an internal control goal for cash receipts is to ensure that the business documents the correct amount of cash received and safely deposits the cash into its bank account. The statement is true.
This helps to prevent errors, fraud, and theft, and ensures that the business has an accurate record of its cash transactions. Internal controls for cash receipts typically include procedures for accurately recording and reconciling cash transactions, separating the duties of those who handle cash from those who record transactions, and regularly reconciling bank statements to ensure that all deposits have been recorded correctly. By implementing strong internal controls for cash receipts, a business can improve marketing its financial stability and reduce the risk of financial loss.
A company is an organisation that engages in professional, commercial, or industrial operations with the main objective of making money and offering products or services to clients.
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a business that buys goods from producers and sells them to retailers is called___A. MIddlemenB. WholesalerC. SellersD. Retailer
A business that buys goods from producers and sells them to retailers is called wholesaler.
Who is wholesaler?Wholesalers play a crucial role in the structure of the marketing channel. They typically carry out a number of vital tasks that are crucial to the efficient transfer of products, ownership, finances, and information. However, certain channel systems connect the production unit directly to the merchants who are in contact with their customers without using a wholesaler or distributor. Otherwise, the system makes a direct connection with the users.
But in these situations, either the manufacturer or the retailer (or, in certain cases, the consumer) does all the tasks that a wholesaler would normally handle. Of course, the type of product supplied and the consumer behavior dictate whether a wholesaler is necessary in channel networks.
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1. a project plan includes all of the following: a. project objectives b. resources c. controls d. all of these e. none of these
A detailed plan to achieve a specific goal in a specific time is called a project plan.
What does a project plan usually include?a. Project Objectives: These are the specific objectives that the project should achieve and form the framework of the project plan.
b. Resources: This includes people, equipment, materials and other resources needed to complete the project.
c. Controls: This refers to the systems and processes established to manage a project, including schedules, budgets and performance metrics.
By incorporating all these elements into the project plan, project managers can ensure that the project is well defined, well resourced and well controlled, thus increasing the chances of success.
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licensing of the brand, a reputation for quality, and a large number of retail stores are examples of potential blank that a firm may identify during a swot analysis. multiple choice question. threats strengths weaknesses opportunities
These are the examples of potential Strengths that a firm may identify during a swot analysis.
What is a brand?A brand is any attribute that identifies one seller's product or service from that of other sellers, such as a name, word, design, symbol, or other feature. Businesses, marketers, and advertisers utilize brands to build and preserve brand equity for the product or service they are promoting, which benefits the brand's consumers as well as its shareholders and owners.
Describe the license.A formal authority or approval to do, utilize, or own anything is known as a license. As a component of an agreement between these parties, one party grants a license to the other party.
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in his theory of absolute advantage, adam smith advocated that __________ should determine what a country imports and what it exports.
In his theory of absolute advantage, Adam Smith advocated that a country's ability to produce a particular good more efficiently than other countries should determine what it exports and what it imports.
He believed that this specialization would lead to increased productivity and economic growth, benefiting both trading partners. By specializing in the production of goods in which they have an absolute advantage, countries can trade with each other and benefit from the gains of trade.
For example, if a country has an absolute advantage in producing cars, it can produce cars at a lower cost and more efficiently compared to other countries. Another country may have an absolute advantage in producing textiles.
By specializing in the production of cars and textiles respectively, both countries can trade with each other and benefit from the resulting gains in productivity, output, and wealth. Smith's theory of absolute advantage laid the foundation for international trade theory and provided a rationale for free trade.
According to this theory, trade should be based on the principle of comparative advantage, which means that countries should produce and trade goods in which they have a comparative advantage, even if they do not have an absolute advantage.
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what factors that affect a sales manager's performance are outside the manager's control? (choose every correct answer.) multiple select question. an inadequate sales force poor implementation of a sales strategy successful competition an economic downturn
Successful competition, an economic downturn that affect a sales manager's performance are outside the manager's control.
What ought I should include in my manager's performance evaluation?In a review, you can laud your manager's aptitude for establishing objectives for you and your team. Sharing a concrete instance of a goal they established and how it benefited you can be useful. For instance, you may mention how setting milestones for each stage of a particular project helped you maintain concentration on the various responsibilities.
