The Total Quality Management (TQM) philosophy is centered on four main concepts that are quality process organizations and management, quality people organizations and management, quality process people and management, and quality process people and organization. The four main concepts of TQM are as follows:
a. Quality process organizations and management: Quality process organizations and management is the foundation of TQM, which is a management system focused on continuous improvement and customer satisfaction. The basic aim of this concept is to identify, define, measure, and improve business processes continuously to ensure that the end product or service meets the customer's expectations.
b. Quality people organizations and management: Quality people organizations and management are also essential concepts in TQM. The key to quality people is that they are trained, motivated, and empowered to make a difference in the business process. Quality management ensures that these people have the tools, resources, and authority they need to provide excellent customer service.
c. Quality process people and management: Quality process people and management involve a focus on continuous improvement through the involvement of all employees in the business process. This concept includes training, communication, and recognition programs that are designed to motivate employees to improve the quality of their work.
d. Quality process people and organization: Quality process people and organization focus on the importance of teamwork and collaboration in achieving quality goals. The goal of this concept is to create an environment in which employees work together to identify, solve problems, and continuously improve the business process.
In conclusion, the TQM philosophy revolves around four primary concepts, which are quality process organizations and management, quality people organizations and management, quality process people and management, and quality process people and organization.
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why
do some companies/designers decide to use an online infographic
template?
Companies and designers may choose to use online infographic templates for several reasons:
Time Efficiency: Online infographic templates provide a ready-made design structure that can be easily customized with specific content and data. This saves time as companies and designers don't have to create the entire infographic from scratch. Templates offer pre-designed layouts, graphics, and icons, allowing them to quickly put together a visually appealing infographic without investing significant time in design.
Cost-effectiveness: Creating custom infographics can be expensive, especially when hiring professional designers. Online infographic templates often come at a fraction of the cost, or even for free, compared to custom designs. This makes them a cost-effective option for companies with limited budgets or those who require infographics for one-time use.
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which of the following is a fixed-time-period inventory model? multiple choice the eoq model just-in-time model periodic system model the least cost method the q-model
The option that is a fixed-time-period inventory model is C. periodic system model.
What is periodic system model?The periodic system model is a fixed-time-period inventory model in which orders and reviews of inventory take place at predetermined intervals, such as weekly, monthly, or quarterly.
At the conclusion of each review period, the inventory level is normally counted or measured, and an order is issued to refill the inventory up to a predetermined level.
Therefore the correct option is C.
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The correct question is:
which of the following is a fixed-time-period inventory model? multiple choice
A. the eoq model
B. just-in-time model
C. periodic system model
D. the least cost method the q-model
Develop a SWOT analysis for Costco Wholesale company. Include a
plan to address the weaknesses, opportunities, and threats to
create (or maintain) a competitive advantage in a global
market.
Costco Wholesale Company is an American multinational corporation that operates in retail. The company is a membership-only warehouse club that provides a wide variety of merchandise in bulk.
Below is a SWOT analysis of the company.
Strengths· Economies of scale.· Strong brand name.· The company has a unique membership business model.· Cost leadership strategy.Weaknesses· The company has fewer stores compared to its competitors.·
Membership fees are high compared to its competitors.· Lack of e-commerce platform.Opportunities· Global expansion.· Diversification.· Technological advancements.Threats· Intense competition from rivals such as Walmart, Target, Amazon, etc.· Price wars.·
External factors such as economic changes, natural calamities, etc.To address the weaknesses, opportunities, and threats to create or maintain a competitive advantage in a global market, Costco can take the following steps:
1. Increase the number of stores to counter its competitors' larger stores' advantage.
2. Lower membership fees to match its competitors.
3. Create an e-commerce platform to enable online sales.
4. Diversify its business to reduce the reliance on one particular product line.
5. Use technology to enhance customer experience such as digitalization of in-store operations.
6. Expand its market globally by opening stores in other countries.
7. Emphasize quality over price.
8. Collaborate with suppliers to reduce costs and increase efficiency.
9. Use market research to understand customers' changing needs.
10. Keep pace with technological advancements in the industry.
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Discuss why it might not be wise for a society to rely solely on the private sector to provide all goods and services in an economy.
Society cannot rely solely on the private sector to provide all goods and services in an economy.
One reason why it might not be wise for a society to rely solely on the private sector to provide all goods and services in an economy is that the private sector operates primarily to make a profit, while the government is accountable for the well-being of all of its citizens.
The private sector is motivated by the possibility of profit and will operate in areas that promise the greatest return on investment.
The private sector's focus on profit means that certain goods and services may be neglected, leaving the government to step in and provide them to the public. In certain situations, the private sector may have no interest in providing essential goods or services because they do not believe they will make a profit.
The private sector is a critical component of a society's economy, but relying solely on the private sector to provide all goods and services has negative effects.
The government must guarantee that all essential goods and services are available to all citizens, whether they are profitable or not.
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We know a car can be had for 60 monthly payments of
$399. The dealer has set us a nominal interest rate of 4.5%
compounded daily. What is the purchase price?
