An investment advisory firm registered under the Investment Advisers Act of 1940 would meet the definition of a Covered Federal Advisor under the Act of 1940 and the Uniform Securities Act.
The best answer is B. The Investment Advisers Act of 1940 defines an investment adviser as anyone who sells securities advice for a fee. Advisors must be registered with the SEC. When an investment adviser has custody or possession of any funds or securities in which a client has a beneficial interest, he or she must engage an independent public accountant to verify those funds and securities on an annual surprise basis. In general, a broker may exercise discretionary power in a client's account only if the client has given the broker written authorization to do so and the broker's firm has approved the account for discretionary transactions. FINRA rules prohibit unauthorized discretionary trading, and doing so is a federal.
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There are three industrial firms in Happy Valley.
Firm
A
B
C
Initial
Pollution Level
70units
80units
50units
Cost of Reducing
Pollution by 1 Unit
$20
$25
$10
The government wants to reduce pollution to 120120 units, so it gives each firm 4040 tradable pollution permits.
a. Who sells permits and how many do they sell? Who buys permits and how many do they buy? Briefly explain why the sellers and buyers are each willing to do so. What is the total cost of pollution reduction in this situation?
b. How much higher would the costs of pollution reduction be if the permits could not be traded?
A) Current total pollution is 200 units. It must reduce pollution by 80 units.
What does "tradeable pollution permit" mean?The term "cap and trade" refers to trading in pollution permits. They grant businesses the authority to pollute for a set period of time and in a specified amount. Then, companies that pollute less can sell their unused pollution permits to companies that pollute more. The main benefit of a system with tradable permits is that it allows for efficient exchange, allowing one potential polluter to purchase permits from another while maintaining the same level of pollution overall.
Firms with a higher cost of reducing the pollution will buy permits rather than reduce their pollution
Firms that are able to sell their permits for more than it costs to reduce their pollution will,
Here, Firm B is the most desperate and the net buyer
Firm B buys 40 units from firm C because they offer the cheapest alternative, → has 80 pp in total so doesn't reduce pollution at all
Firm C sells its 40 pp to firm B → now has 10 pp
Firm A keeps its 70 and neither buys nor sells
The total cost of pollution reduction
= [((70-40) x $20) + (80-80) x $25) + (50-10) x $10)]
= $1000
The total cost of pollution reduction
= [((70-40) x $20) + (80-40) x $25) + (50-40) x $10)]
= $1700
Pollution reduction would cost $1000 if the permits couldn't be traded
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The correct question is:
"There are three industrial firms in Happy ValleyInitial Pollution level:
Firm A: 70 units | B: 80 units | C: 50 units
Cost of Reducing Pollution by 1 Unit
Firm A $10 | B: $25 | C: $10
The government wants to reduce pollution to 120 units, so it gives each firm 40 tradable pollution permits 120 40
a. Who sells the permits and how many do they sell?
Who buys permits and how many do they buy?
What is the total cost of pollution reduction?
b. How much higher would the costs of pollution reduction be if the permits could not be traded?"
in the basic keynesian model, a tax increase multiple choice reduces potential output. increases short-run equilibrium output. increases potential output. none of the other answers are correct.
d) none of the other answers are correct.
In the basic Keynesian model, a tax increase: reduces short-run equilibrium output.
What is the Keynesian model?
Keynesians contend that because prices are somewhat rigid, changes in any aspect of spending, whether government, investment, or consumer spending, affect output. For instance, the output will rise if government expenditure rises while all other spending factors stay the same. The numerous macroeconomic theories and models of how aggregate demand significantly affects economic production and inflation are known as Keynesian economics. According to the Keynesian perspective, the level of overall demand need not match the economy's capacity for production. Government spending on infrastructure, unemployment benefits, and education are its key tools. Overusing Keynesian programs has the disadvantage of raising inflation. Government spending on infrastructure, unemployment benefits, and education are its key tools. Overusing Keynesian programs has the disadvantage of raising inflation.
