services like email, domain registration, web hosting, and browsers.
A provider of information services, storage services, Internet network service providers (INSPs), or a combination of all of them, is referred to as an ISP.
The use of the internet has changed from being restricted to people with government or academic accounts to almost everyone having access, whether it be for a fee or for free.
Hence, Maintaining close relationships with the suppliers will be required for service providers to compete in the future.
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These are selected 2022 transactions for Wyle Corporation. Jan. 1 Purchased a copyright for $120,000. The copyright has a useful life of 6 years and a remaining legal life of 30 years. Mar. 1 Purchased a patent with an estimated useful life of 4 years and a legal life of 20 years for $54,000. Sept. 1 Purchased a small company and recorded goodwill of $150,000. Its useful life is indefinite
Answers
The copyright purchased will be amortized over 6 years useful life.
$120,000 / 6 years = $20,000/annum
The patent purchased will be amortized over the useful life of 4 years
$54,000 / 4 years = $13,500 / annum
Goodwill is not amortized. But rather is checked for impairments.
What is Amortization?Amortization is the systematic allocation of costs over the useful life of asset. The asset may be an intangible, if it is a tangible it is depreciated.
The life over which the asset is amortized is lower of useful and legal life, in both the cases the useful life was lower than the legal life.
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A higher residual value will result in a(n)____depreciation expense per year and a(n) net income.
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A higher residual value will result in a lower depreciation expense per year and a higher net income.
Income is an opportunity for consumption and savings that a company earns within a specific time frame and is usually expressed in monetary terms. Income is difficult to define conceptually, and definitions vary by region.
The term "income" generally refers to the transfer of money, property, and other values received over a period of time in exchange for a service or product. There is no single standard definition. Income is defined according to the context in which the concept is used.
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Assume that the government places a $4 tax on each slice of cheesecake and that the new equilibrium price is $9. What is Regina's consumer surplus from cheesecake
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Regina's consumer surplus from cheesecake is $1.
How to calculate Consumer Surplus?Consumer surplus = 1/2 x Demand at equilibrium x (Maximum price the buyer is willing to pay)
Without tax:
Regina is willing to pay = $8 - $5 equilibrium price = $3
With taxes:
Regina is willing to pay $8 - $7 equilibrium price = $1
What is consumer surplus?Consumers' surplus is a measure of consumer welfare and is defined as the excess of social valuation of product over the price actually paid. It is measured by the area of a triangle below a demand curve and above the observed price.
t is positive when what the consumer is willing to pay for the commodity is greater than the actual price. Consumer surplus is infinite when the demand curve is inelastic and zero in case of a perfectly elastic demand curve.
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In an operating lease in which the asset’s economic life and lease term are different:________
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In an operating lease in which the asset's economic life and lease term are different: The lessee depreciates the asset over its economic life.
What makes a lease an operating lease?
An operating lease is a legal arrangement that allows the use of property without changing who owns it. Operating lease accounting is governed by GAAP guidelines. All leases with terms longer than 12 months must be recorded on the balance sheet, according to a new FASB regulation that took effect on December 15, 2018.
Which lease is a long term that is not cancellable and its life often matches the useful life of the asset?
When a lessor agrees to transfer ownership rights to the lessee once the lease term is over, this is known as a capital lease. Long-term and irrevocable are the characteristics of capital or finance lease.
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Which aspect of decision-making focuses on the tangible costs and benefits associated with each available option?
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The aspect of decision-making focuses on the tangible costs and benefits associated with each available option is cost-benefit analysis.
What is cost-benefit analysis?It should be noted that cost-benefit analysis simply means the decision making process that's used by comparing the cost and benefits of each entity.
In this case, the aspect of decision-making focuses on the tangible costs and benefits associated with each available option is cost-benefit analysis.
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The third step in the organization development process is ______
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The third step in the organization development process is evaluation.
Organizational development is the research and implementation of practices, systems, and technologies that influence organizational change aimed at transforming organizational performance and culture. Organizational changes are typically initiated by group stakeholders.
Organization Development (OD) is an effort focused on empowering an organization through the coordination of strategy, structure, people, rewards, metrics, and management processes.