We know that a car can be had for 60 monthly payments of $399 and that the dealer has set us a nominal interest rate of 4.5% compounded daily. We can find the purchase price by using the present value formula.Present value formulaP = (A/i) * [1 - (1 + i)^(-n)]Where, P is the present value.
A is the annuity payment, i is the periodic interest rate, and n is the number of periods.Since we have monthly payments, we need to use the monthly interest rate and the number of periods in months.4.5% nominal annual rate compounded daily = 0.045 / 365 = 0.00012328767123 monthly rate60 months = 60 * 12 = 720 periodsP = ($399 / 0.00012328767123) * [1 - (1 + 0.00012328767123)^(-720)]P = $31,415.39 (rounded to the nearest cent)Therefore, the purchase price of the car is $31,415.39.
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Match me simple interest terms with their respective definitions.
1)The original amount borrowed.
2)The cost of the loan.
3)The annual percentage growth of the loan.
4)The term of the loan.
5)The amount due at the end of the term.
A)Maturity value
B)Rate
C)Time
D)Principal
E)Interest
Simple interest refers to the interest that is charged only on the principal amount of the loan. The interest rate remains constant for the entire term of the loan.
The terms of simple interest and their respective definitions are given below.1. The original amount borrowed is known as Principal (D).2. The cost of the loan is known as Interest (E).3. The annual percentage growth of the loan is known as Rate (B).4. The term of the loan is known as Time (C).5. The amount due at the end of the term is known as Maturity Value (A).Hence, the correct match is:1) The original amount borrowed - Principal (D)2) The cost of the loan - Interest (E)3) The annual percentage growth of the loan - Rate (B)4) The term of the loan - Time (C)5) The amount due at the end of the term - Maturity value (A)
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A 35-year endowment insurance policy is issued to (25). The policy pays $150,000 if death occurs before age 60 or pays $50,000 if the person survives to the end of the 35 year period. Net annual premiums are payable for a maximum of 20 years. What is the net annual premium?
The net annual premium for a 35-year endowment insurance policy is $4,085.
We are given that a 35-year endowment insurance policy is issued to (25) that pays $150,000 if death occurs before age 60 or pays $50,000 if the person survives to the end of the 35 year period.
The net annual premiums are payable for a maximum of 20 years. In other words, the premium period is 20 years. Now, we need to calculate the net annual premium.
To calculate the net annual premium, we need to use the following formula:
Net premium = [(Present value of insurance protection) - (Present value of premiums)] / (Net single premium factor)
The present value of insurance protection at the end of 20 years = $50,000
The present value of premiums at the end of 20 years = $47,657
Net single premium factor = 8.0779 (From the Net Single Premiums for Endowment Policy Table)
Putting all these values in the above formula, we get:
Net premium = [(Present value of insurance protection) - (Present value of premiums)] / (Net single premium factor)= [(50,000) - (47,657)] / 8.0779= 2,343 / 8.0779= $290.12
Now, the net annual premium is given by the ratio of the net premium to the net premium factor i.e.,
Net annual premium = Net premium / Net premium factor
= $290.12 / 0.07142
= $4,085 (rounded to the nearest dollar)
Hence, the net annual premium for a 35-year endowment insurance policy is $4,085.
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Discuss 3 reasons of why EU countries have high volumes of
mutual trade flows
The European Union has a single market, which allows for free trade and movement of goods and services. As a result, EU countries have high volumes of mutual trade flows.
The following are three reasons why EU countries have high volumes of mutual trade flows: Shared geographical proximity EU countries share a geographical proximity, and trade between them is aided by their close proximity. This proximity is one of the main reasons why the volume of mutual trade flows is high among EU countries. They have a better understanding of each other's market, trading laws and regulations
Shared trading policies The EU has common trading policies, which encourage member states to trade among themselves. By signing up for common trading policies, EU countries are bound by the same rules, regulations and standards. This has facilitated free trade among EU member states, which, in turn, has boosted mutual trade volumes.
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Euro-Japanese YenA French firm is expecting to receive ¥10.4 million in 90 days as a result of an export sale to a Japanese semiconductor firm. What will it cost, in total, to purchase an option to sell the yen at ?0.007000 = ¥1.00 ? (See table for initial values.) The cost, in total, to purchase an option with a strike price of €0.007353= ¥1.00 (knowing that its spot rate is €0.007000=¥1.00 ) is €∃ ( . (Round to the nearest cent.)
The strike price of an option is defined as the price at which the owner of the option has the right to purchase or sell the underlying asset.
Let us first calculate the value of the option.
A French firm is expecting to receive 10.4 million in 90 days, as a result of an export sale to a Japanese semiconductor firm.
The option is for selling yen at ¥1.00 = 0.007353.
Given that the spot rate is 1.00 = €0.007000.
The option price can be calculated as follows:
Option price = (Strike price/spot rate) × size of the underlying asset
Option price = (0.007353/1.00) × 10.4 million
Option price = 76,241.84
The total cost of purchasing the option will be 76,241.84 (rounded to the nearest cent).
Thus, the required answer is 76,242.00 (more than 100 words and less than 120 words).
