In a traditional economy, the most important economic goal is often preserving cultural traditions and customs. Traditional economies are based on the beliefs, customs, and practices of a particular culture, and economic decisions are made according to these customs.
For example, in some traditional economies, there may be a strong emphasis on the importance of family and community, and economic decisions are made with these values in mind. In other traditional economies, there may be a focus on maintaining a sustainable relationship with the natural environment, and economic decisions are made to ensure the long-term health of the ecosystem. In traditional economies, economic goals such as efficiency, innovation, and growth are often not as important as preserving cultural traditions and maintaining social harmony. The primary goal is to ensure that economic practices and behaviors align with the values and beliefs of the community and that economic activities support the social and cultural fabric of the society.
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In the "On Message" video case with Paul Argenti, what term was used to describe the importance of maintaining consistency in your personal brand between the reality of who you are and the reality of how you present yourself?A. AligmentB. ProcessC. EntrepreneurshipD. Disruptive Innovation
Option (a), Alignment refers to the importance of maintaining consistency in your personal brand between the truth of who you are and the reality of how you show yourself, as used in the "On Message" video case featuring Paul Argenti.
What exactly does "brand alignment" entail?Brand alignment demonstrates how well your business upholds its brand promise. The degree to which your employees are aligned with your brand will depend on how successfully they understand, communicate, and deliver your brand's key messaging.
What function does consistency serve in branding plans?Brand consistency is essential since it leads to brand recognition. If customers are familiar with (and positively associate with) your brand, they are more likely to make purchases and stick with your company over time.
In what ways does brand alignment matter?Your brand will be more easily recognizable and familiar to consumers if it is consistently matched across all platforms. Create a distinctive brand identity for use both inside and outside the company. The same fundamental themes and brand strategy should be communicated to your workforce as to your customers.
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which organization is your best source of help with the complain about a dangerous product?
The correct answer to the question above is "Consumer Product Safety Commission"
Consumer Product Safety Commission was the organization that you should ask for help if you have a complaint about a dangerous product. Call American Medical Association if you feel your healthcare provider is guilty of malpractice. When you have a complaint about a local merchant you also can contact the American Medical Association. Consumer advocates are groups or individuals who can help with consumer issues.
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Discuss methods that entrepreneurs often use to identify new opportunities?
Through assessment, a program, practice, intervention, or initiative can be rigorously investigated to determine how well it achieves its goals.
Entrepreneurs are those who plan, start, and manage brand-new, modestly-sized businesses with the intention of turning a profit. Entrepreneurs innovate when they introduce new products or methods of production to the market. The process of applying a novel concept or technique of production in a company to add to or enhance an organization's value is known as innovation. Customers decide definitively whether they intend to make a purchase at the evaluation phase of the sales funnel. During this phase of ABM marketing, the sales staff closely collaborates with important decision-makers in order to direct the buying process and close the transaction.
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a report of credit card sales produced by a point-of-sale terminal, definition of ?
A report of credit card sales produced by a point-of-sale terminal, definition of batch report .
What is batch report ?
The Batch Report is a sales report that shows a list of all credit card transactions that were processed collectively in a batch for a chosen time period.
The Batch Report's viewing instructions are provided in this article, along with information on each of the report's columns.
Which of the two batch report kinds are they?
This report can be used to compare the totals computed by the system while the transactions were being entered with the bank deposit and control totals from your paper audit trail and to confirm the accuracy of the transactions recorded in the batch. sales made using credit cards and an overview of all sales broken down by credit card type.
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Boundaries serve to protect the welfare of clients because:
A) counselors are vulnerable in counseling relationships.
B) clients are vulnerable in counseling relationships.
C) counselors and clients would often become friends if boundaries did not exist.
D) counselors and clients naturally are attracted to each other.
E) clients might use counselors to get their personal needs met if there were no boundaries.
Boundaries serve to protect the welfare of clients because b. clients are vulnerable in counselling relationships.
Clients are frequently in a vulnerable position in counselling relationships, therefore boundaries serve to protect their welfare. Clients who rely on their counsellor for support and direction may divulge private and delicate information to them. A safe and ethical counselling relationship can be established and maintained with the use of boundaries, which also serve to keep the client's interests and welfare at the forefront of the conversation.
