Gross profit is a financial measure that represents the amount of revenue that a business generates after subtracting the cost of goods sold (COGS). It is calculated by subtracting the COGS from the total revenue, and is expressed as a percentage of the total revenue.
To determine gross profit, you will need to have access to the company's financial statements, which should include information on the total revenue and the COGS. You can then use the following formula to calculate the gross profit:
Gross profit = Total revenue - COGS
For example, if a company generates $100,000 in total revenue and has COGS of $50,000, the gross profit would be $50,000 ($100,000 - $50,000). If you want to express the gross profit as a percentage of the total revenue, you can divide the gross profit by the total revenue and multiply by 100%. In this example, the gross profit margin would be 50% ($50,000 / $100,000 * 100%).
Gross profit is an important financial measure for a business because it represents the amount of money that is available to cover operating expenses and generate a profit. A high gross profit margin indicates that the business is generating a lot of revenue relative to its COGS, which can be a sign of financial health. Conversely, a low gross profit margin may indicate that the business is struggling to generate sufficient revenue or that its COGS are too high.
When groups of workers receive a portion of the financial return from reducing costs and improving productivity, this is called:
Bonus
Profit sharing
Gain sharing
Stock options
When groups of workers receive a portion of the financial return from reducing costs and improving productivity, this is called Profit sharing.
Employees who participate in profit sharing programs are given the opportunity to split corporate profits at the end of the fiscal year. The more money the company makes, the more it can pay its staff. Employees are given the opportunity to share in the company's profits through a retirement program called a profit-sharing plan. Under this type of plan, also known as a deferred profit-sharing plan (DPSP), an employee receives a percentage of a company's profits based on its quarterly or annual results. In lieu of cash, employers might give stock pay to their employees. Utilizing stock or stock options allows for this. There is frequently a vesting period before an employee can receive and sell their stock compensation.
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Transactions for Fixed Assets, Including Sale The following transactions and adjusting entries were completed by Robinson Furniture Co. during a three-year period. All are related to the use of delivery equipment. The double-declining-balance method of depreciation is used. Year 1 Jan. 8. Purchased a used delivery truck for $38,400, paying cash. Mar. 7. Paid garage $170 for changing the oil, replacing the oil filter, and tuning the engine on the delivery truck. Dec. 31. Recorded depreciation on the truck for the fiscal year. The estimated useful life of the truck is 8 years, with a residual value of $8,100 for the truck. Year 2 Jan. 9. Purchased a new truck for $44,100, paying cash. Feb. 28. Paid garage $320 to tune the engine and make other minor repairs on the used truck. Apr. 30. Sold the used truck for $25,300. (Record depreciation to date in Year 2 for the truck.) Dec. 31. Record depreciation for the new truck. It has an estimated trade-in value of $7,900 and an estimated life of 7 years. Year 3 Sept. 1. Purchased a new truck for $96,000, paying cash. Sept. 4. Sold the truck purchased January 9, Year 2, for $26,800. (Record depreciation to date in Year 3 for the truck.) Dec. 31. Recorded depreciation on the remaining truck. It has an estimated residual value of $17,300 and an estimated useful life of 10 years. Required: Journalize the transactions and the adjusting entries. If an amount box does not require an entry, leave it blank. Do not round intermediate calculations. Round your final answers to the nearest cent.
In a company's accounting records, a journal entry is used to document a business transaction. Entries for Robinson Furniture Co. are given below:
Year 1
Jan. 8. Purchased a used delivery truck for $38,400, paying cash.
Dr Truck 38,400 Cr Cash 38,400Mar. 7. Paid garage $170 for changing the oil, replacing the oil filter, and tuning the engine on the delivery truck.
Dr Maintenance expenses - Truck 170 Cr Cash 170Dec. 31. Recorded depreciation on the truck for the fiscal year. The estimated useful life of the truck is eight years, with a residual value of $8,100 for the truck.
Depreciation expense = 2 x 0.25 x $38,400 = $19,200
Dr Depreciation expense 19,200 Cr Accumulated depreciation - truck 19,200Year 2
Jan. 9. Purchased a new truck for $44,100, paying cash.
