Lenin argued that capitalism was able to delay its inevitable crisis by expanding their reach to the national level. This allowed them to create a larger market for their products, and to increase their profits.
As profits increased, the capitalists were able to invest in new technology, new factories, and new businesses. This allowed them to increase production and further expand their reach. The increased production allowed for increased consumption and kept the demand for their products high.
Ultimately, this enabled capitalism to delay its inevitable crisis. However, Lenin argued that this was only a temporary solution, and that the inevitable crisis would eventually occur. He believed that the only way to prevent the crisis was through the implementation of a socialist system.
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a floating rate mortgage loan is made for $165,000 for a 30-year period at an initial rate of 12 percent interest. however, the borrower and lender have negotiated a monthly payment of $1,320. required: a. what will be the loan balance at the end of year 1? b. if the interest rate increases to 13 percent at the end of year 2, how much is the payment plus negative amortization in year 2 and year 5 if the payment remains at $1,320?
a)The Loan Balance at the end of Year 1 is $1,69,185.23. b)Negative Amortization for Year 5 is $ 9,630.86.
The loan balance at end of the first year is the future value of the loan,
Present value(PV) = $165,000
Payment per month(PMT) = $1,320
Yield to maturity(R) = 1% (12%/12 months)
period (N) = 12 months
Future value = PV[tex](1 +R)_^{N}[/tex]
= $ 1,69,185.23
For year 1, the interest rate will still be 12%. There is a negative balance of $330 after payment of the first month's installment.
Thus,
Negative Amortization = "FV(0.01,12,-330)
Negative Amortization at the end of year 1= -$ 4,185.23
Negative Amortization for the Year 5 = Loan balance at year 5 - Loan Balance at the end of Year 4
Loan Balance at the end of year 4 = FV(0.13/12,36,$1320,-$ 1,69,185.23 )
= FV(0.13/12,36,$1320,-$169185.23)
= -$1,91,618.57
Loan Balance at the end of year 5 = FV(0.13/12,48,$1320,-$169185.23)
= FV(0.13/12,48,$1320,-$169185.23)
= -$ 2,01,249.43
Negative Amortization for the Year 5 = $2,01,249.43- $ 1,91,618.57
Negative Amortization for the Year 5 = $ 9,630.86
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which of the following is most likely to require interpersonal skills? question 16 options: working overtime writing notes about a meeting understanding how a new product works working on a team
Working on a team is most likely to require interpersonal skills.
What purposes do interpersonal skills serve?Uses of Interpersonal Communication,influence other people's views and actions. Make acquaintances, establish contacts, and uphold existing connections. better comprehend our experiences in the world by making sense of it. We should communicate our own demands and be aware of others' needs.Empathy, active listening, and emotional intelligence are typical illustrations of interpersonal abilities. All facets of life require interpersonal skills, which are crucial in both social and business contexts.The ability to engage with others effectively is referred to as interpersonal skills. These abilities demonstrate how you will fit into a company, making them crucial to include on a resume.To learn more about interpersonal skills refer to:
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Hamir, Darci, and Pete are partners sharing income in the ratio of 3:2:1. After the firm’s loss from liquidation is distributed, the capital account balances were Hamir, $45,000 Dr. ; Darci, $90,000 Cr. , and Pete, $64,000 Cr. If Hamir is personally bankrupt and unable to pay any of the $45,000, what will be the amount of cash received by Darci and Pete upon liquidation?
The amount of cash received by Darci and Pete upon liquidation is
$8, 667 and $13,000.
So the total ratio amounts to 3,2,1 which add up to 8.
At liquidation the total capital amounts to 90,000 - 64,000 = $26,000. Initially Hamir's share amounts to 3/6 * 26,000 = $13,000.
Hamir doesn't receive anything. He still owes $45,000 - 13,000 = $32,000 while Darci receives 2/6 * $26,000 = $8, 667 and
Tanaka 3/6 * $26,000 = $13,000
The term liquidation in finance and economics is the process of ending a business and distributing its assets to beneficiaries.
