Ending inventory refers to the number of unsold goods a company has at the end of a specific accounting period. It represents the value of goods that a company still has in stock after all sales have been made during the period.
We need to adjust the ending inventory numbers to correct the ending inventory errors.
For Year 1:
Corrected ending inventory = $55,000 + $28,000 = $83,000
Cost of goods sold = $575,000 (cost of goods available for sale) - $83,000 (corrected ending inventory) = $492,000
For Year 2:
Corrected ending inventory = $85,000 - $17,000 = $68,000
Cost of goods sold = $595,000 (cost of goods available for sale) - $68,000 (corrected ending inventory) = $527,000
So, the corrected cost of goods sold for Year 1 is $492,000 and for Year 2 is $527,000.
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Recall performance is _____when the recall is prompted with some retrieval cues.a) damagedb) improvedc) fasterd)slower
Recall performance is b) improved when the recall is prompted with some retrieval cues.
Recall performance is typically improved when the recall is prompted with some retrieval cues, such as specific keywords or phrases related to the information being remembered. This is because the retrieval cues provide a framework for organizing and accessing the information, making it easier to recall.Recall performance refers to the ability of an individual to retrieve information from memory. It is often measured in experiments using memory tests, where individuals are asked to recall information they have previously learned. In these tests, recall performance is typically measured by the number of items or the percentage of items that an individual is able to recall correctly.
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a. the difference between what a person is willing to pay for a good and what the person actually pays
Consumer surplus is the gap between what customers are prepared to pay and what they actually pay for a good. The marginal benefit of each unit of consumption for a consumer is also represented by each price along a demand curve.
What is the difference between a person's willingness to pay and his actual payment for a certain item?The difference between what a consumer is willing to pay and what they actually pay for a commodity or service is known as the consumer surplus. Consumer surplus and producer surplus are two related concepts that are referred to as economic surplus.
The price gap between what customers are prepared to pay and what they actually pay for a commodity is known as the consumer surplus. The marginal advantage that the customer receives from each unit of consumption is also represented by each price along a demand curve.
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The purpose of financial accounting is to provide information primarily for which of the following groups?
a. investors and owner
b. creditors And owner
c. investors and creditors
d. Manager and creditors
The purpose of financial accounting is to provide information primarily for investors and creditors.
What is mean by financial accounting?Financial accounting is a subset of accounting that involves the process of recording, summarising, and reporting a plethora of transactions resulting from business operations over time.
Financial statements present the five major classifications of financial data: revenues, expenses, assets, liabilities, & equity. The income statement accounts for and reports revenues and expenses. They can include everything from research and development to payroll.
These transactions are summarised in the preparation of financial statements, which include the balance sheet, income statement, and cash flow statement, and which record the company's operating performance over a given period.
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The failure to record a purchase of merchandise on account even though the goods are properly included in the physical inventory results in what?
5. Which of the following statements best describes the break-even point?
O The break even point occurs when the profits from the sale of a product are equal to the cost of making the product.
O The break-even point occurs when the profits from the sale of a product are more than the cost of making the product
O The break-even point occurs when the profits from the sale of a product are less than the cost of making the product
O The break even point occurs when the profits are donated
When a product's profits from sales equal its manufacturing costs, this is known as the break-even point.
What is break-even point?The break-even point is the point at which total costs and total revenues are equal, or "even," in economics, business, and specifically cost accounting. Even if opportunity costs were paid and capital received the expected return after adjusting for risk, there is no net loss or gain, and one has "broken even." The break-even point, for instance, is the point at which total cost and total revenue are equal in the realm of banking and economics. The amount of units or income required to cover all costs is determined using the BEP analysis. Fixed and variable costs make up the overall cost in this case.To learn more about break-even point refer to:
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Which of the following appear(s) on the balance sheet? Multiple select question. O Accounts receivable O Utilities payable O Common stock O Salaries expense O Net income
Salaries payable/net income is a different account (liability) that exhibits on the balance sheet. Utilities payable; accounts receivable; common stock; salaries expense appears on the income statement as expense.