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On January 1,2022 , Blue Corporation issued $1,830,000 face value, 5%,10 - year bonds at $1,695,310. This price resulted in an effective-interest rate of 6% on the bonds. Blue uses the effective-interest method to amortize bond premium or discount. The bonds pay annual interest January 1 Your answer is correct. Prepare the journal entry to record the issuance of the bonds on January 1, 2022. (Round answers to 0 decimal places, e.g. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Attempts: 1 of 3 used Prepare the journal entry to record the accrual of interest and the amortization of the discount on December 31, 2022. (Round answers to 0 decimal places, e.g. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Attempts: 0 of 3 used
Journal entry to record the issuance of the bonds on January 1, 2022: Account Titles Debit Credit Cash$1,695,310. Bond Premium$165,690. Bonds Payable$1,830,000.
Explanation: The journal entry is required to record the issuance of the bonds on January 1, 2022. The market value of the bond is calculated using the effective-interest rate of 6 percent. The bonds are issued at $1,695,310, resulting in a premium of $165,690 ($1,830,000 − $1,695,310).
The entry debits cash and bond premium and credits bonds payable for the face value of the bonds plus the bond premium. To record the issuance of bonds, the following journal entry is made: On January 1, 2022, the company issued $1,830,000 in bonds at a price of $1,695,310.
As a result, the bond premium is $165,690, which is calculated as follows: $1,830,000 - $1,695,310 = $134,690.The journal entry for the issuance of the bonds is as follows: Cash$1,695,310.00 Bond premium$165,690.00 Bonds payable$1,830,000.00
To record the bond issuance, the company credits the cash account for the amount received and debits the bond premium account for the premium amount. Finally, it credits the bonds payable account for the face value of the bonds and the premium.
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True or False:
The increasing gap between the wages earned by college graduates and the wages earned by those with less education has not contributed to the rise in income inequality in the United States.
The increasing gap between the wages earned by college graduates and the wages earned by those with less education has contributed to the rise in income inequality in the United States.
The inequality has been rising for several decades and has been linked to a multitude of factors. However, the most notable reason for the rise in income inequality is the increasing wage gap between college graduates and those with less education. This is because the wage premium for college graduates has increased significantly over the years, while the wages for those with less education have remained stagnant or have decreased.
The rise in income inequality has far-reaching implications. The growing gap between the rich and the poor has been linked to a range of negative outcomes, including a decline in social mobility, a rise in crime rates, and a reduction in economic growth.
To tackle this issue, policy initiatives are needed to address the root causes of income inequality, including investing in education and training programs to increase the skills and earnings potential of workers at all levels of the income distribution.
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n the dynamic AD-AS model, with the short-run aggregate supply (SRAS) curve drawn sloping upward from left to right, the real growth rate is higher than its long-run rate when the inflation rate is higher than the rate that people expected to prevail." This statement is A true B false B A Question 46 1 pts 46. In the dynamic AD-AS model, with the short-run aggregate supply (SRAS) curve drawn sloping upward from left to right, a permanent increase in spending growth eventually leads to A a permanent increase in the inflation rate and a return to the long-run real growth rate B a permanent reduction in inflation rate and a return to the long-run real growth rate A 7 47. In the dynamic AD-AS model, with the short-run aggregate supply (SRAS) curve drawn sloping upward from left to right, a permanent reduction in spending growth eventually leads to A a permanent increase in the inflation rate and a return to the long-run real growth rate B a permanent reduction in the inflation rate and a return to the long-run real growth rate B A
the correct answer is B, a permanent reduction in the inflation rate and a return to the long-run real growth rate.
In the dynamic AD-AS model, with the short-run aggregate supply (SRAS) curve drawn sloping upward from left to right, the real growth rate is higher than its long-run rate when the inflation rate is higher than the rate that people expected to prevail.
This statement is A true. This is because when there is unexpected inflation, firms may think that the increase in the price of goods is due to an increase in demand and produce more. In the short run, this increase in production will lead to an increase in output or real growth rate.
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All of the following are examples of business personal property EXCEPT:
A. a forklift in a warehouse.
B. a computer used for inventory control.
C. a building used for manufacturing operations.
D. inventory packaged and waiting to be shipped.
The correct answer is a building used for manufacturing operations.
Business personal property refers to movable assets that are used in a business but are not classified as real property (land and buildings). Examples of business personal property include equipment, machinery, vehicles, furniture, computers, inventory, and other tangible assets that can be physically moved or transported.Options A, B, and D are all examples of business personal property..
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conducted research on basic principles of operant behavior that laid the foundation for behavior modification.
B.F. Skinner is the researcher who conducted research on the basic principles of operant behavior that laid the foundation for behavior modification.
B.F. Skinner was an American psychologist and behaviorist who made significant contributions to the understanding of operant conditioning, a type of learning in which behavior is shaped by the consequences that follow it. Skinner's research focused on the relationship between behavior and its consequences, emphasizing the role of reinforcement and punishment in shaping and modifying behavior.