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aa and bb, two firms competing in the personal computer industry, entered into a strategic alliance to study and acquire each other's competencies. aa wants to study the production system pioneered by bb. similarly, bb is interested in the design process of aa. at first, aa poured resources into the alliance, sending many highly qualified employees to learn about bb's production system. after some time, aa scaled back on the alliance, recalling all but their most junior employees. what does this scenario best illustrate?
This scenario best illustrates the idea of a "learning alliance," in which two companies collaborate to share and acquire knowledge and expertise.
What does Learning Alliance mean?
Learning Alliance is an educational approach that aims to bring together various types of learning experiences and strategies in order to create a more effective learning environment. It entails teachers, students, and other stakeholders working together to create strategies and activities that promote learning and development. The Learning Alliance's mission is to foster an environment in which students can gain knowledge and skills while also engaging in meaningful experiences that will help them grow and develop.
What does Stakeholder means?
Any individual, group, or organization with an interest in the success of a project, program, or organization is referred to as a "stakeholder." Internal stakeholders (employees, managers, etc.) and external stakeholders (suppliers, customers, regulatory bodies, etc.) The outcomes of the project, program, or organization can have an impact on them, either positively or negatively.
Through this alliance, both firms gain valuable insights that can help them to improve their own processes and stay competitive in the industry.
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Colgate declared a common stock split during 2013. True False
Colgate declared a common stock split during 2013. It should be noted that the correct option is true.
How to illustrate the information?In general, stock splits indicate a company is doing well, suggesting it might be a good investment. Additionally, they are more affordable and you may be able to purchase more shares due to the lower per-share price.
The most frequent splits are 2-for-1 or 3-for-1, meaning a stockholder receives two or three shares for each share they currently own, respectively. When a company divides the number of shares that stockholders own, the market price rises as a result.
In this case, the record date for the two-for-one split is the close of business on April 2013, with the share distribution scheduled that was scheduled for May 15, 2013. When the split occured, shareholders were informed that they will receive one additional share of Colgate common stock, par value $1.00, for every share they hold as of the record date.
In conclusion, it is true.
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total asset turnover, receivables turnover, and inventory turnover ratios measure question 25 options: a) liquidity b) debt c) profitability d) activity e) market-related factors
Total asset turnover, receivables turnover, and inventory turnover ratios measure: c) profitability.
In monetary accounting, an asset is any resource owned or managed with the aid of a commercial enterprise or a financial entity. it's miles anything that may be used to produce wonderful economic price. property constitutes a fee of ownership that can be transformed into cash.
The property includes physical objects which include machinery, assets, uncooked materials, and inventory, and intangible objects like patents, royalties, and other highbrow belongings. An asset is a useful resource with the financial cost that an individual, organization, or united states own or controls with the expectancy that it will offer a destiny gain. assets are stated on an enterprise's stability sheet. they are categorized as current, constant, monetary, and intangible.
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mena has been employed at bill's department store for approximately 10 years as an assistant manager. despite her supervisor's assurances that she is among the top candidates for a promotion, she is repeatedly passed over. five store manager positions have been given to less-experienced and less-qualified men within a two-month period as well as to women with no children or to women who assured their bosses they would have no more children. mena has one child and is pregnant again. when she confronts her supervisor, he tells her that her motherhood is the reason for her being passed over for promotion. what legal course of action can mena take in this case?
The Civil Rights Act of 1964 prohibits discrimination on the basis of sex, as well as, race in hiring, promoting, and firing.
Describe discrimination.Discrimination refers to the unfair or unfavorable treatment of individuals or groups based on traits like race, gender, age, or sexual orientation. The basic answer is yes. However, it is more difficult to explain why it occurs.
How is discrimination carried out?Discrimination happens when someone is treated less favorably than another person in a similar circumstance just because they are a member of, or are seen to be a member of, a particular group or category of people.
