If the federal government cuts government spending and the Federal Reserve cuts the federal funds rate, the overall effect on the private sector will generally be contractionary.
A cut in government spending reduces the overall demand for goods and services, as the government is a major source of demand in the economy. This reduction in demand can lead to a decrease in economic activity and employment, as firms reduce their production and hiring in response to lower demand for their products.
A cut in the federal funds rate, the customer interest rate at which banks lend to each other overnight, reduces the cost of borrowing and encourages borrowing and spending. However, in this scenario, the effect of lower interest rates may be offset by the contractionary impact of the cut in government spending.
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revenue in the income statement for the year ended december 31, 2021 equals the: multiple choice question. amount of cash collected from customers during 2021. amount earned by selling goods or services to customers during 2021. accounts receivable balance in the december 31, 2021 balance sheet.
Option (b), The amount gained from selling products or services to consumers throughout 2021 is represented as revenue in the income statement for the year that concluded on December 31, 2021.
What kind of revenue is shown on the annual financial statement?Revenue, which is derived by dividing the average sales price by the quantity of units sold, is the amount of money made via ordinary business operations. The amount from the top line, also known as gross income, is used to calculate net income after costs are deducted. Sales and revenue are synonymous terms in the income statement.
Does December 31 mark the conclusion of the financial year?The conclusion of a 12-month accounting period is what we refer to when we talk about the end of a fiscal year. If the fiscal year end and the calendar year end are the same for a corporation, the fiscal year ends on December 31.
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what can managers do to promote effective group decision making and avoid groupthink insist that a group evaluate all alternatives
It encourages the group to consider a range of options, rather than just the most obvious or popular ones. By evaluating all alternatives, the group can make a more informed decision and avoid the pitfalls of groupthink.
Managers should create a culture of open communication where every member of the group feels comfortable sharing their ideas, concerns, and feedback without fear of criticism or rejection. They should also ensure that everyone has an equal opportunity to speak and be heard.
Managers should encourage group members to think critically and challenge assumptions. This will help the group evaluate all alternatives and avoid groupthink.
Managers can assign a devil's advocate whose role is to question assumptions, challenge the prevailing opinions, and offer alternative perspectives. This will help the group consider all angles and avoid the pitfalls of groupthink.
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Make a list of getting information about employment an publishes.
( GETTING LIST OF INFORMATION ABOUT EMPLOYMENT AND PUBLISHES : )
-Personal contacts.
-School career planning and placement offices.
Classified ads.
-National and local newspapers. Professional journals.
-Trade magazines.
-Internet networks and resources.
-State employment service offices.
-Federal government.
-Professional associations.
-Labor unions.
in 1990, the average price of a gallon of regular gasoline in the u.s. was $1.34. in 2013, the average price was $3.52. cpi in 1990 was 130.7 and the cpi in 2013 was 232.8. how much is a 1990 gallon of gas expressed in 2013 dollars?
In 2013, the average price was $3.52, CPI in 1990 was 130.7 and the CPI in 2013 was 232.8. 1990 gallons of gas expressed in 2013 dollars is $2.38.
What is CPI?The Consumer Price Index (CPI) measures the overall change in consumer prices based on goods and services over time.
Prices increase over time, but prices can also decrease this is a situation called deflation. The most well-known indicator of inflation is the Consumer Price Index (CPI).
When the Consumer Price Index is rising it means that consumer prices are also rising, and when it decreases it means consumer prices are decreasing. In short, a higher CPI indicates higher inflation, while a falling CPI indicates lower inflation or even deflation.
Therefore, 1990 gallons of gas expressed in 2013 dollars is $2.38.
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uppose the price elasticity of demand for baconators at wendy's is 0.6. this means that the demand for baconators is: group of answer choices elastic. inelastic. unit-elastic. perfectly inelastic.
The amount of an inelastic good remains constant when its price varies, which in the case at hand indicates that the demand for vaccines is (B) inelastic.
What is inelasticity?When a good's price changes, its inelastic quantity remains constant.
A good or service is regarded as inelastic when its price varies but the quantity requested of it does not considerably change.
The economic concept of elasticity describes how susceptible one economic component is to changes in another.
As an illustration, consider how supply or demand changes can affect the price or how demand changes can affect income.
Demand is elastic when it reacts to changes in price or other variables. Demand is said to be inelastic if it does not change as other economic factors do.
Given as -0.67, the price elasticity of demand for a good illustrates how insensitive the demand curve is to changes in price.