Dr Truck new 44,100 Cr Cash 44,100Feb. 28. Paid garage $320to tune the engine and make other minor repairs on the used truck.
Dr Maintenance expenses - Truck 320 Cr Cash 320Apr. 30. Sold the used truck for $25,300. (Record depreciation to date in Year 2 for the truck.)
depreciation expense = 2 x 0.25 x 4/12 x $19,200 = $3,200
Dr Depreciation expense 3,200 Cr Accumulated depreciation - truck 3,200truck sold at $25,300 - $16,000 (carrying value) = -$9,300 profit on sale
Dr Cash 25,300Dr Accumulated depreciation 22,400 Cr Profit on truck 9,300 Cr Truck 38,400Dec. 31. Record depreciation for the new truck. It has an estimated residual value of $7,900 and an estimated life of seven years.
Depreciation expense = 2 x 0.125 x $44,100 = $22,050
Dr Depreciation expense 22,050 Cr Accumulated depreciation - truck new 22,050Year 3
Sept. 1. Purchased a new truck for $96,000, paying cash.
Dr Truck three 96,000 Cr Cash 96,000Sept. 4. Sold the truck purchased January 9, Year 2, for $26,800. (Record depreciation to date for Year 3 for the truck.)
Depreciation expense = 2 x 0.125 x 8/12 x $22,050 = $3,675
Dr Depreciation expense 3,675 Cr Accumulated depreciation - truck new 3,675truck sold at $26,800 - $18,375 (carrying value) = $8,425gain on sale
Dr Cash 26,800Dr Accumulated depreciation 25,725 Cr Truck new 44,100 Cr Gain on sale - truck new 8,425Dec. 31. Recorded depreciation on the remaining truck. It has an estimated residual value of $17,300 and an estimated useful life of 10 years.
Depreciation expense = 2 x 0.1 x 4/12 x $96,000 = $6,400
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in order to manage their resources effectively, business must have clear organizational structures in place. True/False/No Answer provided
The given statement "In order to manage their resources effectively, business must have clear organizational structures in place." is TRUE.
The efficient planning of projects benefits from having a clear organizational structure. Project managers can quickly establish the human resources they have at their disposal; if they are insufficient, they may decide which departments and people are appropriate for help and who to approach to get that support.
There are four types of organizational structures, they are as follows:
1. functional: In a functional structure, specialists are used to group workers who do related jobs. As a result, the finance department is home to all the accountants, and the same is true for the marketing, operations, senior management, and human resources departments.
2. divisional: In a divisional structure, your business divides employees into teams according to the goods or tasks that are needed to satisfy a particular kind of client.
3. matrix: It is more difficult since a matrix structure includes components from the functional and divisional models. People are first organized into functional departments of specialization, after which they are further divided into divisional projects and products.
The team members on a matrix structure are allowed more freedom and are expected to assume greater accountability for their job. As a result, the team is more productive.
4. flat: The traditional top-down management style used by the majority of businesses is intended to be disrupted by flat organizational structures. Because of decentralized management, there is no permanent "boss." Each employee is in charge of their own destiny, which reduces formality and red tape while enhancing open communication.
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businesses can save time and travel expenses by remotely accessing instant information through. True or False?
Businesses can save time and travel expenses by remotely accessing instant information. This statement is true.
As with remote access and internet connectivity, the firm's resources become available to them as if they were sitting at their office desk, so they can work securely from anywhere, whether it's an airport lounge or anywhere.
Remote access enables remote users to access files and other system resources on any devices or servers that are connected to the network at any time. This increases employee productivity and enables employees to better collaborate with colleagues around the world even without traveling anywhere. A well-designed remote access strategy allows employees to perform many of their technical duties remotely.
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Financial information about an internal service fund should be reported in the proprietary fund financial statements and the:
The proprietary fund financial statements and the government or business operations column of the government-wide financial statements should both include financial information regarding an internal service fund (depending on which the internal service fund predominantly serves).
Usually as part of governmental activities, unless the internal service fund predominantly serves one or more enterprise funds.
On the fund statement, a single column contains information about the internal service funds. There must be an overall sum for the payment. The fund balance is shown in the government's overall statements in the government entity column.
The internal service funds are proprietary funds, which are accounted for on a flow of economic resources measurement focus, which requires full accrual accounting.
