The given statement “In the adjusted trial balance, the balance of the Retained Earnings account is its balance at the end of the accounting period—the balance after all revenue, expense, and dividend transactions” is false as the retaining earnings account in adjusted trial balance is it's beginning balance.
An adjusted trial balance refers to the listing of the account balances in the general ledger after adjusting entries have been made. The adjustments generally include those for prepaid and accrued expenses as well as non-cash expenses. It is completed to guarantee that the period ending financial statements are accurate and in balance.
Retained earnings refers to the amount of profit which is left over after the company pays all its direct costs, indirect costs, income taxes and its dividends to shareholders. Hence, in the adjusted trial balance, the balance of the Retained Earnings account is its beginning balance.
Note: The question is incomplete. The complete question probably is: In the adjusted trial balance, the balance of the Retained Earnings account is its balance at the end of the accounting period—the balance after all revenue, expense, and dividend transactions. True of false.
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An increase in the international value of the U.S. dollar will tend to cause
(A) U.S. exports to fall
(B) the national income of the U.S. to increase
(C) employment in the manufacturing sector of the U.S. to increase
(D) the inflation rate in the U.S. to increase
(E) the growth rate of the U.S. economy to increase.
Option - A : An increase in the international value of the U.S. dollar will tend to cause U.S. exports to fall
The US Dollar is the nation's unit of exchange. The USD to EUR rate is the most widely used US Dollar exchange rate, according to our rankings of world currencies. When the dollar's value rises in comparison to other currencies, international customers pay more for American products. This may result in less of a demand for American products, which would lower American exports.
It's crucial to keep in mind that the effects of a rise in the worldwide value of the dollar on the American economy can be complicated and influenced by a wide range of variables. The aforementioned response is a generalisation, and other elements, such as shifts in international demand, the competitiveness of local businesses, and trade policy, may also have an effect on American exports.
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Decide how each cost is treated on an income statement prepared using the variable costing approach. Using the dropdown boxes indicate whether each cost item is treated as a period cost or product cost
1. Direct labor
2. Fixed manufacturing overhead
3. Variable manufacturing overhead
4. Fixed selling and administrative expenses
5. Variable selling and administrative expenses
Using the variable costing approach, direct labor is a product cost, fixed manufacturing overhead is a period cost, variable manufacturing overhead is product cost, fixed selling and administrative expenses is period cost and variable selling and administrative expenses is period cost.
Variable costing refers to a concept which is used in managerial and cost accounting where the fixed manufacturing overhead is excluded from the product cost of production. It is a costing approach that only allocates assigns variable costs to inventory. Hence, all overhead costs are charged to expense in the period incurred, while direct materials and variable overhead costs are assigned to inventory.
Product costs refer to costs that are directly involved in producing a product intended for sale to customers. Product costs include direct material (DM), direct labor (DL), and manufacturing overhead (MOH).
Period costs refer to any costs which cannot be capitalized into prepaid expenses, inventory, or fixed assets. It is more closely associated with the passage of time rather than with a transactional event. Period costs include selling expenses, advertising expenses, general and administrative expenses, executive and administrative salaries and benefits, etc.
Hence, direct labor and variable manufacturing overhead are product costs and fixed manufacturing overhead, fixed selling and administrative expenses and variable selling and administrative expenses are period costs.
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Why is there a tendency to inexorably move from P 1 to P 2 a. The government wants to... a. The government wants to rationalize the market.
b. Nature abhors a vacuum.
c. The presence of an economic shortage induces firms to offer lower prices.
d. The presence of excess inventories forces firms to cut prices.
D) Due to the availability of excess inventory, which forces businesses to lower prices, there is a propensity to inexorably go from P 1 to P 2.
What is excess inventory?Excessive stock, also known as overstock, excess2sell, B-stock, or excess inventory, is the outcome of inadequate management of stock demand or material flow in a process. Due to the increased funds required for the purchase or simply the more storage space needed, having too much stock is also associated with a loss of revenue.
Over delivery by a supplier or inadequate stock ordering and management by a buyer for the goods are two causes of excessive stock. The term "overstock merchandise" in the context of consumer products in a retail setting refers to items from shelves and/or warehouses that have never been purchased by a customer but are thought to be excessive stock.
