Shiigi Urban Diner is a charity supported by donations that provides free meals to the homeless. The diner's budget for May is to
be based on 3,320 meals. The diner's director has provided the following cost data to use in the budget: groceries, $4.00 per
meal; kitchen operations, $4,620 per month plus $1.75 per meal; administrative expenses, $3,820 per month plus $0.60 per
meal; and fundraising expenses. $1,720 per month
Required:
Prepare the diner's budget for the month of May. The budget will only contain the costs listed above; no revenues will be on the
budget.
Shiigi Urban Diner
Planning Budget
For the Month Ended May 31
Budgeted meals
3,320
Groceries
Kitchen operations
Administrative expenses
Fundraising expenses
Total expense
Answer:
Shiigi Urban Diner
Diner's Cost Budget for the month of May:
Fixed Variable Total
Budgeted meals = 3,320 units
Groceries $0 $13,280 $13,280
Kitchen Operations 4,620 5,810 10,430
Administrative Expenses 3,820 1,992 5,812
Fundraising Expenses 1,720 0 1,720
Total $10,160 $21,082 $31,242
Explanation:
Cost Data and Calculations:
Budgeted number of meals to serve = 3,320
Groceries = $4.00 per meal = $13,280 ($4 * 3,320)
Kitchen operations, $4,620 per month plus $1.75 per meal =
$4,620 + ($1.75 * 3,320) = 10,430
Administrative expenses, $3,820 per month plus $0.60 per meal =
$3,820 + ($0.60 * 3,320) = $5,812
Fundraising expenses, $1,720 per month
If fixed costs are $46,800, the unit selling price is $42, and the unit variable costs are $24, the break-even sales (units) if the variable costs are decreased by $2 is:__________ a. 1,950 units b. 2,340 units c. 1,114 units d. 2,127 units
Answer: b. 2,340 units
Explanation:
Break-even sales refers to the amount of sales that would give the company $0 profits.
It can be calculated by the formula;
= Fixed Costs / Contribution Margin
Contribution Margin = Sales - Variable costs
= 42 - (24 - 2)
= $20
Breakeven = 46,800/20
= 2,340 units
Last year Thomson Inc's earnings per share were $3.50, and its growth rate during the prior 5 years was 6.6% per year. If that growth rate were maintained, how many years would it take for Thomson's EPS to triple?
a. 17.19
b. 15.99
c. 13.41
d. 15.13
e. 15.81
Answer:
a. 17.19
Explanation:
We use the formula: A=P(1+r/100)^n
A= P ( 1+ 2/100) ^ n
Let P = $ 3.5
Hence, A= $ 3*3.50
= $ 10.50
Hence, 10.50 = 3.50*(1+6.6/100) ^n
or 3 = (1.066) ^ n
Taking log on both sides we get, log 3 = n log (1.066)
Hence, n = Log 3/ log (1.066)
n = 17.18909595 Years
During 2019, Lopez Corporation disposed of Pine Division, a major component of its business. Lopez realized a gain of $2,400,000, net of taxes, on the sale of Pine's assets. Pine's operating losses, net of taxes, were $2,800,000 in 2019. What is the gain or loss from discontinued operations reported net of taxes
Answer:
Continued operation = 0
Discontinued operation = $400,000
Explanation:
Lopez corporation realized a gain of $2,400,000
Pine operating losses were $2,800,000
Therefore the loss or gain from discontinued operation can be calculated as follows
= $2,400,000-$2,800,000
= -$400,000
= $400,000 loss
Hence continued operation is 0 and discontinued operation is $400,000
A project organization structure where team members report to a functional manager as well as to the project manager is called A. a matrix structure. B. a functional structure. C. a fixed structure. D. a pure project structure.
Answer:
A. a matrix structure.
Explanation:
A matrix organizational structure is a type work structure where reporting relationships between employees are set up as a matrix rather than the conventional hierarchy approach. This simply means, there are two (2) chains of command; employees have dual reporting relationships to both a project and functional manager.
