Answer:
Bailment for the sole benefit of the bailor
Explanation:
A bailment is made for the sole advantage of the bailee when the two gatherings concur the property incidentally in the bailee's care is to be utilized to further their own potential benefit without offering anything to the bailor consequently.
It happens when a thing or things is moved to another gathering to be hold incidentally. The individual who gives the things is known as the bailor, while the individual who gets the things is known as the bailee.
A friend keeping a piano until the owner finds a larger apartment, without any personal use of the piano, showcases a gratuitous bailment solely for the benefit of the bailor. This arrangement is defined by the lack of compensation and the bailee's responsibility to care for the property without deriving any personal benefit.
Explanation:The scenario described, where a friend keeps a piano until the owner finds a larger apartment and may not play the piano or otherwise receive any benefits of ownership during the bailment, is referred to as a gratuitous bailment for the sole benefit of the bailor. In gratuitous bailment, the bailor (the owner of the piano) grants custody of the property to another (the bailee, or the friend) without any payment or benefit received by the bailee. The primary purpose of this arrangement is to benefit the owner by providing a space to keep the piano safe until they can accommodate it, rather than for any mutual benefit or for the benefit of the bailee.
In legal terms, the key characteristics of this type of bailment include the lack of compensation, the intentional temporary transfer of possession (not ownership), and the responsibility of the bailee to take care of the property without using it for personal gain. The fact that the friend cannot play the piano or utilize it in any way underscores the nature of the bailment as solely for the benefit of the bailor.
Which of the following is a limitation of the simple circular flow model? A. Product markets are ignored. B. Resource markets are ignored. C. The determination of product and resource prices is not explained. D. Households are included, but not businesses. Explain Your Answer:
Answer:
C. The determination of product and resource prices is not explained
Explanation:
Circular Flow of Income is flow of payments & receipts for - goods, services & factor services between different sectors of economy (firms & households).
Households provide factors of productions to firms, firms pay them factor incomes in return.
Firms provide goods & services to households, households pay them prices as consumption expenditure (from factor incomes earned) in return.
So: Both product & resource markets, both households & businesses are included.
The limitation is that : It doesn't state anything about prices in product market & resource markets.
The limitation of the simple circular flow model is that it does not explain the determination of product and resource prices. It assumes a fixed price level, ignoring factors that alter prices.
Explanation:The simple circular flow model is a simplified representation of how money, goods, and services flow throughout the economy. In this model, the key players are households and businesses, and the two markets considered are the product and resource markets. However, one limitation of this model is option C: The determination of product and resource prices is not explained.
The simple circular flow model assumes a fixed price level and does not delve into the factors that would alter the prices of products or resources. This can make the model less valuable in understanding certain aspects of economics, such as inflation or price adjustments due to supply and demand conditions.
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A certain firm believes in providing its employees the best facilities. It decides to serve imported and expensive Colombian coffee and a variety of continental cuisines in its cafeteria. In this scenario, the firm's decisions and beliefs pertain to the domain of:a. ethical responsibility. b. pensatory justice. c. codified law. d. free choice.
Answer:
d. free choice
Explanation:
Yes! it is true that some of the firms provides their workers very good and comfortable facilities to work on. In the scenario which is given in the question , that what the firm has decided an what it belief led to domain of free choice.
Because free choice which is also known as freedom of choice. In this one has given multiple choice and he/she has also given freedom to choose any of the multiple choice.
And we can see that the firm is also providing multiple varieties as well.
Rhonda, a general manager, makes a decision on behalf of the business that leads to some personal financial gains, while the company's owners incur financial loses. Which ethical issue is depicted in this scenario?
Answer:
Conflict of interest .
Explanation:
The scenario depicts a conflict of interest. Rhonda's decision benefits Rhonda at the expense of the company. Rhonda does not fulfill the responsibility to ensure that the company stays profitable, which is a conflict of interest. A conflict of interest, one of the most common ethical issues identified by employees, exists when a person must choose whether to advance his or her own personal interests or those of others.
Transaction C I G X M Paolo buys a new set of tools to use in his plumbing business. Kenji buys a sweater made in Guatemala. Lucia gets a new video camera made in the United States. Kenji's employer assigns him to provide consulting services to an Australian firm that's opening a manufacturing facility in China. The state of Pennsylvania repaves highway PA 320, which goes through the center of Swarthmore.
Answer:
Paolo buys a new set of tools to use in his plumbing business. I: Paolo is investing in his plumbing business by purchasing tools.