Therefore, the amount of an inelastic good remains constant when its price varies, which in the case at hand indicates that the demand for vaccines is (B) inelastic.
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Complete question:
Suppose the price elasticity of demand for vaccinators at wendy's is 0.6. this means that the demand for vaccinators is: a group of answer choices
A. elastic.
B. inelastic.
C. unit-elastic.
D. is perfectly inelastic.
what are two of the differences between large and small company payroll practices quizzlet
The two differences between large and small company payroll practices lie in their level of complexity and automation.
There are several differences between large and small company payroll practices. Two of the main differences are:
1. Complexity: Large company payroll practices are generally more complex than small company payroll practices. This is because large companies have more employees, which means that they have to deal with more payroll-related issues, such as tax withholding, benefit deductions, and other payroll-related matters. Small companies, on the other hand, have fewer employees, which means that they have to deal with fewer payroll-related issues.
2. Automation: Large companies are more likely to use automated payroll systems than small companies. This is because large companies have more employees and more complex payroll practices, which makes it more difficult to manage payroll manually. Small companies, on the other hand, are more likely to use manual payroll systems, as they have fewer employees and less complex payroll practices.
Overall, there are several key differences between large and small company payroll practices, including the level of complexity and the use of automation.
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How many estimated agriculture-related career opportunities can students explore? 300 | 400 | 500 | 600 | 700
With an estimated 300 employment options in agriculture, students can investigate a variety of fields.
What does agriculture entail?The art or art of managing the soil, growing crops, and raising livestock is known as agriculture. It involves preparing plant and animal items for human consumption and distributing them to marketplaces.
What distinguishes agriculture from farming?Agriculture encompasses a wide range of activities, including production, research, and development, as well as farming. Additionally, it describes the science or practice of farming, which includes preparing the soil for agricultural growth and raising animals for food, fiber, and other items.
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how much would an investor expect to pay for a $1,000 par value bond with a 9% annual coupon that matures in 5 years if the interest rate is 7%?
The investor would have to pay 1082 dollars.
How to solve for the coupon amountTo calculate the price an investor would expect to pay for a bond, we can use the following formula:
Bond Price = (C / r) x [1 - (1 / (1 + r)^n)] + (FV / (1 + r)^n)
where:
C = annual coupon payment
r = discount rate (i.e. the interest rate)
n = number of periods (i.e. the number of years until maturity)
FV = face value (or par value) of the bond
Plugging in the given values, we get:
Bond Price = (90 / 0.07) x [1 - (1 / (1 + 0.07)^5)] + (1,000 / (1 + 0.07)^5)
Bond Price = (1,285.71) x [1 - (1 / 1.40255)] + (711.78)
Bond Price = $1,079.74
Therefore, an investor would expect to pay approximately $1,079.74 for this bond.
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as a philosophy for business ethics, utilitarianism focuses attention on the need to__________________
As a philosophy for business ethics, utilitarianism focuses attention on the need to weigh carefully all of the social benefits and costs of a business action.
How do ethics and law relate?Governments create laws as regulations to maintain social harmony and safeguard their population. Ethics are rules created by organisations or society to determine what is right and wrong. Like it is illegal and unethical to occupy a female-only seat in the metro.
What distinguishes law from business ethics?These two terms differ just a little bit while being closely connected. Laws are the laws and regulations that are established by the government, whereas ethics are the moral ideals and principles that are socially adapted from the environment.
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many financial analysts and economists eagerly await reports on the home price index and consumer confidence index. what would be the effects of negative reports on both of these? ie: consumers feel their home value is decreasing and purchasing power is decreasing, similar to what we saw in the great recession.
The press releases for the findings on the consumer confidence index and home price index are anxiously awaited by many financial analysts and economists.
By analysts, what do you mean?
A financial, political, banking, or industry analyst is someone whose job it is to carefully investigate something in order to learn more about it or have a better understanding of it. They frequently make forecasts (=proclamations about what will occur in the future) in relation to their findings. An analyst usually works in an office. They'll examine the data and base their conclusions on the data they gather. An analyst could be a management analyst or have a financial background. You could choose to work as a news analyst or in market research.
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circle view company had 4,000 units in its ending work in process inventory that were 80% complete with respect to materials and conversion, 8,000 units in its beginning work in process inventory that were 65% complete with respect to materials and conversion, and total units equaled 30,000. what are the number of units started into production by circle view? 34,000 26,000 38,000 22,000
Number of units started into production by circle view are 22,000.