Boundaries serve to prevent any potential injury or exploitation of the client by setting explicit expectations and norms for the therapeutic interaction. Boundaries and effective limit-setting aid in safeguarding and empowering clients by teaching and reinforcing the skills necessary for them to become healthy.
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How do you evaluate employee experience?
Employee experience can be evaluated using a range of qualitative and quantitative measures. Some of the common methods of evaluating employee experience include surveys, focus groups, interviews, and observation.
Surveys are often used to collect quantitative data on employee experience, such as satisfaction levels, engagement, and workplace culture. Focus groups and interviews can be used to gather more qualitative data, such as employee perceptions of management, workplace dynamics, and overall job satisfaction.
To evaluate employee experience effectively, it is important to consider both objective and subjective measures. Objective measures include metrics such as turnover rates, absenteeism, and productivity levels, while subjective measures include employee feedback, perceptions, and emotions.
Ultimately, the key to evaluating employee experience is to gather data from multiple sources and analyze it comprehensively to identify trends and areas for improvement. By doing so, organizations can gain insights into how to create a more positive and productive workplace environment for their employees.
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Fill The Blank! a ________ is a multinational corporation that centralizes its management and other decisions in the home country.
A multinational firm that centralizes all management as well as other decisions with in home country is referred to as a "centralized global corporation."
Explain about the centralized global corporation/multinational corporation?A worldwide corporation with centralized management has its main headquarters in the nation of origin.
There, executive officers with management are in charge of both domestic and international operations. They make the important business choices rather than managers in local offices in other nations. For big actions, the offices normally have to report to and get permission from headquarters staff.An organization is considered a global corporation if its operations span at least two nations. Some individuals would classify any business having an overseas branch as a multinational corporation. Some people might restrict the term to only include businesses with at least 25% of their revenue coming from sources outside of their own nation.Thus, a multinational firm that centralizes all management as well as other decisions with in home country is referred to as a "centralized global corporation."
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Ell us about a time when your attention to detail was critical in preventing a major issue/error
Tell us about an error instance when your focus on detail was essential in avoiding a significant way is troubleshooting error.
The capacity to concentrate on a particular job while carefully considering and attending to all of its important features might be characterized as attention to detail. An illustration of paying attention to detail is finding and fixing any typos or grammatical problems in an email before sending it.
When describing anything that is more substantial, serious, or crucial than other elements within a group or circumstance, you use the word major. If the situation is casual, use the word "issue." You may use the word "issue" while discussing a political matter or a topic for a discussion. if the circumstance is official.
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Correct Question:
Tell us about a time when your attention to detail was critical in preventing a major issue/error.
what is the name of the microscopic filtering units inside the kidney?
Nephrons are the word for the tiny filtering components found inside the kidney. The functional units of the kidney are called nephrons.
And they are in charge of creating urine, filtering waste materials and extra fluid from the circulation, and controlling the concentration of different substances in the body. Approximately one million nephrons make up each kidney. Each nephron is made up of the glomerulus, which filters the fluid, and the tubule, which transports the filtered fluid and creates urine. The body's water, electrolyte, and other substance balance is maintained by the nephrons, which are also vital for controlling blood pressure, pH, and the concentration of different molecules.
Blood pressure is the force that the moving blood applies to the blood vessel walls. Systolic and diastolic blood pressure are commonly given as two figures and are expressed in millimetres of mercury (mmHg). When the heart beats and pumps blood out, the blood pressure in the arteries is said to be systolic. When the heart is relaxed and filled with blood, it is said to be diastolic.
An essential physiological measure, blood pressure is controlled by the body's neurological and endocrine systems. Both ensuring sufficient blood flow to the organs and tissues and avoiding blood vessel injury are essential.
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What is meant by security market line?
The safety marketplace line (SML) is a line drawn on a chart that serves as a graphical illustration of the capital asset pricing version (CAPM).