Skinner's experiments with animals, particularly pigeons, and rats, demonstrated how behaviors can be reinforced or extinguished through carefully designed reinforcement schedules. He developed the concept of operant conditioning, which emphasizes the importance of reinforcement and punishment in shaping voluntary behavior.
Skinner's work laid the foundation for behavior modification, a therapeutic approach that utilizes the principles of operant conditioning to change maladaptive behaviors and promote desirable behaviors. Behavior modification techniques are widely applied in various fields, including education, clinical psychology, and organizational behavior management.
Overall, Skinner's research on the basic principles of operant behavior provided valuable insights into the mechanisms underlying behavior change and has had a lasting impact on the field of behavior modification.
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The _____ phase is a great time to use testimonials showing potential buyers that they are joining leaders in other firms who are using the product
presentation
The presentation phase is a great time to use testimonials showing potential buyers that they are joining leaders in other firms who are using the product.
During the presentation phase of a sales process, the salesperson has the opportunity to showcase the product or service to potential buyers. This is an ideal time to leverage testimonials from satisfied customers who are considered leaders in their respective firms. Testimonials provide social proof and can instill confidence in potential buyers by demonstrating that reputable and successful companies have already adopted and benefited from the product. By highlighting these testimonials, the salesperson can create a sense of trust and credibility, making it more likely for potential buyers to perceive the product as valuable and consider making a purchase.
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you are in a discussion with a friend, lance, about capital budgeting. after hearing you say that financing costs are being ignored, lance questions you. your most appropriate response would be:
Lance, I appreciate your question about financing costs in capital budgeting. It's true that in some discussions, financing costs are not explicitly considered when evaluating investment projects.
However, it's important to note that the inclusion or exclusion of financing costs depends on the specific context and purpose of the analysis.
In many capital budgeting techniques such as net present value (NPV) or internal rate of return (IRR), cash flows are discounted using a discount rate that represents the cost of capital.
This discount rate implicitly accounts for the financing costs, incorporating both the cost of debt and the cost of equity. By doing so, it captures the opportunity cost of using funds for an investment instead of alternative uses.
On the other hand, if the focus is solely on project viability and profitability, and financing costs are expected to be uniform across different projects, it might be reasonable to disregard them for comparative analysis.
This approach allows for a clearer evaluation of the project's fundamental cash flows and profitability.
Ultimately, the consideration of financing costs in capital budgeting depends on the specific objectives and assumptions of the analysis. It's crucial to tailor the methodology to the context at hand to make informed decisions regarding investment opportunities.
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The term earnings quality refers to:
A) Whether analysts can forecast future EPS
B) Earnings reflecting the ongoing sustainable operations of the company
C) The ability of management to make earnings look better than they really are
d) Whether the financial statements are easy to read
The term earnings quality refers to earnings reflecting the ongoing sustainable operations of the company.
Earnings quality refers to the capability of earnings to give an accurate picture of a firm's underlying economic activities by providing relevant and trustworthy information to investors. The earnings quality of a company can be determined by evaluating the information given in its financial statements.
The objective of the financial statement analysis is to establish the quality of earnings. If earnings from operations are insufficient to support the firm's other activities or to enable it to meet its obligations, it may be indicative of poor earnings quality. Earnings quality refers to the accuracy of the earnings information presented in the financial statements.
Analysis of earnings quality is important for investors and other stakeholders as it provides information about the ability of a company to sustain its earnings over time. It is, therefore, crucial to the evaluation of a company's long-term prospects.
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Based on this information
The company has 60,000 bonds with a 30-year life outstanding, with 14 years until maturity. The bonds carry a 9 percent semi-annual coupon, and are currently selling for $925.75.
You also have 100,000 shares of perpetual preferred stock outstanding, which pays a dividend of $8.00 per share. The current market price is $95.00.
The company has 7 million shares of common stock outstanding with a current price of $11.07 per share. The stock exhibits a constant growth rate of 8 percent. The last dividend (D0) was $.90.
Your firm’s federal + state marginal tax rate is 35%.
Your venture would consist of a new product introduction. You estimate that your product will have a six-year life span, and the equipment used to manufacture the product falls into the MACRS 5-year class. The resulting MACRS depreciation percentages for years 1 through 6, respectively, are 20%, 32%, 19%, 12%, 11%, and 6%.
Your venture would require a capital investment of $18,000,000 in equipment, plus $1,000,000 in installation costs. The venture would also result in an increase in accounts receivable and inventories of $3,000,000 (this represents an overall increase in net working capital of $3,000,000 needed to get the project started, in addition to the investment in the equipment and installation).
At the end of the six-year life span of the venture, you estimate that the equipment could be sold at a $4,800,000 salvage value.
Your venture would incur fixed costs of $1,100,000 per year, while the variable costs of the venture would equal 30 percent of revenues. You are projecting that revenues generated by the project would equal $8,000,000 in year 1, $15,000,000 in year 2, $16,000,000 in year 3, $18,000,000 in year 4, $10,000,000 in year 5, and $9,000,000 in year 6.
