The entire package of product characteristics or features that directly or indirectly communicate anything about a branded product is known as the brand identity.
Brand identity includes all the elements that make up a brand's image and reputation, such as its name, logo, packaging, advertising, and customer service. These elements work together to create a consistent image and message that is associated with the brand in the minds of consumers. A strong brand identity can help a product stand out in a crowded market and create a loyal customer base.
It also includes features like color scheme, typography, packaging design, and other visual elements that help to differentiate a brand from its competitors and create a consistent image in the minds of consumers. Additionally, the brand's mission, values, and messaging also contribute to the overall brand identity. A well-crafted brand identity can help to build trust and loyalty with customers.
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T/F. Joel has a 1966 Mustang, which he sells to Susie, an avid car collector. Susie is pleased since she paid $8,000 for the car but would have been willing to pay $11,000 for the car. Susie's consumer surplus is $2,000.
True, Joel has a 1966 Mustang that he sells to Susie, an enthusiastic automobile collector, and Susie's consumer surplus is not $2,000.00,it is $3,000.00.
Consumer surplus, often known as buyer's surplus, is an economic indicator of an user's excess benefit. It is calculated by comparing the public's intention to pay for an item to the amount they actually pay, also termed as the market rate.A surplus happens when a product's willingness to pay is larger than its market price. The economic notion of marginal utility, which is the additional satisfaction gained by consuming one more unit of a product or service, provides the foundation for consumer surplus. Because of variances in personal tastes, customer satisfaction differs.
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division of labor is the separation of work into different jobs to be done by different people. a. true b. false
The concept here is the Division of labor, it is the separation of the tasks in any economic system or organization so that participants may specialize. The answer is option A, true.
Division of labor is the division of a work process into a series of tasks, each performed by a separate person or group of people.
Division of labor is an important economic term that refers to the division of labor in a production process. Division of labor can also be referred to as specialization, where employees are assigned smaller, manageable tasks that add up to a larger core business.
The division of labor is essential for economic progress because it enables specialization in certain tasks. Specialization makes workers more efficient, which lowers the overall cost of producing a good or providing a service.
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Which one of the following terms is defined as the management of the firm's long-term investments:A. Working capital managementB. Financial allocationC. Agency cost analysisD. Capital BudgetingE. Capital Structure
The process of managing a firm's long-term investments is called Capital budgeting.
In the modern era, the most crucial financial activity is the effective deployment of money. Choosing whether to invest company funds in long-term assets is part of the process.
Organizing and managing a company's long-term investments is done through capital budgeting. When developing a capital budget, the finance manager searches for investment possibilities that are more advantageous to the business than they are expensive to attain.
There are seven essential capital budgeting techniques or strategies: payback period, discounted payment period, net present value, profitability index, internal rate of return, and modified internal rate of return. Capital budgeting is a method used by investors to determine the value of new investment projects. \
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Which of the following are examples of limited resources?
A.product and space
B.money and product
C.time and money
D.space and time
Examples of limited resources are C. time and money.
Resources are inputs that are used to produce goods and services. Limited resources are those that have a finite quantity and are not infinitely available. In the context of production, limited resources are also known as factors of production. Some examples of limited resources are:
A. Product and space: Product refers to the goods or services that are being produced, while space refers to the physical location where production takes place. Both of these resources can be limited, either by their availability or by the capacity of the production facility.
B. Money and product: Money is a resource that is used to purchase other resources, while product is a resource that is being produced. Both of these resources can be limited, either by the availability of funds or by the capacity of the production facility.
C. Time and money: Time refers to the amount of time that is available to complete a task or project, while money refers to the funds that are available to purchase resources. Both of these resources can be limited, either by the amount of time available or by the amount of funds available.
D. Space and time: Space refers to the physical location where production takes place, while time refers to the amount of time that is available to complete a task or project. Both of these resources can be limited, either by the availability of space or by the amount of time available.
Out of the options above, C. time and money are examples of limited resources as both of them have a finite quantity, and they are not infinitely available.
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Substituting residues in a peptide with which amino acid will most likely result in a peptide with an increased pI? a. Lys b. Glu c. Gln d. Val.
Option b is correct. It has been found that similar substitutions to exchange glutamic acid for lysine can result in mutant proteins with reduced stability or reduced ability to bind DNA as a dimer.
Nucleotide error leading to abnormal synthesis of the beta chain of hemoglobin S, a single amino acid substitution of valine for glutamic acid in the beta chain causing sickle cell anemia.