The Safety Marketplace Line (SML) is a financial tool used in the investment industry to determine the risk and expected return of a security. It is also referred to as the Security Market Line. The SML is a graphical representation of the relationship between the expected return on a security and its level of risk as measured by its beta.
The SML is a straight line that starts at the risk-free rate of return and increases as the level of risk increases. The slope of the SML is equal to the market risk premium, which is the excess return investors expect to receive for taking on additional risk in the market. Securities that plot above the SML are considered undervalued, while those that plot below are overvalued.
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What is the difference between interactive and transactional model?
The key difference is; the interactive model is a one-way as well as a simpler model, while the transactional model is a two-way and complex communication model
The interactive and transactional models are two different communication models used to describe the process of communication.
The interactive model of communication is a one-way model of communication where a sender transmits a message to a receiver, who then decodes the message and provides feedback to the sender. The interactive model emphasizes the importance of feedback and recognizes that communication is an ongoing process that involves multiple feedback loops. In this model, the sender and receiver are not equal and the sender is responsible for transmitting the message and ensuring that it is understood by the receiver.
On the other hand, the transactional model of communication is a two-way model of communication where both the sender and receiver participate in the process of communication. In this model, both parties exchange messages and feedback in a continuous process, and both parties are responsible for the quality and success of the communication. The transactional model emphasizes the importance of context and recognizes that communication is influenced by many factors, including the environment, culture, and individual experiences of the sender and receiver.
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Which risk response strategy is best for handling negative risks?
1) Avoid. 2) Transfer
3) Mitigate
4) Accept
The best risk response strategy for handling negative risks depends on the specific circumstances and risk tolerance of the organization.The most common strategy for handling negative risks is to mitigate the risk.
Risk mitigation involves taking actions to reduce the likelihood or impact of a risk. This may involve implementing controls, creating redundancies, or developing contingency plans. By mitigating a risk, a business can reduce the likelihood of the risk occurring, or minimize the impact if it does occur.
While avoidance and transfer are also potential strategies for handling negative risks, they may not always be feasible or cost-effective. Avoidance involves eliminating the risk by not engaging in the activity or project that poses the risk, while transfer involves shifting the risk to another party, such as through insurance or outsourcing. Both of these strategies may be effective in certain situations, but they may not always be possible or practical.
Acceptance is also a potential strategy for handling negative risks, but it involves accepting the risk and its potential impact without taking any action to mitigate it. This strategy may be appropriate in situations where the potential impact is minor or where the cost of mitigation outweighs the potential benefit.
Overall, the best strategy for handling negative risks will depend on the specific circumstances and risk profile of the organization, and may involve a combination of strategies, including mitigation, avoidance, transfer, and acceptance.
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Question:
Which is more important: controlling inflation or controlling unemployment?
Inflation and Unemployment:
Inflation and unemployment are major macroeconomic concerns. The former refers to an increase in the prices of goods and services. The latter refers to a situation where energetic people are actively looking for jobs without success.
Inflation control is more vital than unemployment control. The argument is based on the premise that low levels of inflation contribute to the creation of jobs owing to greater investor confidence, which creates job prospects.
Which is the greatest option for controlling inflation?One frequent approach of controlling inflation is through a contractionary monetary policy. A contractionary policy seeks to shrink an economy's money supply through reducing bond prices and raising interest rates. As a result, consumption reduces, prices fall, and inflation slows. The output gap - the difference between actual and prospective output - is the fundamental predictor of underlying inflationary pressures. When the economy is operating at near capacity due to high demand for products and services, prices rise. Inflation control is more vital than unemployment control. The argument is based on the premise that low levels of inflation contribute to the creation of jobs owing to greater investor confidence, which creates job prospects.
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True or false statement, according to chester i. barnard, an organization is made up of at least one person who strives daily to achieve the organization’s goals.
The given statement "According to Chester I. Barnard, an organization is made up of at least one person who strives daily to achieve the organization's goals" is True , because he believed that organizations are made up of individuals.
Chester I. Barnard was an American business executive and organizational theorist who is best known for his contributions to the study of organizational behavior and communication.
In his book "The Functions of the Executive," Barnard defined an organization as a "system of consciously coordinated activities or forces of two or more persons."
