True. Providing exceptional customer service can give small firms a competitive edge.
Exceptional customer service is crucial for small firms to differentiate themselves from competitors and build customer loyalty. When a small firm goes above and beyond to meet customer needs, it creates a positive experience that customers remember and share with others.
This word-of-mouth advertising can lead to increased customer acquisition and retention. Additionally, exceptional customer service helps in building strong customer relationships, fostering trust, and enhancing the overall brand reputation.
Small firms that prioritize customer satisfaction gain a competitive edge by standing out in a crowded marketplace and attracting customers who value the personalized attention and care they receive. Moreover, satisfied customers are more likely to become repeat buyers and recommend the business to others, resulting in long-term growth and success for small firms.
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A company purchased a delivery van for $28,400 with a salvage value of $3,900 on september 1, year 1. it has an estimated useful life of 5 years. using the straight-line method, how much depreciation expense should the company recognize on december 31, year 1
The deprecation expense in year 1 is $1225.
What is the depreciation expense in year 1?
Depreciation is a method that is used to expense the carrying value of an asset. Straight line depreciation is a depreciation method that allocates the deprecation expense evenly across the useful life of the asset.
Straight line depreciation expense is a function of the useful life of the asset, the cost of the asset and the salvage value of the asset.
Straight line depreciation expense = (number of months from Sept to Dec / number of months in a year) x (Cost of asset - Salvage value) / useful life
(3/12) x [(28,400 - 3900) / 5]
1/4 x (24,500/5) = $1225
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To avoid having ethical situations become problematic for a firm, the short-term goals of each employee must:______
To avoid having ethical situations become problematic for a firm, the short-term goals of each employee must be aligned with the long-term goals of the firm.
In order to avoid ethical situations which can later become problematic for a firm, an employee's short-term goals must be aligned with the long-term goals of the firm. As it helps to sustain employee motivation by helping employees measure the impact of their actions.
When personal goals are aligned with a firm's goal, an individual takes accountability of the tasks in hand. Thus, an individuals short-terms goals act as a milestone in their journey to reach the long-term goals of their life.
Hence, the short-term goals of an employee must be aligned with the long-term goals of the firm.
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What kinds of plans are of most concern to the working supervisor? why?
Working supervisor should make the following plans:
Manpower planning: In this planning supervisor determines how much manpower is required by him and what will be their skills.
Scheduling: After manpower planning supervisor prepares the schedule of works.
Communication: The schedules prepared are then communicated by the supervisor.
After the communication the plan is set and implemented however the supervisor oversights the plan at that time and if there remains any discrepancy it is controlled by the supervisor.
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Depreciation on factory equipment would be reported in the statement of cash flows prepared by the indirect method in.
Depreciation on factory equipment would be reported in the statement of cash flows prepared by the indirect method in the cash flows from investing activities section.
What is depreciation?
Depreciation is an accounting technique that distributes an asset's cost throughout its anticipated useful life. Depreciation is a recurring expense that businesses report on their income statement. Assets degrade with time, losing value.
Which activities are reported on the statement of cash flows?
Transactions must be divided into the three categories of operating, investing, and financing activities that are shown on the statement of cash flows.
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A good percentage to start with for saving is ________________ percent of your teaching income.
A good percentage to start with for saving is. At least 20% percent of your teaching income
The term "revenue" generally refers to the transfer of money, property, and other value received over a period of time in exchange for services or products. There is no single standard definition. Income is defined according to the context in which the concept is used.
While individuals usually earn their income through wages or salaries, businesses generate income from the sale of goods or services in excess of their production costs. Most forms of income are subject to tax.
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You are a consultant who is working with an organization and want to incorporate the practice of teaming into their company. Which of the following would be the strongest approach
The strongest approach is to develop team charters that formally outline the rules within pre-established teams. This is further explained below.
What is the organization?Generally, an organized collection of individuals with a specific goal, such a company or government agency.
In conclusion, Team charters are the best way to codify the rules of play for established teams.
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Cash advance and title pawning are needed services but should be used with caution.
a. agree
b. disagree
Cash advance and title pawning are needed services but should be used with caution.
B) Disagree
How Do Cash Advances Work?A short-term loan from a bank or other type of lender is known as a cash advance. The phrase also describes a service offered by numerous credit card companies that permits cardholders to withdraw a set amount of cash. Although cash advances typically have high-interest rates and costs, they are appealing to borrowers because of their swift approval and funding times.
