Because this transaction meets the control of the corporation requirement, Janice has income of $0 and Thom has income of $40,000.
What is transaction?An executed contract between a buyer and a seller to trade goods, services, or financial assets in exchange for money is known as a transaction.
The phrase is also frequently used in business accounting. This straightforward definition might be challenging in corporate bookkeeping. Depending on whether a corporation utilizes accrual accounting or cash accounting, it may record a transaction sooner or later.
Regardless of when payment is received or paid, accrual accounting records a transaction as soon as it is complete. Smaller businesses tend to employ cash accounting, which only records transactions when cash is received or dispersed.
Regardless of when money is collected or expenditures are paid, the accrual accounting technique mandates that a transaction be recorded as soon as it takes place.
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When Ford Motor Company is familiar with a product and supplier, but decides to seek additional information on new products in the marketplace, it is in the process of a(n) _____.
a) straight rebuy,
b) modified rebuy,
c) new purchase,
d) adapted rebuy,
e) aspirational purchase.
When Ford Motor Company is familiar with a product and supplier, but tries to seek additional information on new products in the marketplace, it is in the process of a "modified rebuy", so correct answer choice is option B.
In a modified rebuy, a buyer is familiar with a product and supplier but needs to gather more information or consider additional options before making a purchase decision. This type of purchase decision involves some level of evaluation and consideration of alternatives, but not to the extent required for a completely new purchase. In a modified rebuy, the buyer may revisit the criteria used to evaluate suppliers or products and consider additional factors that were not important in previous purchase decisions.
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How would each of the following affect the U.S. market supply curve for corn? a. More fuel-efficient tractors are developed. v. The supply curve for corn would b. The price of farm equipment falls. . The supply curve for corn would C. The government requires farmers to pay higher wages to farm workers. The supply curve for corn would
d. A tornado sweeps through lowa. The supply curve for corn would (Click to select)
In each scenario, it will result in a rightward shift of the supply curve.
Which circumstance would cause a rightward shift in the corn supply curve?Crop rotation is done in a novel and enhanced way. Crop production will therefore grow as a result of improved crop rotation techniques that increase resource efficiency. The supply curve is shifted to the right as a result of the increase in corn supply on the market.
Which factors affecting supply determine whether corn is available?The primary determinant of maize supply is the area harvested. While it is elastic over the long term, the supply elasticity of production is inelastic in the near term. Both in the short and long terms, the supply elasticity of the harvested area.
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TRUE/FALSE. question content area industries that typically use process costing include chemicals, oil, metals, food, paper, and pharmaceuticals.
The statement is TRUE.A number of investigations undertaken between the late 1800s and the early 1900s discovered that diabetes is caused by a lack of a substance that the pharmaceuticals pancreas typically generates.
In 1869, Oskar Minkowski pharmaceuticals and Joseph von Mering discovered that canine diabetes may result from surgically removing the pancreas. Using injections of pancreatic extract, Canadian professor Frederick Banting and his student Charles Best were able to reduce the symptoms associated with pancreas removal in a second study that was completed in 1921. The extract was rapidly demonstrated to work in people, but due to difficulties in producing the chemical in sufficient quantities and with reproducible purity, insulin therapy was delayed from becoming a common medical practise. The company's Eli Lilly.
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A certain bond was issued a few months ago, but since then the company that issued the bond has fallen on hard times, and investors perceive the bond to be riskier than it was when it was issued. We should expect that compared to when the bond was issued ________.
a. its price is now lower and its expected return is lower
b. its price is now higher and its expected return is higher
c. its price is now higher and its expected return is lower
d. its price is now lower and its expected return is higher
It is reasonable to assume that the bond's price has decreased since it was first issued and that its projected return has increased.
What does an increased estimated return mean?An estimate of the typical return that a portfolio of investments or a single investment should generate over a given time period is called the anticipated return. More predicted returns are often required for riskier investments to offset the increased risk.
Do you prefer high predicted returns?Most investors would view an average yearly rate of return of 10% or higher as a respectable ROI for long-term stock market investments.
What does it signify when the expected return is higher than the necessary return?It is meant to compensate the investor for the inherent risk of the transaction. If the expected return is less than or equal to the required rate of return, the investor won't make the investment. The needed rate of return may also be referred to as the hurdle rate of return.