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Click this link to view O*NET’s Work Styles section for Tellers. Note that common work styles are listed toward the top and less common work styles are listed toward the bottom. According to O*NET, what are common work styles needed by Tellers? Select four options.
curiosity
integrity
dependability
attention to detail
creativity
cooperation
The common work styles needed by Tellers, given O*NET’s Work Styles section for Tellers include:
integritydependabilityattention to detailcooperationWhat work styles are needed by tellers ?They must be cordial, accommodating, and patient. They must be able to comprehend client requirements and communicate service possibilities to clients. attention to detail When handling customers' money, tellers must take care to avoid mistakes.
Integrity. Being ethical and honest is required for work. Dependability. Fulfilling duties and being dependable, responsible, and dependable are requirements of the job. Focus on the details. A job needs attention to detail and thoroughness in task completion.
Self-Control. Even under extremely challenging conditions, the job calls for maintaining composure, managing emotions, regulating rage, and refraining from aggressive actions. Cooperation. It is necessary for the job that you get along well with coworkers and have a cooperative, positive attitude.
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which descriptions apply to carving? multiple select question. it is more aggressive than modeling. it is less direct than casting. it is more direct than casting. it is less aggressive than modeling. it is an additive process. it is a subtractive process.
It is more aggressive than modeling apply to craving.
How do modeling casting carving and assembling differ?
Carving is the process of removing a form from a block of stone, wood, or another hard material by cutting or chipping. Carving is a subtractive process that delicately removes material from the outside in.
By melting down a material—often a metal—and pouring it into a mold, cast sculptures are produced. Allowing the mold to cool helps to solidify the metal, which is frequently bronze. The casting process is an additive one.
The construction and molding of a soft, malleable material (typically clay) into a shape, sometimes over an armature, is how modelled sculptures are created. Modeling is an additive process.
Sculptors gather and join diverse materials to create sculptures. Assembling is a cumulative process.
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michael is a sales rep for a steel manufacturer. he is talking to a customer about the new pricing strategy his firm is using which will save his customer money when he substitutes the steel from michael's company for the steel they currently use.what type of pricing does this represent?
Michael works as a sales representative for a steel manufacturer, and the value-in-use pricing is represented here.
Pricing is the process by which a company determines the price at which it will sell its products and services, and it may be part of the company's marketing strategy.
The most important pricing goal is to maximize your company's profitability, whether in the short or long term (but preferably both). Pricing should also consider the desire to retain customers, increase the number of customers and extend the customer lifecycle, and outperform the competition.
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select the statement that best describes money's function as a standard of deferred payment.
money's function as a standard of deferred payment describes as a People are willing to accept a currency in the future as compensation for debts accrued earlier.
How does currency work?A currency is a standardization of money in any form, in use or circulation as a medium of exchange, for instance banknotes and coins. A more general definition is that a currency is a system of money in common use within a specific environment over time, especially for people in a nation state. For example, under this definition, the British Pound Sterling (£), euros (€), Japanese yen (), and U.S. dollars (US$) are examples of ( Foreign exchange markets, which determine the relative values of the various currencies, are places where currencies can act as stores of value and be traded between nations. In this sense, currencies can be either those that users choose or those that governments establish, and each type has specific acceptance limits.
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which of the following is a reason that older americans choose to cohabitate instead of getting married? a. to protect financial assets b. to protect their social security benefits c. because they are stubborn d. both a and b are correct
Despite these developments, the majority of Americans still regard cohabitation acceptable, especially for those pairs who do not intend to wed.
What does cohabitation in a relationship actually mean?living with another person
Cohabitation is another term for sharing a home with someone. A couple who shares a home together and is devoted to their relationship but is not legally married or in a civil partnership is said to be cohabiting. Same-sex or opposite-sex relationships can cohabitate.