The matrix organizational structure can be classified into three (3) categories, these are;
1. Weak matrix structure.
2. Balanced matrix structure.
3. Strong matrix structure.
In project management, a strong matrix is also known as the project matrix and it basically refers to a matrix project that is significantly similar or having close resemblance with the pure project. In the strong matrix structure, the project manager controls most of the project activities and functions, including the assignment and control of project resources.
This ultimately implies that the project manager primarily holds a full-time role and has a sole authority, and as such control the budget. The role of the functional manager is usually minimal.
Hence, a project organization structure where team members report to a functional manager as well as to the project manager is called a matrix structure.
if a bank has 120 million in deposits and 7 million in reserves with a reserve requirement of 0.05 how much its required reserves
Answer:
the required reserve is $6 million
Explanation:
The computation of the required reserve is shown below:
= Deposits made × reserve requirement ratio
= 120 million × 0.05
= $6 million
hence, the required reserve is $6 million
We simply applied the above formula so that the correct value could come
And, the same is to be considered
Also we ignored the reserves as it is not relevant
Neutral technical progress allows a firm to A. produce the same amount of output with the same inputs. B. produce more output with the same inputs. C. use less labor to produce more output. D. use less capital to produce more output.
Answer:
B) produce more output with the same inputs.
Explanation:
Hicks-neutral technical is a theory by
John Hicks and can be explained as a change in the function of the production of a particular business with respect to the neatral condition of economic system at that period. It should be noted that Neutral technical progress allows a firm to produce more output with the same inputs.
Iron Works International is considering a project that will produce annual cash flows of $38,000, $46,700, $57,400, and $22,900 over the next four years, respectively. What is the internal rate of return if the project has an initial cost of $113,000
Answer: 17.76%
Explanation:
The Internal Rate of Return is the discount rate that makes the Net Present Value equal to 0.
It can be calculated with several method such as using an Excel worksheet.
= IRR ( -113000,38000,46700,57400,22900)
= 17.76%
What is the next line?
>>> myDeque = deque('abc')
>>> myDeque.appendleft('x')
>>> myDeque
A. deque([ 'b', 'c'])
B. deque(['x', 'a', 'b', 'c'])
C. An error statement since deques do not have an appendleft method.
D. deque([' 'a', 'b', 'c', 'x'])
Answer:
B. deque(['x', 'a', 'b', 'c'])
Explanation:
>>> myDeque.appendleft('x') means you put an x in front of the deque.
Year Alta (Real GDP) Zorn (Real GDP) Alta (Population) Zorn (Population)
1 $2,000 $150,000 200 500
2 2100 $152,000 202 505
3 2200 $154,000 210 508
Between years 2 and 3 :
a. population fell in Alta.
b. Alta's real GDP grew more rapidly than Zorn's real GDP.
c. real GDP fell in Zorn.
d. population growth reduced Alta's real GDP growth to zero.
Answer: b. Alta's real GDP grew more rapidly than Zorn's real GDP.
Explanation:
Rte of growth for Alta's real GDP;
= (Year 3 GDP - Year 2 GDP) / Year 2 GDP
= (2,200 - 2,100) / 2,200
= 0.045
= 4.5%
Rate of growth for Zorn's real HDP;
= (154,000 - 152,000) / 152,000
= 0.013
= 1.3%
Zorn's real GDP grew slower than Alta's GDP
Signal mistakenly produced 1,075 defective cell phones. The phones cost $66 each to produce. A salvage company will buy the defective phones as they are for $38 each. It would cost Signal $86 per phone to rework the phones. If the phones are reworked, Signal could sell them for $136 each. Signal has excess capacity. Should Signal scrap or rework the phones.
Required:
Compute the incremental net income from reworking the phones.
Answer:
If the phones are reworked, income will increase by $12,900.