He emphasized the importance of communication and cooperation in achieving the goals of an organization and argued that an organization's success depends on the actions and decisions of its individual members.
According to Barnard, each person within an organization is responsible for contributing to the organization's goals, and the actions and decisions of one person can significantly impact the success of the entire organization.
Thus, the idea that an organization is made up of at least one person who strives daily to achieve the organization's goals is a key aspect of Barnard's theory of organizations.
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What is meaning of GDP per capita?
A measure of a nation's economic production that takes into consideration its population is called GDP per capita.
The term GDP stands for Gross Domestic Product. GDP per capita is computed by dividing the nation's total GDP by population. Instead of relying solely on the nation's GDP, determining per capita is a more accurate way to gauge a nation's wealth. Even though it ignores economic inequality, it provides a rough notion of the populace's average living circumstances.
It gives an overall impression of the average income or degree of economic well-being for every citizen of a nation. It is a widely employed indicator of a nation's quality of life and is regularly used to determine how each nation's economy is performing. A higher GDP per capita typically indicates a higher standard of living and economic prosperity.
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What is the relationship between marginal cost and average variable cost?
The average variable cost (AVC) and marginal cost (MC) have a relationship. When MC is less than AVC, AVC decreases as output increases.
When the marginal cost is smaller than the average variable cost, the average variable cost falls. When the marginal cost exceeds the average variable cost, the average variable cost rises.
This may also imply that average variable cost takes on a U-shape in some circumstances, though this is not guaranteed because neither average variable cost nor marginal cost contains a fixed cost component.
Because a natural monopoly's marginal cost does not increase in amount as it eventually does for other companies, average cost follows a different path for natural monopolies than for other firms.
With modest volumes of production, the fixed costs associated with a natural monopoly imply that average cost is greater than marginal cost.
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Who got the money in The Life of David Gale?
In the movie "The Life of David Gale," the money referred to is the $500,000 that David Gale, a former college professor, and anti-death penalty activist, was accused of accepting in exchange for the murder of his colleague and fellow activist Constance Harraway.
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One afternoon, Bloom and Stemmons leave the jail visit with a beautiful briefcase filled with cash totaling $500,000 inside. The cash is the "fee" that their publication gave Gale in exchange for the exclusive interview.
In 2003, Alan Parker and Charles Randolph released the American crime drama-thriller The Life of David Gale. The United States, Germany, and the United Kingdom collaborated to produce the movie. It served as Parker's last movie before retiring.
In the film, which also stars Kate Winslet and Laura Linney, Kevin Spacey portrays the title character, a college professor and ardent opponent of the death penalty who is given the death penalty for the murder of another capital punishment opponent. The movie came out on February 21, 2003. Critics largely gave it unfavorable reviews, and it only made $38.9 million overall vs a $38 million budget.
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The world flow of foreign direct investment between 1990 and 2017 increased 600 percent. If a company decides to establish a new operation in a foreign country, that company has engaged in A. greenfield investment B. in acquisition C. a franchise artangement D. a mergerE. a censing arrangement
Option (a), Between 1990 and 2017, the global flow of foreign direct investment surged by 600%. A corporation has made a greenfield investment if it decides to launch a new operation in another nation.
Do you believe that foreign direct investment (FDI) from greenfield projects will hurt the economy and diminish market competition?When FDI is conducted through greenfield investment, market competition will increase and economic welfare would decrease. The danger of an MNE joining a market and monopolizing it seems to be of more concern in countries where there aren't many major locally owned firms.
What impact does a rise in foreign direct investment have on the economy?If foreign investors seize control of the market and drive out domestic producers, they might have a negative effect on domestic companies. The payment balance of the host country could be harmed by a major outflow of investor profits or by large imports of inputs.
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Where do people sell their labor in the circular flow?
To increase profits while selling jerseys, a store owner can…
A. Raise the prices
B. Reduce the prices
C. Offer layaway
D. Keep prices the same
If the existing prices are too expensive to prevent buyers from purchasing the jerseys, a store owner might lower the pricing to boost profits while selling jerseys.