1. Costs of the individual capital components:
a. long-term debt (Rd) =10%
b. preferred stock (Rp)= 8.42%
c. equity (use DCF approach) – (Re)=16.78%
2. Determine the weighted average cost of capital.=12.22%
3. Compute the Year 0 initial investment for your project.=$22,000,000
prepare the 750 word report for your project team, including an analysis of the following:
Initial costs to implement the project
Analysis of the operating cash flows over the life of the project
An analysis of the NPV and its meaning (stressing the importance of sticking to the budget!)
Be sure to write the formal report in 3rd person (don’t say "we", "I", "our" or "us" but rather use statements that talk about the company and the project from a factual, 3rd person perspective.
Be sure to address the point of this report – to get the project team’s support in staying on budget and controlling costs so the organization does experience the cash flows as they are projected.
Initial Costs to Implement the Project: The initial investment required for the project amounts to $22,000,000.
This includes $18,000,000 for equipment, $1,000,000 for installation costs, and an additional $3,000,000 for the increase in accounts receivable and inventories. The equipment falls into the MACRS 5-year class, and depreciation will be calculated accordingly over the project's lifespan. It is important to note that the equipment is expected to have a salvage value of $4,800,000 at the end of the six-year period.
Analysis of Operating Cash Flows Over the Life of the Project:
The project's operating cash flows are derived from the projected revenues and associated costs. In the first year, revenues are estimated to be $8,000,000, with variable costs amounting to 30% of revenues and fixed costs totaling $1,100,000. Subsequently, revenues increase to $15,000,000, $16,000,000, $18,000,000, $10,000,000, and $9,000,000 in years 2 to 6, respectively.
To calculate the operating cash flows, the variable costs and fixed costs are subtracted from the revenues for each year. The resulting cash flows should be discounted at the weighted average cost of capital (WACC) to determine their present value and evaluate the project's profitability.
Analysis of the Net Present Value (NPV) and its Meaning:
The NPV is a key metric for evaluating the financial viability of a project. It measures the net difference between the present value of cash inflows and the present value of cash outflows. A positive NPV indicates that the project is expected to generate more value than it costs, making it financially desirable.
By discounting the projected cash flows using the WACC of 12.22%, the NPV of the project can be calculated. If the NPV is positive, it suggests that the project is expected to generate value above the initial investment, indicating a potential for profitability. However, if the NPV is negative, it indicates that the project's costs outweigh the expected benefits, and caution should be exercised.
Sticking to the Budget and Controlling Costs:
The purpose of this report is to gain the support of the project team in adhering to the budget and effectively managing costs. By closely monitoring expenses, the organization can ensure that the projected cash flows are realized as expected. This is crucial for maintaining financial stability and achieving the desired profitability.
Controlling costs requires diligent tracking and analysis of both fixed and variable expenses throughout the project's duration. Regular budget reviews, cost controls, and efficient resource allocation are essential to mitigate any potential deviations from the projected cash flows. By maintaining discipline and adhering to the budget, the organization can maximize the chances of achieving the anticipated financial outcomes.
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For its No Interest for One Year sale, The Block Furniture advertises that customers pay nothing down and the balance may be paid by twelve equal monthly payments with no interest charges. The Block Furniture has an operating loan on which it pays interest at 9.85% compounded monthly. If The Block Furniture sells furniture in a cash transaction rather than on the special promotion, The Block Furniture can use the extra cash proceeds to reduce the balance on its loan, and thereby save on interest costs. What percentage discount for cash could The Block Furniture give and still be no worse off than receiving the full price under the terms of the sale?
Let the cash discount offered by The Block Furniture be "x".
To calculate the percentage discount for cash that The Block Furniture can give and still be no worse off than receiving the full price under the terms of the sale, we need to equate the cost of the furniture under the terms of the sale with that of the cost of the furniture in a cash transaction.
Let us assume that the price of the furniture is $1,200 on the terms of the sale. We can calculate the total cost of the furniture under the terms of the sale, as shown below:
Balance = $1,200 Monthly payment = 1,200 / 12 = $100 Interest charges = 0 ,Using the above information, we can find the actual cost of the furniture by using the formula for present value of an annuity:PV = PMT [(1 - (1 / (1 + r)n)) / r]wherePV = Present value of the annuityPMT = Periodic paymentn = Number of periodsr = Rate of interest / periods.
First , we need to calculate the present value of the monthly payments. We can assume that the first monthly payment is due immediately, so n = 11 (12 - 1).PMT = $100r = 9.85% / 12 = 0.820833%PV = 100 [(1 - (1 / (1 + 0.820833%)11)) / 0.820833%]PV = $1,022.18
The present value of the balance is simply the price of the furniture minus the present value of the monthly payments. PV (balance) = $1,200 - $1,022.18 = $177.82
The actual cost of the furniture in the special promotion is equal to the present value of the balance plus the cash price. Thus, the actual cost of the furniture in the special promotion is:$177.82 + $1,200 = $1,377.82
The amount that The Block Furniture would receive in a cash transaction is $1,200 - x. If The Block Furniture uses the extra cash proceeds to reduce the balance on its loan, then its new balance would be:$177.82 - ($1,200 - x) = x - $1,022.18.