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According to the Civil rights Act of 1964 reading, there are partial and whole exceptions to Title VII for _ types of employersA. 2 B. 3 C. 4 D. 5
According to the Civil rights Act of 1964 reading, there are partial and whole exceptions to Title VII for 4 types of employer. Four categories of employers are subject to both full and partial exceptions to Title VII: Federal government; (under 42 U.S.C. Section 2000e-16. The answer is OPTION C.
Certain federal government agencies are now subject to the prohibitions against employment discrimination under Title VII. Congress enacted Public Law 88-352 in 1964. (78 Stat. 241). Discrimination on the basis of race, colour, religion, or national origin is illegal under the Civil Rights Act of 1964. This civil rights act's provisions prohibited discrimination in employers hiring, promoting, and firing on the basis of in addition to race.
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What is the gross profit formula?
The gross profit formula is used to calculate the amount of money a company has made after subtracting the cost of goods sold (COGS) from its revenue.
The formula is as follows: Gross Profit = Revenue - COGS. Revenue is the total amount of money the company has made from selling its products or services.
COGS, on the other hand, represents the direct costs associated with producing the goods or services that were sold. This includes the cost of raw materials, labor, and any other direct expenses incurred in the production process.
It's important to note that gross profit only takes into account the direct costs of producing goods or services and does not consider indirect costs such as marketing, rent, utilities, and other overhead expenses.
Gross profit is a crucial metric for businesses as it provides insight into the profitability of a company's operations and can help with decision-making such as pricing strategy, cost management, and investment planning.
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Question:
A country reported a nominal GDP of $100 billion in 2012 and $75 billion in 2011 and reported a GDP deflator of 125 in 2012 and 120 in 2011. What happened to real output and prices from 2011 to 2012?
a. Real output and prices both rose.
b. Real output rose and prices fell.
c. Real output fell and prices rose.
d. Real output and prices both fell.
Nominal GDP:
Nominal GDP refers to the total market value of goods and services that are valued within the given time period. It means the total market produce comes into the market and sells at a higher price in the market.
The correct option is A, A country reported a nominal GDP of $100 billion in 2012 and $75 billion in 2011 and reported a GDP deflator of 125 in 2012 and 120 in 2011. Real output and prices both rose to real output and prices from 2011 to 2012.
Nominal GDP (Gross Domestic Product) refers to the total value of goods and services produced by a country within a specific period, usually one year. This measure does not take into account the effects of inflation or changes in the value of the currency. In other words, it is the economic output of a country without adjusting for price changes. Nominal GDP is calculated by multiplying the quantity of goods and services produced by their respective market prices.
The nominal GDP is a useful measure of a country's economic growth, as it reflects the output of all goods and services in the economy, including consumer goods, investment goods, and government expenditures. It is also used to compare the economic performance of different countries over time.
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what is kelly services state id number georgia?
The state ID number for Kelly Services in Georgia is 58-1144482.
Kelly Services is a staffing agency that provides temporary and permanent employment solutions for businesses in a variety of industries. The state ID number for Kelly Services in Georgia is not publicly available information.
However, if you are an employee of Kelly Services in Georgia, you should be able to find the state ID number on your W-2 form or by contacting the company's human resources department.
It is important to note that state ID numbers are unique to each state and are used for tax purposes. Therefore, the state ID number for Kelly Services in Georgia will be different from the state ID number for Kelly Services in other states.
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what skills must entrepreneurs develop to be successful?
Five Qualities of an Effective Entrepreneur.
humility and knowledge of oneself.customer centered.saving money.Future-focused and very adaptive.risk-taker who doesn't mind making mistakes.What skills are required to start a successful business?Excellent planning, sales, concentration, communication, and learning skills are essential for any successful business. The capacity for lifelong learning is a crucial life skill and a vital entrepreneurial talent. For a business to flourish, a solid plan based on innate business knowledge and skills is required.
All three of these skills need to be strengthened for entrepreneurs. Entrepreneurs must enjoy dealing with others and get along well with them. Basic math abilities and knowledge with basic recordkeeping are necessary for the entrepreneur to make purchasing decisions, calculate earnings, and prepare financial records.
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Why are economies most efficient when they have full employment?A. No productive resources are left unusedB. No one person has to work too hard. C. Wages are spent for consumer goodsD. Unemployment offices can be closed.
(A) Because no productive resource is idle, economies function best when all of their resources are being used under full employment.
What is full employment?When there is full employment, neither cyclical nor deficient-demand unemployment exists.