A balance sheet is a financial statement that accounts for a company's assets, liabilities, and shareholder equity. The balance sheet is one of the three essential financial statements that are employed to consider a business. It furnishes a snapshot of a company's finances (what it owns and owes) as of the date of publication. The balance sheet adheres to an equation that correlates assets with the aggregate of liabilities and shareholder equity. Fundamental analysts operate balance sheets to calculate financial percentages.
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jessica opened a bank account that earns 222 percent interest compounded annually. her initial deposit was \$100$100dollar sign, 100, and she uses the expression \$100(x)^t$100(x) t dollar sign, 100, (, x, ), start superscript, t, end superscript to find the value of the account after ttt years.
Principal amount would increase yearly based on the rate of interest.
What is the value of the account after ttt years?Jessica opened a bank account and made a $100 initial deposit. As a result, her principal amount would increase yearly based on the rate of interest.Therefore, if she has an interest rate of, say, 10% annually, her principle sum will grow by 10%, and at the conclusion of her time, she will receive a complete amount.Compound interest is computed as interest on the principle of an account plus any accrued interest.When you add the interest you have already earned back into your principle balance, you are earning compound interest, which increases your profits.Therefore, if she has an interest rate of, say, 10% annually, her principle sum will grow by 10%, and at the conclusion of her time, she will receive a complete amount.To learn more about interest compounded refer to:
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the term used to describe business-critical information on customers, products and services, vendors, locations, employees, and other things needed for operations and business transactions.
the phrase used to describe essential information for business, including details on employees, customers, vendors, and other parties.
What does "critical situation" mean?
VERY SERIOUS BUSINESS PROBLEMS AND CONCERNS THAT ARE URGENTE, THREATENING, OR ANNOYING ARE DEFINED AS CRITICAL SITUATIONS. They are time-consuming, frequently annoying, and, if passed, likely to have an effect on the future. Critical Situations, in other words, have the power to completely alter the course of events. In either case.
Important, negative, widespread effects on people and their way of life, living things, and/or Earth's resources and ecosystems must be immediately addressed in order to reduce critical challenges, which are Earth processes influenced by human activity and nature.
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Which of the following items are assets? (Select all that apply.) -Supplies-Notes payable-Dividends-Equipment
Supplies, dividends and Equipment are assets among the following that are mentioned.
What kinds of things are assets?Intangible assets like patents, royalties, and other intellectual property are included in the category of assets together with tangible items like machinery, real estate, raw materials, and inventory.
What kind of asset is a house?A house still comes under the asset category when viewed in terms of financial definitions of asset and liability. Therefore, it's crucial to consider your home and mortgage as two independent things at all times (an asset and a liability, respectively). And lastly, your house is where you live.
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Joint sustainers should include both CSA inputs and commercial industry considerations into planning efforts early to identify any gaps, seams, or shortfalls.T/F?
The given statement " Joint sustainers should include both CSA inputs and commercial industry considerations into planning efforts early to identify any gaps, seams, or shortfalls." The followinfollowing given statement is True.
Joint sustainers should include both CSA (Civil-Military Cooperation and Support Activities) inputs and commercial industry considerations into planning efforts early to identify any gaps, seams, or shortfalls. This is because CSA inputs provide the military perspective on the situation and industry considerations provide the commercial perspective. By considering both perspectives, joint sustainers can ensure that their planning efforts are comprehensive and take into account all potential challenges and opportunities.
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Which of the following factors impact a business executive's credibility? A. Competence B. Being caring. C. Character D. Salary.
A business executive's credibility can be impacted by a variety of factors, including A. Competence, C. Character, and D. Salary. Being caring is not a common factor that is considered to impact an executive's credibility.
A business executive's credibility is determined by a variety of factors, including their level of competence and expertise in their field, their ability to make sound decisions and lead effectively, their integrity and honesty, and their ability to communicate effectively and build trust with stakeholders. Other factors that can impact an executive's credibility include their tenure and track record within the organization, their ability to adapt to changing circumstances and stay current with industry trends, and their reputation and standing within the broader business community.
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Imagine that you are turf consultant and are being asked to recommend the best turfgrass type for a new high school football field in Phoenix. Which of the following Southwest turfgrass types would be your best recommendation?