How can it be explained in detail?By lowering pricing, a business may draw in more clients, increasing sales and, perhaps, profits. However, price cuts should be carefully examined since they may affect the store's profit margin and how customers see the product's quality. Other tactics the store owner can take into consideration to boost profits while selling jerseys include bargaining with suppliers for better prices, purchasing in bulk, providing value-added services like customization or express delivery, and enhancing the store's marketing and sales strategy to draw in and keep customers.
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▬▬▬▬
8. Based on habits, customs, and beliefs
9. Individuals and businesses own the means of production
10. Sweden
11. North Korea
12. Subsistence system
13. Government makes all economic decisions
14. High taxes
15. Government owns part of the means of production
16. United States
17. Amazon Rainforest communities and Australian Aborigines
18. Government regulates but does not control economy
8. Based on habits, customs, and beliefs – traditional economy
9. Individuals and businesses own the means of production – Market Economy.
What is a traditional economic system?A traditional economy is a system where customs and traditions are the components that determine the way trade and commerce are executed. It is a self-sufficient economy where the people engage in different human activities to produce trade goods or services that are required by the rest of the community.
10. Sweden – Socialism
11. North Korea – Communism
12. Subsistence system – Traditional Economy
13. Government makes all economic decisions – command economy
14. High taxes – Socialism
15. Government owns part of the means of production – Socialism
16. United States – mixed-market economy
17. Amazon Rainforest communities and Australian Aborigines – Traditional Economy
18. Government regulates but does not control the economy – Market Economy.
Therefore, the Correct answers are above.
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Your question is not complete, the complete question will be;
Fill in the blanks with the correct economic system:
8. Based on habits, customs, and beliefs ______
9. Individuals and businesses own the means of production _______
10. Sweden ________
11. North Korea ________
12. Subsistence system __________
13. Government makes all economic decisions _______
14. High taxes _______
15. Government owns part of the means of production _______
16. United States ________
17. Amazon Rainforest communities and Australian Aborigines _________
18. Government regulates but does not control the economy __________
a drawback in the use of patents to protect inventors’ rights is that they...
Can be expensive and time-consuming to obtain and enforce. Obtaining a patent requires a significant amount of time and resources, including hiring a patent attorney and conducting a thorough patent search.
The patent application process can also be lengthy and complex, taking several years to complete.
Additionally, enforcing a patent can also be expensive and time-consuming. If someone violates your patent, you will likely need to go to court to enforce your rights. This can involve hiring lawyers and paying for legal fees, which can be significant.
Another drawback of patents is that they may limit competition and innovation. By giving an inventor exclusive rights to an invention for a limited time, patents can discourage others from creating similar or improved products. This can limit the growth of industries and slow down technological progress.
Finally, patents are often difficult to enforce in certain countries, particularly in developing nations where the legal system may not be as strong. This can make it challenging for inventors to protect their rights and enforce their patents in these areas.
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What is PITI in Mortgage?
PITI in mortgage stands for Principal, Interest, Taxes, and Insurance, which are the four components of a borrower's monthly mortgage payment.
When a borrower takes out a mortgage to purchase a home, their monthly mortgage payment typically includes four main components: principal, interest, taxes, and insurance, which are commonly referred to as PITI. The principal is the amount borrowed to purchase the home, while the interest is the cost of borrowing that money.
The taxes component of PITI refers to the property taxes that the borrower must pay, which are typically based on the assessed value of the property. Finally, the insurance component of PITI refers to the homeowner's insurance that the borrower must maintain to protect the property and the lender's investment in the property.
Overall, understanding PITI is important for borrowers because it helps them to better budget and plan for their monthly mortgage payments, as well as understand the different factors that contribute to the total cost of homeownership.
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The difference between the ________ for a good and the ________ is called consumer surplus.
A. highest price a consumer is willing to pay; lowest price a consumer is willing to pay
B. lowest price a consumer is willing to pay; price the consumer actually pays
C. highest price a consumer is willing to pay; price the consumer actually pays
D. price the consumer actually pays; actual cost to the producer
The difference between what a consumer is willing to pay for a good and what they actually pay is called consumer surplus.
