As of June 30, 2016, the bank statement showed an ending balance of $19,500. The unadjusted cash account balance was $15,200. The following information is available:
1. Deposit in Transit. $2,400.
2. Credit memo in bank statement for interest earned in June. $30.
3. Outstanding check $6,690.
4. Debit memo for service charge. $20.
a. Determine the true cash balance by preparing a bank reconciliation as of June 30, 2016 using the preceding information.
b. Record in general journal format the adjusting entries necessary to correct the unadjusted book balance.

Answer: Implicit costs 

Explanation:

Implicit costs are the opportunity costs of production that do not require a monetary payment.

The Federal Reserve announcing a new interest rate policy will affect the Federal Funds rate.

The Federal Funds rate is the rate at which depository institutions lend balances at the Federal Reserve to other depository institutions overnight. It is the main tool used by the Federal Reserve to implement monetary policy.

The Federal Reserve will use the Federal Funds rate to influence the real interest rate, which is the rate of interest earned after taking into account the effect of inflation. The Federal Reserve can use the Federal Funds rate to increase or decrease the real interest rate.

An increase in the Federal Funds rate can lead to an increase in the consumer lending rate, which is the rate of interest paid by consumers on loans such as credit cards, auto loans, and mortgages. When the Federal Reserve increases the Federal Funds rate, banks and other lenders tend to increase their own lending rates as well, leading to higher borrowing costs for consumers. Finally, the nominal interest rate is the stated or advertised rate of interest before adjusting for inflation. This rate typically does not change with the Federal Reserve's announcement of a new interest rate policy.

In conclusion, the Federal Reserve's announcement of a new interest rate policy will affect the Federal Funds rate, which will have an impact on the real interest rate, consumer lending rate, and nominal interest rate.

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Answer: The investment is worth $46,706.14.

To calculate this, use the formula PV = FV/(1+r)^n,

where:

   PV = present value

   FV = future value (2883 * 16 = 46,056)

   r = the interest rate (18.9%)

   n = the number of years (16)

So the calculation looks like this:

PV = 46,056/(1 + 0.189)16 = $46,706.14

Explanation: Given information:

Prediction: A company predicts they will make $2883 per year over the next 16 years if they spend $14115 on a machine (an asset with multi-year use).

MARR = 18.9%

Let the present worth (PW) of the investment be x.

Present worth (PW) of the investment = Sum of Present worth of all Cash inflows - Sum of Present worth of all Cash outflows

Present worth (PW) of the investment = PV of Cash inflows - PV of Cash outflows

As per the given information, PV of Cash outflows = Initial Investment = $14115PV of Cash inflows = Cash inflow per year x

Present worth factor16 years = n = number of years

MARR = i = 18.9% = 0.189

Cash inflow per year = $2883

Using the formula of the present worth factor, we get:

Present Worth Factor (PW) = $\frac{1 - (1 + i)^{-n}}{i}$

Substituting the given values,

Present Worth Factor (PW) = $\frac{1 - (1 + 0.189)^{-16}}{0.189}$

Present Worth Factor (PW) = 8.0134

Now, PV of Cash inflows = Cash inflow per year x Present worth factor

PV of Cash inflows = $2883 \times 8.0134$

PV of Cash inflows = $23,164.51$

Present worth (PW) of the investment = PV of Cash inflows - PV of Cash outflows

Present worth (PW) of the investment = $23,164.51 - $14,115.00

Present worth (PW) of the investment = $9049.51

Therefore, the present worth (PW) of the investment is $9049.51.

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Most of today's world trade takes place in the group of trade blocs comprised of Western Europe, Asia, and the Americas. This is because of the combined economic power of these three regions and their well-established trade connections.

What are Trading blocs?

Trading blocs are groups of countries that participate in trade agreements to promote economic cooperation and reduce trade barriers. The trade blocs that contribute the most to world trade are the North American Free Trade Agreement (NAFTA), the European Union (EU), and the Association of Southeast Asian Nations (ASEAN). These blocs account for a significant portion of global trade.

A trade bloc is a type of intergovernmental agreement that encourages trade between its members. Trade agreements can benefit countries by allowing them to exchange goods and services, leading to economic growth and job creation. Trade blocs are often created by regional organizations, but can also be established through bilateral agreements.