A proprietary fund is used in governmental accounting to account for activities that involve business-like interactions, either within the government or outside of it. These activities are similar to what would be found in the private sector, so the reporting resembles what would be used by a private business
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the gorman group issued $860,000 of 9% bonds on june 30, 2021, for $945,110. the bonds were dated on june 30 and mature on june 30, 2041 (20 years). the market yield for bonds of similar risk and maturity is 8%. interest is paid semiannually on december 31 and june 30.
Interest is paid semiannually on December 31 and June 30, so, the Amortisation of the Premium on the Bond is $931.42.
Dec 31, 2018 Amount Interest Rate Total
Interest Expense $9,45,110.00 X 4% = $37,804.40
Cash $8,60,000.00 X 5% = $38,700.00
Amortisation of Premium on Bond = $895.60
June 30, 2019 Amount Interest Rate Total
Interest Expense $9,44,214.40 X 4.0% = $37,768.58
(945110-895.60)
Cash $8,60,000.00 X 4.5% = $38,700.00
Amortisation of Premium on Bond = $931.42
Bond yield is the profit an investor makes from a bond investment. Bonds can be bought for more than their face value, known as a premium, or for less than their face value, known as a discount. Divided by the bond's market price, the current yield represents the bond's coupon rate.
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In the long run, monopolistically competitive firms
A) have excess capacity and produce at the minimum of average total cost.
B) charge prices equal to marginal cost.
C) produce at the minimum of average total cost.
D) have excess capacity.
Monopolistically competitive businesses eventually have excess capacity.
( Option D )
- When a large number of businesses provide rival goods or services that are comparable but imperfect alternatives, monopolistic competition exists. A monopolistic competitive industry has minimal entry requirements, and decisions made by any one firm do not immediately affect those of its rivals.
- An illustration of a monopolistically competitive market is the restaurant sector, which is present nationwide. Most places have a large number of businesses, all of which are unique, and entry is simple. Each product has a number of comparable alternatives that are offered by various businesses, including other eateries and fast-food joints.
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to determine whether an investment has a positive npv, you can compare the expected return on that new investment to what the financial market offers on an investment with .
To evaluate the profitability of a proposed investment or project, NPV is used in capital budgeting and investment planning.
The difference between the current value of cash inflows and withdrawals over a period of time is known as net present value (NPV).
To evaluate the profitability of a proposed investment or project, NPV is used in capital budgeting and investment planning. Using the appropriate discount rate, computations are performed to determine the current value of a stream of future payments, or NPV. Projects that have a positive NPV are generally worthwhile pursuing, whereas those that have a negative NPV are not.
The current value of a stream of payments from a business, project, or investment is determined using net present value (NPV). You must forecast the timing and volume of future cash flows, as well as choose a target.
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In auditing accounts receivable, the negative form of external confirmation request most likely would be used when:
The auditor performs a dual-purpose test that assesses the risk of material misstatement.
A small number of accounts receivable are involved, but a relatively large number of errors are expected.
Recipients are likely to return positive confirmation requests without verifying the accuracy of the information.
The assessed risk of material misstatement relative to accounts receivable is low.
In auditing accounts receivable, the negative form of external confirmation request would be used when the assessed risk of material misstatement relative to accounts receivable is low.
Option D is correct.
Account receivable:Accounts receivable is the amount owed by a customer to a company for invoiced products or services. The total amount of all receivables is included in the balance sheet as a current asset and includes invoices for items or work performed on credit to customers. Accounts receivable refers to money owed by a company's customers for goods or services received but not yet paid.
What is Accounts Receivable Entry?Accounts receivable journal entry. Accounts receivable is the amount a company owes a customer for the sale of goods or services. The journal entry used to record such credit sales of goods and services is made by debiting the customer account with a corresponding credit to the sales account.
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Which of the following is not an example of an audit-related fee required to be included in the audit-related fees category related to fees disclosed in the annual proxy statement?
Select one:
A. reviews of SEC filings
B. comfort letters
C. reviews of SEC inquiry letters
D. tax avoidance planning services
Option (d) is required option. As tax avoidance planning is not an example of audit-related fee.