Kenji buys a sweater made in Guatemala. M: Kenji is purchasing an imported good which decreases the GDP.
Lucia gets a new video camera made in the United States. C: Lucia's purchase increases private consumption.
Kenji's employer assigns him to provide consulting services to an Australian firm that's opening a manufacturing facility in China. X: Kenji is exporting services to an Australian firm.
The state of Pennsylvania repaves highway PA 320, which goes through the center of Swarthmore. G: the state government spent money on repaving a highway.
The student's question can be addressed by examining different economic activities related to international trade and their roles in the global marketplace. Transactions like consumer purchases, government spending, and foreign consultancy are examples that highlight consumption, investment, government spending, and exports or imports in an economy.
Explanation:The student's question requires an understanding of how international trade and transactions are classified within an economy. The examples provided illustrate various types of economic activities. For instance, Paolo buying a new set of tools for his business represents investment (I), whereas Kenji's sweater purchase is an import (M) since it's made in Guatemala. Lucia buying a U.S.-made video camera counts as consumption (C), while Kenji's consulting services provided to an Australian firm would be an export (X). Lastly, the repaving of the highway by the state of Pennsylvania is an example of government spending (G).
We recognize the global marketplace through the distribution and sale of goods and services that cross international borders. Examples like the Seattle couple staying in a Mexican hotel, the city of Dallas buying local computer paper, or the various origins of our daily consumer goods underscore the vast network that is global sales, labor, and production.
These economic activities are interconnected and together, they make up the components of a nation's gross domestic product (GDP), which is calculated as C + I + G + (X - M). Understanding how each transaction fits into these components helps us grasp the complex nature of economics in a globalized world.
Jeans Unlimited produces clothing for young adults. It designs its clothes at its New York headquarters and produces them at facilities located in two Southeast Asian countries. The company recently received negative press after one of its facilities was found using questionable labor practices, such as, employing children and operating in a manner that damages the environment. Jeans Unlimited plans to set up new facilities that are designed specifically to reduce impact on the environment. The management has emphasized on recycling and reusing most of their resources. What concept is the company emphasizing on in this scenario?
Answer: Material Efficiency
Explanation: Material Efficiency is concerned with the use of physical processes that uses less material to produce higher outputs using recycled materials thereby reducing wastes.
Material efficiency uses the strategy of re-manufacturing and modular manufacturing, reuse and recycling of product components, using less material in product designs and redesigning manufacturing processes to use less energy, less water and less raw materials.
Material efficiency help not only in reducing manufacturing costs but also in reducing wastes and associated costs.
Hana Coffee Company roasts and packs coffee beans. The process begins by placing coffee beans into the Roasting Department. From the Roasting Department, coffee beans are then transferred to the Packing Department. The following is a partial work in process account of the Roasting Department at July 31:
ACCOUNT Work in Process—Roasting Department ACCOUNT NO.
Date Item Debit Credit Balance
Debit Credit
July 1 Bal., 30,000 units, 10% completed 121,800
31 Direct materials, 155,000 units 620,000 741,800
31 Direct labor 90,000 831,800
31 Factory overhead 33,272 865,072
31 Goods transferred, 149,000 units ?
31 Bal., ? units, 45% completed ?
Required:
1. Prepare a cost of production report, and identify the missing amounts for Work in Process—Roasting Department. If an amount is zero, enter "0". When computing cost per equivalent units, round to the nearest cen
To prepare a cost of production report for the Roasting Department at Hana Coffee Company, one must add the initial balance to the costs incurred in the current month, subtract the cost of units transferred, and determine the cost associated with the units still in process.
The data provided gives us enough information to compute the cost of production for the Hana Coffee Company's Roasting Department.
We start with the initial balance of $121,800 for 30,000 units that were 10% completed.
Then, we add the costs incurred in that month: $620,000 for direct materials, $90,000 for direct labor, and $33,272 for factory overhead. These amounts sum up to $865,072.
This represents the total costs that were associated with 149,000 units that were transferred out of the Roasting Department and into the Packing Department.
The remaining balance represents the cost associated with a certain number of units that are 45% completed.
To find this number, we would subtract the cost of the goods transferred out from the total costs.
This would give us the ending balance for Work in Process - Roasting Department.