What distinguishes living with a partner from cohabiting?Although there is no clear-cut legal definition of what it means to live together, it typically refers to cohabiting as a couple without being wed or in a civil partnership. Cohabitation is the term used to describe living together. It has varying meanings and confers varying privileges depending on the domain of law.
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copyright laws cover a symbol or slogan, used alone or in combination, that identifies a product or its sponsor. true false
The premise of the enlightened self-interest paradigm for ethical behavior is that an organization can only succeed by doing good.
What is the definition of a product?According to the definition, an item is the object that is being sold. Products might be goods or services. It could appear in the form of anything physical, digital, or cybernetic. Every thing has a cost associated with it, as well as a price. The location, quality, marketing plan, and target market of the product all have an influence on the possible price that could be paid.
What does "product" actually mean?A product is any good of service you provide to meet the needs or desires of an organization. Both actual and virtual ones exist. durable items like furniture, autos, and other
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the gas station minimart at the corner is a good place to pick up some milk and a lottery ticket. this is an example of a(n)
The gas station minimart at the corner is a good place to pick up some milk and a lottery ticket. this is an example of networking effect.
The networking effect is the effect which is used in the business for the sell of goods and services via defining the area for a purchase sells and earns the daily targeted revenue.
The gas station minimart at the corner is a good place to pick up some milk and a lottery ticket. The networking effect is the main effect to increase revenue or increase sales of the product and services.
Nearly the gas station area many people wants to purchase milk and influenced to purchase a lottery ticket.
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an increase in the demand for money would cause select an answer and submit. for keyboard navigation, use the up/down arrow keys to select an answer. a a fall in bond prices, an increase in interest rates, and an increase in the supply of money. b a rise in bond prices, an increase in interest rates, and no change in the money supply. c a fall in bond prices, an increase in interest rates, and an increase in the quantity supplied of money. d a fall in bond prices, an increase in interest rates and no change the supply of money.
An increase in demand for money would cause a fall in bond prices, an increase in interest rates, and an increase in the supply of money.
Option A is correct.
An increase in money demand results from (C) a fall in the price level. Consumers tend to buy more when prices drop, so they need more money.
What happens when the demand for money increases?As the demand for money increases, the demand curve for money shifts to the right, leading to higher nominal interest rates. Conversely, when the demand for money decreases, the demand curve for money shifts to the left and interest rates fall.
How does money demand affect economic growth?The higher the trading level, the higher the demand for real money balances. Quantitative theory of money demand postulates a one-to-one relationship between money demand and income. Demand for real currency is also affected by Gross Domestic Income (GDP) growth. A rise in GDP will lead to an increase in consumer spending.
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In the theory of comparative advantage, a good should be produced in that nation where:
A. the production possibilities line lies further to the right than the trading possibilities line.
B. its cost is least in terms of alternative goods that might otherwise be produced.
C. its absolute cost in terms of real resources used is least.
D. its absolute money cost of production is least.
According to the comparative advantage hypothesis, a good should be produced in the country where it is least expensive compared to alternative items that may be produced instead.
In an economic model, agents who can produce a particular good at a lower relative opportunity cost or autarky price—that is, at a lower relative marginal cost before trade—have a competitive advantage over rivals. The word "comparative advantage" is used to describe the economic reality of employment advantages associated to trade for people, companies, or nations that arise from differences in their factor endowments or technological advances. David Ricardo developed the classical theory of comparative advantage in 1817 to explain why countries engage in international trade even though their workers are more efficient at manufacturing every good than those in other countries.
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The materials that go into the final product are called word per blank.) materials. (Enter only one
The materials that go into the final product are called raw materials. Raw materials are substances or materials used in the initial stages of producing or manufacturing product.
On commodity exchanges around the world, raw materials are commodities that are purchased and sold. Because raw materials are production factors, businesses trade them on the factor market. The inventory or input commodities that a business needs to make its products are known as raw materials. Steel, oil, corn, grain, gasoline, lumber, forestry resources, plastic, natural gas, coal, and minerals are a few examples of raw materials. Direct raw materials, such as wood for a chair, are those that are employed immediately in the production process. Although indirect raw materials are employed extensively during the production process, they do not appear in the finished product.