A bankrupt company ceases to exist after the liquidation proceedings are completed and the company is deregistered.
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suppose an individual deposits $7,000 in a bank that has a reserve requirement of 20%. assuming this is the only deposit in the bank, what is the liability and the excess reserve held by the bank?
The bank owes $1,400 in liabilities and holds an excess reserve of $5,600.
What are examples of bank liabilities?
Liabilities of a bank are debts owed by the institution to private parties or other companies. Based on the clients it serves and the services it offers, a company's responsibilities may vary.
A bank typically lists the following among its liabilities: other banks receiving interest payments. Building mortgage payments.
How does a bank define its assets and liabilities?
The bank's capital can be determined by calculating its assets and liabilities. The total amount of money a bank possesses and the money that must be set aside for distribution to customers and lenders is called bank capital, which is equal to total assets minus total liabilities.
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question 5 which of the following investments do you prefer? (a) purchase a bond with a single payment of $1000 in ten years, for a price of $550. (b) invest $550 for ten years in pnc bank at a guaranteed annual interest rate of 4.5%.
Out of the following investments I prefer to purchase a bond with a single payment of $1000 in ten years, for a price of $550.
What is a bond?
Bonds are fixed-income securities that reflect loans from investors to borrowers (typically corporate or governmental). A bond can be compared to an agreement outlining the terms of the loan and the associated payments between the lender and borrower. Companies, municipalities, states, and sovereign governments utilise bonds to finance operations and initiatives. Bondholders are the issuer's debtors or creditors.
Bond specifications typically include the terms for variable or fixed interest payments made by the borrower, as well as the end date by which the principle of the loan is expected to be paid to the bond owner.
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In the market for newly developed real estate, adverse selection could occur when:
a. The buyers can observe and detect all the features of the properties.
b. Neither party knows about the item properly.
C. The buyers know more about the property than the developers.
d. The developers of the property know more about the properties than the buyers.
Adverse selection is a phenomenon that can occur in any market, including the newly developed real estate market. It occurs when the developers of the property know more about the properties than the buyers. Thus, Correct answer is option D.
this can lead to an imbalance of power and an unfavorable outcome for one or both parties. In the real estate market, adverse selection can occur when buyers and developers have different levels of knowledge about the properties being sold.
For example, if buyers have more information about the properties than the developers, they may be able to detect features that the developers are unaware of. This could lead to buyers making decisions based on this information, which could result in an unfavorable outcome for the developers.
On the other hand, if the developers know more about the properties than the buyers, they may be able to take advantage of the buyers’ lack of knowledge and charge higher prices.
In either case, adverse selection can lead to an imbalance of power and an unfavorable outcome for one or both parties. It is important for buyers and developers to be aware of the potential for adverse selection in the real estate market so that they can make informed decisions and avoid unfavorable outcomes.
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TRUE/FALSE. when processing a check, platinum bank encodes information, such as the amount of the check, on the item. platinum thereby warrants to any subsequent bank or payor
An "on-us" item is deemed paid if the bank does not dishonor it by the start of the second banking day after receiving it. Smart cards and stored-value cards both have embedded microchips that have security software that can verify a transaction's legality.
The EFTA mandates the disclosure of EFT terms and conditions. Receipts for transactions completed at computer terminals must be provided by the bank. Sending a periodic statement is required. Statutes specify how errors must be resolved. Stop-payment orders are temporary in nature. Instead, they typically run out of time after a specified period of time. Banks are required by law to keep written stop-payment orders on file for at least six months. After then, the check can be cashed, however, many banking institutions don't.
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what are some of the features that could be included with a bond prospectus that may have an impact on the yield of a new bond issue?