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If he devotes all of his available resources to cantaloupe production, a farmer can produce 120 cantaloupes. If he sacrifices 1.5 watermelons for each cantaloupe that he produces, it follows that:____________
A. If he devotes all of his available resources to watermelon production, then he can produce 80 watermelons.
B. He cannot have comparative advantage over other farmers in producing cantaloupes.
C. His opportunity cost of one watermelon is 2/3 of a cantaloupe.
D. His production possibilities frontier is bowed-out.
Answer:
C. His opportunity cost of one watermelon is 2/3 of a cantaloupe.
Explanation:
Opportunity cost refers to units of production sacrificed of one good to produce an extra unit of another good.
In the given case, for every 1 unit of Cantaloupe, a farmer is required to sacrifice the production of 1.5 units of watermelon.
This means, production of 1 cantaloupe = production of 1.5 water melons.
Thus, to produce an additional unit of watermelon, sacrifice of 1/1.5 cantaloupe is required.
This means, the farmer's opportunity cost of one watermelon in the form of cantaloupe sacrificed is 2/3 of a cantaloupe.
A firm's information policy includes rules that lay out who is responsible for updating and maintaining the information in a database system. True False
Answer:
True
Explanation:Information policy can be seen a singular set of policies made public by an organization to make sure that all her IT users in the domain or network of the organization comply with guidelines and regulation related to the protection of the information stored online/digitally at any point within the organization's boundaries of authority or in the network.
Julia gives importance to both relationships and tasks. She clarifies task objectives and setting policies and budgets. She also provides aid and guidance to her subordinates. She acknowledges their accomplishments and allows them to provide suggestions. According to the situational theory of leadership, Julia has adopted the ________.
a. supporting leader style
b. entrusting leader style
c. directing leader style
d. coaching leader style
Answer:
a. supporting leader style
Explanation:
in a supporting leadership style, the head of the team is aim at developing his or her team member (sub ordinate), training them to be independent and guide them on how to achieve a given task.
in this scenario, Julia shows a supporting leadership style by:
providing aid and guidance to her subordinates and
acknowledging their accomplishments and allows them to provide suggestions.
She is trying to help her subordinate to achieve the challenge tasks given to them.
What is the business importance of managing the quality of business processes? Describe two methods of quality management.
Answer:
2 methods are LEAN and Kaizen
Explanation:
The value of quality management is to help businesses enhance the dependability, longevity and quality of their goods. Such variables distinguish a company from its rivals. Quality products equal more satisfied customers and more income.
Lean is a very diverse management technique. Lean most often uses the term theory to be embraced by the company (business). Lean is based on a number of fundamental principles. It is essentially the organization's attempt to improve constantly in all aspects and prevent unnecessary waste.
Kaizen is an development process centered on Japanese cultural heritage. The focus of the enhancement is to progressively optimize methods and working practices, improving quality and reduce scrap, save resources and time to reduce costs, increase workplace safety and reduce working-place hazards.
Answer:
a) Business processes is a set of activities and tasks that once completed, will accomplish an organizational goal.
Therefore, the importance of managing the quality of business processes is that it can help you improve your overall operations, It can minimize your expenditures, give you better control of the execution of tasks, pinpoint operational deficiencies, and give you insights to make better business decisions.
b) Two Methods Of Quality Management
1. DMAIC - Improvement Cycle is a universally applicable method of gradual improvement. It is used for any improvement - for example, quality of products, services, processes, applications, data. Each stage in the cycle helps achieve a real improvement. Improvement cycle phases are:
D (Define) - objectives are defined, it is described subject and improvement objectives (product, service, process, data, etc.)
M (Measure) - measurement of initial conditions in term of the principle “what I don’t measure, that I don’t control”
A (Analyze) - analysis of the facts, causes of deficiencies
I (Improve) - key phase of the whole cycle, in which the improvement is based on analyzed and measured facts
C (Control) - improved deficiency should be introduced - to manage and maintain the improvements in life .
2) CAF Model (Common Assessment Framework) is a quality management tool, which was created for the conditions of public sector organizations.The basis of the CAF is self-assessment which helps the organization to identify both its strengths and also get an overview of activities leading to the continuous improvement of the organization’s performance.
Explanation:
Barber Corporation purchased all the assets of TECO Corporation for $1,820,000. An appraisal yielded the following: the building had a fair market value of $1,200,000; equipment a value of $1,000,000; and office equipment a value of $400,000. What is the depreciable basis for the office equipment?a. $400,000
b. $300,000
c. $280,000
d. $250,000
Answer:
c. $280,000
Explanation:
The depreciable basis for each class of asset given is based on the fair market value of these assets. This is used as the basis for apportionment.