What kind of management is ideal?A good manager cares deeply about the output of their team and the quality of their own job. Others are motivated by a person's passion and zeal to work hard and accomplish their goals. When managers are enthusiastic, they start thoughtful, original, and creative conversations with their staff.
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Correct question:
What factors that affect a sales manager's performance are outside the manager's control? (Select all that apply.)
Successful competitionPoor implementation of a sales strategyInadequate sales forceAn economic downturnwhen a product's demand varies directly with money income, it is considered a(n) good. multiple choice question. abnormal superior inferior complementary
When product's demand varies directly with money income, it is considered a superior good.
What is a superior good?A superior good is a type of product or service for which demand increases as consumer income rises. In other words, as people become wealthier, they tend to purchase more of these goods. Examples of superior goods include luxury cars, high-end jewelry, and expensive vacations. Superior goods are often associated with higher quality, prestige, and exclusivity. As consumers' incomes increase, they are able to afford these products, which can serve as status symbols and markers of social class. This demand for superior goods can lead to a positive feedback loop, where the increased sales of these products further reinforce their status as luxury items. Overall, the concept of superior goods highlights the important role that income plays in consumer behavior and the ways in which different products can be associated with different social and economic strata.
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why do firms in a sweezy oligopoly resist changing their prices so long as marginal cost remains within a certain range?
Firms in a sweezy oligopoly resist changing their prices so long as marginal cost remains within a certain range due to the effect of price changes on the behavior of rival firms.
What happens if an oligopoly has more companies in it?As the number of firms increases in an oligopoly market, the product price declines and becomes closer to the marginal cost. As a result, in an oligopoly market, the size of the pricing effect reduces as the number of firms increases.
What transpires in an oligopoly in terms of prices?An oligopoly can prevent new competitors from entering the market, stifle innovation, and raise prices, all of which are detrimental to consumers. Instead than collecting prices from the market, companies in an oligopoly determine pricing, whether collectively—in a cartel—or under the direction of one enterprise.
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multiple choice question amy and ethan are married and file a joint return for 2022. their taxable income is $78,500. what is the amount of their tax liability (use the tax rate schedules)? multiple choice question. $9,420 $9,009 $12,887 $5,901
$9,009 approx is the amount of their tax liability of amy and Ethan. The correct option is B.
What is the concept of tax liability?Tax liabilities are the total amount of tax owed over a given time period to taxing entities such as the federal or state governments or local governments such as municipalities. Individuals and businesses must pay taxes on their earnings.
To determine the amount of Amy and Ethan's tax liability, we need to use the tax rate schedules for 2022. Based on their taxable income of $78,500, their tax liability can be calculated as follows:
The first $19,900 is taxed at a rate of 10%: $19,900 x 0.10 = $1,990
The amount over $19,900 but not over $81,050 is taxed at a rate of 12%: ($78,500 - $19,900) x 0.12 = $6,168
Their total tax liability is the sum of these two amounts: $1,990 + $6,168 = $8,158
Therefore, the closest option to their tax liability is $9,009. However, this is not the exact amount of their tax liability.
Thus, the ideal selection is option B.
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which source of economic growth would not result in the rotation of the productivity curve from pc to pc1?
Increases in capital per worker source of economic growth would not result in the rotation of the productivity curve from pc to pc1
A society's capacity to generate and consume more often and better economic goods and services is known as economic growth. Even if the notion of income progress is simple, it can be challenging to measure. It's critical to remember that, contrary to popular belief, growth is not determined by increases in household income or by GDP that has been adjusted for inflation. Economic growth, in contrast, is the rise in the production of goods and services during two time periods. It can be calculated using both actual and nominal (inflation-adjusted) terms.
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with which profit-sharing formula does the profit-sharing pool become funded only after profits exceed a predetermined level, but fall below some established maximum level? question 3 options: equal payments fixed first-dollar-of-profits graduated first-dollar-of-profit profitability threshold
Option D is correct, profitability threshold. The profitability threshold is the point at which a business breaks even and starts to turn a profit.
Employees who participate in profit-sharing plans receive a portion of the company's profits as a retirement benefit. An employee is given a share of the company's profits under this sort of plan, also known as a deferred profit-sharing plan (DPSP), based on its quarterly or annual earnings. A profit-sharing plan is a terrific way for a company to offer its staff a sense of ownership in the organisation, but there are usually limitations on when and how a person can withdraw these funds without incurring penalties.
