Answer:
Part (1) November 1
The amount paid is the rental advances and must be recorded as advances which falls under the current asset category:
Dr Rental Advances $90,000
Cr Bank account $90,000
Part (2) December 31
On this date, some of the rental advances paid would be realized as expenses from the period November 1, 20X1 to December 31, 20X2.
This time duration constitutes to 2 months and the rental advance made on November were for five months. Out of these 5 months, 2 months share must be recognized as expense which is
The relevant entry would be:
Dr Rental Expenses $36,000
Cr Rental Advances $36,000
Distinguish among land-, labor-, and capital-intensive goods, citing an example of each without resorting to book examples. How do these distinctions relate to international trade? How do distinctive products, unrelated to resource intensity, relate to international trade?
Answer:
Land intensive goods generally refer to raw materials (minerals, oil, etc.), agricultural products or fishing products, i.e. commodities. Labor intensive goods require a lot of skilled or semi-skilled labor, e.g. clothing. Capital intensive goods require a lot of machinery and equipment, e.g. technological products, cars, airplanes.
International trade is based on comparative advantages, because countries that have abundant supplies of any factor of production will produce goods that take advantage of them. An abundance of factors of production lowers their relative costs. For example, Japan has an abundance of labor and capital, so it manufactures industrial and high tech goods, but it has to import food and raw materials.
Distinctive products that are associated with high quality can provide an advantage for the exporting country, for example Germany exports good cars, Argentina exports good meat, France exports good wines, etc.
A factory worker earns $500 per week and will receive a $2,000 bonus at year-end, a 2-week paid vacation, and 5 paid holidays. The combined amount of the accruals for bonus, vacation, and holiday pay in the weekly payroll would be:
Answer:
$70
Explanation:
Data provided in the question:
Earnings per week = $500
Bonus received per year = $2,000
Paid vacation = 2 weeks
Paid holidays = 5
Now,
Since the workers have 2 weeks of vacation the fringe benefit will be calculated for 50 weeks
[as 1 year have 52 weeks, so 52 - 2 weeks = 50 weeks]
Now,
Bonus per week = $2,000 ÷ 50 weeks
= $40 per week
Vacation pay for the year = Earning per week × Total vacation per year
= $500 × 2 weeks = $1,000
Thus,
Vacation pay per week = $1,000 ÷ 50 weeks
= $20 per week
since there are 5 days working in a week
Holiday pay per day = $500 ÷ 5 days
= $100 per day
Thus,
Total holiday pay for a year = Holiday pay per day × total holidays per year
= $100 × 5
= $500
Therefore,
Holiday pay per week = $500 ÷ 50 weeks
= $10 per week
Hence,
Combined amount of accrual
= $40 + $20 + $10
= $70
Final answer:
To calculate the weekly accrual for a factory worker's bonus, vacation, and holiday pay, combine the annual bonus ($2,000), vacation pay ($1,000), and holiday pay ($500), and divide the sum ($3,500) by 52 weeks to get a weekly accrual of $70.00.
Explanation:
The student has asked to calculate the combined amount of the accruals for a bonus, vacation, and holiday pay in the weekly payroll for a factory worker earning $500 per week with additional benefits. To determine the total accrual per week, we need to add the year-end bonus, the value of the paid vacation, and the value of the paid holidays, then divide this sum by the number of weeks in a year to find the weekly amount.
Year-end bonus: $2,000 (already given as an annual figure)
Paid vacation: 2 weeks of vacation at $500 per week equals $1,000
Paid holidays: 5 holidays at $500 per week, divided by a standard 5-day workweek, equals 5 days of pay. This is $500/5 days = $100 per holiday, for a total of $500.
The yearly total of additional benefits is $2,000 (bonus) + $1,000 (vacation) + $500 (holidays) = $3,500.
To find the weekly accrual amount, divide the yearly total by 52 weeks: $3,500 / 52 weeks = $70.00 (rounded to two decimal places).
Therefore, the weekly accrual for the combined amount of bonus, vacation, and holiday pay in the weekly payroll is $70.