What is annual proxy statement and audit related fee?The Securities and Exchange Commission (SEC) mandates businesses to present shareholders with information in a proxy statement so they can make educated decisions regarding issues that will be discussed at an annual or special stockholder meeting. The topics covered in a proxy statement may include suggestions for new directors to be added to the board, details on the compensation of directors, details on bonus and option programs for directors, and any management statements.
The total costs charged by our principal auditors for assurance and related services during each of the fiscal years stated that are reasonably relevant to the execution of the audit or review of our financial statements but are not shown under "Audit fees" are referred to as "Audit-Related Fees."
Tax avoidance planning services is not an example of an audit-related fee required to be included in the audit-related fees category related to fees disclosed in the annual proxy statement.
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1. Jackson Corp. (a U.S.-based company) sold parts to a Korean customer on December 16, 2021, with payment of 20 million Korean won to be received on January 15, 2022. The following exchange rates applied:
Date Spot Rate Forward Rate to Jan.15
December 16, 2021 $ 0.00082 $ 0.00089 December 31, 2021 0.00080 0.00083 January 15, 2022 0.00086 0.00086 Assuming a forward contract was entered into, the foreign currency was originally sold in the foreign currency market on December 16, 2021 at a:
Forward contract discount $1,400.
Forward contract premium $1,400.
Forward contract discount $600.
Forward discount premium $600.
There is no premium or discount because the fair value of the contract is zero.
The foreign currency was originally sold in the foreign currency market on December 16, 2021 at is $1,400. The correct option is (b).
According to the scenario, the foreign
currency that original sold at the market is
shown below:
= (Forward rate to Jan 15 - Spot rate) x
payment made
= ($0.00089 - $0.00082 ) x 20 million
= $0.00007 x 20,000,000
= $1,400 premium
hence, the foreign currency that originally
sold at the market is $1,400 premium
Therefore the correct option is (b).
A foreign currency is the currency used by a foreign country as its recognized form of monetary exchange. This particular currency is the only form of exchange that the applicable government allows to be used for buying and selling within its borders.
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Unhappy customers will not usually respond to incentives like company apologies, problem solutions, or restorative benefits.
False
True
Dissatisfied customers typically won't be persuaded by rewards like company apologies, problem remedies, or reparative bonuses. TRUE.
Are customers using correct grammar?Use the word customer' with an apostrophe after the letter "s" when referring to numerous clients. Use an apostrophe sparingly if a possessive signal is not necessary. By adding a "s" after the word or contraction, apostrophes can be used to indicate omitted words or contractions.
Why are consumers so important?They not only spend more money, but they also bring in more clients. Your sales agents are your customers. Actually, 56% of customers said they would recommend a company that offered excellent service to friends and family. You can keep customers that are willing to endorse your firm by giving them exceptional customer service.
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Which of the following is not a major barrier to entry into an industry?
a. Unfair competition
b. Diminishing marginal returns
c. Patents
d. Economies of scale
Diminishing marginal returns is not a major barrier to entry into an industry.
An economic theory known as the rule of declining marginal returns states that once an optimal level of capacity is reached, adding more factors of production will really only lead to smaller improvements in output.The rate of return for a marginal increase in investment is known as the mergical return; essentially speaking, this is the extra output that results from using a variable input one unit more while using other inputs at the same level.When production levels decrease as a result of raising one unit of production while holding all other variables constant, this is known as diminishing marginal returns. In other words, efficiency in production starts to decline.
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a sample of 65 weekly reports showed a sample mean of 19.5 customer contacts per week. the sample standard deviation was 5.2. provide 90% confidence intervals for the population mean number of weekly customer contacts for the sales personnel. (9 points)
Any employee, salesperson, agent, or distributor contractually tasked with selling goods on behalf of any Person is referred to as sales personnel.
What do marketing and sales personnel do?
Sales and marketing experts use the most effective strategies for drawing clients and bringing in money for their organizations. Sales and marketing departments have separate goals and procedures, despite the fact that they both play important roles in a company and collaborate to achieve a common purpose.
Is being a salesperson a profession?
A salesperson is a person who engages in the sale of goods or services to prospective clients. Through the products they sell, they try to address the problems of their customers' prospects. Strong selling and communication abilities are essential for great salespeople.