Cash advance types include:
Cash advances using credit cardsBusiness Cash AdvancesTerm Loans.What Is Title Pawning?
When you need cash quickly, title pawning is an easy practice that can help. This kind of secured loan substitutes your vehicle ownership records for tangible collateral. As a result, the amount you are offered is mostly determined by the worth of your car. You don't have to give up ownership of your property, though, in order to get paid.
This strategy is crucial for several reasons:
As long as you pay everything back and on time, there won't be any negative effects on your ratings from this transaction.Because you don't have to wait for the money, you can pay your bills on time without incurring late fees, finance charges, or other penalties.Your decisions won't be influenced by feelings of helplessness or irritation since you won't ever need to act in desperation again.With reasonable ideas for resolving your financial problems and a clear road out of debt, you can develop and manage a more realistic budget.Learn more about title pawning with the help of the given link:
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In order to determine gdp using the expenditures approach, all spending on ______ goods and services, not intermediate goods, is added up.
In order to determine GDP using the expenditures approach, all spending on final goods and services, not intermediate goods, is added up.
The total of all final products and services purchased in an economy during a predetermined time period is taken into account when computing gross domestic product (GDP) using the expenditure method.
All consumer expenditure, government spending, corporate investment spending, and net exports are included in this.
Since they both employ the same formula, the final GDP is quantitatively identical to aggregate demand.
The GDP Expenditure Formula is:-
GDP equals C + I + G + (X - M)
C stands for consumer expenditures on goods and services.
I stands for Investment in equipment for businesses.
G is for the government's expenditures on public goods and services.
X is for exports.
And M means import.
Hence, In order to determine GDP using the expenditures approach, all spending on final goods and services, not intermediate goods, is added up.
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The money supply term that includes accounts that can be accessed quickly and easily and most savings accounts, mutual funds, and Certificates of Deposit is
The money supply term that includes accounts that can be accessed quickly and easily and most savings accounts, mutual funds, and Certificates of Deposit is M-2.
What is M-2?
The M2 is broader measure of MS although it is has a less liquid measure compared to M1 and consists of currency, traveler’s checks, checking deposits, savings accounts, money market mutual funds etc.
M2 = M1 + savings accounts deposits + money market mutual funds.
M2 includes all M1 plus near money such as savings deposit, money mutual fund and other time deposit that are less liquid and not easily transferrable to physical money. M2 is a broader definition. M2 includes M1, certificates of deposit, money market account balances, and savings account balances.
M2 is a proportion of the cash supply that incorporates money, checking stores, and effectively convertible near money. M2 is a more extensive proportion of the cash supply that M1, which simply incorporate money and checking deposits.
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The type of organizational-level reward in which employees receive a percentage of the organization's previous year's profits is called a:_______
The type of organizational-level reward in which employees receive a percentage of the organization's previous year's profits is called a profit sharing.
Profit sharing is a system where employees are paid a portion of the net earnings of the firm they work for, according to a predetermined written formula. These payments, which may differ based on salary or compensation, are separate from and in addition to ordinary income.
Profit sharing refers to various incentive programs that companies have implemented that give employees direct or indirect compensation based on the company's profitability in addition to their base pay and bonuses. These schemes often involve the distribution of shares to employees in publicly traded corporations.
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Income from long-term investments in equity securities with significant influence is reported in the earnings from equity method investment account. this account is a temporary account, closed to the?
Income from long-term investments in equity securities with significant influence is reported in the earnings from equity method investment account. this account is a temporary account, closed to the income summary account.
At the conclusion of an accounting period, all revenue and expense accounts from the income statement are moved into a temporary account called the income summary account.
The business's net profit or loss for the period is equal to the net amount placed into the income summary account.
Debiting the revenue account for the whole amount of revenue recorded for the period and crediting the income summary account are the results of shifting revenue out of the income statement.
Similarly, to remove expenses from the income statement, one must debit the income summary account and credit all of the expense accounts with the total amount of expenses incurred during the period. Utilizing the income summary account begins with this action.
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The company's shipments of newly-produced branded and private-label footwear from its facilities to its regional distribution centers are subject to
The company's shipments of newly-produced branded and private-label footwear from its facilities to its regional distribution centers are subject to any applicable import tariffs and exchange rate adjustments.