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Select which of the ways that entrepreneurs improve the economy is being described:Services range from health care to education and are provided to people by the government, this is an example of ___O demand for productsO new businessO taxesO self-confidenceO new technology
None of the options listed describe the way that entrepreneurs improve the economy, especially the option listed here which describes services provided by the government, not entrepreneurs.
Entrepreneurs are individuals who identify opportunities to create and sell new products or services, and in doing so, they can create new jobs, generate wealth, and contribute to economic growth. Therefore, some of the ways that entrepreneurs improve the economy include:
Creating new jobs and providing employment opportunities.Driving innovation and the development of new products and services.Generating wealth and contributing to economic growth.Increasing competition in the market, which can lead to better quality products and services at lower prices.Encouraging entrepreneurship and business growth in the local community.These are just a few examples of how entrepreneurs can positively impact the economy.
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Grey Company received a bill of $2,800 from the Sloan Advertising Agency. The owner is postponing payment of the bill until a later date. The effect on the basic accounting equation is
The owner is postponing payment of the bill of $2,800 until a later date. The effect on the basic accounting equation is it will increase the Liability. Asset = Equity + Liability
What is a liability?A liability is a term that is use to describe any kind of financial obligation that a business has to pay at the end of an accounting period to a person or a business.
The liabilities are settled by transferring economic benefits such as money, goods or services. are recorded on the right hand side of the balance sheet, which includes different types of loan, creditors, lender and suppliers.
The owner is postponing payment of the bill of $2,800 until a later date. The effect on the basic accounting equation is it will increase the Liability.
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true/false. decision trees are a visual representation of the sequential choices that financial decision makers face when making capital budgeting and investment
The following is how decision trees are arranged: A significant choice is made by an individual, such as when deciding between two competing businesses or starting a capital project.
These choices, which are frequently represented by decision nodes, are based on the results that can be anticipated from executing various actions. Decision businesses Trees are a Net Present Value (NPV) computation used in financial analysis that combines several future scenarios depending on their propensity to occur.
The total of all alternative alternatives' cash flows, businesses according to their assigned probabilities, makes up the cash flows for a particular decision. The decision-tree displays the size, likelihood, and interdependence of every potential outcome of an investment proposal.
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FILL IN THE BLANK. One advantage of a wiki is that it promotes ____________, which is the practice of tapping into the combined knowledge of an online community to solve problems and complete assignments.
Answer:
crowd sourcing
Explanation:
the answer is crowd sourcing
If the supplies account is not adjusted, which of the following would occur?a. Assets and expenses would be overstated.b. Assets and expenses would be understated.c. Assets would be understated, and expenses would be overstated.d. Net income and stockholders' equity would be overstated.
Assets and expenses would be overstated is not adjusted. By including fictitious asset costs or manufactured revenues, overstating assets and revenues presents a company as being financially stronger than it actually is.
Excluding expenses or debt obligations reveals understated liabilities and costs. Both strategies boost the company's revenues and net worth. You'll overpay income tax if you overstate sales or understate expenses. You need to be familiar with how an income statement functions in order to comprehend why. Financial misstatements can occasionally be a result of mistakes or inaccurate data. Due to inaccurate valuations or appraisals at the end of the year, assets may be overstated.
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Suppose that with a budget of $190, Deborah spends $114 on sushi and $76 on bagels when sushi costs $2 per piece and bagels cost $2 per bagel. But then, after the price of bagels falls to $1 per bagel, she spends $50 on sushi and $50 on bagels.
a. How many pieces of sushi and how many bagels did Deborah consume before the price change?
Pieces of sushi = .
Bagels = .
b. At the new prices, how much money would it have cost Deborah to buy those same quantities (the ones that she consumed before the price change)?
$.
c. Given that it used to take Deborah’s entire $190 to buy those quantities, how big is the income effect caused by the reduction in the price of bagels?
$.
Deborah consumed 21 pieces of sushi and 18 bagels before the price change.