Organizational development, often abbreviated as OD, improves existing processes and creates new ones. The idea is to understand how to maximize the effectiveness, potential, and capabilities of people and organizations. The science of OD is a combination of work/organization and adult developmental psychology
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Phlex Plastic has a very strong set of corporate values. In fact, Phlex has been known to discourage the emergence of alternative values. Phlex is most likely:
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Phlex Plastic has a very strong set of corporate values. In fact, Phlex has been known to discourage the emergence of alternative values. Phlex is most likely to show Monoculturalism.
What is Monoculturalism?Monoculturalism is the practice of encouraging, promoting, or facilitating the manifestation of a single social or ethnic group's culture.It usually results from dominant group members believing that their cultural practices are superior to those of minority groups and is related to the idea of ethnocentrism, which entails evaluating another culture using the norms and standards of one's own culture.It might also entail the assimilation process, in which other ethnic groups are required to accept the traditions and culture of the dominant ethnic group.Sometimes, monoculturalism takes the form of actively preserving a nation's native culture by excluding outside influences, as opposed to the oppression of many ethnic groups within a given civilization. Examples of this type of monoculturalism include Japan, South Korea, and North Korea. However, less deliberate variables like geographic isolation, historical ethnic homogeneity, or political isolation might also be to blame. Due to their residents' shared ancestry, culture, and low immigration rates, some European nations, such as Italy, Portugal, Poland, and the Northern European countries, are still essentially monocultural.Know more about monoculturalism https://brainly.com/question/8142710
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As a manager applying reinforcement theory, what methods would you use to reduce the frequency of an undesired behavior?
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If you are a manager employing the idea of reinforcement, you can choose to ignore the undesirable behavior entirely and work to modify it as a result of the lack of reward it gets. This is further explained below.
What is reinforcement theory?Generally, A psychological concept known as the reinforcement theory proposes that individual behaviors may be altered via the use of reward, punishment, or extinction. This theory is based on the idea that actions are molded by the consequences they produce.
In conclusion, If you are a manager adopting the idea of reinforcement, you can choose to entirely ignore the undesirable behavior and cut it down since it is not receiving any reward.
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The cash operating cycle for a merchandiser begins with cash purchases of merchandise and ends with _____.
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The cash operating cycle for a merchandiser begins with cash purchases of merchandise and ends with receipt of cash.
What is a merchandise?Any form of items, including those used for personal or professional purposes, as well as goods sold to the general public (retail) or other enterprises, are referred to as merchandise (wholesale). 'Freebies', or promotional things like the bespoke drink bottles in this example that are given away or not charged for, can also be referred to as merchandise. Calendars, magnets, wall art, stationery, greeting cards, textiles, badges, and a wide variety of other goods may be included in this category. A T-shirt with a slogan or logo that a political party distributes to voters during an election campaign or a calendar with a logo that a supplier offers its clients at the end of each year are two examples of freebie products.Buying merchandise can be done with cash or on credit. The accounts involved in the transaction are the purchases account and the cash account if goods are paid for in cash. It debits the purchases account and credits the cash account.
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Stephen Chemical produces chemicals that are sold to consumer product manufacturerers, such as Procter and Gamble, as raw materials in the manufacturing processes to create shampoos and detergents. Stephan's chemicals are known as ______________ products.
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Stephen Chemical produces chemicals that are sold to consumer product manufacturers, such as Procter and Gamble, as raw materials in the manufacturing processes to create shampoos and detergents. Stephan's chemicals are known as Business products.
What are Business Products?Business products are goods and services that businesses buy to run their operations or to manufacture their own goods. Business products are categorized differently than consumer goods because they are used rather than based on consumer purchasing patterns.Business products, in other words, are the things and services that people wish to purchase in order to outfit their homes, operate their own enterprises, sate their needs for supplies in their churches, schools, stadiums, and factories, as well as to generally keep the world moving ahead.The provision of raw materials, which are directly extracted from the environment, marks the start of the manufacturing process.Raw materials, machinery, accessories, supplies, and commercial services are a few examples of business products. Companies utilize business software to assist essential company operations.To learn more about Business Products refer to:
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Gross earnings for the pay period are $100,000. Required payroll deductions are: Social Security $6,700; Medicare $1,450; Federal Income tax $18,000 and State income tax $3,850. What is the net pay to employees
Answers
The net pay to employees is $70,000.