How Does Consumer Surplus Work?An economic measure of consumer benefits brought about by market competition is known as consumer surplus. When consumers pay less for a product or service than they are willing to pay, this is known as a consumer surplus. It is a measure of the additional benefit consumers receive when they pay less than they were willing to pay for something.
Producer surplus and consumer surplus can be compared. In order to measure the social benefits of public goods like national highways, canals, and bridges, the concept of consumer surplus was developed in 1844. It has played a significant role in the study of welfare economics and the development of government tax policies.
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Producer/consumer threads can suffer from synchronization problems.
Yes, producer/consumer threads can suffer from synchronization problems. The producer/consumer problem is a classic example of synchronization problems in concurrent programming.
To solve the synchronization problems, we can use synchronization primitives such as semaphores and locks. A semaphore is a synchronization primitive that is used to control access to a shared resource by multiple threads.
A lock is a synchronization primitive that is used to ensure that only one thread can access a shared resource at a time. By using these synchronization primitives, we can ensure that the producer thread and the consumer thread can access the buffer in a synchronized manner, thereby avoiding synchronization problems.
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Match each of the options above to the items below. Members aren't very trusting of one another, they are spending time assessing what their contribution will be to this particular group as this is currently unclear. Members seem to be coming out of their shells, grouping into small alliances, and even arguing about the group's goals. . Members decide on their regular meeting days/times, rutes about tardiness or non attendance, and set expectations regarding how they will interact with one another . Members of your 8-person team break off into smaller groups of 2 or 3 and work on their sub-groupe individual tasks Members get together to discuss what they have learned and to share memories
Tuckman's theory process:
Forming:- members aren't very trusting of one another…
Storming:- Members seem to be coming out of their shells…
Norming:- Members decide on their regular meeting days/times…
Performing:- Members of your 8-person team break off into smaller…
Norming:- Members get together to discuss…
What is Tuckman's theory?Tuckman's theory was the main focuses of the group development. Bruce Tuckman in 1965. It was the process of forming, storming, norming, performing, and the norming.
Process of Tuckman's theory:
Forming:- members aren't very trusting of one another, they are spending time assessing what their contribution will be to this particular group as this is currently unclear. Storming:- Members seem to be coming out of their shells, grouping into small alliances, and even arguing about the group's goals.Adjourning:- Members decide on their regular meeting days/times, rutes about tardiness or non attendance, and set expectations regarding how they will interact with one another.Performing:- Members of your 8-person team break off into smaller groups of 2 or 3 and work on their sub-groupe individual tasks.Norming:- Members get together to discuss what they have learned and to share memories.As a result, the significance of the Tuckman's theory are the aforementioned.
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Your question is incomplete, but most probably the full question was.
1. Forming 2. Storming 3 Adjourning 4. Performing 5 Norming
A) Members aren't very trusting of one another, they are spending time assessing what their contribution will be to this particular group as this is currently unclear.
B) Members seem to be coming out of their shells, grouping into small alliances, and even arguing about the group's goals.
C) Members decide on their regular meeting days/times, rutes about tardiness or non attendance, and set expectations regarding how they will interact with one another .
D) Members of your 8-person team break off into smaller groups of 2 or 3 and work on their sub-groupe individual tasks E) Members get together to discuss what they have learned and to share memories
For each transaction, determine the amount of revenue or expense, if any, that is recorded under accrual-basis accounting and under cash-basis accounting in the current period. Accrual-Basis Cash-Basis Revenue Expense Revenue Expense Transaction 1. Receive cash from customers in advance, $500. 2. Pay utilities bill for the previous month, $100 3. Pay for insurance one year in advance. $1,500 4. Pay workers' salaries for the current month, $700. 5. Incur costs for employee salaries in the current month but do not pay $900, 6. Receive cash from customers at the time of service, $1,200 7. Purchase office supplies on account $230 8. Borrow cash from the bank. $3,000 9. Receive cash from customers for services performed last month, $650. 10. Pay for advertising to appear in the current month, $350.
Receive cash from customers in advance, $500.
Accrual-basis: No revenue is recorded. The cash received is recorded as a liability account called "unearned revenue."