Coworkers Yvonne and Rodney are trying to finish cleaning the store by washing dishes and sweeping the floors. To finish both tasks as quickly as possible, they know that each of them should focus on just one task, but they don't know who should do what. To decide which coworker should wash dishes, Yvonne and Rodney should determine which one:
has the comparative advantage in dish washing. T/F
Answer: True- The comparative advantage in the dish washing
Explanation:
Yes, the given statement is true that both the coworkers that is Rodney and Yvonne determining the comparative advantages in the store by washing all the dishes.
The comparative advantages is one of the term that is used to refers to the economical ability that helps in providing the various types of products and also reflecting the overall production opportunity in terms of cost.
Accordion to the given scenario, we use the comparative advantages for determining the person for washing the dishes from both the co-workers.
Therefore, The given answer is correct.
Natasha, the general manager of a putting range, believes that her workers are responsible and capable, and that they can be trusted when given responsibility. Natasha is an example of a(n) ________ manager.
A. contingency
B. Theory X
C. Theory Y
D. Theory Z
E. participative
Answer:
C) Theory Y
Explanation:
Theory Y is the opposite of theory X. While theory X focuses on the negative side of employees, theory Y focuses on the positive aspects and qualities of employees.
Theory Y managers tend to have a positive attitude towards humanity as a whole, and believe in their employees' capacities. They try really hard to motivate them to give 100%. Theory Y managers believe that their employees actually like their work, can work independently, are responsible, are motivated to perform better and if given the chance will be able to make good decisions.
Natasha, the general manager of a putting range, is an example of a Theory Y manager. Theory Y managers believe that employees are responsible, capable, and can be trusted with responsibilities.
Explanation:Natasha, the general manager of a putting range, is an example of a Theory Y manager. Theory Y managers believe that employees are responsible, capable, and can be trusted with responsibilities. These managers emphasize on employee empowerment, participation in decision-making, and creating a positive work environment.
By displaying trust in her workers' abilities and giving them responsibilities, Natasha promotes a participative management style. This style involves involving employees in the decision-making process, encouraging their inputs and ideas, and sharing information with them. It fosters a sense of ownership and commitment among employees, leading to higher job satisfaction and productivity.
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In the policy-making process, science is _________. a. only one of the factors that influence policy makers b. the main driving force behind environmental policy c. only conducted by private citizens presented without political influence d. because science is peer-reviewed
Answer:
A) only one of the factors that influence policy makers
Explanation:
Politics is extremely complicated, since everyone knows what should be done, but no one does it. Politicians live in an alternate universe where only what they say or make up is valid, and reality doesn't really matter very much. And I'm talking about the US where a few government agencies do rely on scientific research (e.g. NASA) and the government also provides grants mostly to universities but sometimes to private companies also in order for them to investigate certain issues.
But even with tons of scientific research done, politicians do as they want, e.g. the current government rejects global warming even though government scientists believe the contrary.
When politicians are deciding on different policies, scientific truth is not something that they usually rely on. Luckily for us, it still exists and at least we know about them. In the rest of the world things work out the same, but scientific research is either non-existent or not available to the public.
In policy-making, science is one of the significant factors influencing policy makers. It impacts decision-making but is not the only determinant. Other factors like economic implications, societal norms and others also play significant roles.
Explanation:Within the process of policy-making, science is generally considered as one important factor that influences the policy makers, meaning option 'a' is the correct choice. Though scientific understanding plays a crucial part, policy-making also considers economic implications, societal ethics and norms, historical contexts, and more. For example, in environmental policy formulation, while the impacts of climate change are scientifically acknowledged, the policy should also balance economic consequences of regulatory measures.
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If a country produced nothing but 20 smartphones and 10 Blu-ray players in 2017, priced at $100 per smartphone and $200 per Blu-ray player, its GDP in 2017 would be:
a. $5,000.
b. $1,000.
c. $4,000.
d. $2,000.
Answer:
The correct answer is option c.
Explanation:
A country produces two goods, smartphones, and Blu-ray players. The quantity of smartphones is 20, its price is $100.
While the quantity of Blu-ray players is 10 and the price is $200.
The GDP of a country measures the value of final goods and services produced in the country in a year.
The GDP of this country will be
= [tex](20\times \$100) + (10\times \$200)[/tex]
= $2,000 + $2,000
= $4,000
Bakeries and coffee bistros that offer pumpkin-flavored items only during the autumn season target their consumers primarily through ________ segmentation. a. psychographic b. age and life-cycle c. occasion d. demographic e. income
Answer:
The correct option is Occasion segmentation
Explanation:
Occasion segmentation involves dividing consumers into different groups based on seasons.
