The sale of accounts receivable is a common financing transaction known as factoring.
When Jervis sells $3,700 of its accounts receivable to Northern Bank, it will receive cash from the bank immediately but will have to pay a factoring fee of 2% to the bank for providing the financing. To record this transaction, Jervis should make the following entry:
Debit: Cash account for the amount received from Northern Bank, which is $3,700
Credit: Accounts Receivable account for the amount sold, which is $3,700
Credit: Factoring Fee Expense account for the fee charged by Northern Bank, which is $74 (2% of $3,700)
The entry above reflects the decrease in Jervis' accounts receivable due to the sale, the increase in cash received from the bank, and the recognition of the factoring fee expense.
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what are the distinct and fine-grained business processes that enable firms to add incremental value by transforming inputs into goods and services
There are a variety of distinct and fine-grained business processes that enable firms to add incremental value by transforming inputs into goods and services.
Here are some of the most common ones:
Procurement: This involves the process of acquiring the necessary raw materials, equipment, and other resources needed to produce a good or service.
Production: This includes the actual transformation of raw materials and resources into finished products or services. This can involve manufacturing, assembly, packaging, or other processes.
Quality control: This is the process of ensuring that the finished product or service meets certain quality standards. This can include testing, inspection, and other methods to ensure that the product is free of defects and meets customer expectations.
Marketing and Sales: This involves promoting the product or service and convincing customers to buy it. This can include advertising, sales promotions, and other marketing strategies.
Customer service: This is the process of providing support to customers before, during, and after a purchase. This can include answering questions, providing technical support, and addressing customer complaints.
Logistics and Supply Chain Management: This involves the coordination of all the processes involved in getting the product or service to the customer. This can include transportation, inventory management, and other logistics-related tasks.
Research and Development: This is the process of continually improving products and services to meet changing customer needs and market demands. This can involve designing new products, improving existing products, and developing new production processes.
All of these processes are important in creating value for customers and generating profits for the firm. By optimizing these processes and continually improving them over time, firms can increase efficiency, reduce costs, and deliver high-quality products and services that meet customer needs.
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in 1914, henry ford doubled his workers wages in order to cut down on turnover (and the related retraining of new employees) and absenteeism. what is this called?
In 1914, henry ford doubled his workers wages in order to cut down on turnover (and the related retraining of new employees) and absenteeism. This is called a wage increase or wage raise.
It was a revolutionary move at the time, and its effects on the economy were profound. Ford's wage increase caused a ripple effect that led to higher wages for all workers, resulting in a reduction of poverty and an increase in consumer spending.
Ford's wage increase also helped to stimulate the economy, as increased wages lead to increased consumer demand, which in turn leads to increased production and economic growth.
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1. The internet marketing paradigm includes both marketing inputs and marketing actions. Discuss the major components of both the inputs and the actions and why it is necessary for them to work together
Both marketing inputs and marketing actions are included in the internet marketing paradigm. The crucial new guidelines are identity, interoperability, insights, and incrementality.
The word "internet marketing" refers to all online advertising of goods and services. This can include social media posts, online ads, email marketing, website content, sponsorships, and more.
The business strategy, product categories, target market, and budget will all influence the forms of internet marketing a company uses. Digital marketing is a method that uses social media marketing, email marketing, online marketing, affiliate marketing, etc. to advertise material, videos, products, services, etc.
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a company's net income or net loss for a period is determined during which of the following steps of the accounting cycle? a.when an unadjusted trial balance is prepared b.when transactions are posted to the ledger c.when financial statements are prepared d.when a post-closing trial balance is prepared
The accounting cycle is the process by which businesses record, analyze, and report their financial transactions. It is a series of steps that starts with the recording of transactions and ends with the preparation of financial statements.
Each step in the accounting cycle is important, and they all work together to ensure that a company's financial records are accurate and up-to-date.
Of the options listed, the company's net income or net loss for a period is determined during the step when financial statements are prepared. Financial statements are the end result of the accounting cycle, and they provide a summary of a company's financial activity over a specific period of time. The financial statements that are typically prepared include the income statement, the balance sheet, and the statement of cash flows.
The income statement is the financial statement that shows a company's revenues, expenses, and net income or net loss for a period. The net income or net loss is determined by subtracting the company's total expenses from its total revenues. The income statement is typically prepared after all of the company's transactions have been recorded and posted to the ledger.