The eradication of all unemployment is not guaranteed by full employment because frictional and structural unemployment can still exist.
Since this type of unemployment is frictional rather than cyclical, people who are "between jobs" for brief periods of time while looking for better employment are not counted against full employment.
When part-time workers cannot find occupations that match their skill level, there may be underemployment or unemployment in an economy with full employment.
This type of unemployment is considered structural rather than cyclical.
Because no productive resources are idle, economies are most efficient when they are fully employed.
Therefore, (A) because no productive resource is idle, economies function best when all of their resources are being used under full employment.
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What is the meaning of forum shopping?
Forum shopping is a legal term that refers to the practice of choosing a court or jurisdiction in which to file a lawsuit or other legal action based on the belief that it will provide a more favorable outcome.
This is typically done by filing a case in a court that has a history of ruling in favor of the plaintiff's position, or by choosing a jurisdiction that has laws that are more favorable to the plaintiff's case. Forum shopping is generally seen as a strategic move by litigants to increase their chances of winning a case.
While forum shopping is not illegal, it is often frowned upon by courts and may be seen as an attempt to manipulate the legal system. Some jurisdictions have rules in place to prevent forum shopping, such as requiring that a case be filed in the jurisdiction where the events giving rise to the lawsuit occurred, or where the parties involved are located.
However, in many cases, forum shopping is still a common practice among litigants seeking an advantage in their legal disputes.
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How did installment plans most impact the economy during the great depression 1920s?
Installment plans were a major factor in the growth of the U.S. economy during the 1920s, as they allowed consumers to purchase goods such as automobiles, household appliances, and furniture on credit. However, when the Great Depression hit in the late 1920s, installment plans had a significant negative impact on the economy.
One of the main issues with installment plans was that they encouraged consumers to take on debt that they could not afford to repay, which contributed to the rise of consumer debt levels during the 1920s. When the stock market crashed in 1929 and the economy began to contract, many consumers were left with high levels of debt and no means to pay it off, leading to widespread defaults and bankruptcies.
The widespread default on installment loans and other forms of consumer debt contributed to the contraction of the credit markets and the decline of consumer spending, which in turn worsened the economic downturn. The collapse of consumer confidence also led to a decrease in demand for goods and services, causing further economic contraction.
Overall, while installment plans helped to drive economic growth during the 1920s, they also contributed to the overextension of consumer credit and the subsequent collapse of the economy during the Great Depression. The lessons learned from this experience led to increased regulation of consumer credit in the United States, and a greater emphasis on responsible lending practices.
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Suppose that when the average family income rises from $30,000 per year to $40,000 per year, the average family's purchases of toilet paper rise from 100 rolls to 105 rolls per year.a. The income-elasticity of demand for toilet paper is .b. Toilet paper is .c. The demand for toilet paper is
The income elasticity of demand for toilet paper is 0.15. Necessity goods tend to have income elasticities of demand between 0 and 1, while luxury goods have income elasticities greater than 1.
The income elasticity of demand for toilet paper can be calculated as the percentage change in the quantity of toilet paper demanded divided by the percentage change in income. In this case, the percentage change in quantity demanded is:
(105-100)/100 = 5%
And the percentage change in income is:
(40,000-30,000)/30,000 = 33.33%
Therefore, the income elasticity of demand for toilet paper is:
5%/33.33% = 0.15
With an income elasticity of demand of 0.15, we can classify toilet paper as a necessity good. This is because the income elasticity of demand is positive but less than 1.0, which means that as income increases, the demand for toilet paper increases, but at a slower rate than income. Necessity goods tend to have income elasticities of demand between 0 and 1, while luxury goods have income elasticities greater than 1.
The demand for toilet paper is relatively inelastic, meaning that changes in price have little effect on the quantity demanded. This is because the income elasticity of demand for toilet paper is relatively low, and toilet paper is typically considered a necessary household item. Additionally, the fact that the change in income only led to a 5% increase in the quantity demanded of toilet paper suggests that demand is relatively stable. However, other factors such as the availability of substitutes or changes in consumer preferences could still impact the demand for toilet paper.
Complete question:
Suppose that when the average family income rises from $30,000 per year to $40,000 per year, the average family's purchases of toilet paper rise from 100 rolls to 105 rolls per year.
Find out:
a. The income elasticity of demand for toilet paper
b. The demand for toilet paper.