Tifway 419 would be my best recommendation regarding the best turfgrass type for a new high school football field in Phoenix.
Combining Durability with beauty, Tifway 419 has been the most popular sports turfgrass for the last 40 times. Its thick, fleetly spreading growth habit means quick recovery from injury, making it one of the most durable mongrel Bermudas. Tifway 419 tolerates close mowing and is largely complaint resistant. For use on fairways, roughs, sports fields, and marketable and domestic meadows. Tifway is a mongrel bermudagrass cross of Cynodon dactylon xC. transvaalensis germplasma. It's characterized as having a dark green color with medium fine textured leaves. Tifway mongrel bermudagrass is thick with a medium to low growth habit. This variety is a vigorous farmer and therefore establishes snappily at planting. Tifway will survive famines with minimum water vacuity. Tifway's thick growth, when duly maintained, efficiently competes with the presence of numerous turf weeds. Tifway fluently tolerates broadcast operation of picky dressings.
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When looking at these types of projects, one must consider any cash flows that arise from
surrendering old equipment before the end of its useful life.
A.incremental
B.replacement
C.cost cutting
D.new
When looking at these types of projects one must consider replacement cash flows that arise from surrendering old equipment before the end of its useful life
A capital budgeting decision version called the replacement chain technique evaluates two or more capital plans with different lives which are mutually incompatible. The replacement chain method considers the anticipated cash flows of alternative plans as well as their various life lengths. This makes comparing the proposals simpler. The process entails counting the years of cash flow for each project and developing alternative chains, or iterations, to make up for the shorter-lived project's shortfalls.
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which of these situations lends itself best to part-time workers? multiple choice question. highly skilled work requiring an advanced degree seasonal work requiring low-to-moderate job skills unionized workplaces where workers pay union dues
Part-time employees are most suitable for highly skilled jobs needing advanced degrees.
What distinguishes aggregate planning for products from that for services?Because inventory can be produced, held, and sold at any time, aggregate planning in manufacturing functions well. On the other hand, aggregate planning for services is very different because services cannot be inventoried.
What three things should be taken into account when creating a strategy?Managing three crucial aspects at once—values, opportunities, and capabilities—is the strategist's challenge. Analyzing each of these elements can help you understand how your firm can produce and sustain value, which will help you develop and implement a successful strategy.
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All of the following are listed as a farm and ranch improvement in Paragraph 2 the TREC Farm and Ranch Contract EXCEPT
a. barns
b. pens
c. fences
d. irrigation equipment
All of the following are listed as a farm and ranch improvement in the TREC Farm and Ranch Contract except irrigation equipment.
Option D is correct.
What characteristics does a ranch possess?A ranch house typically has an open floor plan and a single story. These homes typically have a lower-pitched roof, an L or U shape, and are typically wider than they are deep.
What advantages does owning a ranch bring?Owning a ranch requires a lot of hard work, but it can also provide some financial advantages. Farmlands have significantly lower tax liabilities than residential or commercial properties. You can not only enjoy a stunning property, but you can also turn it into a source of financial and tax advantages for many years to come.
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The expense of an uncollectible account should be recorded in the accounting period that the account becomes uncollectible. True or False
When revenue is earned, the accounting period in which the expense of an uncollectible account is to be tallied. Allowance for Uncollectible Accounts has a typical credit balance on the account. Most businesses are aware of which client accounts will be impossible to collect at the conclusion of the fiscal year.
What Are Accounts Uncollectible?Receivables, loans, and other debts with a slim probability of being repaid are referred to as accounts uncollectible. A debt may become impossible to collect for a variety of reasons, such as the debtor's bankruptcy, an inability to locate the debtor, the debtor's fraud, or a lack of adequate documents to support the debt.Receivables, loans, and other obligations that a debtor won't pay are considered uncollectible accounts.Accounts become uncollectible for a variety of reasons, including bankruptcy or the debtor's refusal to pay.Usually, a 30 to 90 day window exists for making entire purchases of goods sold on credit.In the event that a receivable or debt cannot be collected, it will be written off, with the resulting sums being applied to accounts receivable and deducted from the allowance.To Learn more About uncollectible account refer TO:
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because of their relatively small national economies, which of the following is most likely considered to be the most important factor for belgium, korea, and canada to take full advantage of specialization? group of answer choices division of labour economies of scale international trade command economy
The following is most likely considered to be the most important factor is B. international trade
Belgium, Korea, and Canada three are tiny economies. To exploit specialization, these economies need to zero in on the global exchange.