Given;
Total purchase cost of assets = $1,820,000
Fair value of ;
Building = $1,200,000
Equipment = $1,000,000
Office equipment = $400,000
The depreciable basis for the office equipment
= ($400,000/($400,000 + $1,000,000 + $1,200,000)) × $1,820,000
= ($400,000/$2,600,000) × $1,820,000
= $280,000
One of the benefits of being a sole proprietorship is ----------, which is evidenced by a sole proprietor being completely free to make decisions about the firm's operations, location, expansion plans, business hours, and other details.
Answer:
Freedom & Independence
Explanation:
Sole Proprietorship is business owned , managed & run by a single entrepreneur. In this case, entrepreneur & business entity single, & not separate entities.
Advantage of this business form is that :
Business ease to start, manage & dissolve Entrepreneur can take & implement decisions, without any delay in decision making process. Entrepreneur can be flexible in firm's decision making. Entrepreneur has best incentive & motivation to work, as all business profits are his/ her own.So, Sole Proprietor has full authority to take firm's decision & full responsibility of those decisions result on firm's as well as his/her own life. This incentive system is a merit of the Sole Proprietorship.
You invested a total of $8,400 in shares of the three stocks at the given prices, and expected to earn $248 in annual dividends. If you purchased a total of 200 shares, how many shares of each stock did you purchase?
Answer:
WSR's stock = 100
HCC's stock = 50
SNDK stock = 50
Explanation:
let W = WSR's stock
let H = HCC's stock
let S = SNDK stock
W + H +S = 200
16W + 56H + 80S = 8,400
(16 X 7%)W + (56 X 2%)H + (80 X 2%)S = 1.12W + 1.12H + 1.6S = 248
-1.12(W + H +S) = -1.12 x 200
-1.12W - 1.12H - 1.12S = -224
1.12W + 1.12H + 1.6S = 248
0.48S = 24
S = 24/0.48 = 50
W + H + S = W + H + 50 = 200
W + H = 150
16W + 56H + 80S = 16W + 56H + 4,000 =8,400
16W + 56H = 4,400
-16(W + H) = -16 X 150
-16W -16H = -2,400
16W + 56H = 4,400
40H = 2,000
H = 2,000 / 40 = 50
W + H +S = 200
W + 50 + 50 = 200
W + 100 = 200
W = 100
To find the number of shares of each stock purchased, set up a system of equations.
Explanation:To find the number of shares of each stock you purchased, we can set up a system of equations. Let's assume you purchased x shares of the first stock, y shares of the second stock, and z shares of the third stock. The total number of shares is given by x + y + z = 200.
The total cost is given by the prices of the shares, which we'll call p1, p2, and p3, multiplied by the number of shares: p1x + p2y + p3z = 8400.
Lastly, the total annual dividend is given by the dividend of each stock, which we'll call d1, d2, and d3, multiplied by the number of shares: d1x + d2y + d3z = 248.
From these equations, you can solve for the values of x, y, and z to find the number of shares of each stock you purchased.
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What is an accurate description of how the political economy of many of the world’s nation-states has changed radically since the late 1980s? a. There has been a move away from centrally planned and mixed economies and toward a more free market economic model. b. New communication technologies have increased countries' ability to control access to uncensored information. c. Market-based economic systems have been replaced by command economies. d. There has been a significant reduction of the middle class. e. Democratic governments have been replaced by totalitarian governments.
Answer:
A. There has been a move away from centrally planned and mixed economies and toward a more free market economic model.
Explanation:
In that period of time, the Soviet union was regarded as the biggest nation who adopted a centrally planned economic model. The country was so poor and a lot of dissatisfaction arise among the people due the centrally planned economic system. Eventually, members of soviet union started to seek their own independence, Leading to the fall of the soviet union in 1991.
The rest of the countries witnessed this Downfall and started to move away from centrally planned and mixed economies toward a free market model. They fear that if they adopted them, their country will fall into poverty just like the Soviet Union.