Explanation:
Because we need to determine the incremental income, we will not take into account the original costs. They remain constant in both options.
Sell as-is:
Effect on income= 1,075*38
Effect on income= $40,850 increase
Rework:
Effect on income= 1,075*(136 - 86)
Effect on income= $53,750
If the phones are reworked, income will increase by $12,900.
"________ is the difference between the average cost and price of all merchandise in stock as used by the middlemen."
Answer:
Markup
Explanation:
Markup is defined as the difference that exists between the selling price of a product and the average cost that was used in its production
This information is used by middle men to estimate the amount of profit they can make on sale of a product.
Usually the markup cost is incorporated into the cost incurred by the producer as a percentage of a product's cost.
This ensures middle men make some profit
Which is a monetary policy that would be useful in stopping deflation?
A)
decreasing taxation
B)
increasing the discount rate
C)
increasing government spending
D)
decreasing the reserve requirement
In most countries, ________ are the major buyers of goods and services. They typically require suppliers to submit bids and often award the contract to the lowest bidder.
A) consumer packaged-goods companies
B) government organizations
C) health services vendors
D) educational institutions
E) households
Answer:
B) government organizations
Explanation:
From the question, one might be tempted to believe that households(option E) is the correct answer, but households would not require suppliers to submit bids.
The process of requesting bids and awarding contracts to the lowest bidder is peculiar to government establishments as they often required to keep expenses at the lowest minimum possible in order to stay within the budget expenditure earmarked for the year.
All in all, without any iota of doubt, option B is the most appropriate in this circumstance
Suppose that the nominal exchange rate is 80 yen per dollar, that the price of a basket of goods in the U.S. is $500 and the price of a basket of goods in Japan is 50,000 yen. Suppose that these values change to 100 yen per dollar, $600, and 70,000 yenThen the real exchange rate would:________
a. appreciate which by itself would make U.S. net exports fall.
b. appreciate which by itself would make U.S. net exports rise.
c. depreciate which by itself would make U.S. net exports fall.
c. depreciate which by itself would make U.S. net exports rise
Answer:
a. appreciate which by itself would make U.S. net exports fall.
Explanation:
Nominal exchange rate 80 yen per $, cost of basket of goods in Japan is 50,000 yen = $625, while the same basket of goods costs $500 in the US. The relationship between Japan and the US is $500:$625 or 4:5 or 0.80.
If the nominal exchange rate increases to 100 yen per $, and the cost of the basket of goods is 70,000 yen = $700, while the same basket of goods costs $600 in the US. The relationship between Japan and the US is $600:$700 or 6:7 = 0.86.
Since the real exchange rate appreciated, US exports will become more expensive.
"A research survey with outcomes being defined as Poor, Average, Good, Excellent is a random experiment with random variable being of type"
a) Quantitative
b) Continuous
c) Ordinal
d) None of the above
Answer:
c) Ordinal
Explanation:
Ordinal variables use a type of scale or order, e.g. low income level, medium income level and high income level. Ordinal variables cannot be quantified by themselves, but they can be analyzed depending on the value that users assign them. In this case, you could analyze what % of users find that the product or service is excellent vs average.
If producers believe that the economy is strong so that investment spending increases, we would expect to see:__________
a. an increase in the demand for money.
b. a decrease in the demand for money.
c. an increase in the quantity of money demanded.
d. a decrease in the quantity demanded of money.
e. no change in the demand for money.
Answer: c. an increase in the quantity of money demanded.
Explanation:
If producers believe that the economy is strong they will try to capitalize on this to get more profit by expanding operations. To do so they would need some funding.
They will go to investors looking for this funding which means that there will be an increase in the quantity of money demanded in the economy as these producers seek funds to expand.
Getting to know what your customers want, need, and care about is
Question 11 options:
a.a waste of time.
b.one of the chores of doing business.
c.good customer service.
d.only important in certain businesses.
Answer:
c. good customer service.