TariffsTariffs are a form of tax that a business imposes on any imported goods at a border that the government uses to make money.Import dutiesThese are levied by the customs department upon the entry of goods into a nation. It is also known as an import tax, import duty, or customs duty.Change in value or Exchange rateA country's currency is valued according to its exchange rate. For the purposes of currency conversion, it is the worth of one currency.As a result, import duties and rate modifications may apply to the company's distribution of freshly made footwear from its production facilities to its regional distributors.
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People who receive a promotional impression and who give some thought to buying the product are considered:______.
People who receive a promotional impression and who give some thought to buying the product are considered: Sales leads
An impression is an imprint, either in one's mind or on an object.an opinion or feeling that you have about someone or something you have seen but do not know very well.
Impressions fall into three basic categories:
patentlatentplastic.An example of an impression is the mark you make when you press your finger into clay.
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What percentage of hard rock's profit is derived from retail shop sales?
a. 75%
b. 50%
c. 10%
d. 25%
50% of hard rock's profit is derived from retail shop sales.
The Hard Rock Cafes are renowned as eateries, but a significant portion of their revenue comes from the selling of t-shirts, memorabilia, and other retail goods. The HRC is renowned for its collection of rock and roll artefacts. The cafés ask for donations of music memorabilia but also buy a variety of objects at international auctions, including signed guitars, outfits from world tours, and rare photographs; they are frequently seen posted on café walls.
A sponsored bar with Hard Rock branding and memorabilia can be found at the Canadian Tire Centre. When The Palladium first opened on January 15, 1996, the stadium served as home to Ottawa's first Hard Rock Café. It also served as the Corel Centre for a long time.
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According to traditional Keynesian economics, expansionary fiscal policy initiated by the federal government
According to traditional Keynesian economics, an expansionary fiscal policy initiated by the federal government is an appropriate way to prevent recessions and depressions (Option B).
This is because an expansionary fiscal policy like tax cuts increases consumption and investment as well as increases government spending. This shifts the aggregate demand (AD) curve to the right.
In the diagram below, if the initial AD was ADR indicating that the economy is suffering from recession, then the suitable policy for the government would be to shift the AD curve to the right. As the AD shifts to ADF, the economy would be at full employment level and potential GDP.
According to Keynesian economics, aggregate income = aggregate expenditures.
Aggregate expenditures are classified into two basic types – consumption (spending on goods and services) and investment (expenditure on means of production).
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Your question is incomplete. please read below to find the full content.
According to traditional Keynesian economics, an expansionary fiscal policy was initiated by the federal government.
A) will always fail due to crowding out effects.
B) is an appropriate way to prevent recessions and depressions.
C) is never appropriate.
D) is an appropriate way to slow down an over-heated economy.
Orica Inc. competes in the market for commercial explosives. The company recently changed its business model from just selling explosives to managing an entire blast in a quarry. This customer-solution-based approach to the sale of explosives is an example of ________
As the company recently changed its business model from just selling explosives to managing an entire blast in a quarry. This customer-solution-based approach to the sale of explosives is an example of systems selling.
What is a Business Model?The strategy a business uses to turn a profit is referred to as its business model. It lists any estimated costs as well as the goods or services the company intends to sell, as well as its chosen target clientele. Both new and established businesses need strong business models. They aid young, developing businesses in luring capital, hiring talent, and inspiring management and personnel. Established companies should change their business strategies on a regular basis to account for emerging trends and difficulties. Investors use business plans to assess potential investments. A business model is a comprehensive strategy for running a company profitably in a particular industry. The value proposition is a key part of the company model.Systems selling is the practice of offering linked products or services as a unit rather than individually or independently. Products that are combined under systems selling are typically complementary products.
Therefore, This customer-solution-based approach to the sale of explosives is an example of systems selling.
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How is management using controls when they allow decision making at lower levels and encourage employees to work together in teams
Decentralizing decision-making is how management is using controls when they allow decision-making at lower levels and encourage employees to work together in teams. This is further explained below.
What is Decentralizing decision-making?Generally, It is possible for decentralized direction to enhance both the ethos and functional characteristics of your company. On the other hand, it may scramble it. You need to find the optimal balance between decentralizing authority and preserving all of the qualities that set your company apart from the competition.