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all of the following require to be included in a dcf analysis except a. revenues received from customers b. payments to suppliers c. depreciation expense d. tax shield on depreciation expense (i.e. reduced cash taxes due to depreciation)
All of the following are required to be included in a DCF analysis except depreciation expense.
What can you infer from a DCF analysis?Discounted cash flow (DCF) valuation is a type of financial model that determines the worth of an investment based on anticipated future cash flows. A DCF model is predicated on the notion that a company ’s financial statements is established by its ability to provide future cash flow for its owners. A method of valuation known as discounted cash flow (DCF) is used to estimate the value of an asset based on its expected return in the future, or future cash flows.
Why is DCF the best method of valuation?The use of accurate statistics and the fact that a discounted cash flow calculation is more impartial than other ways of assessing an investment are its key benefits.
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which of the following statements about traditional iras is true? taxable investment income, such as interest, dividends, and capital gains, will qualify as compensation for the purpose of contributing to an ira. taxpayers who participate in an employer-sponsored retirement plan are prohibited from contributing to an ira. taxpayers with a timely-filed extension have until october 15 of the tax year to establish and contribute to an ira. taxpayers have until the due date of the return (not including extensions) to reduce their tax liability by contributing to an ira.
"Taxpayers have until the due date of the return (not including extensions) to reduce their tax liability by contributing to an ira", about traditional iras is true.
You can make contributions to a typical IRA either before or after taxes. Depending on your circumstances, your contributions can be tax deductible, which could help you receive immediate tax benefits. There are no income restrictions for starting a Traditional IRA, in contrast to a Roth IRA.
For individuals who anticipate remaining in the same or a lower tax band in the future, it might be a wise choice. A typical IRA is a tax-advantaged option to save for retirement. In general, taxes are not levied on funds in a traditional IRA (including profits and gains) until you withdraw money from the account.
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the most appropriate beginning to a proposal, in general, is a statement that
The most appropriate beginning to proposal, in general, is statement that identifies writer's purpose and reader's needs.
What is a business proposal?A business proposal is an offer in writing made by a seller to a potential sponsor. Business proposals are frequently an important phase in the intricate sales process, that is, whenever a buyer takes other factors into account in making a purchase. It is said that someone is making a proposal when they make clear to another person that they are willing to act or refrain from doing in order to get the other person's approval. An offer informs the customer about the seller's ability to meet their demands while placing the buyer's requirements in a context that benefits the seller's goods and services. RFPs give comprehensive descriptions of the goods and services the customer wants to purchase. They may also include instructions for putting together a proposal as well as the standards the customer will use to assess proposals.
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which of the following developments in the dutch republic most directly encouraged the collection of paintings such as those described in the table?
Prosperity as a result of innovations in banking and developments.
What is banking?The banking sector manages cash, credit, and other financial transactions for both private individuals and corporate entities. One of the main forces behind the U.S. economy is banking, which provides the liquid capital that families and businesses need to invest in the future. Financial institutions that accept deposits from people and other entities and use those funds to offer loans, make investments, and generate profits are available for a variety of banking activities.Based on the type of business they engage in, banks can be classified into specific groups. Private citizens and companies can use the services that commercial banks offer. Individuals and families can access credit, deposits, and money management services through retail banking.To learn more about commercial banks refer to:
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ll the different product lines offered by a company are collectively called its O a. product adoption O b. product class O c product mix O d. product category
The whole of a company's many product lines is referred to as its Product Mix.
By employing an effective product mix strategy, a business can focus its efforts and resources on the products and product lines within its offerings that have the most potential for growth, market share, and revenue. The distinctions between the product line and the product mix must first be understood. A product line is a group of brands or product categories that a company markets. A product line is made up of a series of linked items with comparable features, advantages, target markets, costs, and distribution strategies. Important product line qualities include line stretching, line filling, line updating, and line featuring.