Explanation:
Customers service is the provision of prompt, professional, and helpful assistance to customers before and after a purchasing interaction. The objectives of customer service are to keep customers happy and satisfies. Happy customers remain loyal to a business and make good brand ambassadors.
Getting to understand what customers want, need, and care about will help a business develop products and services that offer solutions to their problems. The business will attract and retain more customers because it will be in a position to address their needs.
which value of a makes this investor indifferent between the risky portfolio and the risk-free asset
Answer: 8
Explanation:
Expressing the value of A that would equate the risk-free rate to the risky portfolio is;
0.06 = 0.15 − A/2(0.15)²
0.06 - 0.15 = -0.01125 * A
A = (0.06 - 0.15) / -0.01125
A = 8
With A being 8, the investor would be indifferent between the risk free asset and the risky portfolio according to their utility function.
Forecasts are the foundation of the planning process. There are many methods available but the trick is to find the one that fits the __________ and is adaptable to the available
Forecasts are the foundation of the planning process. There are many methods available but the trick is to find the one that fits the __need__ and is adaptable to the available _data__
What would you pay for an investment that pays you $49000 at the beginning of each year for the next ten years? Assume that the relevant interest rate for this type of investment is 6%.
Answer:
$360,644
Explanation:
The computation of the amount paid for an investment is as follows:
= Payment made × ((1 - (1 + rate of interest)^-number of years) ÷ rate of interest
= $49,000 × ((1 - (1 + 0.06)^-10) ÷ 0.06)
=$360,644
We simply applied the above formula so that the correct value could come
And, the same is to be considered
Hence, the amount paid for an investment is $360,644
Suppose you will receive a payment of $300 one year from now. True or False: If during the year the interest rate rises, this increases the present value of your future payment.
Answer: False
Explanation:
When interest rates rise, the present value of a payment will be reduced because it will be discounted by a higher rate.
For instance; assume the interest rate was originally 10%. The present value of the $300 would be;
= 300 / ( 1 + 10%)
= $273
Now assume the interest rate went up to 11%. Present value would be;
= 300 / ( 1 + 11%)
= $270
Notice that the present value fell when the interest rate rose.
find the range for the observation 5.6,7.1,8.3,3.7,6.8,4.1,8.4,2.9,2.7,4.4,8.2,2.8
Answer:
8
Explanation:
The range is the difference between the largest and smallest numbers. The midrange is the average of the largest and smallest number.
9-1=8
SnowPants for the children’s department cost $27.60 each. If a 54% markup is required, what minimum retail would achieve this markup?
Answer:
$42.51
Explanation:
markup percentage = (selling price - cost) / cost
54% = (selling price - $27.60) / $27.60
54% x $27.60 = selling price - $27.60
$14.904 = selling price - $27.60
selling price = $42.504 ≈ $42.51 we must round up since we are looking for the price that would yield the markup %, if we round down, then the markup % would be slightly below 54%
bramble reported total asset s of and net income of for the current year. what is the corrected amount for toal assets and net income for the yeqr
Answer:
Total Assets
Inventory is understated by $59,300 at the end of the year which means that assets are understated by the same amount.
To rectify this therefore you;
= 6,395,000 + 59,300
= $6,454,300
Net Income
When closing inventory is understated, it will have the effect of understating income and when opening inventory is understated, income will be overstated.
This means that the income for the year is overstated by $139,000 but understated by $59,300.
Corrected income is;
= 500,000 - 139,000 + 59,300
= $420,300
Over time, consumers have less of a need for a broad product offering. How does this shift in preferences alter the desirability of make-to-stock production relative to make-to-order production?1. It increases it, i.e., make-to-stock becomes more desirable.2. It has no impact.3. It decreases it. i.e., make-to-stock becomes less desirable.4. We cannot determine from the given information.
Answer:
Over time, consumers have less of a need for a broad product offering. How does this shift in preferences alter the desirability of make-to-stock production relative to make-to-order production?