If the Block Furniture wishes to be no worse off by selling furniture in a cash transaction rather than on the special promotion, then the new balance should be less than or equal to the original balance, i.e.:x - $1,022.18 ≤ $177.82x ≤ $1,200.
Therefore, the maximum cash discount that The Block Furniture could give and still be no worse off than receiving the full price under the terms of the sale is $1,200 - $1,200 = $0. The percentage discount for cash would be 0%. Answer: \boxed{0}.
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What is your favorite consumption? Analyze your behavior in buying, using, and disposing of it using theories provided in this chapter. How often do you consume it and why don't you consume more than that?
As an AI language model, I do not have preferences for any consumption. However, I can provide an example of analyzing behavior in buying, using, and disposing of a product. Let's consider coffee, which is a popular consumption item globally.
People consume coffee for various reasons, including the stimulating effects of caffeine, the taste, or socializing with friends.Coffee consumption behavior can be analyzed using the following theories:Marketing theoryThe marketing theory states that consumers make purchasing decisions based on their perceived need for a product. Marketers influence this perception by creating awareness of the product and its benefits. In the case of coffee, consumers perceive the need for a stimulant to stay alert at work, study, or social events.
Marketers create advertisements that portray coffee as an energizing drink that boosts productivity and alertness. The advertisements also show coffee as a luxurious item consumed in social events.Consumption values theoryConsumption values theory explains that consumers' behavior is influenced by their beliefs, values, and attitudes. In the case of coffee, consumers' beliefs about the benefits of caffeine and the taste influence their consumption behavior.
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Corp is an old-school consulting firm that wants to move from traditional methods for apportioning overhead costs to activity-based costing of overhead. Last year, they generated $5 million in revenue against $2 million in direct costs and $1 million in overhead. Traditionally, on a project, they would simply mark up the estimated direct costs by the ratio of overhead to direct costs.
As they move to activity-based costing, their accounting team has identified two main cost pools, administration and marketing. Administration costs are driven by the time senior partners spend on a project (valued at $140 an hour of partner time), while marketing costs are driven by total revenue from a project (valued at $0.10 per dollar of revenue earned).
One of the partners just won a contract worth $55,823 in total revenue. The firm estimated it would take $27,985 worth of direct labor and 7 hours of partner time doing project administration.
What is the *difference* in overhead costs on this project between the traditional and activity-based costing methods? (Hint: solve for the traditional overhead cost, then the activity-based, then subtract the latter from the former).
The difference in overhead costs between the traditional and activity-based costing methods for this project is $7,430.20.
To calculate the difference in overhead costs between the traditional and activity-based costing methods, we need to determine the overhead costs for each method separately and then find the difference.
Traditional Overhead Cost:
In the traditional method, the overhead costs are determined by marking up the estimated direct costs by the ratio of overhead to direct costs.
Overhead ratio = Overhead / Direct costs
Overhead ratio = $1,000,000 / $2,000,000
Overhead ratio = 0.5
Traditional overhead cost = Overhead ratio * Direct labor cost
Traditional overhead cost = 0.5 * $27,985
Traditional overhead cost = $13,992.50
Activity-Based Overhead Cost:
In the activity-based costing method, the overhead costs are allocated based on the specific cost drivers for each activity pool.
Administration Cost:
Administration cost = Partner time spent on the project * Hourly rate
Administration cost = 7 hours * $140 per hour
Administration cost = $980
Marketing Cost:
Marketing cost = Revenue * Cost per dollar of revenue
Marketing cost = $55,823 * $0.10
Marketing cost = $5,582.30
Activity-Based overhead cost = Administration cost + Marketing cost
Activity-Based overhead cost = $980 + $5,582.30
Activity-Based overhead cost = $6,562.30
Difference in Overhead Costs:
Difference = Traditional overhead cost - Activity-Based overhead cost
Difference = $13,992.50 - $6,562.30
Difference = $7,430.20
Therefore, the difference in overhead costs between the traditional and activity-based costing methods for this project is $7,430.20.
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Which of the following is NOT correct regarding the status of U.S. Iabor unions? Greater domestic and global competition has had a part in bringing about a decline in unions. Global trade has increased the number of union members in the United States. Today fewer than one in eight workers is a union member. A key reason for the decline in union membership is the relative decline in manufacturing jobs as a share of total employment. QUESTION 5 Temporary or permanent workers hired to replace striking union workers are known as strikeaiders. backbreakers. strikebreakers. rationers.
Temporary or permanent workers hired to replace striking union workers are known as strikebreakers, which is the correct option.
A strikebreaker refers to an individual who is employed by a corporation or company to substitute for a union employee who is on strike. The primary aim of employing these workers is to keep the business running during a strike. It can include permanent or temporary workers who are employed during the strike to ensure that the work is still being done while union employees are not working. As they are brought in to break up a strike, they are known as strikebreakers.
The other options mentioned in the question are related to the decline in unions. Global trade has increased the number of union members in the United States is a false statement, while greater domestic and global competition has had a part in bringing about a decline in unions and a key reason for the decline in union membership is the relative decline in manufacturing jobs as a share of total employment are both true statements regarding the status of U.S. labor unions.