What is the net pay?The net pay to employees is the difference between the gross earnings and the total deductions.
Data and Calculations:Gross earnings = $100,000
Deductions:
Social Security $6,700
Medicare $1,450
Federal Income tax $18,000
State income tax $3,850
Total deductions 30,000
Net pay = $70,000
Thus, the net pay to employees is $70,000.
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Given that many new businesses fail in the first few years after they are established, how should an entrepreneur think about the risk of failure associated with a new business? From what you have learned in this chapter, what can an entrepreneur do to increase the chance of success?
Answers
Businesses Fail by Entrepreneur - You start your business for the wrong reasons
There’s No Market or Too Small of a Market
Poor Management
Insufficient Capital
The Wrong Location
Lack of Planning
An entrepreneur can do these things to increase the chance of success Study the competition
Conserve cash no matter how good business is
Research new products and services
Don't tackle huge markets at first
Listen to customer feedback and adapt
Make proper strategy
Target the Customers Your Competitors Leave Behind
Invest in Learning New Skills
Stay Positive
Create a Budget and Stick to It
Focus on Sustainable Growth
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When blood that is low in oxygen is pumped out of the right ventricle, what is the order of vessels in its path
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When blood that is low in oxygen is pumped out of the right ventricle
Begins its journey in the pulmonary trunk Begins its journey in one of the two pulmonary arteries on the left or right.Begins arterioles, enter capillariesBegins venules, enter veinsenters left atriumThis is further explained below.
What is the right ventricle?Generally, When blood that is deficient in oxygen is pushed out of the right ventricle, this condition is known as hypoxemia.
In conclusion, It all starts in the pulmonary trunk, where it travels across the body. It starts off in either the left or the right of the two pulmonary arteries that are present in the body. Begins arterioles, enter capillaries Begins venules, enter veins enters left atrium
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Investors seeking a diversified, professional manged portoio of escurities can purchase shares of:_____.
A) preferred stock.
B) convertible securities.
C) insurance policies.
D) unit trust.
Answers
Investors seeking a diversified, professionally managed portfolio of securities can purchase shares of insurance policies.
An insurance policy is a contract between an insurance company and a policyholder that sets out the claims that the insurance company is legally obligated to pay. In exchange for the first payment, called the premium, the insurance company promises to pay for the losses caused by the risks covered by the contract language.
An insurance contract is a legal contract between an insurance company (insurer) and an insured person, company, or entity (insured person). By reading the policy, you can ensure that it meets your needs and that you understand the insurance company's responsibilities in the event of a claim.
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In an online survey, Urban Feel, an existing clothing brand, asked its consumers to compare the brand to a musician. The idea behind this is that the musician chosen by a consumer will reflect that consumer's perception of the brand. This kind of research exemplifies
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The idea behind this is that the musician chosen by a consumer will reflect that consumer's perception of the brand. This kind of research exemplifies "projective technique".
What is projective technique?A form of personality testing known as projective approaches involves giving the subject of the test a straightforward, unstructured task with the intention of revealing personality traits.
The most well-known though contentious psychometric psychological testing method is frequently the projective methodology.
Key features of projective technique are-
Respondents can project their real or subjective ideas and beliefs onto other persons or even inanimate things using projective techniques. From what the respondent says about other people, one might therefore infer the respondent's true feelings. Typically, projective techniques are applied in one-on-one or small-group interviews.To know more about projective technique, here
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A trader sold a cash-secured put hoping to build a stock position. When the stock was trading at $98.50, he sold the 95 put for $2.30. Not including commissions and fees, what would the outcome of the trade be if the stock closed at $92.70 at expiration
Answers
$1.53 the outcome of the trade be if the stock closed at $92.70 at expiration.
Trader sold a cash-secured put hoping to build a stock position?A trader sold a cash-secured put hoping to build a stock position. When the stock was trading at $98.50, he sold the 95 put for $2.30. Not including commissions and fees.
The outcome of the trade be if the stock closed at $92.70 at expiration:
The original price is raised by $1 and the delta is added, making $1.40 plus 16 equal to $1.56. Additionally, because theta has a value, it must be added, making.