3. It decreases it. i.e., make-to-stock becomes less desirable.
Explanation:
Given the above scenario, there will be no need for a company to produce goods that will be stored. Instead, it will wait to receive orders before it commences production of any goods. This is caused by the shift in preferences "consumers have less of a need for a broad product offering." This means that make-to-order will be highly prioritized while reducing or eliminating make-to-stock production facilities.
Claymore Corp. has the following information about its standards and production activity for September. The volume variance is: ________
Actual total factory overhead incurred $32,710
Standard factory overhead:
Variable overhead $4.70 per unit produced
Fixed overhead ($12,250/4,900 estimated units to be produced) $2.50 per unit
Actual units produced 3,800 units
Answer: $2,200 Unfavorable
Explanation:
Volume variance is the difference between actual and budgeted output so can be calculated by;
= (Budgeted output - Actual output) * overhead rate
= (4,900 - 3,800) * 2
= $2,200 Unfavorable
Unfavorable because they produced less than the budget indicated that they would.
If you are interested in buying a new pair of sneakers, you could go to Foot Locker where you will find several different brands. At the same time, for companies that manufacture sneakers, selling through Foot Locker will make it easier to reach a lot of potential buyers. This illustrates how channel intermediaries offer _______________________________.
a. contact efficiency
b. channel effectiveness
c. reciprocity utility
d. buying utility
e. forward integration
Answer:
a. contact efficiency
Explanation:
Contact efficiency is defined as the way by which businesses cut the number of transactions of stages that exist between a product and the final consumer.
Typically it results in a wide variety of options of goods and services to be available to the consumer in on place.
The consumer finds it easy to get what he is looking for and the supplier has a ready market for his goods.
In the given scenario Foot Locker effectively uses contact efficiency by making the consumer find several different brands of shies. At the same time, for companies that manufacture sneakers, selling through Foot Locker will make it easier to reach a lot of potential buyers.
Of the 1,600 units sold during the period, 300 were from the beginning inventory; 500 from the first purchase; 600 from the second purchase; and 200 from the last purchase. Using the first-in, first-out costing method, the value of the inventory on hand at the end of the period would be
Answer: $2,750
Explanation:
Relevant data is attached.
If they were using the First-in, first-out costing method, it means that the earlier goods would have been sold first.
If they sold 1,600 units, this means that the following were sold;
300 from the beginning inventory; 500 from the first purchase; 700 from the second purchase; and 100 from the last purchase.
The ending inventory is therefore 500 units from the third purchase;
= 500 * 5.5
= $2,750
Do you believe that developing and applying project management skills can help most individuals and organizations? Justify your response.
your response.
Answer:
Explanation:
Good project management discipline is the way to overcome these shortcomings. Having good project management skills does not mean you have no problems. It does not mean that risks go away. It does not mean that there are no surprises. The value of good project management is that you have standard processes in place to deal with all contingencies.
Project management processes and techniques are used to coordinate resources to achieve predictable results. However, it should be understood that project management is not an exact science and there is never a guarantee of success. Since projects involve people, there is always complexity and uncertainty that cannot be absolutely controlled.
Project management is both science and art. It is science in that it relies on proven and repeatable processes and techniques to achieve project success. It is an art because it also involves managing and relating to people and requires the project manager to apply intuitive skills in situations that are totally unique for each project. A good project management methodology provides the framework, processes, guidelines and techniques to manage the people and the work. A good methodology increases the odds of being successful and therefore provides value to the organization, the project and the project manager.
The characteristics of the project are not going to change whether you use a formal project management process or not. What changes is how the events are dealt with when the project is in progress. Are they dealt with haphazardly and reactively or proactively with a smoothly running process?
Generally, it is believed that organizations that follow good processes are more successful than organizations that do not. Organizations that have good processes. These organizations get more work done and they tend to do the work that is of most value. They also have organizational systems in place to help make everyone more successful, including project managers.