One of the key features included in a bond prospectus that can impact the yield is the credit rating of the issuer. The credit rating is a measure of the creditworthiness of the issuer, and it provides investors with information about the likelihood of default. A higher credit rating typically means a lower risk of default, and as a result, a lower yield.
A bond prospectus is a comprehensive document that provides information about a new bond issue to potential investors. This document outlines the key features of the bond, including the terms of the bond, the creditworthiness of the issuer, and the risks associated with the investment. The bond prospectus can have a significant impact on the yield of a new bond issue.
Another important feature included in a bond prospectus is the coupon rate. The coupon rate is the interest rate that is paid to the bondholder, and it can have a direct impact on the yield of the bond. A higher coupon rate will result in a higher yield, while a lower coupon rate will result in a lower yield.
The maturity date of the bond is another key feature included in a bond prospectus that can impact the yield. A longer maturity date typically means a higher yield, as the investor is tying up their money for a longer period of time. On the other hand, a shorter maturity date typically means a lower yield, as the investor is not tying up their money for as long.
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Which of the following produces more economic costs to society?
A. Drug abuse, by millions of dollars
B. Alcohol abuse, by millions of dollars
C. Drug abuse, bu billions of dollars
D. Alcohol abuse, by billions of dollars
Drug abuse, by millions of dollars produces more economic costs to society. Abuse of illegal drugs has a negative impact on one's health. Economically, this shows up as higher hospital and healthcare expenses, greater morbidity, and mortality rates.
The Substance Abuse and Mental Health Services Administration (SAMHSA) and the National Institute on Alcohol Abuse and Alcoholism (NIAAA) both describe drugs drinking as having five or more alcoholic beverages (for men) or four or more alcoholic drinks (for women) in a short period of time. The yearly direct produces healthcare costs for drug addiction disorders are $118.5 billion, with hospital inpatient and outpatient expenses accounting for the majority of these costs, which are then followed by the price of treatment plans and therapy for specialised illnesses.
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the car on the bridge which is green is mine
The car on the bridge is yours because you said so. This statement is an example of an assertive sentence, which is a type of declarative sentence in which the speaker expresses a firm belief, opinion, or conclusion about something.
An assertive sentence is usually followed by a supporting statement and usually ends with a period. When the speaker states something and backs it up with evidence, it carries more weight and is inherently more convincing than a statement that is not supported by evidence.
In this example, the speaker firmly declares that the car on the bridge is their own, and doesn't offer any evidence to back this up. To make the statement more convincing, the speaker could have provided evidence such as registration documents, proof of ownership, or any other relevant information.
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Complete question:
What type of sentence "the car on the bridge which is green is mine" statement is?
what is the difference between utility and productoin functoin micro economics
In microeconomics, a production function refers to the relationship between inputs (e.g. labor, capital) and outputs (e.g. goods and services) in the production process. It is used to measure the efficiency with which inputs are transformed into outputs.
On the other hand, the utility function is a measure of the satisfaction or happiness that a consumer derives from consuming goods and services. It is used to describe consumer behavior and preferences, and helps economists understand how consumers allocate their limited resources to maximize their satisfaction.
In summary, the production function is concerned with the production process, while the utility function is concerned with consumer behavior and satisfaction.
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opportunity costs are a large factor in individual decision-making. please sort the statements according to whether or not they have an opportunity cost.
There are some activity that has an opportunity cost:
Cooking dinner rather than eating out has an opportunity cost. Having a lazy afternoon rather than working a night shift.There are some activity that has no opportunity cost:
Reading your favourite book Watching your favourite moviesOpportunity Cost is the value that appears when you choose between two or more options or alternatives. The opportunity cost is the cost or value that you lose because you make that decision.
Every choice that you take has trade-offs or cost that you should pay.
An opportunity cost is the potential benefits that you miss out on because you choosing something over something else. Something you did not choose is called opportunity cost.
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Which broad economic goal i related to the extent of peronal choice an individual ha for participating in economic market
Personal autonomy, market access, market competition, market trade, and personal property protection all fall under the broad economic objective of freedom.