What four substituents are present in all amino acids? In amino acids, the four valence positions of the nuclear carbon atoms are occupied by four substituents (alpha carbons). These include: hydrogens, carboxyl groups, amino groups, and variable groups known as R groups. Because of the substituents, amino acids are also called substituted methane. Variations in the gene sequence may result in the addition of different amino acids to the polypeptide chain rather than the normal amino acids. This changes the structure and function of the protein.
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several small vineyard owners in the napa valley region of california banded together to market their grapes and wine in an attempt to get better prices. over the years they expanded the organization to include other services such as buying and selling farm supplies and equipment and providing financial and technical services. the arrangement established by these vineyard owners is an example of a select one: a. closed corporation. b. joint venture. c. limited agricultural partnership. d. farm cooperative.
A Farm cooperative arrangement was established by these vineyard owners.
What exactly is a farm cooperative?
A farm cooperative is a type of agricultural business owned by farmers who pool their resources in their farm or livestock production by performing and adding various services methods such as packaging, distribution, providing financial and technical services, and marketing their production in order to obtain better prices and increased sales.
For example, Napa Valley vine owners banding together to include other services in order to increase profits from the sale of their produce.
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what is an example of a strategic industry? a. automotive b. defense c. general manufacturing d. consumer products
an example of a strategic industry consumer products because it is a strategic industry of value to the country. Hence we can say that D is the right option.
Similar to shipping, shipbuilding is a national strategic business that requires an official national marine policy. It receives subsidies because it is a valuable strategic industry for the nation. This sector not only plays a significant strategic role, but it also affects the entire nation.
These industries include banking, insurance, and financial services, as well as atomic energy, space and defence, transportation and telecommunications, power, petroleum, coal, and other minerals. All CPSEs in the non-strategic sector will be sold or, if that is not practicable, closed.
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you are helping a friend list her home, but she is unsure of her acreage. she knows her property is 770 ft. x 524 ft. how many acres is the lot?
Answer:
9.26 acres
Explanation:
First multiply 770 by 524 to find the area of the property in feet
770 x 524 = 403,480 ft
now, divide the value in feet by 43,560, as that is how many feet are in one acre.
403,480/43,560 = 9.26 acres.
in a system of 100-percent-reserve banking, question 8 options: deposits are banks' only assets. currency is the only form of money. banks do not make loans. all of the above are correct.
The right response is b, as banks have no impact on the money supply. All deposits are held by the banks themselves when the banking system is based on 100% reserve banking.
A bank is a type of financial institution authorised to grant loans and take deposits for checking and savings accounts. Individual retirement accounts (IRAs), certificates of deposit (CDs), currency exchange, and safe deposit boxes are other services that banks offer. Retail banks, commercial or corporate banks, and investment banks are just a few of the several sorts of banks. In the United States, banks are subject to both federal and state regulation. Since the fourteenth century, at least, banks have existed. They give customers and company owners a secure location to store their cash as well as a way to get loans for both personal and professional endeavours. Banks provide loans and charge interest on them using the money that is deposited.
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according to the reaching beyond our borders box, which of the following is true? select one: a. corporate ethics are intended to be consistent with cultural ethics. b. corporate ethics have priority over corporate profit. c. corporate profits have priority over corporate ethics. d. corporate ethics can clash with cultural ethics. skip quiz navigation
(d.) corporate ethics can clash with cultural ethics. The extending beyond our boundaries box states that the following is true on how business ethics and cultural ethics might conflict.
Making a living or earning money via the production, acquisition, and sale of items is referred to as doing business (such as goods and services). Additionally, it includes "any activity or operation undertaken for profit." The owner of the business is responsible and liable for any obligations made by the business as the business entity is not legally distinguished from the owner by the use of a business name. In the event that a firm accrues debt, creditors may seize the owner's personal property. Corporate tax rates are not permitted in a firm structure. All business income is subject to personal taxation for the proprietor.
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the reasons that nations trade includes the fact that a) the wants of their citizens exceeds their productive capacity. b) no one country produces all of what citizens within the country want. c) different countries have different levels of greed.
One of the grounds why nations trade is because no one state can satisfy all of the needs of its citizens. Its population's needs outweigh their capacity for production.
What motivates bridge trade between nations?The five main factors that influence global trade are: the availability of government regulations, variances in innovation, variations in endowments, variations in consumption, and the existence of economies of scale. There is often only one deal motivator in trade models.