What is Budget?This refers to the financial planning that is made in order to plan and spend properly
a. Before the price change, let the number of pieces of sushi Deborah consumed be x and the number of bagels be y. We can set up two equations based on the given information:
2x + 2y = 114
2x + y = 57
Solving these equations, we get x = 21 and y = 18.
Therefore, Deborah consumed 21 pieces of sushi and 18 bagels before the price change.
b. At the new prices, each piece of sushi costs $2 and each bagel costs $1. So, if Deborah had bought the same quantities as before the price change, she would have spent:
21 x $2 + 18 x $1 = $60
c. Before the price change, Deborah spent her entire budget of $190 on 21 pieces of sushi and 18 bagels. After the price change, she spent $100 on the same quantities. The income effect can be calculated as the difference in the amount spent before and after the price change, which is:
$190 - $100 = $90
Therefore, the reduction in the price of bagels had an income effect of $90 on Deborah.
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Give an example of the fourth step of implementing controls, in a 5 step risk management process?
An example of the risk management process is evaluating risk control solutions for a summertime road march.
The process of discovering, monitoring, and controlling possible risks can be viewed as risk management. Although the fourth phase of risk control identifies heat stress as a hazard, this is done to lessen the potentially damaging effects that risk may have on an organization. Prioritizing risks, taking action against them, and keeping an eye on them are the three processes in the deployment of IT security management procedures. The goal of IT security management is to spot emerging security issues and take appropriate action. Through three processes, they manage information system risks. To ensure that risk management is carried out correctly, IT security management is put into place. It assesses the efficiency of security measures.
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which of the following may reduce continuance commitment in foreign-born employees relative to other workers?
Experiencing a weaker fit with their new geographic area may reduce continuance commitment in foreign-born employees relative to other workers. Employees who feel compelled to remain with their company because leaving would result in lower pay and benefits are a good example of continuance commitment.
According to our findings, continuance commitment is positively correlated with emotional exhaustion, which in turn causes more silent behaviour, particularly in older employees; the indirect effect is more important. A person who feels they will lose more by leaving than they will gain is said to have a continuation commitment.
The que is incomplete complete que is given below:
a. Experiencing a weaker fit with their new geographic area.
b. Having fewer links to their community.
c. Feeling less embedded in their current jobs.
d. Not being aligned with the organizational goals
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all of the following might reasonably be expected to shift the demand curve for beef to a new position except
All of the following might reasonably be expected to shift the demand curve for beef to a new position except a decrease in the price of beef.
What cause a shift on demand curve of a product?When a demand determinant other than price changes, the demand curve shifts. It happens when the demand for goods and services shifts.
Changes in tastes, population, income, prices of substitute or complement goods, and expectations about future conditions and prices are all factors that can shift the demand curve for goods and services, causing a different quantity to be demanded at any given price.
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Charlene opens a brokerage account and decides to leverage her returns. she buys 300 shares of goog at $100 per share. since she only has $20,000 in her account, she borrows the rest from her broker at an annual interest rate of 8%. If the share price falls to $30 per share by the end of the year, what is the remaining margin in her account?
The remaining margin in Charlene's account is $0 as she would have a negative balance of $1,000.
First, let's calculate the total cost of the 300 shares of GOOG that Charlene bought, which is:
300 shares x $100 per share = $30,000
Since Charlene only had $20,000 in her account, she borrowed the remaining $10,000 from her broker at an annual interest rate of 8%. This means that at the end of the year, she will have to pay:
$10,000 x 0.08 = $800 in interest
Now let's see what happens if the share price falls to $30 per share by the end of the year. The value of Charlene's investment would then be:
300 shares x $30 per share = $9,000
This is a loss of:
$30,000 - $9,000 = $21,000
Since Charlene only had $20,000 in her account, she would have a negative balance of $1,000. This means that she would not have any remaining margin in her account, and she would have to pay back the $1,000 she owes to her broker. In addition, she would still have to pay the $800 in interest.
In summary, leveraging her returns can amplify both gains and losses. In this case, the loss was greater than her initial investment, and she had to pay back the borrowed money and interest. It is important for investors to be aware of the risks and potential consequences of leveraging before deciding to use it.