Since some products are thought of been a perfect fit for certain periods of the year,it makes a business to wait for the period such that revenue can be maximized and the consumers' needs would ultimately be satisfied.
Raincoat for instance is not appropriate in all seasons,neither is air conditioner useful all year long.
Businesses like bakeries and coffee bistros target their customers through occasion segmentation, offering pumpkin-flavored items primarily in autumn; this strategy is centered on time, unlike demographic or psychographic segmentation.
Explanation:Bakeries and coffee bistros that offer pumpkin-flavored items only during the autumn season target their consumers primarily through occasion segmentation. This form of marketing strategy makes assumptions based on specific times of the year, national holidays, or even a customer's personal special occasions. For instance, during fall, the market sees a surge in pumpkin-flavored items as a timely response to customer habits and preferences. In contrast to, say, demographic segmentation, which could involve a method like the marketing manager of an electronics chain store wanting information about the ages of its customers, occasion segmentation centers primarily on timing.
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If the 10-year Treasury bond rate is 5.3 %, the inflation premium is 2.8 %, and the maturity-risk premium on 10-year Treasury bonds is 0.2 %, assuming that there is no liquidity-risk premium on these bonds, what is the real risk-free interest rate?
Answer:
2.3%
Explanation:
If nominal interest rate (10-year Treasury bond rate) = real risk free interest rate + inflation premium + default risk premium + maturity risk premium + liquidity risk premium
Then real risk free interest rate = nominal interest rate - inflation premium - default risk premium - maturity risk premium - liquidity risk premium
real risk free interest rate = 5.3% - 2.8% - 0% - 0.2% - 0% = 2.3%
Suppose you build a model of the market for umbrellas, in which the predicted number of umbrellas sold by a shop depends on their colour and price, ceteris paribus. the colour and the price are variables used to predict sales. which other variables are being held constant?
Answer:
Quantity, location and weather
Explanation:
The concept of the ceteris paribus, is vital in economics as in the real world, it is generally hard to isolate all the variables that are different, and might change the result or outcome.
The ceteris paribus is the simplification, which include holding other things ( both outside as well as inside the model) constant. In this situation, all variables except price and the color are held constant. In this example, such as quantity, weather and location are held constant.
Ceteris paribus, variables kept constant in the model predicting umbrella sales could include factors such as weather conditions, shop location, area competition, time of year, and shop opening hours. These are typically held constant in market models to isolate the impact of the main variables under study.
Explanation:In the context of the question, other variables that could be held constant (ceteris paribus) in a model predicting umbrella sales could include factors like the weather conditions, the location of the shop, the competition in the area, the time of year, and the shop's opening hours. The weather condition especially has a direct impact on umbrella sales. For example, more umbrellas will be sold during the rainy season than in summer. However, Ceteris Paribus, all other things being equal or held constant, these variables do not change. In a market model, researchers often hold these variables constant to isolate the effect of the variable under study – in this case, the effect of the colour and price of umbrellas on sales – and to simplify the model.
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Cullen and MacNeil's is a printing press. It currently faces a threat from the electronic media. The company primarily views itself as a printing company instead of a company that delivers the benefits that the consumers want. In the given scenario, Cullen and MacNeil's outlook is an example of _____.
Answer:
Marketing myopia
Explanation:
Marketing myopia is a term that describes a situation in which a business or company is more focused on the products it offers rather than the customers. This term was coined by Theodore Levitt. Cullen and MacNeil’s can be said to be suffering from marketing myopia as the company’s program doesn’t take account of the changing lifestyle of the customers which tends to align towards electronic media, and as such would only be assuming there are no competitive substitutes for whatever products they are offering. We can say the company does not have the interest of customers at heart.
Suppose matt and bree go out to get pizza. they order breadsticks and a large pepperoni pizza. after eating the breadsticks, and one piece of pizza bree decides to have an additional piece, but she does not eat a third piece. if bree is a rational individual why did she not eat the third piece of pizza? the marginal cost of the
Answer:
The third part was higher than the third part's marginal advantage
Explanation:
If marginal costs exceed marginal profit (MC > MB), then producing a last unit costs us more than the perks of the last unit.The highest amount a customer pays for an extra product or service is the marginal benefits. When demand increases, the marginal benefit usually reduces. The marginal cost of production is the increase in costs resulting from more.