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which of the following statements is a standard applicable to financial statement audits in accordance with government auditing standards (the yellow book)?
The scope of an auditor's testing of compliance with laws and regulations should be reported by the auditor.
What are the standards in the Yellow Book?It explains the requirements for audit reports, the professional qualifications required of auditors, and the quality control procedures for audit organizations. These standards are used by program auditors for the federal, state, and local governments to carry out their audits and write reports.
Which guidelines apply to audits of government agencies?Standards for Government Auditing. OMB Circular A-128, Audits of State and Local Governments, and the Single Audit Act of 1984. Audits of Higher Education and Other Nonprofit Institutions, OMB Circular A-133.
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Dean Builders agrees to purchase all of its sump pump requirements for the new houses it builds from Satisfactory Sump Pump, Inc. These two business have had similar agreements the last three years, and Dean's requirements have averaged 100 sump pumps per year. This year there was an unusually wet spring and Dean's requirements doubled to 200 sump pumps. Because of the high demand for sump pumps, the market price of the pumps triples. Satisfactory Sump Pump, Inc. delivers 100 pumps at $75, the contract price. Satisfactory has exhausted its inventory and cannot deliver any more, so Dean buys the other 100 pumps from other suppliers at $225 each. Dean sues Satisfactory Sump Pump, Inc. for the additional expense. What is the most likely result?
According to the question; Satisfactory Sump Pump, Inc. wins; requirements contracts are governed by a good faith standard, and it was unreasonable for Dean to demand so many additional pumps.
What does contract mean?The contract is defined as a promise enforceable by law. The promise may be to do something or to separate from doing something. The making of a contract wants the mutual permission of two or more persons, one of them usually making a proposal and another accepting.
According to the question; Satisfactory Sump Pump, Inc. wins; requirements contracts are governed by a good faith standard, and it was unreasonable for Dean to demand so many additional pumps.
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If the MPC is 3/5 then the multiplier is a. 4, so a $100 increase in government spending increases aggregate demand by $400. b. 1.5, so a $100 increase in government spending increases output by $150. c. 2.5, so a $100 increase in government spending increases aggregate demand by $250. d. 1.67, so a $100 increase in government spending increases output by $166.67.
If the MPC is 3/5 then the multiplier is a. 4, so 2.5, so a $100 increase in government spending increases aggregate demand by $250.
Option C is correct.
Calculating the problem:Marginal propensity to consume (MPC) = 3/5
= 0.6
Multiplier = 1 ÷ (1 - MPC)
= 1 ÷ (1 - 0.6)
= 1 ÷ 0.4
= 2.5
Hence, if there is an increase in the government spending by $100, then, Aggregate demand increases by:
= Change in Government spending × Multiplier
=$100 × 2.5
= $250
What does MPC do?
The Marginal Propensity to Consume (MPC) measures how much more a person spends for each dollar his income increases. MPC is calculated as the ratio of marginal consumption to marginal income. In economics, the marginal propensity to consume is a measure that quantifies induced consumption, the concept that an increase in personal consumption expenditure corresponds to an increase in disposable income.
Why is the MPC important for the economy?MPC is important because it provides useful insight into the impact of income on purchasing behavior. It helps economists and other professionals learn more about the relationship between personal income and spending that can influence economic policy.
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to determine wage rates and/or pay grades, organizations with formal systems are more likely to rely on this internally-focused process.T/F
True - To determine wage rates and/or pay grades, organizations with formal systems are more likely to rely on this internally-focused process.
An agency or corporation (Commonwealth English; see spelling variations), is an entity—which include a company, an institution, or an association—comprising one or more human beings and having a particular reason. The word is derived from the Greek word organon, because of this device or tool, musical device, and organ. There are a spread of felony sorts of businesses, which include organizations, governments, non-governmental businesses, political groups, worldwide businesses, militia, charities, no longer-for-income agencies, partnerships, cooperatives, and educational establishments, etc. A hybrid enterprise is a body that operates in each the general public quarter and the private sector simultaneously, pleasurable public obligations and developing business market activities.