Trade occurs when nations are unable to fulfill their own requirements and wants due to a lack of resources or ability. By using and growing their limited domestic resources, governments can generate an overflow and trade it for the funds they need.
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barbara's annual performance review incorporates performance appraisal data collected not only from her supervisor but also from her coworkers, subordinates, and even her customers. what type of performance management practice does barbara's company use?
Barbara's organization uses the 360-degree performance style of performance management.
A 360-degree performance management system: what does it involve?Employers who use a 360-degree performance evaluation, also known as 360-degree feedback or multi-rater feedback, to evaluate employee performance from a range of perspectives as opposed to only one-on-one feedback from a direct boss are said to be doing so.
Why 360-degree performance is importantThrough the completion of 360-degree feedback, raters have a greater understanding of the values and behaviors necessary for a successful team. By basing them on how others are seen, team members can establish their own expectations for behavior and performance.
What benefits does doing a 360-degree review when assessing performance have?An employee's areas of strength and weakness should be identified and understood as part of a 360-degree performance evaluation in order to improve both personally and organizationally. It supports the definition of roles, talent evaluation, career planning, growth of leaders, and team building.
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Potential for variability in the possible outcomes associated with an investment called__
Potential for variability in the possible outcomes associated with an investment called risk. An actual investment is one that a company really makes over a predetermined length of time.
Risk is the potential for variation in the potential results of an investment. This speaks to the ambiguity or unpredictable nature of investment returns. Different investments have varying levels of risk, which is typically quantified by the investment's volatility or standard deviation of returns. High-risk investments have a higher chance of producing significant returns but also a higher risk of losing money. Low-risk investments have a lower chance of yielding high returns, but they also have a lower chance of going under. When choosing which investments to make, investors must take into account their own risk appetite and investment objectives. It's crucial to realise that while risk is a component of all investments, it can be controlled through diversification and other buying techniques.
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which of the following are advantages of mrp? multiple select question. assumption of constant lead time ability to evaluate capacity requirements a means to allocate production time items being produced differently from the bill of materials low levels of in-process inventory
The benefits of updating MRP data using net change. The system only receives the modifications. Other than that, nothing changes.
What does MRP mean?Planning for material requirements is a strategy for figuring out what materials and parts are required to make a certain product. It entails three main steps: listing the elements and materials already present, deciding which more are required, and then planning for their manufacture or acquisition.
Describe MRP and ERP.Both MRP and ERP technologies are software applications that assist you in managing your business through wise forecasting and your selected business priorities; however, MRP has a manufacturing specific focus, whilst ERP covers both a business and supply chain management.
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Which of the following statements by Tom demonstrates that his buying plans obey the law of demand? A. The only thing that's changed is the price of textbooks: they've become more expensive and now I'm not buying as many B. I can't afford as many textbooks because my rent has increased. C. At an average price of $80 per text book, I plan to buy 5 text books per semester D. For me, a good course website is a substitute for a textbook.
The correct statement is for obey the law of demand "the only thing that's changed is the price of textbooks, they've become more expensive and now I'm not buying as many.".
In the classroom, textbooks are utilized to teach pupils about a variety of subjects. In order to help students understand more about their subject, they may also be employed as learning tools. Students might learn about significant themes in history, mathematics, physics, and other subjects by consulting textbooks.
The learning process' elements and strategy are predetermined by the textbook. It regulates the learning's topics, approach, and processes. Students pick up the information that is offered in the textbook; in those other words, they learn it in the same way that it is presented in the book.
Therefore, the correct answer will be option (a)
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Which of the following represents the order and flow of manufacturing costs through the inventory accounts
The standard costs demonstrate the typical sequence and progression of production costs through the inventory accounts.
What are standard costs?The standard costing system's inventory and cost of products sold accounts will typically include the standard expenses for manufacturing activities. However, there may be some variations as the company may have to pay its suppliers and manufacturing staff based on actual costs incurred. These cost variations are recorded in separate variance accounts and reflect the differences between the standard costs and the actual manufacturing costs.
A positive balance in a variance account indicates that the business deviates from the profit plan. Even though standard costs might be a useful management tool, the manufacturer's external financial statements must still adhere to the cost principle and the matching principle.
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Suppose all household incomes in california increase by $5,000. How does that change the standard deviation of the household incomes?