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Accounts Requiring AdjustmentIndicate with a Yes or No whether or not each of the following accounts normally requires an adjusting entry:a. Building YES/NOb. Cash YES/NOc. Interest Expense YES/NOd. Miscellaneous Expense YES/NOe. Common Stock YES/NOf. Prepaid Insurance YES/NO
The stock control system uses an actual count of the inventory to value it for financial reporting purposes at regular intervals.
With this form of accounting, beginning inventories are taken at the start of each shift, new stock items are added over the course of the period, and ending inventories are to determine the price of the goods sold, subtract (COGS). A corporation won't be aware of its unit product offers or COGS under the periodic inventory technique until the entire operation is finished. This strategy might be effective for a company with a small percentage of SKUs operating in a slow industry, but for all other companies, the permanent inventory management system is preferred for the following significant reasons: The periodic technique takes time and could produce stale data that is less useful for management.
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assume the following information concerning two stocks that make up an index. what is the price-weighted return for the index? (do not round intermediate calculations. enter your answer as a percent rounded to 2 decimal places.) price per share shares outstanding beginning of year end of yearkirk, inc. 36,000 $43 $47 picard co. 26,500 74 83
We must first determine the index's starting and ending values before we can calculate the price-weighted return. Price-weighted return for the index = 7.75%.
What is price-weighted return?A price-weighted index is a stock index in which the proportion of each firm's share price in the overall index is based on the share price per business.
The value of the index may be calculated simply by summing the prices of all the stocks that make up the index and dividing the result by the total number of firms.
The performance of the index will be more impacted by a stock with a higher price since it will be given more weight than a stock with a lower price.
In terms of their contribution to the index value and fluctuations in the index, stocks with higher prices are given more weight in price-weighted indices.
A price-weighted index can be used to monitor a market's average stock price.
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cho's performance pizza is a small restaurant in dallas that sells gluten-free pizzas. cho's very tiny kitchen has barely enough room for the three ovens in which her workers bake the pizzas. cho signed a lease obligating her to pay the rent for the three ovens for the next year. because of this, and because cho's kitchen cannot fit more than three ovens, cho cannot change the number of ovens she uses in her production of pizzas in the short run.
These labourers are short-term variable inputs, whereas ovens are long-term fixed inputs.
What is short-term variable inputs?Inputs that are subject to the fluctuation and can have their quantities changed are known as variable costs or inputs in the short term. In this scenario, Cho's has the ability to alter both the personnel and the variable inputs.
These costs can't be changed or amended in the near future, just like fixed inputs cannot. Cho's Kitchen is only allowed to have a maximum of three ovens because she had signed a lease for them. As these costs are fixed, the oven qualifies as a Fixed Input.
Workers Output Marginal product Total cost
0 0 ---- 30
1 50 50 30+30 = 60
2 90 90-50 = 40 30+60 = 90
3 120 120-90 = 30 30+90 = 120
4 140 140-120 = 20 30+120 = 150
5 150 150-140 = 10 180
Total cost = Fixed cost + Variable cost.
Variable cost increased by $30 with every worker because wage rate is $30.
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Complete question:
Sasha, the marketing head of a firm, believes that customers hire products to do jobs for them and that these jobs should be the basis for market segmentation. In this case, which of the following is Sasha likely to approve?
Segmentation based on the functions provided by a product
Segmentation based on age and gender of end consumers
Segmentation based on socio-economic factors of customers
Segmentation depending on the features a product offers. According to Sasha, the marketing director of a company, and these tasks should serve as the basis for market segmentation.
Which of the following is true of competitive advantage and comparative advantage in general?The terms "comparative advantage" and "competitive advantage," as a rule, apply to nations, as do comparative advantage and competitive advantage.
What characteristics define a market that is completely competitive?A market with perfect competition is one in which there are many consumers and sellers of identical goods. This suggests that each product can be used in its place perfectly.
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Which of the following are components of price? (Select all that apply.) A. Time B. Energy C. Money D. Cultural imperialism. E. Ethical climate.
Price is made up of three factors: time, energy, and money.
What are the elements of the quizlet on the price-value equation?Customer-focused pricing emphasises the price-value relationship: Perceived Benefits - Perceived Costs equal value. The business can either raise perceived advantages or decrease perceived costs to increase value.