Final answer:
Explaining why Bree did not eat the third piece of pizza due to marginal utility decline and rational decision-making, linked to the law of diminishing marginal utility.
Explanation:
Marginal utility decline: Bree did not eat the third piece of pizza because the marginal utility of consuming that extra piece had diminished. As she ate more pizza, the additional satisfaction she gained from each subsequent slice decreased.
Rational decision-making: Bree stopped at the second additional piece because the marginal utility just equalled the opportunity cost. In this case, the satisfaction gained from one more slice equaled the value of enjoying something else or saving money on food.
Law of diminishing marginal utility: Graphing Joseph's total utility and marginal utility curves would show that marginal utility decreases as he consumes more pizza, confirming the law of diminishing marginal utility.
Suppose that the government wishes to decrease the market equilibrium monthly rent by increasing the supply the housing. Assuming that demand remains unchanged, by how many units of housing would the government have to increase the supply of housing in order to get the market equilibrium rental price to fall to $1500 per month? To $1000 per month? To $500 per month?
(a) 12,500 apartments at a rent of $2000 per month
(b) A shortage of 5,000 apartments per month, 10,000 apartments will actually be rented each month
(c) A surplus of 5,000 apartments per month, 10,000 apartments will actually be rented each month
(d) 2,500 more apartments, 5000 more apartments; 7,500 more apartments.
Answer:
,000 new apartments will make the equilibrium price = $1,50010,000 new apartments will make the equilibrium price = $1,00015,000 new apartments will make the equilibrium price = $500Explanation:
Rent Demand Supply
2,500.00 10000 15000
2,000.00 12500 12500
1,500.00 15000 10000
1,000.00 17500 7500
500.00 20000 5000
The equilibrium quantity is 12,500 apartments with a $2,000 rent per month. If the government wants to lower the equilibrium rent price by increasing the supply of apartments, then it must build:
5,000 new apartments will make the equilibrium price = $1,50010,000 new apartments will make the equilibrium price = $1,00015,000 new apartments will make the equilibrium price = $500When the demand for an apartment is equal to the supply, the equilibrium rental price per month is computed. As a result, there is no point at which demand equals supply.
Option a is the correct answer to the given market equilibrium situation.
The tabulation of the rental price equilibriumRent Demand Supply
2,500.00 10000 15000
2,000.00 12500 12500
1,500.00 15000 10000
1,000.00 17500 7500
500.00 20000 5000
With a monthly rent of $2,000, the equilibrium quantity is 12,500 apartments.
If the government intends to reduce the equilibrium rent price by expanding apartment supply, it must construct
With 5,000 new flats, the equilibrium price will be $1,500.For more information about market equilibrium, refer below
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Newly-implemented government regulations have reduced the availability of raw materials for Blair Woodworking Corp. This would be considered an external organizational ______ in a SWOT analysis.
Answer: Threat
Explanation:
The threat is one of the important factor in the SWOT analysis that is basically used for analyzing the main causes of the damages in an organization, products and the venture. The threats can be defined as external or in a negative way.
The SWOT is stand for the strengths, weaknesses, opportunities, and the threats and these are the techniques for evaluating the four main aspects of the business.
According to the given question, the implementation of the new government regulations are reducing the availability of the raw materials and this is known as the external organization threat in the given SWOT analysis.
Therefore, Threat is the correct answer.
If countries are first ranked by level or real GDP per capita, and then by the value of the Human Development Index, would you expect the ranking of countries to be similar or different? Explain Shocks to an economy, such as wars, famines, or the unification of two economies. often generate large one-time flows of workers across borders. What are the short-run and long-run effects on an economy of a one-time permanent increase in the stock of labor? Use a diagram to guide your arguments.
Answer:
Some countries that have a very high GDP per capita, e.g. Qatar which has the highest of all, are generally considered developing nations and their Human Development Index is really bad. In the case of Qatar, United Arab Emirates, Saudi Arabia, and the rest of middle eastern oil exporting countries, the wealth of the country is only held by a very small percentage of the population, usually less than 10%. That 10% is extremely rich and the other 90% are extremely poor and live under very harsh conditions.