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With respect to performance reporting, which of these are the actual and raw observations and measurements gathered during execution of project activities?
a. Work performance information
b. Work performance data
c. Work performance reports
d. Work performance analysis
With respect to performance reporting, Work performance data is the actual and raw observations and measurements gathered during execution of project activities.
How does project management use performance data?
The collection of unprocessed observations and calculations made during the course of project management is referred to as gathering work performance data in the PMP exam guidelines. To finish a significant task or project, these activities are carried out.
The raw observations of the work being done are called work performance data. Further analysis is done on this raw data to produce information about work performance.
Therefore, This analysis is performed and produced by the controlling processes.
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A news headline reads, "Time for change: let free market forces determine the money supply." Which statement offers a valid claim in direct support of this headline?
Congress affects the economy through fiscal policy; controlling the money supply is unnecessary.
Congress should lose its role in fiscal policy; it often fails to influence the money supply.
The Fed is just as important as Congress, as monetary policy works differently in the economy.
The Fed should be controlled by Congress, and monetary policy should be publicly voted upon.
The statement "Congress should lose its role in fiscal policy; it often fails to influence the money supply" offers a valid claim in direct support of the headline "Time for change: let free market forces determine the money supply."
What are market forces?
Market forces refer to the complex interactions between buyers and sellers in a market, which determine the prices and quantities of goods and services that are traded. These forces include supply and demand, as well as other factors such as competition, the cost of production, and the availability of substitutes.
The headline suggests that the current system of having Congress and the Federal Reserve (the Fed) control the money supply is not effective, and that allowing free market forces to determine the money supply might be a better approach. The statement supports this idea by arguing that Congress has not been successful in influencing the money supply, and therefore should not have a role in fiscal policy.
It's worth noting that the other statements do not directly support the headline. The first statement (Congress affects the economy through fiscal policy; controlling the money supply is unnecessary) does not address the headline's suggestion that free market forces should determine the money supply. The third statement (The Fed is just as important as Congress, as monetary policy works differently in the economy) does not address the issue of whether free market forces should be allowed to determine the money supply. The fourth statement (The Fed should be controlled by Congress, and monetary policy should be publicly voted upon) suggests a different approach to determining the money supply, rather than letting free market forces determine it.
Hence, the 2nd statement offers a valid claim on the statement, "Time for change: let free market forces determine the money supply."
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according to the keynesian view, if policy makers thought the economy was about to enter an inflationary boom, which of the following would be most appropriate?
According to the Keynesian view, if policy makers thought the economy was about to enter an inflationary boom, there should be a tax increase.
Keynesian economists advocate deficit spending on labor-intensive infrastructure projects to increase employment and stabilise wages in times of economic weakness. The government would raise taxes when there was substantial demand-side growth in order to control the economy and prevent inflation. Keynes suggested that the government should decrease expenditure while raising taxes during a period of rising inflation.Keynes is frequently seen as an economist who accepted and promoted modest inflation as an unfavorable side effect of long-term, carefully controlled economic growth. According to Keynesians, the best way to get out of a recession is to implement expansionary fiscal policy. Examples include cutting taxes to encourage spending and investing or directly increasing government spending, both of which would cause the aggregate demand curve to move to the right.Thus the correct answer is tax increase.
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TRUE/FALSE. trademarks must be distinctive and cannot be classified as arbitrary or fanciful, with no inherent relationship to the company's product or service.
The state that trademarks must be recognizably different and cannot be considered arbitrary or fantastical, with no underlying connection to the company's good or service is false.
Define trademark.A trademark could be any term, phrase, symbol, design, or combination of these that sets your goods or services apart from others'. Customers utilize it to distinguish you from your competitors in the market and recognize you. Under the general heading of "trademark," both trademarks and service marks are referred to.
A trademark is only a label used to distinguish a product or brand in the market and to promote the business. A few examples of the many different ways trademarks can be used include words, logos, and slogans. Nearly everything in the world has them.
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which of the following is the best reason to purchase life insurance rather than annuities ? a. to create regular income payments b.to liquidate a sum of money over a lifetime c.to create an estate d.to liquidate a sum of money over a period of years
To create an estate is the best reason to purchase life insurance rather than annuities. Hence, option (c) will be the relevant option.