Profit-sharing, sometimes known as a bonus pool, is a mechanism for businesses to provide employees additional compensation for their work.
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Here is the economic calendar for the united Kingdom for Aug 2013. Explore indicators like PMI, house prices, employment, and GDP. how was performance overall?
Overall, the effectiveness of these metrics in August 2013 should have been a significant factor in determining the UK's overall economic health at that time like house prices, employment, and GDP.
What is the GDP defined simply?GDP calculates the monetary value of the final goods and services—those purchased by the consumer—produced in a nation over a specific time period (say a quarter or a year). It accounts for all the output produced within a nation's boundaries.
Why does the UK GDP exist?Around 0.68 percent of the GDP of the United Kingdom in 2021 came from agriculture, 17.49 percent from manufacturing, and 71.46% from services. The services sector generates the overwhelming bulk of the UK's GDP,
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Fill The Blank? industries that convert raw materials into homogeneous products typically use_______
Industries that convert raw materials into homogeneous products typically use continuous processing.
What is continuous processing?
Continuous processing is a manufacturing method that involves a continuous flow of raw materials through a series of processing steps, without interruption. It is commonly used in industries such as chemicals, oil and gas, food and beverage, and pharmaceuticals, where large quantities of homogeneous products are produced.
In a continuous processing system, raw materials are fed into the system at one end and the finished product is collected at the other end, with a series of processing steps taking place in between.
The system is designed to operate continuously, with minimal downtime for maintenance or changeovers. This allows for high levels of efficiency and productivity, as well as consistent product quality.
Continuous processing systems are often highly automated, using advanced control systems and sensors to monitor and adjust the various processing parameters. This helps to ensure that the product meets the desired specifications and quality standards.
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Whether carried out by an individual or a country, production beyond the production possibilities frontier A. is not physically possible. B. is possible only through trade. C. can occur by acquiring more productive resources, D. happens as a result of forced saving.
The production beyond the PPF is not physically possible.
What is meant by PPF?The production possibilities frontier (PPF) represents the maximum potential output of two goods or services that can be produced with a given set of resources and technology. Any point on or within the PPF represents a combination of goods that can be produced with the available resources, while any point outside the PPF represents a combination of goods that cannot be produced with the available resources. Therefore, production beyond the PPF is not physically possible because it would require more resources, technology, or both than are currently available.
The production beyond the PPF is possible only through trade, is incorrect because trade does not increase the total amount of resources or technology available for production. Rather, trade allows countries or individuals to specialize in producing goods or services in which they have a comparative advantage, and then trade with others for goods or services they cannot produce as efficiently.
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why meta asks many managers to get back to making things or leave?
Meta, has a culture of prioritizing rapid innovation and growth. The company is constantly seeking to develop and launch new products and features, and it values individuals who can move quickly and adapt to change.
As the company has grown, it has become more bureaucratic, which can sometimes impede its ability to move quickly. In order to maintain its focus on innovation and growth, Meta has sometimes asked managers who are not directly contributing to these goals to either get back to making things or leave the company. This approach is meant to ensure that the company has a high-performing workforce that is aligned with its mission and values.
Additionally, Meta's leadership believes that having a flat organizational structure helps it to move more quickly and stay focused on its goals. By minimizing the number of managers and ensuring that everyone is focused on creating value for users, the company is better positioned to innovate and compete in the fast-paced technology industry.
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the pair of items that is most likely to have a negative cross-price elasticity of demand is: group of answer choices cashews and peanuts. hamburgers and ketchup. coffee and tea. mustard and aspirin.
Option 4 is correct. Mustard and Asprin are the pair of items that is most likely to have a negative cross-price elasticity of demand.
The cross-price elasticity of demand measures the responsiveness of the demand for one good to a change in the price of another good. When the cross-price elasticity of demand is negative, it means that an increase in the price of one good lead to a decrease in the demand for the other good.
In the case of mustard and aspirin, these two goods are not related in any way, so an increase in the price of one would not likely cause an increase in the demand for the other. Instead, an increase in the price of one may cause a decrease in the demand for the other, as consumers may choose to allocate their limited budgets towards other goods instead. Therefore, the cross-price elasticity of demand between mustard and aspirin is most likely negative.
Among the other options, cashews and peanuts, hamburgers and ketchup, and coffee and tea are likely to have positive cross-price elasticity of demand as they are complementary goods or substitutes. When the price of one good increases, the demand for the other good also tends to increase.