The European Union's experience is a clear example of how an increase in the flow of workers affects economies. Generally speaking, an increase in the flow of workers will shift to the right the long run aggregate supply (LRAS) curve and the production possibilities frontier (PPF). This right shift means that the total production output will increase due to a decrease in production costs.
In the short run, if the flow of migrants was too large, the economy may experience some negative effects due to the increase in the aggregate demand curve and the increase in government spending. But this type of events are not common, not even the Syrian refugees caused such a disruption. The last time such an event happened was during World War II, and that was a major unprecedented event and nothing similar has happened again.
Any increase in spending is offset by a decrease in production costs and an increase in total production output. Something similar happens to the 25 million Mexicans that live in the US, a lot of them illegally, but they do not hurt the economy, they help it grow.
Final answer:
Rankings by real GDP per capita and HDI may differ as HDI includes education and health, not just income. Short-run effects of a labor stock increase include lower wages and increased unemployment, whereas long-run effects may lead to higher economic growth and market adjustments.
Explanation:
When countries are first ranked by level of real GDP per capita and then by the value of the Human Development Index (HDI), the ranking of countries might be similar to some extent since both indicators are measures of economic and human well-being. However, they can also show significant differences because HDI includes dimensions such as education and health in addition to income levels. Real GDP per capita only accounts for the average economic output per person, not how those resources improve lives.
In the case of shocks to an economy, such as wars or a large one-time migration, the short-run effects on an economy of a permanent increase in the stock of labor would likely include lower wages and higher unemployment rates due to a sudden increase in the labor supply. In the long run, however, the economy can adjust through increased production and potentially higher economic growth, albeit with changes to the structure of labor markets and investment in capital and technology
What if the United States Supreme Court had not issued the prior opinion and California courts also had not decided that those clauses contravene a strong public policy? This case would be a case of ________ in California.a. first impressionb. unprecedented issuesc. persuasive authorityd. equity
Answer:
a. first impression
Explanation:
A case of first impression is when the situation has never happened before in a particular state and therefore the court needs to consider the decision from other states as a guideline.
I hope you find this information sueful and interesting! Good luck!
Answer:
a. first impression
Explanation:
A case is first impression when there is no existing precedent to the issue that is no such case has been brought before court in past.
Therefore,
If the United States Supreme Court had not issued the prior opinion and California courts also had not decided that those clauses contravene a strong public policy, this case would be a case of first impression in California.
Carla has been directed by her regional marketing manager to cut prices on seasonal items, place an ad in the local paper, and tell distributors to reduce deliveries for the next month. Which step of the strategic marketing planning process is Carla engaged in?a. evaluate performance. b. define the business mission. c. situation analysis. d. implement marketing mix and resources. e. identifying and evaluating opportunities.
Answer:
D. Implementing marketing mix and resources
Explanation:
Carla is in the step of implementation in the strategic marketing planning because she is responsible for putting the plans of the marketing manager into action and are actions influences marketing mix of product, price, promotion and place.
Thirty years ago daniel bought a plot of land for $50,000 when the cpi was 50. now the cpi is 180 and he sold the land for $180,000. what issue might inflation cause for daniel?
Inflation, reflected by the increase in the Consumer Price Index, can erode the purchasing power of money over time. Although Daniel sold his land for a nominal profit, the real value of the money he received is essentially the same as what he paid 30 years ago, when adjusted for inflation.
Explanation:Inflation can cause a seemingly profitable sale like Daniel's to be less beneficial than it appears. Although Daniel sold his land for $180,000, which is a substantial apparent increase from his original purchase price of $50,000, it's important to consider the impact of inflation represented by the increase in the Consumer Price Index (CPI) over the same period. The CPI has increased from 50 to 180 during the 30 years, meaning the average price level (and therefore the general cost of living) has gone up by 260%.
When taking inflation into account, Daniel's $180,000 doesn't have the same purchasing power today as it would have had 30 years ago. To calculate the inflation-adjusted selling price, we'd need to scale up the original purchase price in proportion to the increase in the CPI. This gives an inflation-adjusted selling price of $50,000 * (180 / 50) = $180,000. Therefore, after adjusting for inflation, Daniel didn't make any real profit from the sale.