You will multiply the equivalent units for units started and finished by the price per equivalent costs unit for materials, labour, and overhead. The answer is OPTION D
No of completed units = ending WIP + Closing WIP - Total unit
= ( 8000/60% ) + ( 4000/80%) - 30000
= 22,000 units
The cost of units finished and transferred, also known as the cost of goods manufactured, will be the sum of these three. All products transferred to the next department are complete with regard to materials and conversion production, thus each unit brings all its costs. To calculate the goods transferred out, simply multiply the units transferred out by the total of the two equivalent unit costs.
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segmentation based on some observable actions or attitudes by prospective customers, such as what benefits they seek, as well as where, how frequently, and why they buy, is referred to as group of answer choices c. geographic segmentation. b. psychographic segmentation. e. socioeconomic segmentation. d. behavioral segmentation. a. demographic segmentation.
Behavioral segmentation is a form of market segmentation that is based on some observable actions or attitudes of prospective customers.
Option D. is correct.
This can include what benefits they seek, as well as where, how frequently, and why they buy.
Behavioral segmentation can be used to identify customer groups that have similar behaviors and can help to tailor marketing strategies to better meet their needs.
For example, a company may identify a group of customers that purchase frequently and tailor their marketing strategies to better meet their needs.
Thus, behavioral segmentation is a useful tool for companies to tailor their marketing strategies to better meet the needs of their target customers.
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when marquesa began her business, she did not have sufficient personal funds to own the businesses she operated so she brought in friends and family members to help with the funding. the businesses she operated were formed with an agreement, but no formal filing was required, and taxes were passed through directly to the business owners. what business form did she use to create these businesses?
Solo Entrepreneurship a particular kind of business reality where the proprietor and the company are one and the same in terms of the law. The most typical type of legal structure for small enterprises is the sole procurement.
In the United States, an LLC is a type of organisational structure where the possessors aren't held tête-à-tête responsible for the debts or scores of the business. Limited liability companies are cold-blooded legal realities with traits participated by pots, hookups, and sole occupancies. Stockholders are only subject to arrears up to the quantum they tête-à-tête invested in the company. also, creditors are banned from seizing particular property to pay off debts( although now creditors frequently request particular guarantees on business loans).
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the patman bill called for an immediate bonus payment to
The Patman bill called for an immediate bonus payment to www I veterans.
Patman was born in Texarkana, Texas. He attended public faculties there and in Washington, D.C. He then attended the now-closed Kemper navy faculty in Boonville, Missouri, graduating in 1944. Patman graduated in 1953 from the University of Texas at Austin. Later that 12 months, he become admitted to the National Bar of Texas and served as a prison examiner for the Texas Railroad fee till 1955.
Patman correctly sought the District 18 seat in the Texas country Senate. He took office the following 12 months and served till 1981. He became a delegate to state Democratic birthday celebration conventions in the course of this senatorial tenure. When President John F. Kennedy turned into assassinated, Patman become the 15th car of the motorcade. In 1979, Patman was a member of the Killer Bees, the group of twelve quorum-busting Democratic senators.
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fica taxes payable was credited for $27,000 in the entry when highlands company recorded payroll. when highlands company records employer's payroll taxes, fica taxes payable should be credited for:
This entry reflects the increase in payroll tax expense due to the employer's share of FICA taxes and the increase in the FICA taxes payable liability.
When Highland Company recorded payroll and credited FICA taxes payable for $27,000, it was likely recording the amount of FICA taxes withheld from employee paychecks, which are liabilities that the employer holds on behalf of the employees. However, as an employer, Highland Company is also responsible for paying its own share of FICA taxes, which are separate from the amounts withheld from employee paychecks.
To record the employer's share of FICA taxes, Highland Company should credit FICA taxes payable for an additional amount that is based on its own share of the taxes. The employer's share of FICA taxes consists of two components: Social Security tax and Medicare tax. In 2021, the Social Security tax rate for employers is 6.2% on the first $142,800 of employee wages, and the Medicare tax rate is 1.45% on all employee wages.