As global exchange accommodates overall reach as well as, likewise requests for better quality. Worldwide guidelines are to be met. At the point when the economy arrives at the standard where it satisfies the worldwide norms then it arrives at the most extreme degree of specialization.
As the item is acknowledged worldwide and in the global market. After that, any remaining nations remember it as a particular country for that particular item.
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A department within a firm works two 10-hour shifts, 345 days a year. The following are figures for the usage of a machine that is currently being considered. How many machines will the department need to purchase?Product Annual Demand Standard Processing Time per Unit (hr) Processing Time Needed (hr)1 300 8 2,5002 650 6 3,0003 500 4 1,500
The total number of machines required to be purchased by the department to resume their manufacturing process is 2 machines.
Machines are necessary for quick production of work which helps in reducing the dependency on handwork/ manual labor. It is already given that the manufacturing takes place in two shifts which work for 10 hours each for 345 days. Now, we calculate the units of machines needed by the following relation.
Units of capacity needed = (processing time needed/ processing time capacity per unit)
Units of capacity needed = (2,500 + 3,000 + 1,500) ÷ (2 × 10 × 345)
Units of capacity needed = 7,000 ÷ 6,900 = 1.01 machines
Since the work is to be done completely, but the answer is a fractional value, so after rounding off to higher value, we get that 2 machines will be required to complete the manufacturing process.
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On August 20, Max, Inc. issues 100 shares of $1 par value preferred stock for $3,000 cash. The entry to record this transaction would include a (CREDIT) to the preferred stock account in the amount of ($100).
The credit of $100 to the preferred stock record.
The amount of $3000 suggests an increment to cash which would be recorded by charging a cash account, then again, the credit is parted into two records, with the standard worth of $100 ($1*100) being credited to the favored stock record and the surplus of $2900($3000-$100) being credited to paid-in capital in the abundance of standard for the favored stock record.
Dr cash $3000
Cr Preferred stock record $100
Cr paid-in capital in overabundance of standard worth $2900
Preferred stock is a class of stock that is conceded sure privileges that vary from normal stock. To be specific, favored stock frequently has higher profit installments and a higher case of resources in case of liquidation.
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For tax year 2019 you can contribute to a Roth IRA if you have taxable compensation, your filing status is HOH and your modified AGI is less than: Choose one answer. a. $137,000 b. None of the above c. $193,000 d. $203,000
For the tax year 2019, you can contribute to a Roth IRA if you have taxable compensation, your filing status is HOH and your modified AGI is less than d. $203,000.
The Roth IRA contribution limits for 2019 are determined based on the filing status and modified adjusted gross income (MAGI) of the taxpayer. For single filers and those filing as head of household with a MAGI of less than $137,000, the contribution limit is $6,000.
For those with a MAGI of between $137,000 and $203,000, the contribution limit is reduced. For those with a MAGI of greater than $203,000, the contribution limit is not allowed. Therefore, for a single filer or someone filing as head of household with a MAGI of less than $203,000, the contribution limit for 2019 is $6,000.
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dan and virginia were refinancing their home. their loan amount was $235,000, the appraised value was $290,000, their interest rate was 4.125%, and their lender charged them a flat commitment fee of $1,200. when their refinance fell through, they still owed the lender .
Refinancing a loan is the process of taking out a new loan to settle one or more outstanding loans.
What refinance means?In order to pay off one or more outstanding loans, a new loan is obtained through a procedure known as loan refinancing. Refinancing is typically done by borrowers in order to get better terms or to lessen their monthly payments altogether.