In conclusion, When management allows for decisions to be made at lower levels and encourages workers to collaborate in teams, they are exercising controls in accordance with the strategy of decentralizing decision-making.
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According to the federal highway administration, 19 percent of the 53,000 bridges in texas are rated as:_______
The Federal highway administration estimated that about 19 percent of the 53,000 bridges in Texas are rated as structurally deficient.
What is a structurally deficient bridge?This signals that some elements of the bridge need to be monitored and/or repaired, this means the fact that a bridge is "structurally deficient".
However, the fact does not imply that it is likely to collapse or that it is unsafe but It means the bridge must be monitored, inspected and maintained.
Therefore, the Federal highway administration estimated that about 19 percent of the 53,000 bridges in Texas are rated as structurally deficient.
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When a tax is placed on the buyers of lemonade, the a. buyers bear the entire burden of the tax. b. sellers bear the entire burden of the tax. c. burden of the tax will be shared by the buyers and the sellers, but the division of the burden is not always equal. d. burden of the tax will always be equally divided between the buyers and the sellers.
When a tax is imposed on lemonade buyers, the burden of the tax will be shared by the buyers and the sellers, however the distribution of the burden is not always equal.
when a tax is imposed on product purchasers?The supply curve is shifted by a tax paid by sellers, whereas the demand curve is shifted by a tax paid by buyers. Regardless of who pays the tax, the result is the same. With a tax on a good, consumers pay more, sellers are paid less, and there are fewer sales overall.
What is the tax split between buyers and sellers?The cost of a sales tax is split between buyers and sellers under the scenario of demand and supply curves with normal shapes. The ratio of supply and demand elasticity determines how much of a tax will fall on either the buyers or the sellers, or both.
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Rothbart Manufacturing agrees to manufacture bumper cars for Banners Amusement Parks. Under the terms of the contract, Banners will pay Rothbart a total of $60,000, and Banners can cancel the contract if it so chooses but must pay Rothbart for work completed. Rothbart believes that, if Banners cancelled the contract, Rothbart could sell the bumper cars to another amusement park and still make a profit. The manufacturing contract is expected to last six months, and as of December 31, 2024, the job is 80% complete. How much revenue should Rothbart recognize in 2024 for this contract
Based on the information given, no revenue will be recognized.
How to illustrate the information?It should be noted that the revenue is recognized when the title to the goods passes from the seller to the buyer.
Therefore, revenue is to be recognized only when control is transferred
This occurs when the entity has a present right to payment for the asset. This didn't occur based on the information given. Therefore, no revenue will be recognized.
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The first institution to contact if you know you have been an identity theft victim is
The first institution that should be contacted in the case of identity theft is the Federal Trade Commission (FTC).
Why should you contact the Federal Trade Commission (FTC)?If you have fallen victim to identity fraud, you should call the Federal Trade Commission immediately.
They will then help you report to the relevant law enforcement agencies such as the FBI and local police.
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Which of the following refers to the practice of paying to have a product appear favorably in a TV show or movie
Product placement refers to the practice of paying to have a product appear favorably in a TV show or movie This is further explained below.
What is Product placement?Generally, producers of goods and services pay for their items to be included in films and television shows to obtain publicity for them.
In conclusion, Paying for a product to be featured prominently in a TV program or movie is known as product placement.
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One disadvantage of discretionary fiscal policy is that it can return the economy to its potential level of output but at the cost of increasing the price level.
"One disadvantage of discretionary fiscal policy is that it can return the economy to its potential level of output but at the cost of increasing the price level." This statement is TRUE.
The main limitations of discretionary fiscal policy are: (1) Information lag: Governments must have the relevant and reliable data they need to change taxes and government spending. Collecting, classifying, aggregating, and analyzing data takes a long time.
Trade-offs – Trade-offs can occur when a government adopts a combination of expansionary and contractionary fiscal policies. When a country wants to increase spending and raise more money to fuel economic growth, it can issue bonds to its citizens.
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Sophia is considering an ultimate career as a construction manager in Los Angeles, California. The
entry level salary for this career is $28.67 per hour in California, or approximately $59,630 per year.
She does not have or plan on having any children. The table at right summarizes an individual's basic
monthly living expenses to be able to be self-sufficient in Los Angeles, CA. Using the table, calculate
her annual expenses. Would Sophia be making a living wage as a construction manager?