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Myrtle, a bank manager, is referred to as a tough boss by her subordinates because she uses bullying management styles to get things done. She sends intimidating emails to the clerical staff at her branch, she threatens the cashier to tally the cash transactions within a particular time limit, and she is abrasive to her subordinates when they try to justify their actions. In this scenario, which of the following is the most evident management mistake being committed by Myrtle?
Insensitivity to others
Answer:
C) Insensitivity to others
Explanation:
Myrtle is not a bully, she seems to be more like a dictator. Besides Myrtle being rude to her subordinates, which is totally wrong, her behavior will cause negative emotions to them. I bet the cashiers and clerks all dislike her, and feel a mixture of anger, fear, stress and sadness about this situation. The real problem is that all of these negative emotions translate into hostility and bad service towards the customers. Customers do notice when bad things are happening in a business, specially in stressful places like banks. Banks by themselves are very stressful places and if you add employer hostility and bad service, it turns into a perfect storm.
Myrtle's management mistake is insensitivity to others.
Explanation:The most evident management mistake being committed by Myrtle is insensitivity to others.
Her bullying management style, which includes sending intimidating emails, making threats, and being abrasive, demonstrates a lack of empathy and consideration for her subordinates.
A more effective approach to management would involve being supportive, understanding, and respectful, fostering a positive work environment.
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An appraiser employed to appraise a commercial strip mall valued at $550,000 must hold which of the following appraisal licenses? (a)certified general (b)certified residential (c)trainee (d)licensed
Answer:
(a)certified general
Explanation:
A certified general appraiser is a licenced person authorised to perform appraisal for real estate. They are authorised to appraise all type real estate irrespective of any complexity or amount of transaction. Appraisal is an opinion of authorised appraiser based on experience, knowledge, research and informations.
The correct answer is (a) certified general. To appraise a commercial strip mall valued at $550,000, the appraiser must hold a certified general appraiser license. This is the only license that qualifies the appraiser to handle all types of real properties, including commercial properties. Therefore, the correct answer is (a) certified general.
Required Appraisal License for Valuating a Commercial Strip Mall
In the appraisal industry, different types of properties require different levels of certification for appraisers. For commercial properties, such as a strip mall valued at $550,000, the appraiser must hold a certified general appraiser license. This is because only a certified general appraiser is qualified to appraise all types of real estate, both residential and non-residential properties, without regard to value or complexity.
Here is the step-by-step explanation:
Certified General Appraiser: Qualified to appraise any type of real property.Certified Residential Appraiser: Qualified to appraise residential properties, but not commercial properties like strip malls.Trainee Appraiser: Works under the supervision of a certified appraiser and cannot independently appraise properties.Licensed Appraiser: Qualified to appraise non-complex residential properties up to a certain value, not sufficient for commercial properties full valuation.Thus, the correct answer is (a) certified general.
"What is the main reason that it is necessary for public companies to follow the rules and format set out in the Generally Accepted Accounting Principles (GAAP) when creating financial statements?"
Answer:
Unlike private companies or small businesses, publicly listed companies make a significant impact on the economy and the financial markets in general.
Moreover, both foreign and local investors are interested and invest in these companies.
Because of their significance, there should be the ability of comparability of these companies and their financials must be reliable and accurate.
Explanation:
Nancy checks her margin account and notices she has an SMA balance in her account. A 10% stock dividend was declared this morning on one of the companies she had purchased on margin. She asks her RR how this will affect her SMA balance. How should the RR respond?
Answer:
Dividend declare has no impact on the SMA. RR would respond the following way.
Explanation:
SMA is known as “Special Memorandum Account”. It is simply a line of credit, neither cash nor equity. It is created with the market value of the securities increase in the value. The purpose of SMA is to maintain the buying power that is provided by unrealized gains towards the subsequent purchases. SMA is an appropriate way to maintain stable account value and minimize unnecessary accounts funding.
SMA increases with the increase in the value of the security, but does not decrease when the security falls in the value.
SMA is increased by the transactions such as cash deposits, interest income or dividend received or security sales. Dividend declared by the company creates a positive sentiments in the minds of investors. However, it will not create any impact on the SMA account, until it is actually received.
The RR should respond that her SMA balance will not include the dividend. When you have a margin account, any dividends declared have no effect on the SMA account until the margin loan is paid back. A margin account is essentially a loan from your brokerage firm. That loan must be paid off first before you collect any balances.