The preparation of financial statements is the final step in the accounting cycle, and it is a crucial step in the process. Financial statements are used by investors, creditors, and other stakeholders to evaluate a company's financial performance, and they are essential for making informed business decisions. The accuracy and completeness of financial statements depend on the accuracy of the earlier steps in the accounting cycle, such as the recording of transactions and the posting of those transactions to the ledger.
In conclusion, the company's net income or net loss for a period is determined during the step when financial statements are prepared. This step is the final step in the accounting cycle and is critical for providing a summary of a company's financial activity over a specific period of time. It is important to ensure that all earlier steps in the accounting cycle are performed accurately in order to produce financial statements that are complete and accurate.
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0.5 points printitem 20 at the beginning of the year, johnson supply has inventory of $5,200. during the year, the company purchases an additional $20,000 of inventory. an inventory count at the end of the year reveals remaining inventory of $3,000. what amount will bennett report for cost of goods sold?
Bennett reports the cost of goods sold as $22200. In times of economic process, LIFO (especially LIFO in a periodic system) produces an all-time low-ending inventory price.
The greatest beneficial thing about LIFO might be a benefit. Over the course of seasons of expansion, LIFO prompts a superior cost of items sold-out and a lower equilibrium of residual stock.
COGS= Opening Inventory+ Buys Shutting Stock
=$5200+ $20000-$3000
=$22200
Your inventory price may likewise increment assuming the accessibility of your item inside the market diminishes, while the request remains nearly consistent. Products region unit one model; on the off chance that you have estimated a stockroom loaded with intermittent and weather conditions ruins a periodic yield, the value of your stock can increment with the market esteem.
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to an economist, the four factors of production are multiple choice labor, workers, profit, and services. entrepreneurship, machinery, workers, and profit. land, labor, capital, and entrepreneurship. none of the choices are correct.
Factors of production are the inputs needed for the creation of a good or service, these include labor, entrepreneurship, and capital.
What is entrepreneurial activity?Entrepreneurship, at the most basic level, refers to an individual or a small number of partners who embark on a novel course to found a new company. An aspiring entrepreneur actively seeks out a certain commercial enterprise, and it is they who take up the majority of the program's risk.
What is an entrepreneur's job description?An entrepreneur is somebody who develops and expands a firm employing their original ideas. Along with generating income, businesspeople contribute significantly in the advancement of their organizations.
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calculate the interest rate for an account that started with $5,000 and now has $13,000 and has been compounded annually for the past 12 years.
The interest rate for this account is approximately 11.65% per year, compounded annually.
How do you determine the interest rate?We can use the formula for compound interest to calculate the interest rate:
A = P(1 + r/n)^(nt)
where A is the final amount, P is the initial principal, r is the annual interest rate, n is the number of times the interest is compounded per year, and t is the number of years.
In this case, we have:
A = $13,000
P = $5,000
n = 1 (compounded annually)
t = 12 years
Substituting these values into the formula, we get:
$13,000 = $5,000(1 + r/1)^(1*12)
Simplifying, we get:
2.6 = (1 + r)^12
Taking the 12th root of both sides, we get:
1 + r = 1.1165
Subtracting 1 from both sides, we get:
r = 0.1165, or 11.65%
Therefore, the interest rate for this account is approximately 11.65% per year, compounded annually.
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ideas of new ways to use the products. which of the 7cs of online marketing does this demonstrate?
Customization refers to tailoring products or services to meet the specific needs or preferences of individual customers.
The idea of coming up with new ways to use products is an example of customization in the 7Cs of online marketing. Customization refers to tailoring products or services to meet the specific needs or preferences of individual customers. When a business comes up with new ways to use its products, it demonstrates its commitment to providing personalized solutions and value to its customers. By doing so, the business can build customer loyalty and improve the overall customer experience. Effective online marketing requires businesses to consider the individual needs and preferences of their customers and to adapt their products and services accordingly.
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Which are Career and Technical Student Organizations? Select six options.
• Business Professionals of America
© American Association of School Administrators
• American Chemical Society
O DECA
D Future Business Leaders of America
O FFA
O SkillsUSA
O FCCLA
Business Professionals of America, American Chemical Society, DECA, and Future Business Leaders of America, FFA and FCCLA are Career and Technical Student Organizations. Hence, option A, C, D, E, F and H are correct.