Answer:
84.85
Explanation:
John operates a running shoe company and has decided to segment his market into professional track runners, trail runners and recreational runners. this is an example of __________.
a. segmentation by usage rate.
b. psychographic segmentation.
c. benefit segmentation.
d. segmentation by loyalty status.
e. occasion segmentation.
The correct option is (c) benefit segmentation.
Benefits segmentation is a sort of market segmentation that divides consumers into groups according to the advantages and perceived worth of the products and services they can purchase. Additionally, it might entail classifying clients in accordance with functional advantages such features, quality, and customer service.
Benefit segmentation is a technique for market segmentation that entails dividing your customer base into groups according to the benefits customers perceive they will get from your product. This may entail classifying consumers in accordance with their perceived value for things like quality, features, customer service, etc.
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Your company emphasizes the important of conserving (not wasting) resources. How can you support that value when you print an 8-page report you were asked to bring to your department's monthly meeting
You can support that value by using the print option for two-sided printing.
What do you mean by resource preservation?
Resource conservation refers to the preservation and sometimes even improvement of those resources that sustainability depends on. An ecological resource that is readily depleted without proper management is soil organic matter.
Agriculture and forestry both face major and expanding resource conservation and environmental concerns, such as nonpoint water pollution and biodiversity protection. Consequently, it is instructive to review the history of voluntary approaches, particularly given that their reach seems to be increasing. Studies of the planning and execution of voluntary activities in various sectors might provide three main takeaways.
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Assume figures were presented for the past 5 years on merchandise sold at Chicago department and discount stores ($ million). Sales in 2022 were $3,314; in 2021, $3,574; in 2020, $3,048; in 2019, $3,312; and in 2018, $3,376. Using 2018 as the base year, complete a trend analysis.
Based on the sales given for the Chicago department and discount stores, the trend analysis:
2018 - 100%2019 - 98%2020 - 90%2021 - 106%2022 - 98%How is a trend analysis done?To complete a trend analysis, you divide succeeding amount of a measure, by the base amount.
In this case, the succeeding figures would be the sales after 2018 while the base year is 2018.
Trend analysis:
2018:
= 3,376 / 3,376
= 100%
2019:
= 3,312 / 3,376
= 98%
2020:
= 3,048 / 3,376
= 90%
2021:
= 3,574 / 3,376
= 106%
2022:
= 3,314 / 3,376
= 98%
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The use of bribes, which are illegal for U.S. companies, relate best to which of the following environmental forces
The use of bribes, which are illegal for U.S. companies, relate best to Ethical and social responsibility forces.
What are ethical and social responsibility forces?Ethical and social responsibility forces are forces that are needed to control the guiding principle and moral principle of a particular organization.
In this case, The use of bribes, which are illegal for U.S. companies, relate best to Ethical and social responsibility forces.
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An asset's book value is $19,500 on December 31, Year 5. Assuming the asset is sold on December 31, Year 5 for $13,500, the company should record: Multiple Choice Neither a gain nor a loss is recognized on this transaction. A gain on sale of $6,000. A gain on sale of $12,750. A loss on sale of $6,000. A loss on sale of $12,750.
The company should record a loss on sale of $6,000.
What is asset book value?
Book value is the worth of the asset or the amount left undepreciated at a particular point in time.
This implies that if the cash received in respect of the asset is more than the book value, there would be gains, and when the cash is less, that would result in losses. But in this case, the latter situation applies as shown in the loss computation below:
Selling an asset whose worth is $19,500 for $13,500 means that the company has lost $6,000 as computed thus:
Loss on asset=sales proceeds-book value
loss on asset=$13,500-$19,500
loss on asset=-$6,000
In essence the second to the last option is correct.
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A Palm Beach County property is being sold for $98,350 and the buyer is taking title subject to an existing mortgage in the amount of $61,220. What is the total amount of taxes due in this transaction
The total amount of taxes due in this transaction is: $688.80.
Total amount of taxesState documentary or stamp tax on deed is calculated at rate $.70 per $100 of value
First step
Tax units=$98,350 ÷ $100
Tax units = 983.5
Tax units=984 (Approximately)
Second step
Documentary stamp tax = 984x $.70 cents
Documentary stamp tax = $688.80 (debit to the seller)
Therefore the total amount of taxes due in this transaction is: $688.80.
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