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a business taxpayer sells inventory for $80,000. the adjusted basis of the property is $58,000 at the time of the sale and the inventory had been held more than one year. the taxpayer has:
A business taxpayer sells inventory for $80,000. the adjusted basis of the property is $58,000 at the time of the sale and the inventory had been held for more than one year. the taxpayer has d. An ordinary gain.
A taxpayer is someone or a company challenged to pay a tax. contemporary taxpayers may also have an identification range, a reference wide variety issued by way of a government to residents or firms. The time period "taxpayer" usually characterizes one that will pay taxes.
A taxpayer is an individual or company that pays taxes yearly on their earnings according to the provisions of the Earnings Tax Act. when you document income tax returns and expose your income, it turns into legal.
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.what differentiates the term of a bond and its duration? if bond a has a 10 percent coupon while bond b has a 5 percent coupon and they both mature after 10 years, which bond has the shorter duration?
The terms of a bond and its duration: Bond duration is a way of measuring how much bond prices are likely to change if and when interest rates move.
Our p p m t, which is our coupon, is 9 dollars. This is our 9 of 100 times we are given 100, so this is 9 dollars in our yield, which is 1 over y, which is 8 percent, which is what we were given, and from this, we can figure out a bond price, for our bond price will Be equal to 101 dollars and 78 cents.
The time period of the bond is the amount of time between bond issuance and bond adulthood. at the adulthood date of a time period bond, the bond's face fee, the most important quantity, has to be repaid to the bondholder. term bonds can be contrasted with serial bonds, which mature in installments over a time period.
A period is a dimension of a bond's hobby rate chance that considers a bond's adulthood, yield, coupon, and get-in-touch capabilities. these many factors are calculated into one wide variety that measures how sensitive a bond's cost may be to interest price adjustments.
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Which of the answers below best defines marginal cost?
a) Prime Cost plus all variable overheads
b) Prime Cost minus all variable overheads
c) Variable overheads
d) None of the above
The answers below best defines marginal cost Variable overheads.
What definition of marginal cost is more accurate?A marginal cost is the price of a second unit of output. The idea is used to figure out a company's optimal production level, or the number of units that can be produced for the least amount of money. It is computed by dividing the change in production costs by the variation in output.
Are marginal cost and prime cost equivalent?The sum of all variable expenses, including the prime cost and variable manufacturing overheads, is known as the marginal cost.
how to calculate marginal costThe marginal cost in economics is the variation in total production costs that results from creating or producing one more unit. Subtract the change in production costs from the change in quantity to determine marginal cost.
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Consider how the people in the United States benefit from trade.
1. Explain how it affects people and businesses in what they consume.
2. Explain how it affects people and businesses in what they produce.
The way that people in the United States benefit from trade and the way it affects people and businesses in what they consume.
Trade increases real earnings and enables families to make larger purchases with their present salaries by enabling them to purchase a wider range of items at lower prices. This is crucial for middle-class consumers, who spend more of their discretionary income on commodities like food and clothing that are extensively traded.The way it affects people and businesses in what they produce is that:
Trade enables businesses to operate more cheaply and consumers to pay higher wages, giving them more money to spend on other things.]How does trading benefit businesses?It is one that brings about Increased profits - One of the main benefits of doing business internationally is that you could be able to expand your clientele.
Every nation you add to your list has the potential to create a new path for revenue growth and business expansion.
Therefore, Trade is essential to the prosperity of the United States because it boosts economic expansion, promotes domestic employment, raises living standards, and enables citizens to sustain their families with reasonably priced goods and services.
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what document outlines the work to be performed by a specific employee or group of employees with the same responsibilities?
The roles and responsibilities template is a document outlines the work to be performed by a specific employee or group of employees with the same responsibilities.