What is Career Technical Student Organizations?National student groups called Career Technical Student Organizations (CTSO) exist to assist students enrolled in career technical education programs. Students who participate in CTSOs gain technical and leadership skills that will help them thrive in their chosen careers.
BPA (Business Professionals of America, originally Office Education Association), DECA (formerly Distributive Education Clubs of America), and FBLA are some of the most significant CTSOs (Future Business Leaders of America)
Thus, option A, C, D, E, F and H are correct.
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Rent control is a good way for local city governments to provide affordable housing to low-income residents.a. Trueb. False
Rent control is a good way for local city governments to provide affordable housing to low-income residents is false. For local city governments to offer low-income residents with affordable housing, rent control is an unproductive strategy.
How do rent controls work?Rent control prohibits the landlord from increasing the rent over a predetermined threshold, which is typically substantially less than the going rate for the flat. Every rent increase must follow rules imposed by the city or state. The entire rent-determination procedure will be simplified by the Rent Controls Act.
The endeavor to stop the practice of paying extremely low rent on the building while raising the rent on the fixtures is a significant aspect. Tenants often support these measures since they would limit the amount of legal rise. It can be tough to continue renting a certain property without receiving a large boost because some rental properties can increase by 10% per year.
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which taxpayer is potentially eligible to receive the child tax credit? in each scenario, the child mentioned is the taxpayer's only dependent or potential dependent, and the taxpayer provided more than half the child's support. ana has a daughter, isabella, who was 8 years old at the end of 2021. isabella lived in mexico for all of 2021 and is not a u.s. citizen, u.s. national, or u.s. resident alien. mariana has a niece, victoria, who was 10 years old at the end of 2021. victoria is not a citizen of the united states. victoria does have an individual taxpayer identification number (itin), and she lived in mexico for all of 2021. simon has a nephew, tristan, who is a resident alien. tristan was 16 years old at the end of 2021. tristan lived with simon all year. tristan obtained a social security number valid for employment before the due date of the return. william has a son, oliver, who was 18 years old at the end of 2021. oliver is a citizen of the united states and qualifies as a dependent on william's 2021 tax return.
Dylan (age 16) is a US resident alien and the nephew of Ian, making him a qualified kid. Dylan secured a social security number and spent the entire year residing with Ian, the taxpayer.
What is taxpayer?The IRS states that the taxpayer may qualify for the child tax credit if:On the last day of the tax year, the child is under the age of 1The child is a resident alien, a US citizen, or both.The dependent child's financial needs for half of the year have been met by the taxpayer, who is also the taxpayer's financial supporter.During the tax year, the child resides with the taxpayer.The minor must possess a Social Security number that was issued prior to the filing deadline for their tax return.To know more about taxpayer, visit:
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which of the following is an acceptable registration for securities held in a custodial account? a john smith as custodian for............ b john and mary smith as custodians for................. c john smith corp. as custodian for............... d john smith partnership as custodian for..............
When securities are held in a custodial account, the account is managed by a custodian who holds the securities on behalf of the account's beneficial owner. In order to properly register securities held in a custodial account.
It is important to follow certain guidelines to ensure that the ownership of the securities is properly recorded and the account is managed in accordance with applicable laws and regulations.
Of the options listed, option A "John Smith as custodian for..." is an acceptable registration for securities held in a custodial account. This registration indicates that John Smith is acting as a custodian for the account, holding the securities on behalf of the beneficial owner. This registration provides clarity as to the role of the custodian and ensures that ownership of the securities is properly recorded.
Option B "John and Mary Smith as custodians for..." is also an acceptable registration for securities held in a custodial account, provided that John and Mary are acting jointly as custodians for the account. This registration indicates that the securities are held jointly by both custodians on behalf of the beneficial owner.
Options C and D, "John Smith Corp. as custodian for..." and "John Smith Partnership as custodian for..." respectively, are not acceptable registrations for securities held in a custodial account. These registrations suggest that a corporation or partnership is acting as the custodian, which is not consistent with the definition of a custodial account. A custodial account is typically held by an individual or institution that is authorized to manage the account on behalf of the beneficial owner.
In conclusion, the acceptable registration for securities held in a custodial account is typically the name of the individual custodian, such as "John Smith as custodian for...". It is important to ensure that the registration accurately reflects the ownership and management of the securities in order to comply with applicable laws and regulations and to ensure that the account is managed properly.
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Most economists agree that ______ are the single most important source of productivity improvements.