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live forever life insurance company is selling a perpetuity contract that pays $1,350 monthly. the contract currently sells for $80,000. a. what is the monthly return on this investment vehicle?
We must first compute the annual return on the perpetuity contract before we can calculate the monthly return. The perpetuity contract's monthly return is 1.69%.
We must first compute the annual return on the perpetuity contract before we can calculate the monthly return. By dividing the monthly payment by 12 (the number of months in a year), one may determine the annual return:
Yearly Payment = $1,350 x 12 = $16,200
According to the $80,000 price of the perpetuity contract, the annual return as a percentage of the initial investment is: Yearly Return = Annual Payout x 100% of the Original Investment
Yearly Return is equal to 16.20% ($16,200 / $80,000 x 100%).
We can divide the annual return by 12 to get the monthly return:
Yearly Return divided by 12 months gives a monthly return of 20.25 percent, or 1.69%.
As a result, the perpetuity contract's monthly return is 1.69%.
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ou are trying to figure out how a team member prefers to receive positive recognition. which interpersonal skill can you use to make this dete
One interpersonal skill that can be used to determine how a team member prefers to receive positive recognition is active listening.
An Active listening is a communication skill that involves fully concentrating on, understanding, and responding to what the other person is saying. By actively listening to a team member, you can pick up on subtle cues in their communication style and behavior that may indicate how they prefer to receive positive recognition. By using active listening, you can better understand a team member's preferences for positive recognition and tailor your approach to meet their needs. This can help to strengthen relationships, improve motivation and engagement, and ultimately lead to better performance and outcomes for the team. To use active listening to determine a team member's mortgage preference for positive recognition, you could Ask open-ended questions, Pay attention to nonverbal cues and Paraphrase and reflect.
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What is behavioral segmentation in marketing?
Behavioral segmentation is a marketing strategy that divides a market into smaller groups based on how consumers behave towards, use or respond to a product, service, or brand.
It is a way to understand customer behavior and tailor marketing efforts based on those behaviors.
Behavioral segmentation typically involves analyzing a variety of factors, such as usage rate, product benefits sought, brand loyalty, occasion and timing of purchase, and user status. By understanding these behaviors, companies can create more targeted marketing campaigns that are better suited to the specific needs and preferences of their customers.
For example, a company may use behavioral segmentation to target customers who purchase their products frequently, or who tend to buy their products in response to a specific need or occasion.
Overall, behavioral segmentation can be a powerful tool for companies looking to create effective marketing campaigns and build stronger relationships with their customers.
By understanding the specific behaviors and preferences of their customers, companies can create more targeted and effective marketing campaigns that drive better results and ultimately improve their bottom line.
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what is the average price for a super bowl ticket this year?
The price of Super Bowl tickets can vary depending on several factors, such as the location, time, and availability. However, historically, the price of Super Bowl tickets can range from a few hundred dollars to several thousand dollars.
The price of Super Bowl tickets is affected by factors such as demand Yes, that's correct. The price of Super Bowl tickets is influenced by a range of factors, including demand, supply, and external factors such as the performance of the teams, the location of the game, and even weather conditions. Demand is a significant factor that impacts the price of Super Bowl tickets. The Super Bowl is one of the most watched and anticipated sporting events in the United States, and many people are willing to pay a premium to attend the game. As a result, when demand for tickets is high, the price of tickets will increase. Conversely, if demand is low, ticket prices will likely be lower. If the supply of tickets is low, the price of tickets will be higher, as demand will likely exceed supply. External factors such as the performance of the teams, the location of the game, and weather conditions can also impact the price of Super Bowl tickets. For example, if a particularly popular team is playing in the Super Bowl, demand for tickets will likely be high, which can lead to higher prices. Similarly, if the game is being played in a particularly desirable location, such as a warm climate or a city with many attractions, ticket prices may be higher. And if the weather forecast is particularly bad, ticket prices may be lower, as some fans may decide not to attend the game.
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describe sales and operations planning in terms of its purpose, components, and frequency and how they support the business strategy.
The management process known as "Sales and Operations Planning" (S&OP) aids in coordinating a company's sales and operational plans with its overarching business strategy.