Sven and Ingrid Allgertson developed the idea for their thriving business while awaiting the birth of their first child, Olga. Finding nowhere to purchase fine handmade baby clothing and other items, the couple decided to start their own business. Neither Sven nor Ingrid imagined justhow successful this endeavor would turn out to be for them. Their designer baby clothes and products were an instant hit in the world marketplace. And even though the baby items are quite expensive to purchase, shoppers from around the world are only too happy to spend large sums of money on their beloved children. Originally S & I Creations only sold products within Sweden, but soon global demand necessitated the company offer its products in several other foreign markets. Now the proud parents of baby Olga are also the proud owners of a $10 billion per year business. Sven and Ingrid cannot wait to see what the future holds for their family and their business operations.When S & I Creations exports its products to foreign marketplaces, which one of the following ismost likely to be affected for the country of Sweden?a. the trade balance of Swedenb. the World Bank c. the services balance of Swedend. the FDI of Swedene. the income balance of Sweden
Jane and Joseph Sechrist signed a contract to have a swimming pool built in their backyard for $10,000. The salesman for the pool company signed the contract as well on a space marked "Salesperson." Two days after the contract was signed, the salesman called the Sechrists back and asked them to come in and sign a new contract for $11,000 because the vice president had not approved the original price. Jane has checked the contract and discovered that there is no language that requires the approval of anyone other than the salesperson. Jane and Joseph can have their pool built for $10,000 because:
Answer:
The Contract made through the salesperson is binding on the pool company.
Explanation:
First what is a salesperson? It represents either an entity or an individual is sells or promotes the sales of goods or the offering of services. The key to this question is that a salesperson is usually employed to sell on behalf of a company, therefore, they have the contractual capacity to make deals binding on the company.
Since, the salesperson of Schrist signed the contract for $10,000 and it is not written that the approval of any other is required. The contract signed with Schrist by Jane and Joseph is binding and they can have their pool built for $10,0000.
In week 18 of 2011, employee earned gross pay of $560.00. The following deductions were taken out of gross pay by the employer: Federal taxes were $55.00, S.S. $9.50 and state taxes, $11.25. To calculate net pay, the function and formula to calculate net pay would be:__________
Answer:
The formula for calculating net pay would be;
Net pay=Gross pay-(federal taxes+social security+state taxes)
Net pay=$484.25
Explanation:
The gross pay is the total amount of pay without including the tax deductions while the net pay is the total pay after accounting for tax deductions. It is the amount that an employee actually receives on the pay day. The formula for determining the net pay is as follows;
N=G-D
where;
N=net pay
G=gross pay
D=tax deductions
And, D=F+S.S+S
F=federal taxes
S.S=social security tax
S=state taxes
As we can see, the tax deductions include; federal taxes, social security tax and state taxes.
In our case;
N=unknown to be determined
G=$560.00
F=$55
S.S=$9.50
S=11.25
D=F+S.S+S=55+9.5+11.25=$75.75
replacing;
N=(560-75.75)=$484.25
The formula for calculating net pay would be;
Net pay=Gross pay-(federal taxes+social security+state taxes)
Net pay=$484.25
To calculate net pay, subtract all deductions (federal taxes, Social Security taxes, and state taxes) from the gross pay. In this scenario, the employee's net pay for week 18 of 2011 is $484.25.
To calculate the net pay, we need to subtract all deductions from the gross pay. In this case, the employee's gross pay for week 18 of 2011 is $560.00. The deductions are federal taxes ($55.00), Social Security (S.S.) taxes ($9.50), and state taxes ($11.25). Therefore, the formula to calculate net pay would be:
Net Pay = Gross Pay - Federal Taxes - S.S. Taxes - State Taxes
Substituting the given values:
Net Pay = $560.00 - $55.00 - $9.50 - $11.25 = $484.25
Thus, the function and formula to calculate net pay result in the employee receiving a net pay of $484.25 for that week.
The law of demand states that, other things remaining the same, the higher the price of a good, the ________. a. smaller is the quantity of the good demanded. b. larger is the quantity of the good demanded. c. larger is the demand for the good. d. smaller is the demand for the good.
The law of demand states that as the price of a good increases, the quantity of the good demanded decreases.
Explanation:The answer to the question is option a. Smaller is the quantity of the good demanded.
The law of demand states that, other things remaining the same, as the price of a good increases, the quantity of the good demanded decreases. This inverse relationship between price and quantity demanded is represented by the downward-sloping demand curve.
For example, let's consider the market for smartphones. When the price of smartphones increases, fewer consumers would be willing and able to purchase them, resulting in a decrease in the quantity of smartphones demanded.
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Ed bought $2,000 in stock shares one week before the stock price dropped $10.00. If he had waited for the price setback, he could have bought 10 more shares for the same amount. How many shares did he buy?
Answer:
He bought 40 shares.