A) technological advances
B) discoveries of natural resources
C) increases in human capital
D) increases in physical capital
Technological advances are the single most important source of productivity improvements, according to most economists.
What is meant by Technological advances ?Technological advances refer to new or improved methods, processes, or products that allow businesses to produce more output with the same amount of input, or to produce the same amount of output with less input. This can result in increased efficiency, lower costs, and higher profits.
Over time, technological advances have played a critical role in driving economic growth and productivity improvements, as they have allowed businesses to produce more with less and to bring new and improved products and services to market.
While other factors such as increases in human capital and physical capital can also contribute to productivity improvements, most economists would agree that technological advances are the most important source of productivity gains over the long term.\
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you want to have $5 million when you retire in 45 years. you believe you can earn 7.0 percent per year on your investment. how much must you invest each year to achieve your goal when you retire? (ignore all taxes.)
To find out the payments or deposit need to be done every year to reach the goal of $5 million after 45 years, we will use the future value annuity payment formula.
P=FV∗r/[(1+r)^n−1]
where,
FV = $5000000
r = interest rate per year = 7%
n = number of years to retirement = 45
Putting the values in the above equation:
P = 5000000 * 0.07 / [ (1+0.07)^45 - 1 ]
P = 350000 / [21.002 - 1]
P = $17497.85
Answer: An investment of $17497.85 needs/should to be done every year to reach the goal of $5 million as the retirement amount.
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are classified as depository institutions. a. finance companies b. securities firms c. credit unions d. pension funds
Credit unions are classified as depository institutions.
What is a credit union?Similar to banks, credit unions are financial institutions, but their members own them. They are nonprofit organizations that prioritize serving their members over maximizing profits.
What services does a credit union offer?A credit union's mission is to advance the financial security of its members, not to make money. As a trade union member, you can be eligible for more favorable loan terms than you would from a bank or other form of lender, such as a lower rate of interest and fewer fees.
How come credit unions are bad?Loan companies for those with bad credit make verification straightforward. If your credit rating is higher, you'll pay less. However, despite your bad credit score, some community banks will deposit your money in a matter of minutes.
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the practice of businesses paying bloggers to write positive comments about the business is called ______.
The practice of businesses paying bloggers to write positive comments about the business is called Paid endorsement or sponsored content.
What does sponsored material entail?
A sponsored piece of content is an advertisement for a good, service, or company that appears to be a fair news story or video. You might click on an article regarding the state of women's prisons while reading the news online, for instance.
Are sponsored articles paid for?
A sort of promotional content known as sponsored content is funded by an advertiser but produced and disseminated by a different business, influencer, or publisher.
When you support a business or influencer that caters to your core audience and often talks about subjects that are compatible with your brand, the content you produce will be the most interesting.
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althea just received her first paycheck at work. she's excited, but as she looks at her pay stub, she gets confused. she wants to know how much money she made in this pay period, but there are so many different numbers. if althea wants to know how much money will actually be deposited in her bank account, she should look at the
She should consider her take-home pay. (A) is the correct answer. The payee must mark his as well as her identifier upon that back of a verification process to endorse it.
Financial data is useless if it's not presented in an easy to understand manner. Obtaining employee input is often beneficial when determining the different kinds of data that even the company needs to operate.
The portability of electronic devices like smart phones as well as laptops for managing financial transactions and timetables is an additional benefit.
A database search term enables an individual to find financial records that meet the same criteria.
The government helps enterprises to follow regulatory standards to minimize the possibility of harm occurring in the organization.
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ralph, a van driver for standard delivery company, negligently causes a multi-vehicle accident in downtown mobile. ralph and standard are liable to:
According to traffic law on a downtown street, Ralph, a van driver for Standard Delivery Company, causes a multi-vehicle collision. Only those who could have been injured could have been held responsible by Ralph and Standard.
The Motor Vehicles Act, 1988, which governs traffic on the roadways, was approved by the Indian Parliament. It became effective on July 1, 1989, and although being applicable throughout all of India, there are still plenty of traffic law offences, accidents, and enforcement issues. Traffic legislation is one of the unwritten rules of the road that may have evolved over time to assist the prompt and orderly flow of traffic. Laws are used to regulate and control traffic. Organized traffic frequently includes lanes, right-of-ways, priorities, and intersection traffic control.
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a guest discussed with the front desk clerk his concern over an expensive ring he brought to the hotel. the desk clerk recommended that he put the ring in the safe and advised the guest that, by doing so, the hotel would be liable for the full value of the ring if it disappeared. the guest did as recommended. the ring was stolen from the safe. what, if any, is the liability of the hotel?