Which component of the marketing mix is in charge of telling customers what they can expect?Promotion. Consumers are to be convinced that they require this goods and that its price is reasonable through promotion. Public relations, advertising, and the whole media plan used to launch a product are all included in promotion.
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t/f one of the prominent business uses of blogs is to provide up-to-date company information to the press and the public.
True - One of the prominent business uses of blogs is to provide up-to-date company information to the press and the public.
One of the prominent business uses of blogs is to provide up-to-date company information to the press and the public.
Companies can use blogs to share news, announcements, product updates, press releases, and other important information.
This helps to keep customers, investors, partners, and other stakeholders informed about what’s going on in the company. It also helps to build trust and transparency, which can help to attract and retain customers.
Blogs also provide a way for companies to communicate quickly and effectively with their target audience, allowing them to respond to questions, concerns, and feedback quickly.
Blogs are a great way for businesses to stay connected with their customers, and keep them informed about their latest news and updates.
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"Hello, ask this same task on helperqna.com and our team of experts or other members will answer it in a matter of minutes, completely free and without advertising." This app gave me the answers in seconds
That's great! Helpe rQnA is an amazing resource for getting answers to all sorts of questions quickly and easily. It's a great way to get help with any academic or professional project that you may be working on.
What is project?A project is a temporary endeavor undertaken to create a unique product, service, or result. It is typically defined by a set of activities that must be accomplished within specific constraints such as time, cost, and resources. Projects are used to achieve a specific goal, such as developing a new product or providing a service. Projects help organizations manage and complete tasks, build better relationships with customers, and improve operations. Projects may involve a variety of stakeholders and require careful planning, coordination, and execution to be successful.
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You are considering investing in Property B in question 5. The listing price of the property is $11 million. You know that the historical annual returns on this type of property has been 10%, and the historical risk premium on this type of property has been 5.5%. In alternative investments tools, the prices of zero coupon treasury bonds are as follows: Prices of zero coupon treasury bonds (denomination = $1,000)
Maturity(yr) 1 2 3 4 5 6 7 8 9 10
Price $971 $934 $889 $839 $784 $725 $665 $604 $544 $485
How much is the property worth? Is this a good investment opportunity?4
The property is worth approximately $7.5 million which is significantly lower than the listing price of $11 million and it may not be a good investment opportunity.
To calculate the worth of the property, we can use the discounted cash flow (DCF) method. First, we need to estimate the future cash flows of the property, which will be the rental income minus any expenses associated with the property, such as taxes, maintenance, and insurance.
Let's assume that the expected cash flows for the next 10 years are $1.1 million annually, and we will sell the property at the end of 10 years for $15 million.
Next, we need to calculate the present value of the cash flows by discounting them to the present using a discount rate. Since the historical annual return on this type of property has been 10%, and the historical risk premium has been 5.5%, we can use a discount rate of 15.5% to account for the risk of the investment.
Using a financial calculator or spreadsheet, we can discount the cash flows and the sale price to get their present values. Then, we can sum up the present values to get the net present value (NPV) of the investment. If the NPV is positive, then the investment is worth considering.
Based on the given assumptions, the property is worth approximately $7.5 million. However, this is significantly lower than the listing price of $11 million.
Therefore, it may not be a good investment opportunity unless there is potential for the property to generate higher cash flows or appreciate in value. Additionally, it is important to consider other factors such as the location, condition of the property, and market trends before making a final decision.
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consider the following normal form game with the payoff matrix as below: player 2 A B CA 5,5 4, 11 2, 14player 1 B 9,4 8, 10 2, 13C 10, 2 7,9 1, 101. what combination of strategies maximizes total payoffs? 2. do either of the players have any strictly dominant strategies? which ones? 3. find all pure strategy nash equilibria.
In this normal-form game with the payoff matrix, some players have a rigid dominant strategy.
What is a normal-form game?A matrix that depicts the players, strategies, and payoffs is typically used to represent the normal (or strategic form) game. When a game is presented in its normal form, it is assumed that each player acts simultaneously or, at the very least, without knowledge of the other's actions.