Businesses employ the sales and operations planning (S&OP) process to coordinate their operational and sales activities with their overall business strategy. To make sure that the company is meeting customer demand while maximising operational efficiency, it entails the integration of sales forecasts, manufacturing plans, inventory levels, and other essential business data. S&OP enables businesses to identify possible supply chain problems that could have an impact on customer satisfaction as well as make informed decisions about production and inventory levels. S&OP is commonly undertaken on a monthly or quarterly basis, however the frequency might vary based on the needs of the firm. S&OP's ultimate objective is to strike a balance between profitability, operational effectiveness, and customer pleasure.
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performance dimensions on which customers expect a minimum level of performance are called: group of answer choices recommended daily allowances. order qualifiers. order winners. minimum performers.
Performance dimensions on which customers expect a minimum level of performance are called B. order qualifiers.
What are order qualifiers ?Order qualifiers are performance dimensions on which customers expect a minimum level of performance. These are criteria that must be met in order for a customer to consider making a purchase.
Examples of order qualifiers may include factors such as product quality, reliability, price, delivery time, customer service, and brand reputation. If a company fails to meet the minimum level of performance in any of these areas, the customer may choose to purchase from a competitor instead.
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performance dimensions on which customers expect a minimum level of performance are called order qualifiers.
in regard to terms used in perceptual organization, the part of the picture that is in the background of this photo is called the .
In regard to terms used in perceptual organization, the part of the picture that represents the part of the photo that one is focused on is called the figure. So, option B is the right choice.
The ability to impose order on sensory data is known as perceptual organisation, and it is used to categorise sensory primitives that originate from a single underlying cause. The existence of this kind of order in human perception, including vision, was emphasised by gestalt psychologists. Closeness, similarity, continuity, closure, and connectivity are the five pillars of the perceptual organisation. The five laws of perceptual organisation are similarity, pragmatics, proximity, continuity, and closure. As a result, Choice B is accurate.
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which market model would you classify pizza hut in? why? be specific-yes, there is only one choice. next, explain why pizza hut has expanded its offerings of pizza over the past five decades, and discuss the long-run profitability of such a strategy. why is this information relevant to know in understanding how businesses operate?
Six other types of pizza have recently been added to Pizza Hut's menu as part of a product growth strategy meant to boost revenue and profits.
Explain the business strategy of Pizza Hut.In order to boost sales and earnings, Pizza Hut's main business strategy and goal when adding new products or services is to do so. A company increases its sales in the current market by offering diversity when it uses a product expansion strategy, also known as product development.
When a proactive corporation adds new goods as the marginal utility of previous ones starts to drop due to changing business conditions, a product expansion growth strategy frequently works successfully. Expanding the company's product line provides prospects for higher overall profitability in the long run and keeps new or current investors engaged.
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a storm destroys half the fava bean crop. is this event more likely to hurt fava bean farmers if the demand for fava beans is very elastic or very inelastic? explain. g
If the demand for beans is particularly elastic, destroying half of the bean harvest is likely to hurt the pea farmers.
When a crop is cut in half, the supply curve shifts to the left, increasing bean prices. An increase in pricing causes a fall in overall revenue when demand is very elastic because the reduction in the required quantity outweighs the price rise. A change in buyers' and sellers' behaviour in reaction to a change in the price of a good or service is referred to as elastic behaviour in economics. In other words, the degree to which demand for a thing or service changes as its price rises or falls, is what is known as its demand elasticity or inelasticity.
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Which health insurance policy pays benefits only when you are hospitalized, but pays these benefits in cash which you can use as you like?
A) hospital indemnity
B) interim or short-term
C) Disability income
D) Comprehensive major medical
E) major medical expense
The health insurance policy that pays benefits only when you are hospitalized but pays these benefits in cash which you can use as you like is hospital indemnity. (Option A)
Hospital indemnity insurance is a type of health insurance policy that pays a set amount of money for each day you are hospitalized. This type of policy is designed to help cover the costs of being hospitalized, such as deductibles and co-payments, but the cash benefits can be used for anything you like, including expenses not related to your hospital stay.
It is important to note that hospital indemnity insurance is not a substitute for a comprehensive health insurance policy, as it only provides benefits for hospitalization and does not cover other medical expenses, such as doctor visits or prescription drugs.
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the adjusting factor in the creation of a common size income statement is ___.
An income statement with each line item expressed as a percentage of revenue or sales is referred to as having a "common size income statement."