When visitors to hotels suffer injuries or have their personal goods stolen while on the property, the hotels may be held responsible. According to a common law principle known as "innkeeper's duty," hotel owners are accountable for any injuries to and thefts from its patrons.
In the past, travelling was perilous, therefore guests who arrived for a night's stay needed to know that the innkeeper could offer them a safe sanctuary during their layover. A common law insurer of the security of a guest's property was created by the innkeeper since it is crucial to provide protection when travelling. Inns would have become dangerous locations if the common law had not mandated that innkeepers maintain a safe environment.
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zeno, inc. is considering relocating its manufacturing facility from illinois to mexico city. the stakeholders in this decision might include:
The stakeholders in this decision might include Zeno's shareholders -customers -the Illinois community in which Zeno operates.
What are the three main reasons why people behave unethically in organisations?Values, beliefs, and referent persons (role models/influencers) are the three personal elements that affect ethical behaviour. Overall, it was shown that a leader's actions have the greatest influence on employees' ethical behaviour. This is a reference to a leader's bad behaviours.
Who is the project's most crucial stakeholder, and why?Undoubtedly, the most significant project stakeholder is the client. Because they are the foundation around which your project is built. You wouldn't be able to offer your good or service without them.
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you wish to retire in 20 years, at which time you want to have accumulated enough money to receive an annual annuity of $30,000 for 25 years after retirement. during the period before retirement you can earn 11 percent annually, while after retirement you can earn 13 percent on your money. what annual contributions to the retirement fund will allow you to receive the $30,000 annuity? (do not round intermediate calculations. round your final answer to 2 decimal places.
The amount of annual contributions to the retirement fund that is needed to receive $30,000 annually is $3,425.08.
Two distinct computations are used to arrive at this result.
We must first determine how much money is required for a $30,000 yearly annuity. To calculate this sum, we may utilise the Present Value of an Annuity calculation.
P \s[ \s1 \s− \s( \s1 \s+ \sr \s) \s− \sn \s/ \sr \s]
Where n is the number of periods, r is the rate per period, and P is the periodic payment. We require a recurring payment of $30,000 for a term of 25 years at a rate of 13%. Using our calculation and these numbers, the result is $219,899.55. According to this response, we have 20 years to save $219,899.55 until we can retire. Therefore, in order to determine how much money we need to save in the 20.
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nonprogrammed decisions . a. are less structured than programmed decisions b. occur more frequently than programmed decisions c. tend to be about basic operating systems and procedures d. are typically made by shareholders e. generally deal with standard organizational transactions
A nonprogrammed decisions tend to be about basic operating systems and procedures. The Option C is correct.
What are nonprogrammed decisions in an organization?Nonprogrammed decisions refer to decisions that are unique, complex, and have significant consequences for an organization. These decisions are not routine or repetitive and cannot be solved by following established procedures or rules.
Nonprogrammed decisions require a higher level of analysis and evaluation, as well as a greater degree of creativity and intuition. These decisions often involve uncertainty, ambiguity, and risk, and they require the decision-maker to gather and analyze information, consider alternative courses of action, and weigh the potential outcomes of each option.
Examples of nonprogrammed decisions include decisions related to new product development, mergers and acquisitions, strategic planning, and crisis management. These decisions are typically made by top-level executives and require a significant amount of judgment, expertise, and experience.
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if you wanted to make $876 by investing $4778 for 5 years in an account that pays simple interest, what interest rate you would need to achieve your goal?
Therefore, the interest rate required to earn $876 by investing $4778 for 5 years in an account that pays simple interest is 3.66%.
The formula for calculating simple interest is:
Interest = (Principal x Rate x Time)
Where:
Principal is the amount invested
Rate is the interest rate
Time is the duration of the investment in years
In this case, we know the principal (P) is $4778,
the time (t) is 5 years, and
the interest (I) we want to earn is $876.