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An ice cream manufacturer makes ice cream in two processes, mixing and packaging. During april, its first month of business, the packaging department transferred 200,000 units and $700,000 of production costs to finished goods. What is the cost to produce one unit of ice cream during april?.
The cost to produce one unit of ice cream during April was $3.50. This cost includes the costs incurred during both the mixing and packaging processes, such as the cost of raw materials, labor, and overhead.
To calculate the cost to produce one unit of ice cream during April, we need to divide the total production costs transferred to finished goods by the number of units transferred.
In this case, the production costs transferred to finished goods was $700,000 and the number of units transferred was 200,000, so the cost to produce one unit of ice cream during April would be:
$700,000 / 200,000 = $3.50 per unit
It is important to note that this cost per unit may change in future months depending on various factors such as changes in production processes, raw material prices, and labor costs. It is essential for the ice cream manufacturer to regularly review and monitor its production costs to ensure that it remains competitive in the market.
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Inefficiency can be caused in a market by the presence of? a. market power
b. externalities Cimperfectly
c. competitive markets.
d. All of the above are correct.
Option d is Correct. Inefficiency can be generated in a market by the presence of market power, externalities imperfectly and competitive marketplaces.
The three basic types of market inefficiency are as follows. These inefficiencies are allocative, productive, and informative. In the event of a monopolistic business or market, market dominance can lead to market failure. Market failure comes into the picture when the price system fails to account for the costs and rewards of producing and consuming things.
As a result, the market fails to supply the quantity of benefit that is socially viable. Lack of knowledge, market regulation, public goods, and externalities can all contribute to market failure. Government intervention, such as new laws, taxes, tariffs, subsidies, and trade restrictions, can be used to fix market failures.
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performance measures should support customer requirements. t/f
Yes , Customer requirements should be supported by performance metrics.
What is the customer perspective performance metric?
Customer satisfaction, customer retention, new customer acquisition, customer profitability, and market share in targeted areas are among the key outcome metrics.
The level to which a process' output satisfies client expectations is known as quality. both applicable to products and services. Customer reviews of products and services are operational quality performance indicators. Which of the following performance views in the balanced scorecard model includes metrics like flow time, asset usage, and productivity? The execution of the important internal operations that power a firm is the focus of the internal perspective.
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what can we best determine from the $179.4 million auction price for a cubist painting by pablo picasso?
The most accurate reflection of the cubist painting's market value at the time it was purchased is its $179.4 million auction price.
What is an auction?In most cases, purchasing and selling items at an auction involves putting them up for bids, receiving bids, and either selling the item to the highest bidder or purchasing it from the lowest bidder.
Existing exceptions to this rule are discussed in the section devoted to other types.
Auction theory is the area of economic theory that examines different forms of auctions and the actions of bidders.
The open ascending price auction, which has been utilized throughout history, is possibly the most popular type of auction.
The $179.4 million auction price for a Pablo Picasso cubist painting is the best indicator of the painting's economic value at the time it was purchased.
Therefore, the most accurate reflection of the cubist painting's market value at the time it was purchased is its $179.4 million auction price.
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what would happen if the european union put a quota on american jeans and only allowed 4,000 pairs of jeans to be imported?
If the European Union (EU) were to implement a quota on American jeans, limiting the number of pairs that could be imported to 4,000, it would likely have several effects.
Protection of local industries: The quota would protect local European manufacturers of jeans, who would otherwise have to compete with the large number of cheaper American jeans.
Price increase: With limited supply, the price of American jeans in the EU market would likely increase, as the demand would still be there.
Negative impact on American jeans manufacturers: The quota would limit the number of American jeans that could be sold in the EU, potentially leading to a decrease in demand for American jeans and a reduction in sales for American manufacturers.
Trade tensions: The quota could lead to trade tensions between the EU and the United States, as American manufacturers would likely see the quota as a barrier to trade.
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What is the IFRS for SMEs?
The International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs) is a standard developed by the International Accounting Standards Board (IASB) to provide a simplified set of accounting requirements for small and medium-sized entities (SMEs).
The IFRS for SMEs is designed to meet the needs of private companies that do not have public accountability and do not have to comply with full IFRS standards. It is intended to be less complex and easier to understand and apply than the full IFRS standards, while still providing useful information to stakeholders.
The IFRS for SMEs covers a wide range of accounting topics, including financial statements, recognition and measurement of assets, liabilities, income and expenses, and disclosures. The standard also includes guidance on topics such as foreign currency translation, segment reporting, and related party transactions.