Explanation:
Step 1: Determine the initial stock price
Use the expression below to determine the total initial stock price as shown;
T=S×s
where;
T=total initial stock price
S=initial stock price per share
s=number of shares
In our case;
T=$2,000
S=x
s=unknown
replacing;
2,000=x×s
s=2,000/x
Step 2: Determine the final stock price
Use the expression below;
F=f×s2
where;
F=final stock price=$2,000
f=final stock price per stock=(x-10)
s2=final number of shares bought=(2,000/x)+10
replacing;
2,000=(x-10){(2,000/x)+10)
2,000=x(2,000/x)+(10 x)-10(2,000/x)-100
(2,000=2,000+10 x-20,000/x-100)x
2,000 x=2,000 x+10 x²-20,000-100 x
2,000 x-2000 x=10 x²-100 x-20,000
10 x²-100 x-20,000=0
solving quadratically;
x=[100±√{100²-(4×10×-20,000)}]/(2×10)
x={100±√(10,000+800,000)}/20
x=(100±900)/20
x=1,000/20=50
Initial stock price=$50
Number of shares bought=2,000/x=2,000/50=40
He bought 40 shares.
Suppose that at a price of $30 per month, there are 30,000 subscribers to cable television in Small Town. If Small Town Cablevision raises its price to $40 per month, the number of subscribers will fall to 20,000. Using the midpoint method for calculating the elasticity, what is the price elasticity of demand for cable television in Small Town?
a. 0.66
b. 0.75
c. 1.0
d. 1.4
e. 2.0
Answer:
-1.4
Explanation:
The computation of the price elasticity of demand using mid point formula is presented below:
= (change in quantity demanded ÷ average of quantity demanded) ÷ (percentage change in price ÷ average of quantity demanded)
where,
Change in quantity demanded would be
= Q2 - Q1
= 20,000 - 30,000
= -10,000
And, the average of quantity demanded would be
= (20,000 + 30,000) ÷ 2
= 25,000
Change in price would be
= P2 - P1
= $40 - $30
= $10
And, the average of price would be
= ($40 + $30) ÷ 2
= 35
So, after solving this, the price elasticity of demand is -1.4
The price elasticity of demand for cable television under the given conditions is approximately -1.4, indicating demand is elastic.
Explanation:The price elasticity of demand can be calculated using the midpoint method formula: (change in quantity / average quantity) / (change in price / average price). Let's calculate it for this scenario:
The change in quantity is 20,000 - 30,000 = -10,000 (a decrease, hence the negative sign). The average quantity is (30,000 + 20,000) / 2 = 25,000.
So the quantity part of the equation is -10,000 / 25,000 = -0.4.
The change in price is $40 - $30 = $10. The average price = ($30 + $40) / 2 = $35.he price part of the equation is $10 / $35 = 0.29.
Now, we divide the quantity part by the price part: -0.4 / 0.29. Therefore, the price elasticity of demand is about -1.4 (option d), which means demand is elastic. Remember, ignore the negative sign when stating your final answer – it just indicates that this is a normal good (value decreases as price increases).
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Danielle is a manager at a restaurant. The employees bring to her notice that they are dissatisfied with their jobs; they feel they are not paid enough for the number of hours they work. They demand a 20 percent increase in their salaries and a two-hour reduction in their working hours. After several rounds of negotiations, both Danielle and her employees agree on a 15 percent salary hike and a reduction of one hour in their working hours. The concept of _____ is illustrated in this scenario.
Answer:
Compromise
Explanation:
This is the process where parties to negotiation shift their grounds in order to find lasting solution to a problem.
It is used in a win-loose situation like this so as to satisfy the needs of all parties involved.It is similar to sharing a piece of pie,where whatever share Mr A gets Mr B looses,but everyone has a fair share of the pie.
It is very essential as it brings about mutual understanding and solution to the problem at hand.
During _______ potential consumers examine a product prototype in a real-use setting to determine its functionality, potential problems, and other issues specific to its use. a. concept testing b. alpha testing c. beta testing d. idea generation
Answer: Beta Testing
Explanation:
Beta Testing is a method used by a production company to test a product they intend sending into a market, by allowing potential consumers of the product to access it and give feedback on the product. The Beta Test helps the producers to give the consumers the product they desire for consumption.
Costs of Goods Sold of a manufacturing represents the costs related to building a product that are expensed when it is sold. To determine Costs of Goods Sold, three formulas where used representing the three different categories of inventory. Which schedule is based on work in process inventory?A. Direct Materials Used B. Income StatementC. Cost of Goods SoldD. Costs of Goods Manufactured
Answer:
Costs of Goods Manufactured
Explanation:
Im production raw materials are purchashed and put in to the factory to make goods. The first stage is work in progress (unfinished goods), then finished goods, finally the finished goods are sold.