Plugging these values into the formula, we get:
I = P x R x t
876 = 4778 x R x 5
Solving for the interest rate (R):
R = 876 / (4778 x 5)
R = 0.0366 or 3.66%
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there is always some degree of government involvement in a mixed economy. true/false
There is always some degree of government involvement in a mixed economy. true
What are the three kinds of mixed economies?Mixed economies are classified into three types: capitalist, socialist, and social democratic. Private enterprise predominates in a capitalist mixed economy, and the economy is limited to enforcing regulations and protecting property rights. The government plays a significant part in the production and distribution of goods and services in a socialist mixed economy, while private enterprise is limited. There is a balancing act between private enterprise and government intervention in a social democratic mixed economy, with the government providing social services and trying to regulate the economy to promote welfare programs. Each type of mixed economy has its own set of advantages and disadvantages, and the balance of private and government control can shift depending on a country's political and economic circumstances.
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many operations management decisions can be described as trade-offs. True or False
True - Many operations management decisions involve trade-offs, where managers have to choose between alternatives, each with its own set of advantages and disadvantages.
What is Operations management?Operations management involves making decisions that affect the efficiency and effectiveness of a company's operations. Many of these decisions involve trade-offs, which require managers to balance competing priorities and make choices between alternatives. The trade-offs can involve a variety of factors, including cost, quality, speed, flexibility, and capacity utilization.
The ability to make effective trade-offs is a critical skill in operations management. Managers need to weigh the pros and cons of different options, consider the impact on various stakeholders, and make decisions that are aligned with the company's overall objectives. Successful operations management requires the ability to make informed and thoughtful trade-offs that balance short-term and long-term goals and optimize the use of the company's resources.
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true or false: an internal control goal for cash receipts is to ensure that the business documents the correct amount of cash received and safely deposits the cash into its bank account.
an internal control goal for cash receipts is to ensure that the business documents the correct amount of cash received and safely deposits the cash into its bank account. The statement is true.
This helps to prevent errors, fraud, and theft, and ensures that the business has an accurate record of its cash transactions. Internal controls for cash receipts typically include procedures for accurately recording and reconciling cash transactions, separating the duties of those who handle cash from those who record transactions, and regularly reconciling bank statements to ensure that all deposits have been recorded correctly. By implementing strong internal controls for cash receipts, a business can improve marketing its financial stability and reduce the risk of financial loss.
A company is an organisation that engages in professional, commercial, or industrial operations with the main objective of making money and offering products or services to clients.
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a multidomestic strategy is oriented toward cost reduction, with all the principal value-creation functions centralized at the lowest cost global location. group of answer choices true false
False, It is not oriented toward cost reduction.
What is the cost?Cost, in popular usage, is the financial worth of the goods and services that producers and consumers purchase. The cost price, in accordance with fundamental economic discernment, is an estimation of the substitute opportunities forgone in choosing one good or pursuit over another.
The definition of average costAverage cost, also known as unit cost, in economics is calculated by dividing the total cost by the number of items produced. Additionally, it is the same as the total of average fixed expenses + average variable costs. The time period under consideration may have an impact on average expenses. Average prices are a key element of supply and demand that have an impact on the supply curve.
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a competitive advantage that small businesses have over larger businesses is:
a)lower cost
b)more consumer research
c)lower prices
d)attention to unique customer needs
Lower costs are one thing that small firms have going for them over bigger ones as competitive advantage.
What is competitive advantage?A competitive advantage is something that gives a business an edge over rivals, enabling it to get more clients and expand its market share. There are three main ways to gain a competitive advantage: Cost advantage refers to manufacturing a good or offering a service at a lower price than rivals. What distinguishes a business from its rivals in the eyes of its customers is a competitive advantage. These benefits help a business attain and sustain superior profitability, a stronger growth profile, or higher customer retention rates. A "protective moat" is a common term for a competitive advantage.
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by how much would audience contact increase if an extra $100 were allocated to the promotional budget? (round your answer to the nearest whole number.)
The audience would rise by about 20,000 if an additional $100 were put into the promotion budget.
What is the straightforward meaning of budget?A new budget based on one's income and costs is called a budget. In plenty of other respects, it's a projection of your income and expenses for a specific time frame, like a month or a year.
What is a budget's process?In its most basic form, a budget compares and plans for income and costs over a given period of time. In order to create a budget, you must deduct expenses from revenue. You get a surplus if you still have cash. A deficit exists if costs are higher than revenue.
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The United States, one of the world’s largest exporting nations, has bought more goods from other nations than it has sold since 1975. This is known as
a) dumping
b) a trade surplus
c) a trade deficit
d) a favorable balance of payments
Answer: D) a favorable balance of payments
Explanation: A positive, or favorable, balance of payments is one in which more payments have come in to a country than have gone out