What are the broad economic goals?Stability, security, economic freedom, equity, economic growth, efficiency, and full employment are seen as the main objectives for the American economy.Goals Economic growth, full employment (or low unemployment), and stable pricing are the three main objectives to keep in mind while assessing the macroeconomy's overall health (or low inflation). The level of living a nation currently enjoys is ultimately determined by its economic growth.Economic effectiveness, economic equity, economic freedom, economic prosperity, economic security, and economic stability are some of the broad societal goals covered in this course.Efficiency, equity, economic freedom, full employment, economic growth, security, and stability are all aspects of the national economy that should be prioritized. The cost of addressing any one objective or group of goals is having fewer resources to devote to the other goals. Economic goals are not necessarily mutually compatible.To Learn more About broad economic objective Refer TO:
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in order to financially support himself, evander either had to
Evander had to choose between working in the military sector or unemployment benefits to become financially independent.
Evander couldn't choose an answer, but he had to in order to qualify for unemployment benefits.
Evander's employer chose not to answer him, instead giving him the opportunity to return to work, albeit in the military sector.
Thomas had to either continue working in the military sector or claim unemployment benefits in order to remain financially stable.
If you are able and want to work but cannot find a suitable job, you are considered unemployed. The group of unemployed is called 'unemployed' or given a number.
Defined by the U.S. Bureau of Labor Statistics as the number of people who are unemployed, actively looking for work, and available for work (BLS) in the past four weeks.
BLS unemployment data includes people who are currently unemployed but are waiting for a callback. BLS provides unemployment information in the U-3 report, which is part of the monthly employment report.
A monthly household survey, the so-called Current Population Survey (CPS), is used to determine the unemployment rate.
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Complete question:
In order to financially support himself, evander either had to select answer working for the military division or needed to select answer unemployment benefits. in order to receive unemployment benefits, evander could not select answer , but instead had to select answer . evander’s company did not select answer him; instead, it allowed him an opportunity to continue working, but for the military division.
if a bond has a face value of $1000 and a coupon rate of 4.25%, the bond owner will receive annual coupon payments of
A bond with a face value of $1,000 and a coupon rate of 4.25% receives a yearly coupon payment of $42.50. Hence, option C is correct answer.
A fixed-income security pays a nominal yield known as a coupon rate. It refers to how often the issuer pays annual coupons in relation to the bond's face value or par value.
The coupon holder will yield less than the current market conditions when the market improves, as the bond won't pay more because its value was predetermined at issance. When a bond is bought on the secondary market, the yield to maturity is the difference between the bond's interest payments, which may be higher or lower than the coupon rate at the time the bond was issued.
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Complete Question:
If a bond has a face value of $1,000 and a coupon rate of 4.25%, the bond owner will receive annual coupon payments of:
(A) $425.00
(B) $4.25
(C) $42.50
(D) a value that cannot be determined from the information provided
What roles does a directory server play in centralized management? Check all that apply. Accounting, Authorization, Centralized Authentication.
Directory Server serves as a centralized repository for data storage and management. Almost any type of information, from personality profiles and user access to application information, can be stored.
What are the functions of the a directory service?Directory services are employed to store, collect, and manage data about objects such as user profiles, computers, mail accounts, but also information about network resources.
What are the benefits of using directory services for centralized management?Centralized Management, which is based on Office directory services, offers an effective and cost-effective approach to controlling policies for users and servers. It also allows for the extension of access privileges to external reseller as well as customer clients while maintaining strict security standards.
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banking and financial systems practice case study fbla
FBLA should prioritize the creation of an online presence in order to better serve its clientele. The company should invest in cutting-edge technology and internet-based services including digital purchasing, billing, and bill pay.