So the schedule that is based on work in progress inventory (WIP) is the finished goods that is produced from WIP.
When the strong dictatorial rule in Beckenstein unexpectedly collapsed due to the shocking death of the royal family in an explosion, the nation's economy experienced drastic changes. The laws became more restrictive, the country lost many locally produced resources and products, and the distribution of wealth became inequitable. The unexpected event that led to these changes can best be described as a(n) _____ event.
Answer:
black swan
Explanation:
You know the _____ method of budgeting is being employed after hearing an experienced marketing department manager respond to a new employee's question, "How was the ad budget established last year?" by saying, "The same way it's always been done. I just have an instinct for how much should be budgeted where."
Answer:
Arbitrary allocation.
Explanation:
Arbitrary allocation is a method where costs budgeted are not based on any precise measurement,hence accurate costs could not be arrived at.
This approach to budgeting breeds inefficiencies as the accurate budgeting is expected to lead to accurate costing of products as well as pricing.
All in all,the true profitability of a business cannot be ascertained.
Finally,the organization adopting this type of approach needs to change to other accurate methods of budgeting such incremental or rolling budgeting.
Answer:
A) Arbitrary allocation
Explanation:
Arbitrary allocation of resources is a very commonly used method specially by experienced managers. To be honest, almost all the allocation methods are arbitrary, only that some are less obvious, e.g. percentage of sales is also arbitrary because what percentage is the correct allocation, someone decided because their previous experience favors such a number.
The manager doesn't magically come up with numbers and decides that X should be assigned to this product and Y to that product. He/she bases the decision on previous campaigns as a parameter and then he/she determines an amount.
Of course this type of resource allocation is not the best or more exact way to do it, but it is based on experience and experience also matters. What would be really problematic is that the manager is so stubborn that he/she will not adjust the balance according to the needs. You must remember that all budgets are only estimates, and estimates aren't usually 100% correct (they wouldn't be estimates if they were 100% sure). What is important is to be able to adjust your budget to correct any variances.
The Scarlet Pages, a semi-professional hockey team, prepare financial statements on a monthly basis. Their season begins in October, but in September the team engaged in the following transactions:________
(a) Paid $150,000 to Oklahoma City as advance rent for use of Oklahoma City Arena for the six-month period October 1 through March 31.
(b) Collected $450,000 cash from sales of season tickets for the team’s 30 home games. This amount was credited to Unearned Ticket Revenue.
(c) During the month of October, the Scarlet Pages played five home games.
Answer:
A) September X. Paid $150,000 as advance rent. for 6 months.
Dr Prepaid Rent 150,000 (asset account increases)
Cr Cash 150,000 (asset account decreases)
Since the rent covers a 6 month period, at the end of each month a partial recognition of the rent expense must be made. $150,000 x 1/6 = $25,000
October 31. Recognition of one month of rent (October)
Dr Rent Expense 25,000 (expense account increases)
Cr Prepaid Rent 25,000 (asset account decreases)
B) September X. Collection of $450,000 from sales of season tickets (30 games per season)
Dr Cash 450,000 (asset account increases)
Cr Unearned Ticket Revenue 450,000 (liability account increases)
C) Since 5 games were played during October, 5/30 of ticket revenue must be recognized. $450,000 x 5/30 = $75,000
October 31. Recognition of ticket revenue (5 games).
Dr Unearned Ticket Revenue 75,000 (liability account decreases)
Cr Ticket Revenue 75,000 (revenue account increases)
The subject of this question is Business, and it addresses transactions made by a semi-professional hockey team in September before their season begins in October. It explains the prepaid rent, unearned ticket revenue, and home games played by the team.
Explanation:The subject of this question is Business and it is suitable for College level. The student is seeking clarification on transactions made by a semi-professional hockey team, The Scarlet Pages, in September, before their season begins in October. The transactions mentioned are:
(a) The team paid $150,000 in advance rent to Oklahoma City for the use of Oklahoma City Arena from October 1 to March 31.
(b) The team collected $450,000 in cash from sales of season tickets and credited it to Unearned Ticket Revenue.
(c) During October, the team played five home games.
These transactions provide insights into the financial activities of The Scarlet Pages before their season starts. It involves prepaid expenses, revenue recognition, and the actual games played. Each transaction affects the team's finances in different ways, and understanding these transactions is essential for financial statement preparation and analysis.