The responsibilities template is used as a document outlines the work to be performed by a specific employee or group of employees with the same responsibilities.
It is simple roles and responsibilities template includes a few things which include the job title or specific job position. The detailed description with a list of duties and responsibilities is required qualifications and the staff member to whom the position reports.
The responsibilities template is helpful in the job because to know the duties which has to be performed in the job can help the employee to perform best and can produced effective productivity.
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tony's has a marginal income tax rate of 24% and pays fica tax on all salary (7.65%). tony's employer offered a choice between $5,000 additional salary or a nontaxable fringe benefit that would cost $3,600 if tony purchased the benefit directly. which of the following statements is true (answers rounded to the nearest whole dollar)? multiple choice the fringe benefit and the additional salary have the same after-tax value. the fringe benefit is worth $183 more than the additional salary. the additional salary is worth $1,600 more than the fringe benefit. none of these choices are true.
Thus the fringe benefit is worth $183 more than the additional salary is true.
What are fringe benefits?A fringe benefit is a type of compensation for providing services. When you permit a worker to use a company vehicle to get to and from work, for instance, you are giving them a fringe benefit. Fringe perks are typically counted into an employee's gross pay. You do not include a reportable fringe benefits amount (RFBA), even though it appears on your income statement or payment summary and is shown on your tax return, remit income tax or a Medicare levied amount.
Given:
The fringe benefit is valued at $3,600.
The additional salary after taxes is:
= 5,000 - (5,000 × 24%) - (5,000 × 7.65%)
= 5,000 - 1,200 - 382.5
= $3,418
So the fringe benefit is worth more than the salary by:
= 3,600 - 3,418
= $182
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which of the following is an advantage of buying a part instead of making it? multiple choice question. economies of scale can result in higher quality and lower costs from suppliers. buying from suppliers ensures a smoother flow of parts and materials. companies can control quality better by purchasing from a supplier. companies can realize profits from the parts and materials that it makes in addition to profits from its regular operations.
The advantage of buying a part instead of making it is economies of scale can result in higher quality and lower costs from suppliers. So option a. is correct.
A make-or-buy decision is an act of choosing between manufacturing a product in-house or purchasing it from an external supplier. Make or buy decisions, like outsourcing decisions, speak to a comparison of the costs and advantages of producing in-house versus buying it elsewhere. There are many factors at play that may tilt a company from making an item in-house or outsourcing it.
Companies use quantitative analysis to determine whether making or buying is the most cost-efficient method.
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In a(n) ________, members eliminate internal trade barriers, adopt a common external policy toward nonmembers, and eliminate barriers to the movement of the factors of production.
free trade area
common market
customs union
economic union
Option B, In a(n) , common market members eliminate internal trade barriers, adopt a common external policy toward nonmembers, and eliminate barriers to the movement of the factors of production.
A legal agreement that creates a collection of nations that adopt a single external policy tariff is known as a common market. Countries that participate in a single market also permit free commerce as well as the free movement of capital and labor within the group's members. It establishes a common external tax on imports in the market. Members of this market thus do away with trade restrictions and embrace or adhere to a common policy.
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hearne company has a number of potential capital investments. because these projects vary in nature, initial investment, and time horizon, management is finding it difficult to compare them. assume straight line depreciation method is used. (future value of $1, present value of $1, future value annuity of $1, present value annuity of $1.) (use appropriate factor(s) from the tables provided.) project 1: retooling manufacturing facility this project would require an initial investment of $4,850,000. it would generate $865,000 in additional net cash flow each year. the new machinery has a useful life of eight years and a salvage value of $1,000,000. project 2: purchase patent for new product the patent would cost $3,400,000, which would be fully amortized over five years. production of this product would generate $425,000 additional annual net income for hearne. project 3: purchase a new fleet of delivery trucks hearne could purchase 25 new delivery trucks at a cost of $115,000 each. the fleet would have a useful life of 10 years, and each truck would have a salvage value of $5,000. purchasing the fleet would allow hearne to expand its customer territory resulting in $200,000 of additional net income per year. required: 1. determine each project's accounting rate of return. 2. determine each project's payback period. 3. using a discount rate of 10 percent, calculate the net present value of each project. 4. determine the profitability index of each project and prioritize the projects for hearne.