FBLA is a significant provider of financial services and banking. The organization has been offering services to people and companies for over 25 years. Over the years, the firm has expanded its offerings to include banking, insurance, investments, and financial planning. FBLA is well-known with its excellent customer service and easy access to financial services.
To better serve its clients, FBLA should prioritize the development of an online presence. The corporation should invest in technology and internet services such as online banking, account management, and payment services. Furthermore, the firm should have a complete customer service plan that includes a customer service website, support, and other methods via which consumers may contact the organization.
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personal selling can be a part of ____ and involves direct spoken communication between sellers and customers.
Personal selling can be a part of Promotion and involves direct spoken communication between sellers and customers.
Promotions cover the full range of actions taken to inform customers about a given good, service, or brand. The goal is to raise awareness, draw attention to, and encourage consumers to purchase the product over competing options. There are various different kinds of promotions. A promotion can include increasing an employee's position, spreading word about certain product bargains, or generating interest in undervalued stocks. In the marketing industry, promotions are routinely given. The most frequent usage of the phrase is in reference to a work promotion. Giving out coupons or vouchers, temporarily lowering prices through discounts, offering samples, holding giveaways, holding flash sales or buy one get one free deals, and many other techniques are examples of sales promotion that is frequently employed.
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several factors that are probably more important to an explanation of differential economic growth rates over time than culture include
Several factors that are probably more important to an explanation of differential economic growth rates over time than culture include:
Natural resources: The availability and quality of natural resources, such as land, water, minerals, and energy, can have a significant impact on a country's economic growth.Infrastructure: Well-developed transport, communication and electricity infrastructure can facilitate economic activity and support growth.Education and human capital: A highly educated workforce with the skills necessary to participate in a modern economy can drive economic growth.Political and legal institutions: Stable political and legal systems that provide a predictable and transparent business and investment environment can support economic growth.Technology: The adoption of new technologies and innovations can increase productivity, competitiveness and drive economic growth.Access to finance: Access to capital and credit can help businesses thrive and create jobs, contributing to economic growth.Trade and globalization: Open trade policies and participation in the global economy can provide access to new markets and facilitate the exchange of goods and services, contributing to economic growth.The rate of economic growth refers to the rate at which a country's gross domestic product (GDP) increases over a period of time, usually measured from year to year. It is an indicator of increased production of goods and services in an economy. A higher economic growth rate indicates that the economy is expanding and becoming more productive, while a lower growth rate indicates that the economy is slowing or contracting.
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Which business letter feature is found at the top of the page?
Header
Hard copy business letters feature a header that includes the sender’s name, phone number, address and email address, which may be left or right justified or centered at the top of the page. This is followed by the date the letter was sent, which in turn is followed by the “inside address.”
All of the following are ways to improve quality except: a. Implementing a new information system b. Reducing cycle time c. Improving production precision d. Improving products and services based on customer demands e. Simplifying the production process
The following strategies can all be used to raise quality, with the exception of putting in a new information system. So, the right choice is A.
Processes must be constant across time and across the entire organization for small and midsize organizations to increase quality. The simplest approach to do this is to document your processes and make sure that the real method the work is done matches the documentation.
Increased customer loyalty is a benefit of using quality control in manufacturing.
Obtain recurring business.Obtain new clients by word-of-mouth.Maintain or strengthen your market position.Boost security.Cut back on liability risks.bolster the overall reputation of your product's brand.To know more about information system, click the below link
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what is the total dollar amount owed to riegel motors company by its customers at december 31, 2015
The information of he total dollar amount owed to riegel motors company by its customers at december 31, 2015 is not publicly available.
Total amount owed to Riegel Motors Company by its customers" would be the sum of all outstanding balances owed by customers for goods or services purchased from the company.
This information would typically be recorded in the accounts receivable section of the company's balance sheet.
It is important to note that the total amount owed to Riegel Motors Company by its customers may change frequently due to customers making payments or incurring new debts to the company.