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A computer costs $600 in the United States. The same model costs €515 in France. If purchasing power parity holds, what is the spot exchange rate between the euro and the dollar? Do not round intermediate calculations. Round your answer to two decimal places
Purchasing power parity (PPP) is a theory that explains why identical goods have different prices in various countries due to currency differences.
A computer in the United States costs $600, while the same model in France costs €515.
We must establish the spot exchange rate between the euro and the dollar using the PPP theory.
A purchasing power parity determines the exchange rate between two currencies based on the price of a similar basket of goods in each country. It shows the relative value of a currency based on what it can buy.
A computer costs $600 in the United States.
The same model costs €515 in France. Suppose the PPP theory holds; then, the two prices should be equivalent, and we can use the given prices to estimate the spot exchange rate between the dollar and the euro.
$600 = €515
To get the spot exchange rate, we should divide the dollar cost by the euro cost:
$600 / €515 = $1.1650 per €1 (spot exchange rate)
So the spot exchange rate between the euro and the dollar is $1.1650 per €1.
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The issue price of 1,000, 5%, $1,000 bonds issued at 100.00 equals ______.
Answer:
The issue price of 1,000 bonds issued at 100.00 equals $1,000,000.
Explanation:
Some employees of a certain manufacturing plant habitually misplaced and misused tools so often that the company estimated that it cost them some $750,000 each year in time lost locating missing tools and in monies spent replacing misplaced and stolen ones. Finally, the company hired a tool management expert who intends to implement a computerized tool inventory control system in the plant. If the new system and its installation and associated initial training cost the company $1.25 million and the new manager’s annual salary and benefits was another $165,000, determine the following if the expected annual savings from the system is $110,000 and it costs another $12,000 to service the system:
How long it will take the company to regain the expenses made on the new equipment or see return on its investment.
P = I/(S-E)
P = # of years for pay back
I = Investment in system
S = Savings in system
E = Cost of servicing the system
How much annual profit would eventually come from the system if the manager later discovered that it would still cost the company another $100,000 annually to train employees on using the system in order to avoid the old losses?
Discuss in detail what types of training this manager should implement to make this plan work as expected.
After some years, the manager discovered that the number of delinquencies in tool returns gradually went down to a point where the company could reduce its annual training cost by 50%. Determine the new annual savings for this company.
Was this new system a good investment or not? Explain your answer.
Tip: Justifying an inventory system is performed using this model:
P = I/(S-E)
P = # of years for pay back
I = Investment in system
S = Savings in system
E = Cost of servicing the system
To calculate the payback period and assess the profitability of the new tool inventory control system, let's use the provided formula:
P = I / (S - E)
Where:
P = Number of years for payback
I = Investment in the system
S = Savings from the system
E = Cost of servicing the system
Given values:
I = $1,250,000 (initial investment in the system)
S = $110,000 (expected annual savings from the system)
E = $12,000 (annual cost of servicing the system)
Payback Period (P):
P = $1,250,000 / ($110,000 - $12,000)
P ≈ 11.67 years
Therefore, it will take approximately 11.67 years for the company to recoup its investment and see a return on its investment.
Annual Profit:
To calculate the annual profit from the system, we need to consider the additional annual training cost of $100,000.
Annual Profit = Savings from the system - Cost of servicing the system - Additional training cost
Annual Profit = $110,000 - $12,000 - $100,000
Annual Profit = -$2,000 (negative value indicates a loss)
The annual profit from the system, considering the additional training cost, would be -$2,000. This indicates that the company would incur a small annual loss due to the system.
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mexican president porfirio diaz implemented liberal economic reforms that encouraged foreign capitalists to invest in the country, giving them control of what
Mexican President Porfirio Diaz implemented liberal economic reforms that encouraged foreign capitalists to invest in the country, giving them control of Railroads and oil fields.
Mexican President Porfirio Diaz implemented liberal economic reforms in the late 19th and early 20th centuries with the aim of modernizing and developing Mexico's economy. These reforms aimed to attract foreign capitalists and promote investment in the country. Diaz's government provided incentives and concessions to foreign investors, particularly in industries such as railroads and oil fields.
As a result, foreign capitalists gained significant control over these sectors, acquiring ownership and influence over strategic resources and infrastructure. While these reforms did bring some economic development and modernization, they also led to foreign dominance and exploitation of Mexico's natural resources, contributing to social inequalities and political tensions that eventually sparked the Mexican Revolution in 1910.
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HUMAN RESOURCES MANAGEMENT
The objectives of a compensation system introduce our studies in this chapter on compensation management. A compensation system is derived once organisational objectives have been decided and translated into a compensation strategy. Design a compensation strategy for the Fossil Group (25 Marks)
Compensation Strategy for Fossil GroupFossil Group should create a compensation strategy that enables the business to accomplish its mission and objectives while also aligning employee interests with those of the company. A well-designed compensation system should assist in attracting and retaining skilled employees while also motivating and incentivizing them to work hard.