Which of the following is not correct? a. Markets allocate scarce resources with the forces of supply and demand. b. The equilibrium of supply and demand is typically an efficient allocation of resources. c. Governments can sometimes improve market outcomes. d. Externalities cannot be positive.
Answer: D
Explanation:
When Ramona, the keynote speaker at a major business leaders' conference, arrived in the middle of the night at the Ritz-Carlton, she was exhausted and her suit was wrinkled from her ten-hour plane trip. The night clerk found someone to dry clean Ramona's suit and have it ready for her morning presentation. She has been a loyal Ritz-Carlton customer ever since. In this example, Ritz-Carlton demonstrated the macro strategy of:________.
a. customer excellence.
b. operational excellence.
c. product excellence.
d. promotional excellence.
e. global excellence.
Answer:
The correct answer is letter "A": customer excellence.
Explanation:
Customer service is the treat companies provide to their consumers according to the goods or services that the firms provide. When the company engages in activities that go beyond their scope and responsibility to better assist clients, then we are talking about customer excellence.
Jeremy owns a muffler shop in a large city. He provides services such as muffler repair, replacement, and minor car repair work. Last week Harold came into his businessdriving a 1957 Belair Convertible and told Jeremy that he wanted to convert it to a street-rod. He asked Jeremy if he would adjust the muffler so it would emit 125 decibels to give it a "muscle" sound. Harold told Jeremy he would pay an extra $1,000 in cash to get the work done. The legal limit for exhaust system noise is 95 decibels. Jeremy could do the work in a few hours and knows that no one would know that it came from his shop. His business has been slow lately and he is having a difficult time meeting his financial obligations; in addition, his son was just diagnosed with cancer. Which of the following is mostcorrect regarding Jeremy’s decision?
A. Jeremy must make a decision that will impact society
B. Jeremy is facing a moral, legal, and ethical decision.
C. Jeremy must make a decision that will impact him, personally
D. Jeremy has no decision to make, he must comply with the law.
Answer:
B) Jeremy is facing a moral, legal, and ethical decision.
Explanation:
Jeremy knows that what he is doing is not legal, since the legal limit for exhaust system noise is 95 decibels and he will alter the cars muffler so that it reaches 125. Besides that, he faces moral and ethical dilemmas because his business is not doing well and his son has just been diagnosed with cancer and he needs money and a lot of it.
Digital marketing has become an increasingly important element of the marketer's toolbox. according to a survey conducted by pew research center, ________ of americans use at least one social networking site.
Answer:
73%
Explanation:
Digital marketing is promotion of goods and services using digital tools such as email, search engines, social media, and websites on the internet.
The trend is on the increase and there is more emphasis on developing digital marketing tools, so marketers use services like web design, search engine optimisation, and ecommerce.
Digital marketing has the advantage of always being available so your business never sleeps.
Invoro is a market leader in consumer electronics. If Finolo and Ethver, companies that manufacture televisions, develop the same customer knowledge base and create products with the same customer appeal as Invoro, then:________
A. Invoro will have a resource that is rare but no longer valuable.
B. Finolo and Ethver will have a VRIO resource.
C. Invoro will have a sustainable competitive advantage in the industry.
D. Invoro will have a resource that is valuable but no longer rare.
Answer:
Invoro will have a resource that is valuable but no longer rare.
Explanation:
Invoro's competitive edge has been duplicated by Finolo and Ethics through their customer knowledge base and products that appeal to customers.
The resource that Invoro has is still valuable and can give the company a good market share, but it is no more rare.
True or false? Affinity Audiences allows advertisers to reach people who’re actively researching and intending to buy the products or services they offer.
Answer:
True
Explanation:
Affinity audiences are part of an audience that is targeted for an advertiser’s display campaigns. Advertisers raise their product awareness by targeting groups based on their passions, lifestyles and specific interests. Let us suppose that you have a new line of makeup that you wish to advertise. The best approach is to target women who constantly do a research of makeup and passionate about this environment.
The statement is false. Affinity Audiences targets individuals who have demonstrated an enduring interest in a specific subject or product while In-Market Audiences describes individuals actively researching and intending to buy products or services.