The standard deviation of the household incomes goes up by 5%.
What is standard deviation?
The standard deviation is a measure of variation from the mean that takes spread, dispersion, and spread into account. The standard deviation reveals a "typical" divergence from the mean. It is a popular measure of variability since it retains the original units of measurement from the data set.
There is little variety when data points are near to the mean, and there is a lot of variation when they are far from the mean. How much the data differ from the mean is determined by the standard deviation. Standard deviation, which is based on all data, is the most often used metric for measuring dispersion. As a result, the standard deviation's value can be affected by even a slight change in one number.
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Are hazardous materials consumable?
Hazardous materials are substances or compounds that can be harmful to the environment, constitute a risk to human health, or both. dangerous materials are indeed consumable.
Hazardous materials are chemicals or mixtures that pose a risk to human health, the environment, or both. A dangerous good is any solid, liquid, or gas that puts humans, other living things, property, or the environment in danger. Similar terminology known as "hazardous substance" is almost solely used in the United States . Items may be categorized as dangerous if they are radioactive, flammable, explosive, toxic, corrosive, biohazardous, an oxidizer, an asphyxiant, a pathogen, an allergen, or if they possess additional characteristics that make them harmful under specific circumstances. This category should include general topics on the use and handling of hazardous materials. Paints, fluorescent lights, mercury-containing batteries, industrial solvents, and other items are some examples of hazardous wastes.
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williams-sonoma is a specialty store that caters to customers who like to cook at home. it offers free cooking classes, has frequent demonstrations by cookbook authors, and has employees who are knowledgeable about food preparation. the sales staff helps customers make their selections. williams-sonoma is a(n)
In the given situation Williams-Sonoma offers its customers full service.
What is Full-Service?Although the definition of "full service" varies from business to business, in general, full-service companies meet all of the legitimate needs and wishes of a consumer within their specific industry.
It entails going above and beyond the fundamental requirements of offering just one service and giving your clients more choices.
Providing or delivering a broad range of services connected to the primary line of business, like when a gas station sells gasoline in addition to changing tires and performing auto repairs.
A complete service history demonstrates to potential buyers that a car has been well taken care of and should be dependable because it has been professionally inspected on a regular basis.
Therefore, in the given situation Williams-Sonoma offers its customers full service.
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Complete question:
Williams-Sonoma is a specialty store that caters to customers who want to cook at home. It offers free cooking classes, has frequent demonstrations by cookbook authors, and has employees who are knowledgeable about food preparation. The sales staff helps customers make their selections. Williams-Sonoma offers its customers _________.
4.when an import tariff is imposed, explain how each of the following are impacted a.domestic price b.world price c.domestic sellers d.domestic buyers e.domestic government f.foreign sellers
The tariff's overall impact. to raise the domestic market price of the imported commodity.
What is import tariff?Industrial tariffs are customs taxes imposed on imports of non-agricultural goods and are assessed either on an ad valorem basis (as a percentage of value) or on a per-unit basis (for instance, $1 per 100 pounds). Definition of import tariffs. taxes a government imposes, either per unit or ad valorem, on the cost of imported foreign goods. The tariff's overall impact. to raise the domestic market price of the imported commodity. A tariff is a tax that a government imposes on goods and services that are imported from other nations. Its purpose is to raise the price of the imported goods and services and reduce their appeal or at the very least their ability to compete with domestic products.To learn more about import tariff refer to:
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as a result of roosevelt's embrace of the economic policies of john maynard keynes and the need for social welfare legislation, the term liberalism came to be associated with
As a result of Roosevelt's embrace of the economic policies of Keynes and the need for social welfare legislation, the term liberalism came to be associated with government intervention to guarantee citizens' basic welfare.
What is liberalism?
The principles of individual rights, freedom, consent of the governed, political equality, and equality before the law form the foundation of liberalism, a political and moral philosophy. Depending on how they interpret these guiding ideas, liberals hold a variety of positions. The goal of liberalism was to eliminate governmental limitations on the flow of money and products.
In a democracy, what is liberalism?
A system of checks and balances between the executive and legislative branches of government, as well as the separation of powers, are all important aspects of liberal democracy. Liberal democracies often have multi-party systems with at least two enduring, viable political parties.