Here are the steps for creating a compensation strategy for the Fossil Group:Define Goals and Objectives: The first step is to establish compensation goals and objectives that align with the company's strategic objectives.
The organization should consider what it wants to achieve, such as attracting top talent, retaining employees, or incentivizing high performance.Assess Market Data:
Fossil Group should examine its industry and labour market to determine what types of compensation are appropriate and competitive for each job level. It's also crucial to evaluate any trends in compensation and benefits to keep up with the market conditions.
Develop Compensation Structure:
Fossil Group should develop a pay structure for all jobs that reflects the market data and the company's compensation goals. The pay structure should include pay ranges for each job level, as well as guidelines for how employees can move through the pay scale.Evaluate Benefits: Fossil Group should evaluate the benefits offered to employees, including insurance, retirement plans, vacation time, and sick leave.
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How does Operations Management differ when you are providing a service rather than producing a good?
Manufacturing operations frequently employ sophisticated inventory and supply chain management techniques, while service operations rely on service design, process design, and workforce management techniques.
When you're providing a service, operations management is different from when you're producing a good. Service management's main objective is to deliver the service to the client efficiently and productively. On the other hand, production management's primary objective is to produce goods that are both effective and cost-effective. Service operations are different from production operations in that they are characterized by the following:
Intangible output: This means that there is no physical product to display or present.
Heterogeneous output: Since the service is performed by individuals, no two services will be the same.
Perishable output: The service cannot be stored; it must be consumed as soon as it is produced.
Labor-intensive input: People are a significant part of service delivery, as opposed to the automated equipment that is frequently used in manufacturing. In terms of operations management, this means that service operations must be handled diffeently than manufacturing operations. While manufacturing operations focus on the design and delivery of tangible goods, service operations concentrate on the delivery of intangible services. Service operations, in other words, require greater focus on customer service and personnel management than production operations.
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given the following activities, precedences, and activity times, address the following. 1.a. draw the project network. 1.b. identify the critical path and state how long it will take to complete the project. 1.c. can activity d be delayed without delaying the completion of the project? if so, by how many days? hint: if there are multiple end points in the network, create an end node with zero duration .
1.A)The network is illustrated below.
1.B) The critical path is Path 4, and it will take 27 days to complete the project.
1.C) Activity D cannot be delayed without delaying the completion of the project.
1.A. Draw the project network:
To draw the project network, we need to represent the activities and their dependencies. The nodes will represent the activities, and the arrows will indicate the precedence relationships between the activities.
Here's how the project network looks based on the given information:
A (6)
/ \
C (3) D (7)
| |
B (10) E (6)
| |
F (7)
|
G (5)
|
H (3)
1.B. Identify the critical path and state how long it will take to complete the project:
The critical path is the longest path through the project network, which determines the minimum time required to complete the entire project. To identify the critical path, we need to find the total duration of each path and determine which one takes the longest.
Let's calculate the durations for each path:
Path 1: A - C - E - G - H = 6 + 3 + 6 + 5 + 3 = 23 days
Path 2: A - C - E - F - H = 6 + 3 + 6 + 7 + 3 = 25 days
Path 3: A - D - G - H = 6 + 7 + 5 + 3 = 21 days
Path 4: A - D - E - G - H = 6 + 7 + 6 + 5 + 3 = 27 days
Path 5: A - D - F - H = 6 + 7 + 7 + 3 = 23 days
The critical path is Path 4, which has a duration of 27 days. Therefore, it will take 27 days to complete the project.
1.C. Can activity D be delayed without delaying the completion of the project? If so, by how many days?
To determine if activity D can be delayed without delaying the completion of the project, we need to check if it lies on the critical path. If an activity on the critical path is delayed, it will increase the overall duration of the project.
In this case, activity D is on the critical path (Path 4). Therefore, delaying activity D will result in a delay in the completion of the project. It cannot be delayed without increasing the project duration.
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2. Suppose you were assigned to write the job description of a mortgage funder for a particular bank in Toronto. Give at least 2 methods with concrete details to collect job analysis data and information. Identify a bank you know in Toronto which has used a similar approach.
In order to write the job description of a mortgage funder for a particular bank in Toronto, the following methods can be used to collect job analysis data and information.Method 1: ObservationsObservation involves studying and recording the actions of individuals performing their jobs. It is a useful tool for gathering data about the job of a mortgage funder.
The following details can be observed: The amount of time funder spends on each task, the duties of a mortgage funder, their responsibilities, and their tasks. One of the banks in Toronto that used a similar approach is RBC Royal Bank.Method 2: InterviewsThe second method of collecting data about the job of a mortgage funder is interviews.
Interview questions can be asked of the individual holding the position or their supervisor, or they can be asked of the stakeholders who interact with the mortgage funder on a daily basis. Interview questions may be about the tasks that the funder completes, their skills, their level of authority, and the quality of their work.
The bank which used a similar approach is Scotiabank.In conclusion, banks such as RBC Royal Bank and Scotiabank in Toronto use observations and interviews as methods of collecting job analysis data and information. These methods help to write the job description of a mortgage funder for a particular bank in Toronto.
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