As the president of a local trade company, Kristin is faced with leadership, ethical, and operational decisions on a daily basis. Kristen's responsibilities include examining the organizational resource of information and regulating its definitions, uses, value, and distribution ensuring it has the types of information required to function and grow effectively. What is Kristin overseeing for the company?a. information codes
b. information management
c. information deployment
d. information security
Answer:
B. Information Management
Explanation:
According to Wikipedia, Information management is the collection and management of information from one or more sources and the distribution of that information to one or more audiences.
It is involves collecting, storing and managing information gotten in all its forms. Of course, there are various forms of information, whether physical or electronical or otherwise.
Kristen's Job in the company involves organizing resources info (collecting), regulating how they are used and making sure they are the necessary information needed by the company's workers which is all part of the information management process.
Selden has provided sage tax advice to QRS Co. for many years. QRS has invited Selden to join its board of directors. Which of the following is advice that Selden should heed? Because as a tax professional he need not worry about independence, it is perfectly fine for Selden to join the QRS board. Because Selden's position as a director will be fully disclosed, he need not worry about threats to objectivity. If QRS wishes to tap Selden's expertise, it would probably be preferable to have him serve as a consultant to the QRS board rather than to join the board as a member. It would never be acceptable for Selden to serve on the QRS board.
Answer:
If ORS wishes to tap Selden's expertise ,it would be preferable to have him serve as a consultant to the QRS board rather than joining the board as a member
Explanation:
The conduct of professionals are guided by a set of rule called code of ethics so that they can be well guided in certain situation at any time in the point of duty.
The five fundamental principle of the code of conduct are objectivity , professional behavior , professional competence and due care , integrity and confidentiality.
In this scenario , the objectivity of of Selden is threatened if he joins the board and still continue to carry out the tax advisory service.
The situation is better managed if he serves as a consultant to the board members.
The correct advice that Selden should heed is: If QRS wishes to tap Selden's expertise, it would probably be preferable to have him serve as a consultant to the QRS board rather than to join the board as a member.
Selden, as a tax professional who has provided advice to QRS Co. for many years, should consider the implications of joining the board of directors from an independence perspective. Independence is a critical aspect of a board member's role, as it ensures that decisions are made without bias or conflict of interest. The first option suggests that Selden need not worry about independence, which is not correct. Independence is crucial for all board members, including those with specialized expertise like tax professionals.
The second option suggests that disclosure of Selden's position as a director would mitigate threats to objectivity. While disclosure is important, it does not negate the need for independence. Objectivity could still be compromised if Selden has a vested interest in the company as a board member.
The third option is the most appropriate because serving as a consultant would allow Selden to provide his expertise without being involved in the governance of the company. This would help maintain his independence and avoid potential conflicts of interest that could arise if he were a member of the board.
The fourth option is too absolute and not necessarily true in all circumstances. There could be situations where it might be acceptable for a professional to serve on a board, provided that all conflicts of interest are managed appropriately and the professional maintains independence in their advisory role.
Therefore, the best advice for Selden is to consider serving as a consultant rather than joining the board, as this would allow him to provide his expertise while maintaining the necessary level of independence and avoiding potential threats to his objectivity.
The ____ principle morally requires employees to support the rules of the organization as long as the organization is just (or fair) and employees have voluntarily accepted some benefits or opportunities in order to further their own interests.
Answer: Fairness principle
Explanation:
The fairness principle is the term which is used to refers to the action or the outcome that should be taken as the fair decision. The fairness principle basically establishing the various types of moral standards that helps in making the various types of decisions in an appropriate manner.
The fairness is characterizing on the basis of , justice and liberty and it is refers to the fair equality in terms of opportunities in an organization.
According to the given question, the fairness principle supporting the various types of fairness rules in the firm for providing the various types of benefits to the employees of an organization.
Therefore, Fairness principle is the correct answer.
These often managerial level decisions occur in situations in which a few established processes help to evaluate potential solutions, but not enough to lead to a definite recommendation decision
Semi structured Decisions are often managerial level decisions occur in situations in which a few established processes help to evaluate potential solutions, but not enough to lead to a definite recommendation decision.
Explanation:Decisions that are repetitive and follow a definite routine process refers to a structured decisions. Unstructured decisions are those that are not repetitive in nature and they are not in routine way. Semi structured decisions falls between these two categories of decisions.
In semi structured decisions, some judgment made by human and also some agreement on the method of solution is very essential. For instance, decisions that are related to the production or new products and decisions that are associated with making changes in the benefits that are attained by employees are ranging form unstructured decisions to semi structured decisions.