It should be noted that the IFRS for SMEs is not a one-size-fits-all solution and may need to be adapted to meet the specific needs and circumstances of individual SMEs.
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What was the opening price of Dow Jones Industrial Average on Jan 10, 2019 in the format of XXXXX.XX?
Answer:
Explanation:26,379.59
a project should be __________ if its npv is greater than zero.
A project should be accepted if its net present value (NPV) is greater than zero. NPV is a commonly used tool in financial analysis that measures the difference between the present value of the cash inflows and the present value of the cash outflows of a project.
NPV is calculated by discounting the expected cash inflows and outflows of a project to their present value using a discount rate that reflects the opportunity cost of investing in the project.
If the NPV is positive, it means that the present value of the expected cash inflows is greater than the present value of the expected cash outflows, indicating that the project is expected to generate a positive return on investment.
In contrast, if the NPV is negative, it means that the present value of the expected cash inflows is less than the present value of the expected cash outflows, indicating that the project is expected to generate a negative return on investment. In such cases, the project should generally be rejected, as it is not expected to generate a positive return for the investor.
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replacing the original safe harbor regulations, what is the name of the new legal framework adopted in 2016 by the the european commission and the u.s. department of commerce that regulates the way that the u.s. how companies export and handle transatlantic data flows?
The new legal framework adopted in 2016 by the European Commission and the U.S. Department of Commerce to replace the original Safe Harbor regulations is called the "EU-U.S. Privacy Shield."
The EU-U.S. Privacy Shield is designed to regulate how U.S. companies export and handle transatlantic data flows by providing a set of privacy principles and safeguards that participating companies must follow.
The legal framework also includes a dispute resolution mechanism and enforcement provisions to ensure that participating companies are held accountable for their privacy practices.
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a business that buys goods from producers and sells them to retailers
a. retailer
b. manufacturing
c. builder
Wholesalers are individuals or companies that sell bulk goods at low prices, usually to retailers. The answer is option D.
The commercial wholesaler is an entity that buys goods from producers and resells them to companies, public bodies, other wholesalers or retailers.
The wholesaler is a person whose business consists of buying goods in bulk and reselling them in smaller quantities, for example to shops. Wholesale or distribution is the sale of goods or merchandise to retailers; industrial, commercial, institutional or other professional users; or other related wholesalers and sub-services.
Wholesale is one of the most important channels in the goods distribution chain. They buy products in large quantities directly from manufacturers or retailers and resell them in smaller units.
Question:
What kind of business buys goods from producers and later sells it to the retailers?
a. retailer
b. manufacturing
c. builder
d. wholesalers.
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what is trade off definition in economics ?
In economics, the phrase trade off is used to describe how budgeting invariably entails giving up a few of X to obtain more of Y. One can only buy a car or go on a pricey vacation with a certain amount of savings. The trip or the car could be "traded off" for one another.
What is an exchange in examples from economics?In economics, a trade off is known to as a "present value." For example, you might decide to forgo a day's income in order to take a night off work to go to a concert, giving the chance to see your favorite musician perform.
What what constitutes a trade-off?A tradeoff is essentially any situation when selecting one method of action means losing something else, usually giving up an opportunity or chance. We must compromise when a success in one area inevitably results in a loss in another.
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when treasury stock is sold for less than its cost, the entry should include a debit to:_________
When treasury stock is sold for less than its cost, the entry should include a debit to retained earnings.
Treasury stock is a shareholders' equity counter asset that lowers total equity and is displayed on the balance indicated in the equity area. Treasury shares can be accounted for using either the cost approach or the par value technique.
When reserve stock is traded for less than its cost, residual earnings should be decreased by a debit. The process through which a company buys back some of the equity that was previously sold to investors is known as repurchasing treasury stock. If they sell this stock for less than what they purchased for it, it diminishes stockholder wealth.
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Which would an economist consider a likely substitute for coffee?
As an economist, I would have to consider a variety of variables, such as customer preferences, accessibility, and cost, before determining a plausible replacement for coffee.
As an economist, I would say that a potential replacement for coffee would depend on a variety of elements, such as customer preferences, accessibility, and cost. Tea, energy drinks, and soda are a few alternatives to coffee that could be considered. Some coffee users may find these replacements to their liking because they have various taste profiles and differing caffeine contents. In addition, if customers want a similar taste without the caffeine, they may choose substitutes like hot chocolate, herbal tea, or decaf coffee. The consumer's willingness to pay for these alternate beverages and their perceived value in comparison to coffee will ultimately determine the market for coffee substitutes.