Give a brief account on Life insurance.An insurance policy holder and an insurer or assurer enter into a contract for life insurance (or life assurance, particularly in the Commonwealth of Nations), whereby the insurer agrees to pay a specified beneficiary a certain amount of money in the event that the policy holder passes away (often the policyholder). Depending on the contract, additional occurrences such a critical sickness or terminal disease may potentially result in payment. Regularly or all at once, the policyholder normally pays the premium. The benefits could cover additional costs, such memorial costs.
Life insurance plans are formal contracts, and each one's terms outline the exclusions that apply to the insured occurrences. Common instances include claims connected to fraud, war, riot, and civil unrest. Specific exclusions are frequently included into the contract to limit the insurer's liability. When an occurrence is not clearly defined, problems could occur, for as when the insured knowingly accepted a risk by approving a controversial medical operation or by ingesting a drug that could cause harm or death.
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Answer:
To create an estate
Explanation:
with insurance, the death benefit create an immediate estate. Should the insured die.
FILL IN THE BLANK. regarding union shops, a (an)___shop requires nonunion employees to pay the union sum of money equal to union fees as a condition of continuing employment. agency closed open freelance
In an open shop, non-union employees are required to pay the union an amount equal to union dues before they can keep their jobs. closed agency open for freelance.
Those who are self-employed and aren't necessarily long-term freelance employees of one employer are referred to as freelance workers. Some freelancers are represented by a business or a temporary agency that resells their services to clients; other freelancers work independently or use websites or professional associations to get work.
Although the phrase "independent contractor" would be used in a separate register of English to represent the tax and employment classifications of this sort of worker, use of the term "freelancing" may signify engagement in such sectors given its prevalence in the cultural and creative industries.
The majority of people work as independent contractors in the following fields, professions, and industries: music, writing, acting, computer programming, web design, graphic design, translating and illustrating, film and video production.
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Income Statement with Variances Alvarado Company produces a product that requires 3.0 standard pounds per unit at a standard price of $6.00 per pound. The company used 23,900 pounds to produce 8,000 units, which were purchased at $6.20 per pound. Each unit requires 7.5 standard direct labor hours per unit at a standard hourly rate of $22.50 per hour. For the 8,000 units produced, 60,200 hours were needed and employees were paid an hourly rate of $21.95 per hour. The company uses a standard variable overhead cost per unit of $1.45 per direct labor hour. Actual variable factory overhead was $85,900. The company uses a standard fixed overhead cost per unit of $2.00 per direct labor hour at 55,000 hours, which is 100% of normal capacity. Prepare an income statement through gross profit for Alvarado Company for the month ended March 31. Assume Alvarado sold 8,000 units at $250 per unit. For those boxes in which you must enter subtractive or negative numbers use a minus sign. If an amount box does not require an entry, leave it blank. Alvarado Company Income Statement Through Gross Profit For the Month Ended March 31 Line Item Description Amount Unfavorable Amount Favorable
The preparation of an income statement through gross profit for Alvarado Company for the month ended March 31 is as follows:
Alvarado Company
Income Statement Through Gross ProfitFor the Month Ended March 31
Sales $2,000,000
Cost of goods sold at standard 1,701,000
Gross profit-at standard $299,000
Variances from standard cost:
Direct materials price $4,780 Favorable
Direct materials quantity -600 Unfavorable
Direct labor rate 33,110 Favorable
Direct labor time -4,500 Unfavorable
Factory overhead controllable -1,100 Unfavorable
Factory overhead volume -10,000 Unfavorable
Net variances from standard costs = $21,690 Favorable
Actual gross profit = $320,690
What is cost variance?Cost variance refers to the computed difference between the standard cost and the actual cost.
The price variance and quantity variance make up the total cost variance.
Production costs consist of direct materials and labor, and variable and fixed costs.