The game's normal-form representation includes all observable and possible strategies, as well as their associated payoffs, for each player. In contrast to extended form, normal-form representations use a matrix to represent the game rather than graphics.
Therefore, in this normal-form game some players have strictly dominant strategies.
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If buyers seek a mortgage on a single-family house, they would be LEAST likely to obtain the mortgage from a____
If buyers seek a mortgage on a single-family house, they would be LEAST likely to obtain the mortgage from an Investment banker.
Investment bankers provide a variety of services related to investments such as issuing stocks and bonds and providing advice on mergers and acquisitions. Investment bankers do not provide mortgages.
Buyers seeking a mortgage on a single-family house would be more likely to obtain the mortgage from a credit union, commercial bank, or mortgage broker.
Credit unions, commercial banks, and mortgage brokers specialize in providing mortgages and are more likely to have the expertise and resources necessary to provide the mortgage.
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true/false. under the concept of work made for hire, documents written on the job by an employee being paid by the organization are the property of the organization.
It is false that under the concept of hired labor, documents written by an employee paid by an organization while on the job are owned by the organization.
"Rented Works" is a doctrine created by United States copyright law. Generally, the person who creates a work is considered its "author" and automatically owns the copyright in that organization. However, according to the commissioned work principle, your employer or the company that commissioned your work, not you, is considered the author and automatic copyright holder of your work.
Under old copyright law (before 1976), it was relatively easy to commission a freelancer's work. Many contracts still use the original contract language. However, the standards for hiring agency workers are now very strict.
Under current law, there are only two ways in which the principle of commissioned works can be applied to graphic artists.
First, if you are a full-time employee, your employer automatically owns all work you do as part of your employment as contracted work.
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You’re trying to learn about where Dillard’s stores are located to identify locations for the next additional store. Consider the STORE table. What questions could be asked about store location given data availability?
Some questions concerning Dillard's store locations that may be posed based on the data in the STORE table include: Dillard's shops are situated in which cities/states.
How many Dillard's stores are there in each city/state What is the location of each Dillard's How much space does each Dillard's shop have How much do Dillard's stores sell on average in each city/state What is the demographic makeup of the neighborhoods where Dillard's shops are located What is the distance between Dillard's stores and key roads or transportation hubs Are there any other significant businesses or shopping malls close to Dillard's locations What is the level of competition in each city/state where Dillard's operates a store Is there any particular Some questions concerning Dillard's store locations that may be posed based on the data in the STORE table include.
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Suppose you deposit money in a certificate of deposit (CD) at a bank. Which of the following statements is TRUE? P Flag question Select one: The bank is lending money to you with a promise to repay that money with some interest. The bank is borrowing money from you without a promise to repay that money with some interest. The bank is technically renting money from you with a promise to repay that money with interest. The bank is lending money to you, but not borrowing money from you
The statement that is true when you deposit money in a certificate of deposit (CD) at a bank is: "The bank is technically renting money from you with a promise to repay that money with interest." (Option C).
What is Certificate of Deposit?A Certificate of Deposit (CD) is a type of savings account offered by banks and other financial institutions. When you open a CD, you agree to deposit a certain amount of money for a fixed period of time, which can range from a few months to several years.
When you deposit money in a certificate of deposit (CD), you are essentially loaning your money to the bank for a fixed period of time. In return, the bank promises to repay your money with interest when the CD matures. This arrangement is similar to renting because the bank is using your money for a period of time and paying you a fee (interest) for the use of that money.
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As demonstrated in both the 3M example here and the Starbucks example in the textbook, senior managers have a vital role in the planned emergence process. Which of the following best describes that role?
As senior managers have a vital role in the planned emergence process, the statement that best describes that role is executives decide which projects to shut down and which to continue. (Option E)
In reference to planned emergence process, a planned strategy refers to the type of strategic plans based on a formal process of setting corporate goals and developing a consistent and clear business strategy to achieve those goals with the resources available.
Emergent strategy, a term originally used by Professor Henry Mintzberg, refers to "a pattern of action that develops over time in an organization in the absence of a specific mission and goals, or despite a mission and goals". Emergent strategy develops from unplanned actions and initiatives from within an organization and generally is the product of spontaneous innovation. It results from the daily prioritization and investment decisions made by individual contributors.