Assuming that Highland Company paid $100,000 in wages subject to FICA taxes, the employer's share of FICA taxes for the payroll period would be calculated as follows:
Social Security tax = [tex]$100,000 * 6.2% = $6,200[/tex]
Medicare tax = $100,000 * 1.45% = $1,450
Total employer's FICA taxes = $6,200 + $1,450 = $7,650
Therefore, to record the employer's share of FICA taxes, Highland Company should credit FICA taxes payable for an additional $7,650. The entry would be:
Debit: Payroll Tax Expense account for $7,650
Credit: FICA Taxes Payable account for $7,650
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which of the following is not true regarding the income statement? a.it must be prepared after the statement of stockholders' equity. b.it is prepared using the account balances shown in the adjusted trial balance columns of the end-of-period spreadsheet. c.miscellaneous expense is listed as the last expense item, regardless of its amount. d.it must be prepared before the statement of stockholders' equity.
It must be prepared before statement of the stockholders' equity is not true regarding income statement.
What is a stockholder?A stockholder, also known as a shareholder, is an individual, group, or organization that owns shares of a company's stock. When a person buys shares of a company, they become a part owner of that company, and their ownership percentage is determined by the number of shares they own in relation to total number of outstanding shares. Stockholders typically have the right to vote on important company decisions, such as the election of board members and major business decisions. They may also receive dividends, which are payments made to shareholders from a company's profits. The value of a stockholder's shares can fluctuate based on market conditions and the performance of the company.
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if the market experiences an increase in equilibrium price and the change in quantity is indeterminate, this must have been caused by a(n):
Price is unpredictable when both supply and demand are moving in the same direction. This is due to the fact that rising demand will result in higher prices while rising supply will result in lower prices. Demand declines push the amount and price of equilibrium downward.
A fall in equilibrium price and an unclear change in equilibrium quantity occur from an increase in supply and a decrease in demand pushing the price down but pushing quantity in the supply opposite directions. New equilibrium price and quantity are produced as a result of changes in the factors that determine supply and/or demand. The former price will no longer be an equilibrium when supply or demand changes.
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define a scope limitation and distinguish between client-imposed and circumstance-imposed scope limitations. what reporting options are available to auditors when scope limitations are encountered during the engagement?
Regarding the reporting alternatives available, the auditor is free to provide a different judgement about any financial statement component for which he has not gathered sufficient information to express a conviction about the accuracy and fairness of the financial statement.
Scope limitation in an audit refers to situations where the auditor is unable to obtain sufficient and appropriate audit evidence or carry out the required audit procedures. Scope limitations can arise due to various reasons, including the nature of the business, the complexity of the transactions, restrictions imposed by the client, or circumstances beyond the control of the auditor.
Client-imposed scope limitations occur when the client refuses to provide necessary information, prevents the auditor from accessing relevant documents or facilities, or does not permit the auditor to communicate with third parties. Circumstance-imposed scope limitations, on the other hand, occur due to events beyond the control of the client or the auditor, such as natural disasters, legal restrictions, or unexpected changes in circumstances.
When a scope limitation is encountered during an audit, the auditor must communicate the limitation to the client and, if necessary, obtain management's representation acknowledging the limitation. The auditor must also consider the potential impact of the limitation on the financial statements and the audit report.
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what two activities are part of the development of a marketing research plan?A. Take marketing actionsDefine the problemDevelop findingsB. Observing peopleAsking people questionsC. determining how to collect dataspecifying constraintsD. Recommending actionAnalyzing dataCollecting data
B. Observing people Asking people questions C. determining how to collect data specifying constraints are part of the development of a marketing research plan.
What are the two primary steps in the process of conducting marketing research?Primary research and secondary research are the two primary research techniques you can utilise to gather your data. Each compiles data from several sources to offer a precise overview of your marketing research plan.
Based on how similar products have fared in the market, you may determine whether a new idea for a business or product will take off, or in other words, if people will find it appealing. You can use it to make smart choices about marketing strategies, product packaging, and promotions.
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what gets prepared firs in accounting balance sheet income statement or statement of stockholder's equity
In accounting, the correct order of financial statements is as follows:1.Income Statement 2.Statement of Stockholders' Equity 3.Balance Sheet
Income Statement: This statement shows the company's revenue, expenses, and net income or loss over a specific period of time.
Statement of Stockholders' Equity: This statement shows changes in the company's equity accounts, such as common stock and retained earnings, over a specific period of time.
Balance Sheet: This statement shows the company's assets, liabilities, and equity at a specific point in time.
Therefore, the Income Statement is prepared first, followed by the Statement of Stockholders' Equity, and then the Balance Sheet. This order is important because the information presented in one statement affects the information presented in the subsequent statements.