Standard Actual
Pounds per unit 3.0 2.9875 (23,900/8,000)
Direct Materials 24,000 23,900 pounds
Material price per pound $6.00 $6.20
Direct materials cost $144,000 $148,180
Direct labor hours per unit 7.5 7.525 (60,200 ÷ 8,000)
Hourly rate $22.50 $21.95
Variable overhead cost $1.45 $1.4269 ($85,900 ÷ 60,200)
Total variable overhead $87,290 $85,900
Fixed overhead cost $2.00
Fixed overhead direct hours 55,000 60,200
Total fixed overhead costs $110,000 $
Sales revenue = $2,000,000 ($250 x 8,000)
Variances from standard cost:Direct materials price $4,780 ($6.00 - $6.20 x 23,900)
Direct materials quantity -600 (24,000 - 23,900 x $6)
Direct labor rate 33,110 ($22.50 - $21.95 x 60,200)
Direct labor time -4,500 [(60,000 - 60,200) x $22.50]
Factory overhead controllable -1,100 ($1.45 x 60,000 - $85,900)
Factory overhead volume -10,000 [(55,000 - 60,000) x $2]
Net variances from standard costs = $21,690
Gross profit = $320,690 ($299,000 + $21,690)
Cost of goods sold:Direct materials $144,000 ($6.00 x 24,000)
Direct labor 1,350,000 ($22.50 x 60,000)
Variable overhead 87,000 (60,000 x $1,45)
Fixed overhead 120,000 (60,000 x $2)
Cost of goods sold $1,701,000
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indicators that the local currency is also the functional currency include all of the following except:
Indicators that the local currency is also the functional currency include all of the following except the parent typically provides the financing or provides a guarantee.
A functional currency is one that is utilized in the main economic setting in which a company conducts business. This is the setting in which an entity generates and spends money most frequently. When defining the functional currency of an entity, the following key considerations should be taken into account:
The principal currency influencing retail prices (usually the currency in which prices are denominated and settled).
The money of the nation whose laws and competition have the biggest impact on retail pricing.
The principal currency affecting labor expenses and other costs of goods sold (usually the currency in which prices are denominated and settled).
The currency in which an entity keeps its operating receipts and the currency in which debt and equity instruments are issued are less important deciding factors.
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__________ marketing is the marketing of products to groups of customers a firm decides it can serve profitably.
Target marketing is the marketing of products to groups of customers a firm decides it can serve profitably.
Target MarketingTarget marketing is a type of marketing strategy that divides a market into segments before focusing your marketing efforts on one or a small number of these segments, which are made up of customers whose requirements and preferences most closely align with the offerings of your product or
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as the project status information is gathered and reported, it is often necessary to adjust and___.
As the project status information is gathered and reported, it is often necessary to adjust and Planning.
The process of combining concepts and resources to enable a project to accomplish its goals is known as project development. The term "development" can be a little confusing because it's commonly used to refer to the second of project management's five stages. Effective Communication. Whether it be during stakeholder meetings or project launches, project managers communicate often, Negotiation, scheduling and time management, Leadership, Technical Mastery, Risk management, analytical thinking and problem-solving. Project development is the process of organizing and distributing resources to fully develop a project or product from concept to go-live. The usual five stages of this process are discovery, allocation, kickoff, quality assurance, review, and report.
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Who is most likely to have chosen a professional career path?
A. Harry has a degree in marketing and works for a
B. Isaac served an apprenticeship with a plumber.
C. Gloria got certified in TIG welding to advance her career.
D. Jane is building a company to market her new shoe design.
Answer: A
Explanation: Just did it
in noncrime situations, people often expect the police to remove someone who they believe does not belong there. in this situation, the police meet a citizen's expectation of police work by
The police uphold a social boundary in order to fulfill a citizen's expectation of police work in non crime situations. ( Option C )
- A 911 call could be made because to a noisy neighbor, trespassing concerns, or a mental health emergency. 911 is often the sole easily available option for anyone looking for any form of rapid assistance because it is the nation's helpline.
- Additionally, police are called far too frequently even though the vast majority of 911 calls have nothing to do with crime or violence.
Consequently, in non-criminal circumstances, people frequently anticipate the police to remove a person they feel does not belong there. In this instance, the police uphold social barriers in order to fulfill a citizen's expectation of police activity.
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- The complete question is :
In non crime situations, people often expect the police to remove someone who they believe does not belong there. In this situation, the police meets a citizen's expectation of police work by
A. obtaining an emergency service.
B. counterpunching.
C. maintaining a social boundary.
D. relieving an unpleasant situation.