Cash-basis: $500 of revenue is recorded.
What is Accrual-basis accounting?Accrual-basis accounting records revenue and expenses when they are earned or incurred, regardless of when cash is received or paid. Cash-basis accounting records revenue and expenses when cash is actually received or paid.
Here are the revenue and expense amounts for each transaction, under both accrual-basis and cash-basis accounting:
1. Receive cash from customers in advance, $500.
Accrual-basis: No revenue is recorded. The cash received is recorded as a liability account called "unearned revenue."
Cash-basis: $500 of revenue is recorded.
2. Pay utilities bill for the previous month, $100.
Accrual-basis: $100 of expense is recorded.
Cash-basis: $100 of expense is recorded.
3. Pay for insurance one year in advance, $1,500.
Accrual-basis: $1,500 of prepaid expense is recorded.
Cash-basis: $1,500 of expense is recorded.
4. Pay workers' salaries for the current month, $700.
Accrual-basis: $700 of expense is recorded.
Cash-basis: $700 of expense is recorded.
5. Incur costs for employee salaries in the current month but do not pay $900.
Accrual-basis: $900 of expense is recorded.
Cash-basis: No expense is recorded, since no cash has been paid.
6. Receive cash from customers at the time of service, $1,200.
Accrual-basis: $1,200 of revenue is recorded.
Cash-basis: $1,200 of revenue is recorded.
7. Purchase office supplies on account, $230.
Accrual-basis: $230 of expense is recorded.
Cash-basis: No expense is recorded, since no cash has been paid.
8. Borrow cash from the bank, $3,000.
Accrual-basis: No revenue or expense is recorded. The cash received is recorded as a liability account called "notes payable."
Cash-basis: $3,000 of cash is recorded.
9. Receive cash from customers for services performed last month, $650.
Accrual-basis: $650 of revenue is recorded.
Cash-basis: $650 of revenue is recorded.
10. Pay for advertising to appear in the current month, $350.
Accrual-basis: $350 of expense is recorded.
Cash-basis: $350 of expense is recorded.
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Cost of goods sold for a merchandising company , direct materials and commissions are all examples of variable costs. True/False?
Variable costs include direct materials, commissions, and the cost of goods sold for a merchandising company. It is true .
What Is a Variable Cost?A variable cost is a corporate expense that changes in response to a company's production or sales volume. Variable costs rise when production rises and fall when production falls in response to a company's sales or production volume.
Variable costs include the costs of raw materials and packaging in a manufacturing company as well as credit card transaction fees and shipping costs in a retail business that fluctuate with sales. A variable cost is distinct from a fixed cost.
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The word market as used in "the lower of cost or market? generally means:A. liquidation price.B. original cost.C. retail market price.D. net realizable value.
The term "lower of cost or market" generally refers to D.net realizable value which is the estimated selling price of an asset, less the costs of completion and the costs to make the sale.
A valuation approach called net realisable value (NRV), which is popular in inventory accounting, takes into consideration the total amount of money an asset can bring in from sales less an estimate of the charges, fees, and taxes related to that sale or disposal.
This term is often used in accounting to evaluate the carrying value of inventory and determine if the value should be written down to market. The answer is thus D. net realizable value.
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Identify the two situations with the highest total surplus.
Highest Total Surplus
- Kevin wanted to spend $50 on a dishwasher and bought one at $45 from a producer who was hoping to receive $40.
- Jay buys a house for $40,000 less than he was willing to pay. He bought his home from sellers who received $2,000 more than they were willing to sell for.
Peter paid $45 to a manufacturer with the intention of making $40 in order to purchase a dishwasher for $50. David pays $40,000 less for a house than he had planned to. He bought his house from people who made $2,000 more per year than they were willing to accept for it.
What is accounting surplus?A surplus is an amount of a resource or good that is there but not being used. A wide range of commodities, including income, earnings, capital, and goods, can be related to surpluses.
In the context of inventory, unsold items on store shelves are referred to as a surplus. When revenue is higher than outlays, there is a surplus in a budgetary sense.
Therefore, when additional taxes are collected after all government programs have been paid in full, a budget surplus may result.
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