So. the answer is C

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The Federal Reserve System acts as lender of last resort to businesses in general. The Federal Reserve System, also known as the Fed, is the United States' central banking system.

It was formed on December 23, 1913, after the US Congress passed the Federal Reserve Act, which established the nation's central banking system and set the framework for a stable financial system.

The Federal Reserve is divided into 12 Federal Reserve banks that serve as the central bank's regional arms. The main responsibility of the Federal Reserve is to oversee the country's monetary policy, regulate financial institutions, and stabilize the nation's financial system in times of economic crisis by acting as a lender of last resort.

It is responsible for conducting monetary policy by influencing the supply and demand of money and credit in the economy. The Federal Reserve acts as lender of last resort to businesses in general.

The Federal Reserve's role as a lender of last resort means that it provides emergency loans to banks, businesses, and governments to ensure that they can meet their financial obligations even during economic downturns.

The Federal Reserve provides these loans at low-interest rates to banks in financial distress, preventing the systemic risk of financial collapse.

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True. Advertising uses visual components and words to help consumers form an expectation about what they will experience in store. Visual components like images and graphics, as well as words like slogans and taglines, are used to create an emotional response and elicit a desired action from the consumer. This can include driving sales, creating brand loyalty, or promoting awareness.

Visual components in advertising can create associations with a brand and give customers an idea of what they can expect from the store. For example, an outdoor store might use an image of a rugged mountain landscape to associate itself with adventure and physical activity. Words, on the other hand, can be used to create a narrative and promote certain attributes about the store. A tagline might suggest that customers will get exceptional value for their money or that their customer service is top notch.

Advertising with visuals and words can be an effective way to give customers an idea of what they can expect from the store. This can include product or service quality, price, customer service, store atmosphere, and more. As a result, customers can form expectations about what they will experience when they go to the store, which can help drive sales and create brand loyalty.

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Focused differentiation is the process of matching each brand with the right business-level strategy. Therefore, the correct option is option 2.

A business-level strategy is a plan for how an organization intends to achieve its goals and objectives in a particular market or business sector. It's a competitive plan that specifies how a firm distinguishes itself from its rivals, how it can create value for its customers, and how it can outperform them in its particular market niche. A business-level strategy outlines how the company competes within its industry, while corporate-level strategy outlines how the company operates across multiple industries.

Focused differentiation is a competitive business-level strategy that concentrates on meeting the unique needs of a specific market segment. It involves the development of a brand image that is tailored to the demands and tastes of the target audience. Firms that follow this strategy use differentiation as their competitive advantage, concentrating their resources on a small but lucrative market niche.

They design products, services, and marketing programs that cater to the specific needs and preferences of this niche. Focused differentiation is less about price than about offering unique features that a customer is willing to pay a premium for, like excellent customer service, customization, or quality.

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According to the assumption of the risk defense, a defendant may avoid liability by establishing that the plaintiff voluntarily and unreasonably encountered the risk of the actual harm that the defendant caused.

The assumption of the risk defense is used when a plaintiff is aware of the risks involved in an activity and voluntarily chooses to participate despite the risk. In such a case, the defendant can claim that the plaintiff assumed the risk and cannot hold the defendant liable for any injuries resulting from the activity.

To use this defense, the defendant must prove that the plaintiff voluntarily and unreasonably encountered the risk. The plaintiff cannot recover damages if the assumption of the risk defense is successful.

In conclusion, according to the assumption of the risk defense, a defendant may avoid liability by establishing that the plaintiff voluntarily and unreasonably encountered the risk of the actual harm that the defendant caused.

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The statement, "Incremental costs are also known as differential costs" is true. Differential cost is equivalent to incremental cost and marginal cost. The total of the money resulting from two decisions is known as differential revenue.

The given statement "Incremental costs are also known as differential costs" is true because, a decision's differential cost, or the cost of changing the output level, is the difference between the costs of two potential options. The idea is applied when there are several viable alternatives to consider and a decision needs to be made on which option to choose and which to forgo.

The idea might be especially helpful in step costing scenarios, when it could be extremely expensive to produce an extra unit of output. As the focus is on the stark disparity in the prices of the alternatives or the change in output, there is no distinction between a differential cost's potential forms: variable, fixed, or a combination of the two.

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People in the group of adopters who are usually highly respected by their peers and tend to be opinion leaders who are willing to talk to other people about their experiences with their purchases are the (D) early adopters.