A reduced annual percentage rate (APR) and cheaper monthly payments are advantages of refinancing your mortgage. a quicker payback period. cashing out your equity for other purposes. Anyone who makes money accessible to a person or company with the intention that they would pay them back is referred to as a lender. This can be an individual, a public or private organization, or a financial institution. Any interest or fees are also included in the repayment.
As creditors, lenders are included. Peer-to-peer (P2P) lending, credit unions, and banks are typical examples.
Therefore, the answer is $1,200.
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four corners is an ibc company that sells delicious navajo tacos in the crossroads food court. part of their success can be attributed to the freshly fried indian bread that is used not only for the tacos, but also for dessert items. as demand grows the fry-bread process is becoming a bottleneck. operations management for the company is looking at two different process options to replace the highly manual process currently being used. option 1 (medium automation) would cost $200 to implement whereas option 2 (high automation) would cost $385. with option 1 the variable cost per fry bread produced would be $0.19. the variable cost for option 2 would be $0.11 per fry bread.
Option 2 is correct answer where the lower variable costs more than offset its higher initial cost.
What does "variable cost" mean?
A particular type of business expense called a variable cost depends on how much a company makes or sells. For manufacturing companies, variable costs include raw material and packaging costs, while credit card processing fees and shipping expenses for retail businesses change based on sales. Depending on a company's output or sales volume, variable costs rise or fall; they rise with increasing output and fall with decreasing output.
Fixed costs, in contrast to variable costs, are constant regardless of production or sales volume.
Variable costs must be taken into account when calculating a product's contribution margin because they have a significant impact.
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Refer to Exhibit 23-2. A profit-maximizing single-price monopolist will set the price of its product at
a. $23.50.
b. $12.00.
c. $29.00.
d. $18.50.
The profit-maximizing single-price monopolist will set the price at the point where marginal revenue equals marginal cost, which in this case is $29.00.
What is monopolist?A monopolist is an entity that has exclusive control over the supply of a certain product or service, meaning that it is the sole provider of that product or service within a market. A monopolist is able to set the price of a product or service and is not subject to competitive pressures from other providers. This allows monopolists to generate higher profits than would be possible in a competitive market. Monopolies are generally considered to be anti-competitive and are illegal in many countries.
At this price, the monopolist will be able to maximize its profits by producing the quantity where the demand curve intersects the marginal cost curve.
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Sally and Fred are two single people buying a home together. The lender is threatening to deny them a loan because he does not like their lifestyle. If the lender does that, it will be a violation of the:
The lender is threatening to deny them a loan because he does not like their lifestyle. If the lender does that, it will be a violation of the ECOA.
What is ECOA?The Equal Credit Opportunity Act (ECOA), enacted on October 28, 1974, is a federal law (codified at 15 U.S.C. 1691 et seq.) that prohibits creditors from treating applicants unfairly with regard to any aspect of a credit transaction based on their race, colour, religion, national origin, sex, marital status, or age (as long as they are of legal age); their use of a public assistance programme to receive all or part of the Anyone who routinely participates in a credit decision in the course of their business, including banks, retailers, bankcard providers, financial institutions, and credit unions, is subject to the law.
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When the makers of a line of ballpoint pens state that they are in the communication equipment business, they are defining their mission too:-realistically-broadly-specifically-narrowly
When the makers of a line of ballpoint pens state that they are in the communication equipment business, they are defining their mission too broadly.
A mission statement explains a company's line of business, as well as why it exists or what function it serves. Every firm should have a clear statement of purpose that excites individuals about what they do and drives them to join the organization. A mission statement, which is usually a few of words long, should also outline the company's business strategy. As previous goals are met, mission statements should be updated to reflect the company's current culture. The finest brands bring together physical, emotional, and logical factors to create an extraordinary customer (and employee) experience that you appreciate as much as they do. A solid mission statement will not only clarify the goal of your company, but it will also help you connect with customers.
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assume that the economy is always at full employment with a constant velocity of money. if the money supply increases by 5 percent and potential real gdp grows by 2 percent, which of the following is true? (1 point)
If the money supply grows, velocity and income remain constant, and output increases... A. Real GDP is expanding at 2% but inflation is at 5%.