Accounting rate of return for Project 1,2 and 3 are 63.30%, 62.50% and 69.57% respectively. Payback periods of Project 1,2 and 3 are 5.61 years, 3.08 years and 6.05 years respectively.
Give a brief account on salvage value.Salvage value is the expected book value of an asset following depreciation, based on what a business anticipates getting in exchange for the item at the end of its useful life. As a result, while determining a depreciation schedule, the projected salvage value of an asset is crucial.
Any item that a business will be recording as declining on its books over time can have an estimated salvage value assessed. For determining salvage value, each company will use its own rules.
To solve the question :
Hearne Company
Project 1 Project 2 Project 3
Initial investment cost $4,850,000 $3,400,000 $2,875,000
Annual cash inflows 865,000 1,105,000 475,000
PV annuity (5.335/3.791/6.145) 4,614,775 4,189,055 $2,918,875
Useful life 8 years 5 years 10 years
Salvage Value 1,000,000 0 125,000
PV (0.467/0/0.386 467,000 0 48,250
Depreciable/Amortization amount $3,850,000 $3,400,000 $2,750,000
Annual depreciation/amortization 481,250 680,000 275,000
Annual Returns 383,750 425,000 200,000
Average annual investment cost 606,250 680,000 287,500
a. Accounting rate of return 63.30% 62.50% 69.57%
b. Payback period (years) 5.61 3.08 6.05
Total present value
of cash inflows 5,081,775 4,189,055 2,967,125
c. NPV $231,775 $789,055 $92,125
d. Profitability Index 1.0478 1.2321 1.0320
Prioritization of Projects:
Project 2
Project 1
Project 3
On the basis of NPV, Profitability Index, and Payback Period.
a) Data and Calculations:
Project 1 Project 2 Project 3
Initial investment cost $4,850,000 $3,400,000 $2,875,000
Annual cash inflows 865,000 1,105,000 475,000
PV annuity (5.335/3.791/6.145) 4,614,775 4,189,055 $2,918,875
Useful life (years) 8 5 10
Salvage Value 1,000,000 0 125,000
PV (0.467/0/0.386 467,000 0 48,250
Depreciable/Amortization amount $3,850,000 $3,400,000 $2,750,000
Annual depreciation/amortization 481,250 680,000 275,000
Annual Returns 383,750 425,000 200,000
Average annual investment cost 606,250 680,000 287,500
Accounting rate of return 63.30% 62.50% 69.57%
Payback period (years) 5.61 3.08 6.05
Total present value
of cash inflows 5,081,775 4,189,055 2,967,125
NPV $231,775 $789,055 $92,125
Profitability Index 1.0478 1.2321 1.0320
The NPV is :
Project 1 = $231,775
Project 2 = $789,055
Project 3 = $92,125
Profitability Index is :
Project 1 = 1.0478
Project 2 = 1.2321
Project 3 = 1.0320
Key Calculation Formulas:
Annual cash flows = Annual Depreciation + Annual Net Income
Present of annual cash flows = Annuity factor × Annual cash flows
PV of Salvage value = Salvage value × Discount Factor
The Depreciable or Amortization amount = Initial investment cost - Salvage value
Annual Returns = Annual Cash inflow - Depreciation
Average annual investment cost = Initial investment cost / useful life
Accounting rate of return = average annual returns / average annual investment cost
Payback period = Initial investment / Annual cash inflows
Total PV of cash flows = PV of annual cash inflows + PV of Salvage value
NPV = Total PV of cash flows - Initial Investment Cost
Profitability Index = Total PV of cash flows / Initial Investment Cost
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