Early adopters are a group of consumers who are among the first to adopt a new product or technology. They tend to be educated, tech-savvy, and opinion leaders who are well-respected in their social circles. They are also more likely to take risks and try new things, making them an important target market for companies launching new products.

Therefore, the correct answer to the multiple choice question is: (D) Early adopters.

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"Job shops " are organized around particular types of general-purpose equipment that are flexible and capable of customizing work for individual customers.

Job shops are manufacturing facilities that specialize in producing small batches of custom-made products or components. They are organized around a general-purpose machine that can be configured or modified to perform a specific task, such as cutting, welding, or milling. The flexibility of the equipment allows job shops to handle a wide variety of jobs, often with short lead times. J

ob shops are common in industries such as aerospace, automotive, and construction, where parts and components must be customized to meet specific requirements.

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The cost of food issued and food consumed for Unit A are 11,201.00 and 8,661.00, for Unit B are 26,686.00 and 20,039.00 and for unit C are 31,774.35 and 25,055.05.

To calculate the cost of food issued and consumed for each unit in the chain of restaurants operated under the name Grandma’s Kitchen, you will need to use the figures provided.

For Unit A:
Cost of food issued = Purchases + Opening Inventory + Cooking Liquor + Gratis to Bar
= [tex]8,300.00 + 2,688.00 + 94.00 + 119.00[/tex]
= [tex]11,201.00[/tex]

Cost of food consumed = Cost of food issued - Closing Inventory
= [tex]11,201.00 - 2,540.00[/tex]
=[tex]8,661.00[/tex]

For Unit B:
Cost of food issued = Purchases + Opening Inventory + Transfer to other units + Steward sales + Transfer from other units
= [tex]19,472.00 + 6,647.00 + 339.00 + 53.00 + 223.00[/tex]
= [tex]26,686.00[/tex]

Cost of food consumed = Cost of food issued - Closing Inventory
=[tex]26,686.00 - 6,647.00[/tex]
=[tex]20,039.00[/tex]

For Unit C:
Cost of food issued = Opening Inventory + Transfer from other units + Cooking Liquor + Purchases + Transfer to other units + Food to Bar (directs) + Gratis to Bar
= [tex]6,622.40 + 47.35 + 253.65 + 24,182.55 + 347.60 + 337.40 + 177.35[/tex]
=[tex]31,774.35[/tex]

Cost of food consumed = Cost of food issued - Closing Inventory
=[tex]31,774.35 - 6,719.30[/tex]
=[tex]25,055.05[/tex]

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The total cost to be accounted for is $357,915 and the total cost accounted for is also $357,915.

The June 1 work-in-process inventory consists of 4,300 units with $15,240 in materials cost and $12,760 in conversion cost, making the total cost of the June 1 inventory $28,000 ($15,240 + $12,760).

During June, 36,800 units were started into production, costing a total of $151,215 ($114,000 for overhead + $37,215 for materials + $0 for direct labor).

The June 30 work-in-process inventory consists of 9,000 units with $18,000 in materials cost and $9,000 in conversion cost, making the total cost of the June 30 inventory $27,000 ($18,000 + $9,000).

Adding together the June 1 and June 30 Work in Process inventory totals gives us the total cost to be accounted for, which is

$357,915 ($28,000 + $151,215 + $27,000 = $357,915).

Since the Completed and Transferred to Finished Goods was the same as the total cost to be accounted for, the total cost accounted for is also $357,915.

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Option B, "It will enable them to be effective leaders across different cultures and political systems," is not the reason for the managers in companies with no foreign operations require a global perspective.

Having a global perspective helps managers to be aware of the competitive landscape and any potential threats that may arise from foreign competitors. It also helps them to understand and navigate different cultural and political environments when dealing with customers, partners, and suppliers from different parts of the world.

However, the second reason mentioned in the statement, which is that a global perspective will enable managers to be effective leaders across different cultures and political systems, is not necessarily true. While a global perspective may provide some insight into different cultural norms and values, it does not guarantee effective leadership in diverse environments.

Effective leadership requires a combination of knowledge, skills, and experience in managing people and teams from different backgrounds. Thus, Option B is correct.

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The concept that involves introducing less-expensive versions of established, brand name products is called "good-value pricing. Option (B) is correct answer.