What combination of fiscal actions would be the most successful in closing an inflationary gap?Government spending cuts, tax increases, bond and securities issuances, interest rate rises, and cutbacks in transfer payments are all measures that can close an inflationary gap.
Which of the following best sums up the velocity of money?The frequency with which one unit of currency is utilized to make purchases of goods and services made in the country within a specific time frame is known as the velocity of money.
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In most cases the supply curve for a perfectly competitive industry can be described as which of the following? O More elastic in the short run than in the long run O More elastic in the long run than in the short run O Downward sloping in the short run O Perfectly inelastic in the long run O Perfectly elastic in the short run
The individual supply curve depicts the amount of production a company will produce at any given price in a market with perfect competition.
What is the supply curve in a perfectly competitive market?The section of the marginal cost curve of a perfectly competitive firm that is above the minimum of the average variable cost curve is known as the supply curve. By creating the amount of output that equalises price and marginal cost, a perfectly competitive firm maximises profit.For all businesses, the supply curve is the MC above the AVC. Profit-maximizing businesses produce where MR=MC in an environment of perfect competition. Examining a company's entire cost and total income is an alternate method for determining the profit-maximizing amount.In a completely competitive market, all goods are perfect substitutes, and each of the small, independent enterprises that compete in the market experiences perfect elastic demand.To learn more about market refer to:
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Because information is now so readily accessible to everyone, companies are starting to focus more on the profit margin of each product, and less on the purchasing behavior of individual customers, regardless of how much a person might spend on other products.Select one:TrueFalse
False, Due to the ease of access to information, businesses are beginning to place greater emphasis on the profit margin of each product rather than how much a customer may spend on other items.
Any good or service you offer to satisfy a customer's need or desire is a product. There are both real and virtual ones. Durable things (such as automobiles, furniture, and computers) and nondurable items are examples of physical products (like food and beverages). A circumstance or process has a major impact on someone or something's development when it is said that they are a product of that situation or process. A product is anything that may be supplied to a market in order to satiate a customer's need or desire. In marketing, a product is an item, system, or service that is made accessible for consumer usage in response to consumer demand.
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A truck carrying hazardous materials rolls over and spills chemicals, temporarily polluting a town's water supply.To successfully sue the company for strict liability, what would the town need to prove?a.)That the company failed to take reasonable precautions to prevent the spillb.)That the truck carrying the hazardous materials had a design defect or a manufacturing flawc.)Nothing, because transporting hazardous materials is extremely dangerousd.)There is no way for strict liability to apply, because transporting hazardous materials is a commonly known danger.
A truck carrying hazardous materials rolls over and spills chemicals, temporarily polluting a town's water supply. To successfully sue the company for strict liability, nothing, because transporting hazardous materials is extremely dangerous.
What does a hazard simply mean?An unsafe phenomena, substance, human behavior, or state is referred to as a hazard. In addition to property destruction, loss of livelihoods and services, social unrest, economic upheaval, and environmental harm, it may also result in a loss of life, injuries or other health effects, as well as property loss.
Who determines what constitutes hazardous materials?According to the NFPA 400, a hazardous material is any chemical or thing that poses a risk to one's health or their physical safety. The physical or health risks that a substance poses are then used to designate it as hazardous.
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as a project manager impacting an organization, you want to effectively manage the project. which of the following would a project manager do to effectively manage the project? select all that apply. Change the project end goal to meet the needs of project tasks. Frequently communicate the large project goal to the team. Understand the impact of each process within the project.
The following would a project manager do to effectively manage the project Change the project end goal to meet the needs of project tasks.
What actions must a project manager take to effectively manage a project?Encourage effective and clear communication.
Set specific objectives for your project.
To track progress, pick the appropriate tools and apply them.
Work with a versatile team whose talents complement one another.
As much as you can, keep the members of your project team inspired.
What essential components must a project manager oversee continuously during a project?Resources.
Time.\money.
Scope.
What elements must be in place for the project to be properly managed?Identify project specifics.
Get your group ready.
Create reasonable expectations.
Adopt the responsibilities of a project leader.
Use time management techniques.
Keep the channels of communication open.
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