Explanation:The assertion is false. Affinity Audiences are used by advertisers to reach out to individuals who already have demonstrated an interest in the services or products they offer. These audiences are usually those who have shown a long-term interest in a certain area. On the other hand, In-Market Audiences would be the term used to describe people who are actively researching and intending to buy products or services. In-Market Audiences can provide a powerful tool to advertisers looking to reach a group of people who are ready to make a purchase.
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If a frozen pizza plant is the cost object, classify each of the following costs as direct or indirect, respectively: pizza ingredients, cafeteria workers wages, and janitorial supplies.
Pizza ingredients are direct costs, while cafeteria workers' wages and janitorial supplies are indirect costs in relation to the frozen pizza plant cost object.
Explanation:When identifying whether a cost is direct or indirect, it is essential to consider whether the cost can be easily and conveniently traced to the cost object, in this case, the frozen pizza plant. Let's classify each of the following costs respectively.
Pizza ingredients: This cost is direct because these raw materials are directly involved in making the pizza and can be easily traced to the cost object.Cafeteria workers' wages: The wages paid to cafeteria workers are considered indirect costs as they do not directly contribute to the production of the pizza and cannot be traced to the cost object without significant effort.Janitorial supplies: Similar to cafeteria workers' wages, the cost of janitorial supplies is indirect as these supplies are used for cleaning and maintenance of the plant, which benefits all products and cannot be attributed to the cost object directly.It's important for the entrepreneur or manager to correctly classify these costs for effective tracking and management of their business finances.
Pine Creek Company completed 200,000 units during the year at a cost of $3,000,000. The beginning finished goods inventory was 25,000 units at $310,000. Determine the cost of goods sold for 210,000 units, assuming a FIFO cost flow.?
Answer:
$3,085,000
Explanation:
For computing the cost of goods sold for 210,000 units by using the FIFO method first we have to find out the per unit cost which is shown below:
For beginning inventory
= $310,000 ÷ 25,000 units
= $12.4 per unit
For completed units
= $3,000,000 ÷ 200,000 units
= $15
Now the cost of goods sold would be
= 25,000 units × $12.40 + (210,000 units - 25,000 units) × $25
= $310,000 + 2,775,000
= $3,085,000
Using the FIFO method, the cost for the first 25,000 units sold is $310,000 and the cost for the next 185,000 units sold is $2,775,000. Adding these together, the total cost of goods sold for 210,000 units would be $3,085,000.
Explanation:In this scenario, we are assuming a 'first in, first out' (FIFO) cost flow. So, the cost of the first units in inventory (the beginning finished goods) would apply to the first units sold. The 25,000 units in beginning inventory cost $310,000, which represents a cost of $12.40 per unit ($310,000/25,000 units).
For the 200,000 units completed during the year which costed $3,000,000, the cost per unit is $15.00 ($3,000,000/200,000 units). Hence, the cost of the first 25,000 units sold (from beginning inventory) is $310,000 (25,000 units x$12.40/unit). The next 185,000 units sold are from the units produced this year and would cost $2,775,000 (185,000 units x $15.00/unit).
Adding these together, the total cost of goods sold for 210,000 units would be $3,085,000 ($310,000+$2,775,000). This demonstrates the usage of FIFO cost flow in calculating cost of goods sold.
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A mining company closed down operations at an isolated mine it owned and informed the electric company that electricity in the power poles that led to the mine should be cut off. However, the electric company, following its standard policy, left the power running in the line to deter thieves from stealing valuable transformers and cables. The mining company was unaware that the power was left on. A hitchhiker who was passing by the entrance to the mine saw that it was closed, so he went onto the property and climbed up a power pole to steal a transformer. He received an electric shock and fell from the pole, suffering serious injuries.If the hitchhiker sues the mining company, which is the mining company's strongest defense?
A. The hitchhiker was a trespasser.
B. The hitchhiker was a thief.
C. The mining company asked the utility company to turn off the power.
D. The mining company was unaware that the utility company had not turned off the power.
Answer:
A. The hitchhiker was a trespasser.
Explanation:
The hitchhiker's was a trespasser is the mining company's strongest defense. Therefore the mining company owed no duty to the hitchhiker, and is not liable for the injuries of the hitchhiker because a property owner owes no duty to an undiscovered trespasser.
Although, option C and D can also be used as a defense, the best option that the mining company can use is option A. The hitchhiker was a trespasser completely relieving the mining company of any liability for his injuries.