Good value pricing is the offering of "just the right combination of quality and good service at a reasonable price" to clients.

This implies that the price of the item will be such that the product has a good value that justifies the price of the product for the consumers. Companies achieve this by creating fewer frills in their products or by lowering the production and marketing costs of a product.

In contrast to value-added pricing, which involves the inclusion of additional features and services for which consumers are eager to pay a premium, good value pricing is concerned with offering a product with no additional features and services but at a lower cost than competitors.

Good value pricing is important for businesses because it enables them to remain competitive in the market while also providing consumers with a product that meets their requirements at a lower cost.

This aids in the maintenance of customer loyalty while also attracting new customers who are seeking for lower-priced options. This pricing method can also be used to enter new markets or target certain client groups that are price-sensitive.

The concept that involves introducing less-expensive versions of established, brand name products is called "good-value pricing. Option (B) is correct answer.

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The first hurdle faced by a government when applying fiscal policy is the recognition lag.

The recognition lag refers to the time it takes for policymakers to recognize that the economy is experiencing a problem that requires intervention.

This lag can occur because it takes time for data to be collected, analyzed, and interpreted. For example, it may take several months for unemployment data to be collected and analyzed, and for policymakers to recognize that unemployment rates are rising.

Once policymakers have recognized that there is a problem, they must then decide on an appropriate course of action. This decision-making process can also involve a lag, known as the decision lag. Once a decision has been made, it may take time for the policy to be implemented, which is known as the implementation lag.

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The cost of the ending inventory according to the balance sheet given here using the first-in, first-out inventory costing method is $59.

To find the cost of the ending inventory using the first-in, first-out (FIFO) inventory costing method, follow these steps: 1. Identify the purchase dates and costs of the items:

April 5 - $10

April 10 - $12

April 15 - $14

April 20 - $16

April 22 - $17

Determine the number of units sold: One unit is sold on April 25.

Apply the FIFO method: Since one unit is sold, the first unit purchased (April 5 - $10) will be removed from the inventory.

Calculate the cost of the ending inventory: The remaining units and their costs are:

April 10 - $12

April 15 - $14

April 20 - $16

April 22 - $17

Add up the costs of the remaining units: $12 + $14 + $16 + $17 = $59 Cost of the ending inventory: $59.

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The given statement, "Before engaging in the actual presentation to a prospect, a salesperson should limit the amount of time they invest. Then, after the first meeting, the salesperson will have a better idea of how to proceed," is false (F) because this may lead to a lack of preparation and understanding.

This statement is incorrect because limiting the amount of time invested before the actual presentation may lead to a lack of preparation and understanding of the prospect's needs and preferences, potentially leading to a poor first impression and lost opportunity.

It's essential for a salesperson to invest the necessary time and effort in understanding their prospect's needs and preferences before engaging in the actual presentation, as this can significantly impact the outcome of the meeting. Rushing through the initial phase of the sales process may result in a missed opportunity or failed deal.

It's crucial to establish a strong foundation of trust and understanding with the prospect before presenting any solutions or products. By investing adequate time and effort before the first meeting, salespeople can better tailor their approach to meet the prospect's unique needs, increasing the chances of success.

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Betty is the sole proprietor of her beauty salon, and thus, must report any business income or expenses from her salon on Schedule 1 of Form 1040. She must report any income earned from her apartment building as well.

A sole proprietorship is a business owned and operated by one individual.

Betty's Schedule 1 of Form 1040 would look like this:

Schedule 1: Additional Income and Adjustments to Income

Interest income: $14,975

Gross business income (from Schedule C): $88,760

Cost of goods sold (from Schedule C):

Salaries paid to beauticians: $46,550

Beauty salon supplies: $23,640

The total cost of goods sold: $70,190

Gross profit (line 2 minus line 3): $18,570

Other income:

Rental revenue from apartment building: $35,540

Gross income (line 1 plus line 4 plus line 5): $68,085

Adjustments to income:

Self-employment tax deduction: $1,312

Contributions to charity: $5,029

Total adjustments to income: $6,341

Adjusted gross income (line 6 minus line 7): $61,744

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The difference between the economic classes of the key characters in the fisher king is suggested visually by: Set Decoration, Ma/keup, and Costum/ing.