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Explain how an HIM manager might use the AHIMA Code of Ethics to guide behavior and decision making in an HIM department.
The HIM manager use the AHIMA code of Ethics to guide Behavior and decision making in an HIM department because AHIMA code of ethics has an obligation to demonstrate actions that reflect values and improve overall quality of healthcare.
AHIMA code of ethics credentialed HIM professionals include providing service, protecting medical, social, and financial information, promoting confidentiality; and preserving and securing health information.The AHIMA Code of Ethics serves Promotes high standards of HIM manager, Summarizes broad ethical principles that reflect the profession's values.Establishes a set of principles to be used to guide decision-making and actions. AHIMA code of ethics provide a framework for professional behavior and responsibilities when professional obligations conflict or ethical uncertainties arise.
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Is it better to have an LLC or a corporation?
It better to have corporation because LLCs are preferred by small, owner-managed enterprises that want flexibility without a lot of corporate formality, corporations are a smart option for a business that expects to seek outside investment.
With an LLC, you can take use of both the benefits of the corporation and partnership firm structures. LLCs typically protect you from personal liability. Your personal assets, such as your car, house, and savings accounts, won't be in jeopardy if your LLC files for bankruptcy or is sued.
In comparison to a sole proprietorship or general partnership, an LLC typically costs more to establish and manage. States impose a fee at initial formation. Many states also charge recurring costs, such as franchise tax or annual report fees. Consult the Secretary of State's office in your state.
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Describe a situation in which a person allowed a stereotype related to age to affect something that was said or done. The situation can be a real one you have witnessed or one you have read about or seen on TV.
A situation where a person has allowed an age-related stereotype to affect something that was said or done could be a woman struggling to enter the workforce because of her age.
What is ageism?It corresponds to a type of prejudice existing in society, where the individual is negatively characterized according to her age, and this can affect both social and professional life.
Therefore, all forms of prejudice must be extinguished, be it racial, gender or age prejudice, as is the case with ageism, because every individual must be respected as he is.
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if the popularity of eating pizza for lunch increased, what would happen to the demand for a slice of pizza?
The demand for a slice of pizza would increase. It also can impact to the causing a shift in the demand curve to the right.
In economics and business, demand generally can be defined as the quantity of a good that consumers are willing and able to purchase at various prices during a given time. The demand curve also can be defined as The relationship between price and quantity demand. The demand of product can be classified into several types, such as elastic demand, inelastic demand, or unitary demand. Demand and the quantity is different, Demand refers to the willingness of consumers to buy different amounts of products or services at different price.
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the task of stitching together a strategy does not involve addressing
The task of stitching together a strategy does not involve addressing every single detail or nuance of the plan. Instead, it is focused on identifying the key components and priorities that will guide the overall plan.
It is like putting together a puzzle, where the strategy is the final picture, and the pieces are the individual elements of the plan. In this sense, the task of stitching together a strategy is more about understanding the big picture and ensuring that all the pieces fit together seamlessly.
Another aspect that is not involved in the task of stitching together a strategy is the constant revision and refinement of the plan. While it is important to continually evaluate and adjust a strategy as needed, the focus at this stage is on putting the plan together and ensuring its overall viability.
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a retail store owner e-mailed an electronics supplier an offer to buy 300 flash drives imprinted with the retailer's trademark at $2 per flash drive. the supplier immediately e-mailed back his acceptance. a week later, the retailer telephoned the supplier and truthfully explained that she had made an error in her order-it should have been for 200 flash drives. she asked if she could reduce her order to 200. the supplier thought the imprinting process was not yet completed and so agreed to reduce the order to 200. after the phone call, the supplier discovered that all 300 flash drives had already been imprinted. he delivered the 300, but the buyer accepted only 200. can the supplier recover damages with respect to the 100 flash drives that were not accepted?