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due to the increased production and use of vegetable cooking oils by food manufacturers, americans need to consume more:
Due to increased production and use of vegetable cooking oils by food producers, Americans need to consume more omega-3 fatty acids.
The required details about omega-3 fatty acids is mentioned in below paragraph.
Omega-3 fatty acids can be found in a variety of foods, including fish, flaxseed, and flaxseed oil. The three main omega-3 fatty acids are eicosapentaenoic acid (EPA), docosahexaenoic acid, and alpha-linolenic acid (DHA). The primary sources of ALA include flaxseed, soybean, and canola oils. The presence of a double bond in the chemical structure of the polyunsaturated fatty acids (PUFAs) known as omega-3 fatty acids, often referred to as omega-3 oils, n-3 fatty acids, or 3 fatty acids, makes them stand out from other PUFAs.
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__________. is a measure of the way quantity supplied reacts to a change in price.
The elasticity of supply is a measure of the way the quantity supplied reacts to a change in price.
What is a supply?The quantity of a specific good or service that providers offer customers at a given price for a predetermined amount of time is referred to as the supply in economics. A key idea in economics is supply. It shows the overall number of certain commodities that are available to consumers.
What is an elastic supply?Elastic Supply (ES>1): Whenever a given percentage shift in price causes a bigger change in the quantity delivered, the supply is termed to be elastic. In this case, E s will have a numerical value that is larger than one but smaller than infinite.
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the relatively fixed costs such as the costs of a plant and equipment which do not increase with an increase in the number of units manufactured are known as
As implied in the opening sentence, costs that do not rise in proportion to the quantity of units produced are known as constant production costs.
Here is an example of proportion.
A percentage is a ratio that contrasts a part to the whole. For instance, if there are 100 students in the class, 20 of them men, and 80 of them women, 20 of them are men. 80% of the population, or 80 out of 100, are women. Often terms like the Golden Ratio, Divine Section, or Golden Proportion are used to describe one of the best-known examples of proportion in art. Let's consider the following as an example of a proportionate relationship in real life: The amount of gasoline we actually consume and the number of gallons of fuel we put in our car are related.
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For many years, there have been limits set on the amount of sugar that foreign producers can sell in the U.S. market. This is mandated by a
Question 14 options:
net profit.
tariff rate quota system.
trade surplus.
subsidy agreement.
The U.S. government has implemented a tariff rate quota system to regulate the amount of sugar that can be imported from foreign producers. option (A) is correct.
This framework considers a specific measure of sugar to be imported at a lower tariff rate, while any imports past the share face higher levies. The motivation behind this framework is to safeguard homegrown sugar makers by restricting how much unfamiliar sugar that can enter the U.S. market and rival homegrown sugar.
The framework is expected to keep a steady homegrown sugar market and keep sugar costs from falling because of unfamiliar rivalry. The standard is generally set yearly and depends on a mind-boggling computation of homegrown sugar creation, utilization, and imports from different nations.
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This question is not complete, Here I am attaching the complete question:
For many years, there have been limits set on the amount of sugar that foreign producers can sell in the U.S. market. This is mandated by a
Question 14 options:
(A) net profit.
(B) tariff rate quota system.
(C) trade surplus.
(D) subsidy agreement.
which process metric would be needed by the supply chain manager of a clothing retailer who needs to rent a warehouse for storing winter wear through the summer?
To calculate the customer's flow time, subtract the customer's arrival time from their departure time. 15.9 minutes are equal to ten clients times 159 total seconds.
How is the rate of the process determined?
To determine the flow rate represented as Q, which is equal to Q = V/t, we must define both the volume V and the instant in time that it is passing past represented by t.
What do processes' flow rates mean?
Rates of flow and throughput: The
number of flow units—such as customers, money, or goods or services produced—that move through a business process in a specific amount of time, such as the number of customers served in an hour or the number of components made in a minute. The flow rate is standard for the industry.
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Answer:inventory
Explanation:
for each of these scenarios, the fixed cost remains $160,000. use scenario manager to generate a summary report that gives the profit for each of these scenarios. which scenario yields the highest profit? which scenario yields the lowest profit? for subtractive or negative numbers use a minus sign.
Scenario 4. scenario 4 yields the highest profit as per the data. Managers shape the culture of their teams and workplaces in many/various ways.
Managers act as a bridge to senior management, translating higher-level strategies and goals into operational plans that drive the business forward.