The Fisher King is a 1991 film that depicts the lives of several characters with different economic backgrounds. The main character, Jack Lucas, is a successful radio personality who enjoys a wealthy lifestyle and lives in a spacious apartment in New York City.

On the other hand, Pa/rry, a homeless man with a troubled past, lives on the streets and relies on charity to survive. Lydia Sinclair, Jack's gir/lfri/end, is a wealthy businesswoman who owns a fashionable clothing store and enjoys a luxurious lifestyle. Finally, Anne Napolitano, a shy and introverted video store clerk, appears to have a more modest lifestyle, but her financial situation is not explicitly mentioned in the film.

The film uses these characters' economic classes to explore themes of wealth and poverty, privilege and disadvantage, and the impact of economic status on individual lives.

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The given statement "offering employee benefits as an entitlement could undermine competitive advantage" is true. If a business offers a wide range of employee benefits, it can potentially make them less competitive in terms of costs and may lead to a decrease in profits.

In addition, offering employee benefits as an entitlement can lead to an increase in costs over time as companies struggle to remain competitive. As employees become increasingly dependent on their employer's benefits, businesses may need to expend resources.

Employee benefits as an entitlement can also make it more difficult for businesses to attract and retain talent. If employees become too reliant on their benefits packag, they may not feel the need to search for a job that offers better opportunities or to stay with the same company,

Finally, offering employee benefits as an entitlement could create an unfair competitive advantage in the marketplace. This could lead to businesses being forced to cut costs or reduce employee benefits in order to remain competitive.

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A/B testing shows the actual performance of ads in terms of awareness, cost efficiency, or sales and those that don't do well may be dropped.

A/B testing can help you optimize your marketing efforts and get better results by allowing you to compare two different versions of a marketing element, such as an ad or landing page, against each other. A/B testing can be done on a variety of marketing elements, including email subject lines, landing pages, call-to-action buttons, and ad copy. A/B testing can help businesses increase their conversion rates by providing actionable insights into what works and what doesn't work in their marketing efforts. It can help businesses identify the elements that are most effective at driving conversions, and it can help them optimize those elements to get even better results.

In conclusion, A/B testing shows the actual performance of ads in terms of awareness, cost efficiency, or sales and those that don't do well may be dropped. A/B testing can help businesses optimize their marketing efforts and get better results by providing actionable insights into what works and what doesn't work in their marketing efforts.

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Sole proprietorships are limited in their options for raising money. These options include B) financing using the proprietor's personal resources and C) financing the business through debt.

A sole proprietorship is an unincorporated company that is solely owned and controlled by one person who is legally responsible for all aspects of the company's business. Since there is no legal division between the individual and the company, the proprietor has full control over the business and is responsible for its profits and losses.

Most importantly, the sole proprietorship is an inexpensive and simple business structure, but it has limited options for financing.

The following are some of the options available to a sole proprietorship for raising money:

Thus, the options for raising money in a sole proprietorship include financing using the proprietor's personal resources and financing the business through debt.

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The current book value of a fixed asset that was purchased 2 years is used in the computation of E) MACRS depreciation for the current year.

Modified Accelerated Cost Recovery System (MACRS) depreciation is a tax accounting technique that depreciates assets faster than the straight-line method over a specified period of time, resulting in higher tax deductions in the early years of an asset's life.

MACRS depreciation, which stands for Modified Accelerated Cost Recovery System, is a method of depreciating assets for tax purposes. The IRS mandates this depreciation method, which is a method of cost recovery for tangible assets. The tax code sets out the procedures for determining depreciation deductions on tax returns for property that is subject to depreciation. The MACRS, which is a tax accounting technique, offers an accelerated depreciation schedule that enables companies to recover a significant portion of the cost of an asset in the first few years of its useful life.

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C. A business plan is what the bank expects from Janet in this scenario. It includes a rationale for the business, an explanation of how it will achieve its goals, an analysis of the competition, and estimates of income and expenses, among other information.

What is a business plan?

A business plan is a written document that summarizes the objectives, strategies, and financial projections of a business.

A business plan describes the concept of the business, outlines the problems it solves, summarizes the market opportunity, lists out the business's planned goals and objectives, and provides a step-by-step plan to meet those objectives. It includes how the business will generate revenue and become profitable, among other things.

The financial plan is a critical part of a business plan. This plan includes sales forecasts, expense forecasts, cash flow statements, balance sheets, and income statements. It can take anywhere from a few weeks to a few months to put together a business plan.