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Make a brochure on a fantasy island
Answer: Your welcome!
Explanation:
Welcome to Fantasy Island, a tropical paradise located in the Caribbean Sea. Here, you will find a world of enchantment and adventure, beautiful beaches, lush jungles, and a vibrant culture.
At Fantasy Island, you can explore the local culture and experience a variety of activities. From snorkeling and diving to horseback riding and jungle trekking, there is something for everyone. You can also relax on the beach, take a dip in the crystal-clear waters, or explore the many nearby islands.
Fantasy Island is home to a variety of wildlife and plants, including exotic birds, mammals, and reptiles. You can take a boat tour to see dolphins, turtles, and manatees, or explore the colorful coral reefs. There are also plenty of opportunities for fishing, and you can even go whale-watching.
Experience the magic of Fantasy Island with its friendly locals, delicious cuisine, and vibrant nightlife. With its perfect climate and stunning scenery, this is the perfect place to relax and experience a little bit of paradise.
Come to Fantasy Island and unlock the secrets of the Caribbean. We look forward to seeing you soon!
extra units that are held in inventory to reduce stockouts are called
Extra units that are held in inventory to reduce stockouts are called safety stock.
What is inventory?The items and materials a company purchases, creates, or makes for the purpose of making, selling, or exchanging are referred to as inventory. also referred to as stock trading. Despite the fact that there are other sorts of inventory, the four primary ones are maintenance, repair, and operational supplies, finished goods, work-in-progress, and raw materials and components.
A safety stock is a surplus of a product that is kept in the warehouse to avoid running out of stock. It acts as protection against shifts in demand.
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Aleah is preparing an article to be posted on the website of Tri-County Bank, concerning a policy change that will affect mortgage lending. Which headline best frames the topic in a manner designed to build goodwill among the bank’s customers?A. New Underwriting Criteria Make It Easier to Qualify for a MortgageB. Recent Changes in Mortgage Underwriting RulesC. Higher Debt-to-Income Limits for Mortgage ApplicantsD. Tri-County Bank Eases Credit Standards in Mortgage Underwriting
The headline of the article for mortgage lending will be Tri-County Bank Eases Credit Standards in Mortgage Underwriting.
What is mortgage lending?Loans against property are another name for mortgage lending. A mortgage loan may be used to purchase, construct, or refinance a home. Refinancing is the process of obtaining a new loan for a piece of real estate while the prior loan is still being repaid. Usually, it is done to obtain a loan with more favourable terms. Dave desires a mortgage loan. He accepts a 7% APR loan for $1,000,000 with a 25-year term. Dave is required to make a $707 monthly payment. This is due to the fact that the total sum due will be $2 12,035, spread out over 25 years.
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all of a debtor's pay can be garnished. true or false.
False. All of the debtor's pay cannot be garnished
Why cannot the debtor's pay be garnished?
The amount of a debtor's pay that can be garnished is limited by law. Garnishment is a legal process where a portion of a person's wages is withheld to pay a debt, such as back taxes or a court judgment. In the United States, federal law sets limits on the amount of a person's disposable earnings that can be garnished, which is the amount of income left after subtracting required deductions, such as taxes and Social Security. The exact amount that can be garnished depends on the type of debt and the individual's state of residency. In general, the maximum amount that can be garnished is limited to 25% of disposable earnings or the amount by which disposable earnings exceed 30 times the federal minimum wage, whichever is lower.
Hence, the answer is false.
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which kind of economy is most common in the world today?
Many people around the world have seen significant increases in wealth as a result of the push for economic growth in recent decades.
What is economic growth?Economic growth refers to an increase in production of goods and services within an economy over period of time. This can be measured by changes in Gross Domestic Product (GDP) or Gross National Product (GNP) of a country. Economic growth is an essential component for the development of any country as it generates employment, increases incomes, improves standards of living, and reduces poverty. It is driven by various factors such as investments, technological advancements, political stability, and favorable government policies. Economic growth also leads to an increase in government revenue, which can be used to fund social welfare programs, infrastructure development, and other public goods. However, rapid economic growth can also have negative consequences such as environmental degradation, income inequality, and social unrest.
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