In this position, managers hold senior management accountable for performance and accountability to frontline employees for guidance, motivation and support.
It is common for managers to feel torn between the demands of management and the needs of the people who carry out the company's work.
Managers are most often responsible for a specific function or department within an organization.
From accounting to marketing, sales, customer care, engineering, quality and all other groups, managers directly lead a team or lead a group of supervisors who oversee a team of employees.
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Complete question:
Consider the Eastman Publishing Company question and the following scenarios:
Scen 1 Scen 2 Scen 3 Scen 4 Scen 5
Vari Cost/Book $6 $8 $12 $10 $11
Access Price $46 $50 $40 $50 $60
Demand 2,500 1,000 6,000 5,000 2,000
For each of these scenarios, the fixed cost remains $160,000. Use Scenario Manager to generate a summary report that gives the profit for each of these scenarios. Which scenario yields the highest profit?
Determine whether each good is a normal good or an inferior good for the average consumer.a. For most consumers, the newest iPhone is ___ good.
b. For most consumers, a 10-year-old used car is ___ good.
c. For most consumers, dental services are ___ good.
An inferior good, in a contrast to normal goods, for which the opposite is observed, is one whose demand declines when consumer income grows (or increases when consumer income decreases).
The demand for normal items increases as consumer income increases.
In this sense, inferiority isn't a verdict on the value of the good; rather, it's an observable truth related to affordability.
Generally speaking, these products are economical and serve their job satisfactorily; however, as more expensive alternatives that provide greater pleasure become available, the use of subpar products declines. Therefore, there are direct connections between socioeconomic status and inferior commodities. Due to the aforementioned observable inferiority, people with limited incomes tend to favor poorer things.
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mary kay ash was one of the first individuals who sold cosmetics directly to customers via independent sales representatives. the company founded by mary kay is now one of the largest and most successful cosmetics companies in the world. mary kay ash would be classified as a(n)
Mary Kay Ash was one of the first individuals who sold cosmetics directly to customers via independent sales representatives. Mary Kay Ash would be classified as an Entrepreneur.
Mary Kay Ash was an American entrepreneur who founded Mary Kay Cosmetics, one of the largest and most successful cosmetics companies in the world. She is considered a pioneer in the direct selling industry, as she was one of the first individuals to sell cosmetics directly to customers via independent sales representatives. Mary Kay Ash was known for her innovative business practices, including her focus on empowering women through entrepreneurship and her use of incentives and rewards to motivate her sales force. She was a trailblazer for women in business and remains an inspiration for aspiring entrepreneurs around the world.
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an investor anticipates that land values for a site will be worth $150,000 in five years. assume real estate taxes are expected to be $2,000 each year (paid at the end of each year) for the next five years and the investor can rent the parcel for $2,400 per year to a billboard company (also paid at the end of each year). how much can the investor pay today for the site and still earn a 15 percent annual return on his investment?
The site may cost the investor up to $76,497 today, and they'd still get a 15% annual return. An investment's average yearly growth over a certain time period is measured by its annual or annualised return.
We must apply the present value technique to determine how much the investor may spend for the site today and still get a 15% yearly return on investment.
Rental income over the following five years is calculated as follows: PV of taxes and rental income = $2,000(PVIFA 15%,5) + $2,400(PVIFA 15%,5) = $9,649
The greatest price the investor may pay for the site right now and still see a 15% yearly return on their investment is thus:
Maximum purchase price equals the PV of the land value plus the PV of the taxes and rental income.
Maximum purchasing price: $76,497 ($66,848, plus $9,649)
As a result, the investor can purchase the site now for up to $76,497 and still get a 15 percent annual return.
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If the objective of a test of details is to detect overstatements of sales, the auditor should trace transactions from the:
A. Cash receipts journal to the sales journal.
B. Sales journal to the cash receipts journal.
C. Source documents to the accounting records.
D. Accounting records to the source documents.
The answer is "d". The auditor should follow transactions from the accounting records (i.e., sales journal) to the source documents if the goal of a test of details is to identify overstatements of sales (existence assertion) (e.g., customer order, sales order, shipping documents, etc.).
A and C are incorrect choices. The allegation of completeness can be verified by following the trail from the supporting documents to the accounting records (all sales are properly included). The answer is not "b." The cash collected for the sale can only be determined by tracing from the sales diary to the cash receipts journal. Lack of a corresponding cash receipt may simply mean that the sale was performed on account.
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