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Table 15-4. If the monopolist increases production from 2.5 to 5 units, what is its marginal revenue
The marginal revenue is $15.The income gain brought on by the sale of one additional unit of output is known as marginal revenue
What is marginal revenue?The income gain brought on by the sale of one additional unit of output is known as marginal revenue. While marginal revenue may be constant above a certain level of output, the law of diminishing returns dictates that it will eventually begin to decline as output level rises. In microeconomics, the term "marginal revenue" refers to the increased total income produced by increasing product sales by only one unit.Total Revenue, usually referred to as sales, is the sum of all the money made from the sale of a business's goods or services. As a result, price and quantity are related to total revenue. It is critical that total revenue surpass total costs in order to generate profits.Marginal Revenue $=\frac{\text { Change in Total Revenue }}{\text { Change in Quantity Sold }}$
Therefore, we have to compute the change in total revenue and quantity sold.
*Change in total revenue
Change in Total Revenue[tex]$=(Q 2 * P 2)-(Q 1-P 1)$[/tex]
Change in Total Revenue [tex]$=(5 * 20)-(2.5 * 25)=37.5$[/tex]
*Change in quantity sold
Change in Quantity Sold =Q 2-Q 1
Change in Quantity Sold =5-2.5=2.5
Now we can proceed to compute the marginal revenue since we have all the required information.
Marginal Revenue [tex]$=\frac{37.5}{2.5}=15$[/tex]
Therefore, the correct answer is [tex]$\mathbf{C} . \mathbf{\$ 1 5}$[/tex]
The complete question is,
A monopolist faces the following demand schedule.
Price ($) Quantity
30 0
25 2.5
20 5
15 7.5
10 10
5 12.5
0 15
If the monopolist increases production from 2.5 to 5 units, what is the marginal revenue?
A. $100
B. $37.5
C. $15
D. $2.50
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which of the following questions that companies consider is most closely related to the scope component of a strategy? a. what feedback have we received from customers about our product? b. what are the markets in which we want to compete? c. how much money should we invest in each of our divisions? d. what are the strengths and weaknesses of our competitors? e. how can we improve our customer service after the sale?
What are the markets in which we want to compete is most closely related to the scope component of a strategy
What is considered as markets?Using a business market is a strategy used by a corporation to offer goods or services to a certain clientele. Business markets frequently enable transactions between businesses when one intends to reuse or resell the goods or services of another. The commercial market is divided into four segments. They include the reseller, producer, institutional, and government markets. Producer markets are businesses that buy goods with the intention of making a profit. This completes your knowledge of the six categories of market segmentation: transactional, needs-based, needs-based geographic, psychographic, and demographic.What markets do we wish to compete in is most directly related to the strategy's scope component.To learn more about markets refer to:
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the theory of contestable markets places more emphasis than orthodox market structure theories on group of answer choices the issue of entry into and exit from an industry. the number of sellers in an industry. who has access to relevant information. the type of product produced in an industry.
The theory of contestable markets places more emphasis than orthodox market structure theories on the issue of entry into and exit from an industry, the number of sellers in an industry, and who has access to relevant information.
What is contestable markets?Contestable markets are markets in which firms can enter or exit easily and quickly. This means that firms can enter or exit the market without facing substantial economic or legal barriers. This type of market structure can lead to increased competition, as firms can enter or exit the market in response to changes in price or other market conditions. Contestable markets are also characterized by low entry and exit costs, few restrictions on entry or exit, and a lack of significant market power. This type of market structure is beneficial to consumers, as it encourages competition and promotes efficient pricing.
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a funded excess benefit plan differs from a qualified plan because it a) provides benefits that are higher than qualified plan limits. b) is not taxed until benefits are actually received, even if there is no risk of forfeiture. c) is not subject to any erisa requirements. d) is taxed immediately upon its nontransferability.
A funded excess benefit plan differs from a qualified plan because it provides benefits that are higher than qualified plan limits.
'What is a Qualified Retirement Plan?'
An employer-sponsored retirement plan that satisfies the standards of the Internal Revenue Code and the Employee Retirement Income Security Act is referred to as a qualified retirement plan and qualifies for specific tax advantages. Tax deductions for employee and employer contributions as well as the deferral of investment gain taxes are a few examples.
Tax deductions for contributions and tax deferral on investment gains up until account withdrawal are a few of these advantages.
Plans with defined benefits or defined contributions are both considered qualified retirement arrangements. Traditional pensions, 401(k) plans, and profit-sharing plans are a few examples of qualifying retirement plans.