What exactly does the word "expressed" mean?
leaving no opportunity for interpretation; being precise and simple. Predictable, clear, and well-defined are three adjectives that are comparable to one another. capable of naming, designating, or indicating expressly in any way.
She glanced at him and gave him an incredibly angry expression. I was puzzled by her expression and couldn't make sense of it. He looked at me with a weird expression on his face. What a vulgar pose! Nothing in her expression could be interpreted.
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telstar uses job order costing. the t-accounts below summarize its production activity for the year. raw materials inventory debit credit 46,400 25,650 9,400 factory wages payable debit credit 127,400 87,150 41,650 factory overhead debit credit 9,400 104,084 41,650 62,770 work in process inventory debit credit 25,650 171,720 87,150 104,084 finished goods inventory debit credit 171,720 154,690 1. compute the amount for each of the following. a. direct materials used b. indirect materials used c. direct labor used d. indirect labor used e. cost of goods manufactured f. cost of goods sold (before closing over- or underapplied overhead) 2. compute the amount that overhead is overapplied or underapplied.
At the conclusion of the recording cycle, the applied overheads are compared to the actual overheads incurred, and any discrepancy is appropriately rectified in the cost of goods sold account.
What are Direct materials?Production T accounts assist us in comprehending a variety of information, including Material and Labor Consumed, Expenses Accrued for a Period, Payments Against Expenses Accrued, Inventory Conversion between Stages, Inventory Available after Conversion, etc.
1.Computations
a) Direct material used - 25,650
b) Indirect material used - 9,400
c) Direct labor used - 87,150
d) Indirect labor used - 41,650
e) Cost of Goods manufactured - 171,720
f) Cost of goods sold - 154,690
2. Over or Under applied
Actual Overhead incurred - 113,280 (9,400 + 41,650 + 62,770)
Overhead applied - 104,084
Under applied - 9,736 (113,280 - 104,084)
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customer defection rates are: group of answer choices an indication of a company's ability to satisfy its customers. not affected by cost of products. not directly related to unit cost. unlikely to affect sales volumes. irrelevant as they are unlikely to impact advertising and marketing costs.
Customer defection rates are: an indication of a company's ability to satisfy its customers. In this case option A is correct.
What has research shown about this?Research has shown that the customer defection rate is higher now in the current market environment due to various unrelated factors, including, but not limited to, pressures from the internet. Different strategies are used by brands to attract and keep customers. Nowadays, it's common practice to attract customers by offering incentives and savings.
However, studies have shown that customers acquired through deals have a customer lifetime value that is only half as high as those acquired without any additional financial advantages.
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demand is elastic when a given change in price causes a relatively smaller change in quantity demanded. True/False
If a change in price results in an equivalent change in the quantity desired, then the demand is unit elastic.
When a change in price results in a less significant change in the quantity sought, which demand is present?When the amount desired changes little as a result of a price adjustment, this is referred to as an inelastic demand. The demand is elastic if the formula produces an absolute value that is greater than 1. Thus, changes in quantity occur more quickly than those in price.
Does a shift in an item's relative pricing explain the change in quantity demanded?Movement along a demand curve is used to depict changes in quantity demanded. The term "elasticity of demand" refers to the degree to which quantity sought shifts in response to a change in price.
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what is the pv of an ordinary annuity with 10 payments of $7,700 if the appropriate interest rate is 5.5%?
the present value of the ordinary annuity with 10 payments of $7,700 at an interest rate of 5.5% is $62,327.44.
To calculate the present value (PV) of an ordinary annuity with 10 payments of $7,700 at an interest rate of 5.5%, we can use the formula:
PV = Payment x ((1 - (1 + r)^-n) / r)
where r is the interest rate per period and n is the number of periods.
In this case, the payment is $7,700, the interest rate is 5.5% per period, and the number of periods is 10. Since the payments are made at the end of each period (ordinary annuity), we don't need to make any adjustment to the formula.
So, substituting the values, we get:
PV = $7,700 x ((1 - (1 + 0.055)^-10) / 0.055)
PV = $7,700 x ((1 - 0.583450851) / 0.055)
PV = $7,700 x (8.091199713)
PV = $62,327.44
Therefore, the present value of the ordinary annuity with 10 payments of $7,700 at an interest rate of 5.5% is $62,327.44.
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