According to the conditions of the contract made between the store and the supplier. If the original email correspondence and the subsequent phone call resulted in a legally enforceable contract, and its terms required the supplier to produce 300 flash drives bearing the retailer's brand, the supplier could be entitled to compensation for the 100 drives that were rejected. However, if the phone call was seen by both parties as a change to the original contract and the supplier agreed to decrease the order to 200 flash drives, the supplier would not be allowed to seek compensation for the 100 flash drives that were rejected.
What is a contract?
A legally binding agreement between two or more parties is referred to as a contract. Under a contract, each party is required to abide by a set of terms and conditions after making and accepting an offer. Contracts can be verbal or written and are enforceable in court. A contract is crucial because it specifies the parameters of a relationship or business transaction, ensuring that all parties are aware of their obligations and responsibilities. By outlining specific requirements and the penalties for non-performance, contracts can assist to avoid misunderstandings and disagreements. Contracts also give parties a way to hold one other to their promises and may be used as proof in court if there is a dispute. In both corporate and personal activities, contracts are essential for promoting stability and confidence.
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a retail store owner e-mailed an electronics supplier an offer to buy 300 flash drives imprinted with the retailer's trademark at $2 per flash drive. the supplier immediately e-mailed back his acceptance. a week later, the retailer telephoned the supplier and truthfully explained that she had made an error in her order-it should have been for 200 flash drives. she asked if she could reduce her order to 200. the supplier thought the imprinting process was not yet completed and so agreed to reduce the order to 200. after the phone call, the supplier discovered that all 300 flash drives had already been imprinted. he delivered the 300, but the buyer accepted only 200. can the supplier recover damages with respect to the 100 flash drives that were not accepted?
of the units sold, 8 are from the december 7 purchase and 7 are from the december 14 purchase. determine the costs assigned to ending inventory when costs are assigned based on specific identification.
Determine the cost of your most current inventory in order to compute COGS (Cost of Goods Sold) using the LIFO method. Add the quantity of inventory sold to it.
What Is LIFO method ?Last-In, First-out is also known as LIFO.The LIFO approach, which is the antithesis of FIFO, is based on the premise that the most recent additions to a company's inventory are sold first. For the COGS (Cost of Goods Sold) calculation, the corporation will use those inventory expenses.When inventory costs are rising—possibly as a result of inflation—the LIFO technique of financial accounting may be preferred over FIFO. Due to the more expensive inventory goods being sold off first when using FIFO, the cost of a sale will be higher. Furthermore, since a business will be producing less profit, its taxes will be lower. These savings could be substantial for a corporation over a long period of time.Only in the US is using the LIFO approach permitted.The Complete Question.
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1. what 3.try to identify two possible weaknesses of the business case. role does a business case serve in project management?
A business case is an important document used in project management to evaluate the feasibility and potential benefits of a proposed project. The purpose of a business case is to provide decision-makers with a clear and concise assessment of the costs, risks, and benefits associated with a project, in order to help them determine whether it is worth pursuing.
The role of a business case in project management is to provide a comprehensive overview of the project, including its objectives, scope, budget, timeline, and expected outcomes. By providing this information, a business case helps project managers to justify the allocation of resources and support for a project, and it helps decision-makers to evaluate the potential benefits and risks associated with the project.
In order to effectively evaluate a project, it is important to identify possible weaknesses in the business case. Two possible weaknesses of a business case include:
Over-optimism: Business cases often rely on estimates and projections, and it is possible for these estimates to be overly optimistic. This can lead to a project that ends up being more expensive or taking longer than expected.Lack of consideration for external factors: A business case should take into account any external factors that may impact the project, such as changes in the market, technology, or competition. If these factors are not considered, the business case may not accurately reflect the true potential benefits and risks of the project.It's important to keep these potential weaknesses in mind when evaluating a business case, as they can help to ensure that the project is well-designed and that the resources allocated to it are used effectively. By providing a comprehensive overview of the project, a business case can help project managers to make informed decisions and to ensure that the project is successful.
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