Based on the given examples, the products were developed successfully due to senior managers having faith in the employees and allowing them to innovate. Hence, executives decide which projects to shut down and which to continue.
Note: The question is incomplete. The complete question probably is: As demonstrated in both the 3M example here and the Starbucks example in the textbook, senior managers have a vital role in the planned emergence process. Which of the following best describes that role? Multiple Choice A) Executives provide a mission that fosters conformity and cohesiveness. B) Top executives decide who to assign to specific projects C) Senior leaders must add the emergent idea to the list of scenarios D) Top managers need to provide financial rewards to emergent creators E) Executives decide which projects to shut down and which to continue.
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A business owner is aware that the Department of Labor has created rules
that require overtime pay for employees. When he works his employees more
than 40 hours in one week, he makes sure that he works them less than 40
hours the following week. The business owner feels that it is fair to average
the number of hours worked over the two weeks covered by the pay period
and use that number for calculating overtime pay. A representative of the
Department of Labor informs him that their regulations do not permit this.
Which of the following is true in this situation?
A. The business owner is only obligated to follow the regulations of
the Department of Labor if one of his employees files a formal
request.
B. Because the Department of Labor is merely a government agency,
their regulations do not have the force of law and can be viewed
as guidelines rather than requirements.
C. The regulations of the Department of Labor have no authority over
private businesses, only over public corporations.
• D. The regulations of the Department of Labor are administrative law
and must be followed by the business owner.
Business refers to an enterprising entity or organization that carries out professional activities.
What is the meaning of Business?An innovative company or group that engages in professional activities is referred to as a business. They could be industrial, commercial, or something else. For-profit businesses operate to make a profit, whereas those that are nonprofit do so to further a philanthropic cause.
An economic institution known as a business produces and/or distributes goods and services to make money and accumulate wealth. Whatever the type of business entity, such as a sole proprietorship, a Hindu undivided family, or a partnership firm.
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For each scenario, first label if it creates a producer or a consumer surplus. Then, after you have labeled the scenario, calculate the ensuing surplus. Alice is willing to spend $30 on a pair of jeans, and has a coupon for $10 off she found online. She selects and purchases a $35 pair of jeans, pre-discount. Jeff finds some steaks for $16 for which he would have been willing to pay $20. The butcher notices the meat is near the expiration Jeffs surplus: date and gives him an extra 75% off. Nicole has in her possession a hockey puck from the 2010 Winter Olympic Games and sells it on eBay. She will only sell the puck if Nicole's surplus: the winning bid is greater than or equal to $500. After bidding closes, the last bid stands at $500. Claire is trying to sell her used calculus textbook online. She asks for $150 or best offer and is willing to sell for anything over S$100. Claire's surplus: She is able to sell it for $125. Roy is willing to pay $2.50 for a sports drink. He notices the price is $2.79 and chooses not to purchase a sports drink.
Jeff's consumer surplus is $12. Nicole's producer surplus is $500. Claire's producer surplus is $25. His willingness to pay was $2.50 for him, but the price was $2.79 for him, so there is no surplus for either the producer or the consumer.
How to find the total surplus producer or the consumer?Alice's scenario creates a consumer surplus. Her willingness to pay for the jeans initially was her $30, but she was able to purchase them for her $25 (she got $10 off her $35 price tag). Therefore, Alice's consumer surplus is $5.
Jeff's scenario creates consumer surplus. The steak cost her $20, but I got it for $4 (original price of $16 for her minus a 75% discount for her). Therefore, Jeff's consumer surplus is $16 - $4 = $12.
Nicole's scenario creates producer surplus. She wanted to sell her hockey puck only if the winning bid was over her $500, but she just sold for $500. Therefore, Nicole's producer surplus is $500 - $0 (her cost) = $500.
Claire's scenario creates producer surplus. She was happy to sell the textbook for $100 or more and could sell it for $125. So Claire's producer surplus is $125 - $100 (her reserve price) = $25.
In Roy's scenario, she sports no surplus because she didn't buy a drink. His willingness to pay was $2.50 for him, but the price was $2.79 for him, so there is no surplus for either the producer or the consumer.
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