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If a company is operating in a developing or less-developed country, which type of challenge can arise that would affect the shipping and movement of physical goods in a country?a) a technology challengeb) a leadership challengec) an infrastructure challenge
If a company is operating in a developing or less-developed country, c) an infrastructure challenge can arise that would affect the shipping and movement of physical goods in a country.
When operating in a developing or less-developed country, companies may face an infrastructure challenge that can hinder the effective shipping and movement of physical goods.
This issue can be particularly pronounced in countries with inadequate transportation networks, unreliable energy sources, or a lack of warehouses and other storage facilities. To ensure that goods can be efficiently moved from point A to point B, companies must invest in the necessary infrastructure to facilitate the safe and timely delivery of products.
This can involve constructing warehouses, investing in reliable energy sources, and developing efficient transportation networks.
By taking the necessary steps to address the infrastructure challenges, businesses can ensure that their products reach their destinations on time and in the best condition possible.
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your company is contracting with a us federal agency, and you have to make sure your solutions are compatible with their policy framework. which framework are you most likely to become familiar with? choose the best response.
The Federal Risk and Authorization Management Program (Fed RAMP) is the most likely framework that a company contracting with a US federal agency would become familiar with for ensuring their solutions.
Who is Fed RAMP?Federal Risk and Authorization Management Program (FedRAMP) is a government-wide program in the United States that provides a standardized approach to security assessment, authorization, and continuous monitoring for cloud products and services.
It was developed by the General Services Administration (GSA) in collaboration with the Department of Homeland Security (DHS) and the National Institute of Standards and Technology (NIST).
Fed RAMP's goal is to increase the confidence in the security of cloud services and to reduce the cost and burden of security assessments for cloud service providers and government agencies.
It is designed to provide a common set of security standards and guidelines that are recognized by all federal agencies, so that they can more easily and efficiently adopt cloud services.
Fed RAMP is a government-wide program that provides a standardized approach to security assessment, authorization, and continuous monitoring for cloud products and services.
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Canton, Inc. issued 10,000 shares of $1 par value common stock at $10 per share. Mr. Smart, the bookkeeper, recorded this transaction with a $100,000 debit to Cash and a $100,000 credit to Common stock. As a result of this entry,
Additional Paid-In Capital will be understated is the correct answer. Option A is correct. Additional Paid-In Capital will be understated by $90,000 .
The correct Journal entry to record the issue of the Common stock :
Date. Account. Dr. Cr
Cash (10,000 shares x $10 per share). $100,000
Common Stock (10,000 shares x $1 per share $10,000
Additional Paid-In Capital - Common Stock. $90,000
To record the issue of the Common stock
Additional Paid-In Capital will be understated by $90,000
The sum of money a firm has raised via the sale of shares to investors is known as paid-in capital. Common stock, preferred stock, and additional paid-in capital are added as balance-sheet line items to determine paid-in capital.
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on march 16, john write, owner of complete computer service, contributed a building to the business with a fair market value of $3,000 in exchange for capital. the journal entry to record this transaction would be:
The journal entry to record this transaction would be building debit 3000 write, capital credit 3000.
Which of the following is a list of accounts that exemplifies the arrangement of accounts in the accounting system?
An index of all the accounts in an accounting system is provided by a chart of accounts (COA), a financial and organizational tool. This gives information about all of the business's financial transactions.
The account is the comprehensive record of all adjustments made to a specific asset, liability, or owner's equity over the course of a period.
Therefore, It is a record or statement of the money spent and money received for a specific time or goal.
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Answer the question on the basis of the following total utility data for products L and M. Assume that the prices of L and M are $3 and $4 respectively and that the consumer's income is $18.
U of L -TU - U of M TU
1 9 1 16
2 15 2 28
2 18 3 36
4 20 4 40
5 21 5 42
Refer to the data. What level of total utility does the rational consumer realize in equilibrium?
51 utils is the degree of total utility that a logical consumer will realize in a stable situation.
Can you measure utility with utils?Although it is abstract and difficult to evaluate the benefit or satisfaction that consumers experience, the Spanish word for helpful, util, is employed to quantify utility. As a result, economists assess utility in terms of preferences that have been made known by observing consumer behavior.
How does one calculate total utility using utils?Total utility is calculated by economists using the basic formula shown below: MU2 and MU3 together make up TU. The overall utility is calculated as the sum of the utils gained from each unit of consumption. As more units are used, the usefulness of each unit of consumption should slightly decline.
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