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The double-declining balance method is a kind of accelerated depreciation method. It means that this method recognizes more depreciation in the earlier years and lesser in the later years of the asset's useful life.

The formula for calculating the double declining balance method is as follows;

Depreciation = 2 x Straight-line depreciation rate x Book Value at the beginning of the year

Straight-line depreciation rate = 100 / Estimated life of an asset in years

For example, let's assume that a piece of machinery has a useful life of 4 years and it costs $20,000.

Here's how to calculate the depreciation using the double declining balance method:

Year 1: Book value at the beginning of the year = $20,000Depreciation = 2 x (100/4) x $20,000 = $10,000Book value at the end of the year = $20,000 - $10,000 = $10,000

Year 2: Book value at the beginning of the year = $10,000Depreciation = 2 x (100/4) x $10,000 = $5,000 Book value at the end of the year = $10,000 - $5,000 = $5,000

Year 3: Book value at the beginning of the year = $5,000Depreciation = 2 x (100/4) x $5,000 = $2,500 Book value at the end of the year = $5,000 - $2,500 = $2,500

Year 4:Book value at the beginning of the year = $2,500Depreciation = 2 x (100/4) x $2,500 = $1,250Book value at the end of the year = $2,500 - $1,250 = $1,250

The total depreciation for the four years using the double declining balance method is $19,750.

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eBay has been fined damages by a Paris commercial judge who ruled that eBay had not done enough to ensure goods sold on its web site around the world were not fake and unauthorized.

Online retailers are businesses that sell products and services online. Online retailers can be found on websites that sell anything from cars to clothes to electronics to insurance. Online retailers are usually more convenient to use than traditional retail stores because they offer customers a way to buy products from their homes without having to travel. They can be accessed from any device with internet connectivity. Some popular examples of online retailers are Amazon, Alibaba, and eBay.

eBay has been fined $63.2 million in damages for allowing fake and unauthorized goods to be sold through the online retailer. A Paris commercial judge ruled that eBay had not done enough to ensure goods sold on its web site around the world were not fake and unauthorized.

Therefore, eBay has been fined $63.2 million in damages for allowing fake and unauthorized goods to be sold through the online retailer.

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Small businesses have the advantage of being able to specialize in specific markets due to their smaller size and more intimate understanding of customer needs. So, the statement is true.

Small business is a type of business that is privately owned and operated, has fewer employees, and has smaller revenues than large corporations.

Small companies account for a significant portion of the country's economic activity, as well as the majority of new employment opportunities.

A small business has a greater ability to serve specialized markets than a large corporation. This is due to the fact that small businesses have more time, energy, and resources to devote to a particular niche.

Small businesses can devote more attention to the needs of a particular client or a group of clients, which leads to the creation of more individualized goods and services.

This individual attention can result in a strong reputation, word-of-mouth advertising, and greater profits in the long term.

Therefore, it is correct to say that "One of the biggest advantages that a small business has is a greater ability to serve specialized markets." So, it is True.

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The bureaucratic principles proposed by Fayol and Weber are most likely to apply to an organization that has a strict hierarchy and formalized procedures.

What are bureaucratic principles? Bureaucratic principles are the rules and regulations that govern the day-to-day operations of an organization. Henri Fayol and Max Weber proposed these principles, which are still in use today. Weber believed that organizations should be hierarchical and that workers should have specified duties and responsibilities.

Formalized procedures and rules, as well as standardized operations, were also part of his perspective. Fayol's bureaucratic principles focused on the administrative side of an organization, including managerial duties and responsibilities.

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Four Federal Reserve Bank presidents are appointed for one-year terms on a rotational basis. The revolving seats are filled by one bank president from each of the four groupings of banks: Boston, Philadelphia, and Richmond; Cleveland and Chicago; Atlanta, St. Louis, and Washington, D.C.

The Federal Reserve Banks are the most recent entities established by the United States government to perform central banking tasks. Previous institutions included the United States' First (1791-1811) and Second (1818-1824) Banks, the Independent Treasury (1846-1920), and the National Banking System (1863–1935).

Many policy issues have emerged in relation to these organisations, including the extent to which private interests have power, the balancing of regional economic concerns, the avoidance of financial panics, and the sort of reserves used to underpin currency.

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