$1.56 + -.03 = $1.53.
For options, intrinsic value refers to the value that is "in the money." As a result, if an option is "out of the money," it has no intrinsic value.
Before the option is exercised, the buyer is required to sell the underlying. If an option is executed, the owner of a call and the writer of a put will buy shares. Put buyers have the right to sell, and put sellers have the obligation to buy; call buyers have the right to buy, and call sellers have to sell.
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Evaluate each of the following transactions in terms of their effect on assets, liabilities, and equity. 1. Buy $15,000 worth of manufacturing supplies on credit 2. Purchase equipment for $48,000 in cash 3. Receive payment of $13,000 owed by a customer 4. Issue $70,000 in stock 5. Borrow $65,000 from a bank 6. Pay $5,000 owed to a supplier 7. Purchase equipment for $42,000 in cash What is the net change in Total Liabilities
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1. An evaluation of the following transactions' effect on assets, liabilities, and equity is as follows:
Assets = Liabilities + Equity
+$15,000 +$15,000 + $0 $0 $0 +$70,000 +$0 + $70,000 +$65,000 +$65,000 -$5,000 -$5,000 $0Total $145,000 = $75,000 + $70,0002. The net change in total liabilities is $75,000 (a reduction of $5,000).
Transaction Analysis:Raw Materials Inventory $15,000 Accounts Payable $15,000Equipment $48,000 Cash $48,000Cash $13,000 Accounts Receivable $13,000Cash $70,000 Common stock $70,000Cash $65,000 Bank Payable $65,000Accounts Payable $5,000 Cash $5,000Equipment $42,000 Cash $42,000Total Liabilities:Accounts Payable $15,000
Bank Payable $65,000
Accounts Payable ($5,000)
Net change = $75,000
Thus, the evaluation shows that with each transaction, the assets are always equal to liabilities and equity.
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The Net change in Total Liabilities is $75,000.
Net change in Total Liabilities1. Buy $15,000 worth of manufacturing supplies on credit
Assets increase by $15,000Liabilities increase by $15,000No effect on equity2. Purchase equipment for $48,000 in cash
No effect on assetNo effect on liabilityNo effect on equity3. Receive payment of $13,000 owed by a customer
No effect on assetNo effect on liabilityNo effect on equity4. Issue $70,000 in stock
Assets increase by $70,000No effect on liabilityEquity increases by $70,0005. Borrow $65,000 from a bank
Assets increase by $65,000Liabilities increase by $65,000No effect on equity6. Pay $5,000 owed to a supplier
Assets decrease by $5,000Liabilities decrease by $5,000No effect on equity6. Purchase equipment for $42,000 in cash
No effect on assetNo effect on liabilityNo effect on equityNet change in Liabilities:
Net change in liabilities =$15,000 +$65,000 -$5,000
Net change in liabilities= $75,000
Therefore the Net change in Total Liabilities is $75,000.
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How are progressive taxes and regressive taxes similar?
• Both charge high-income individuals more.
• Both are considered flat taxes.
•
Both are determined based on income.
• Both are types of indirect taxes.
Answers
Progressive taxes and regressive taxes are similar because A. Both charge high-income individuals more.
How are progressive taxes similar?
Income taxes can be both progressive or proportional. Progressive taxes charge low tax rates on low-income earners and higher speeds on those with higher incomes, while individuals are assigned the same tax rate however of how much income they make.
What is progressive tax and regressive tax?A progressive tax is represented by a more than proportional rise in the tax disadvantage relative to the increase in income, and a regressive tax is characterized by a less than proportionate rise in the comparative burden.
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The practice of buying goods and services now and paying for them later is termed:______
Answers
The practice of buying goods and services now and paying for them later is termed is Bartering.
A barter is a transaction in which two or more parties exchange products or services without exchanging cash or other forms of payment like credit cards.
In its simplest form, bartering entails the exchange of one party's good or service for another party's good or service.
A carpenter who constructs a fence for a farmer is a straightforward illustration of a barter transaction.
The farmer might compensate the carpenter with $1,000 worth of crops or groceries rather than paying the builder $1,000 in cash for labor and supplies.
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