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.
While specialization allows firms to produce many goods and services at lower production and transaction costs than individuals can, most households still produce some goods and services for themselves. Which of the following provides a reason for this?
a. Households can minimize spillover benefits by producing some goods and services for themselves.
b. Technological advances such as computers, crock pots, and bread makers have increased households' efficiency in producing many goods and services.
c. Household production provides a way to avoid taxes.
d. The production of some goods and services requires special skills or resources.
Answer:
The answer to this question is c. Household production provides a way to avoid taxes.
Explanation:
Which of the following will cause an increase in consumer surplus?A. the imposition of a binding price floor in the marketB. a decrease in the number of sellers of the goodC. a technological improvement in the production of the goodD. an increase in the production cost of the good
Consumer surplus increases with a technological improvement in the production of the good, as it leads to an increase in supply and a decrease in price, saving consumers money. A binding price floor, a decrease in the number of sellers, and an increase in the production cost generally decrease consumer surplus because they lead to higher prices.
Explanation:Consumer surplus is the monetary gain obtained by consumers because they are able to purchase a product for a price less than the highest price they are willing to pay. In other words, it’s the difference between what consumers are willing to pay for a good or service and the actual price they pay. The question asks: Which of the following will cause an increase in consumer surplus? A. the imposition of a binding price floor in the market B. a decrease in the number of sellers of the good C. a technological improvement in the production of the good D. an increase in the production cost of the good.
The correct answer is C. a technological improvement in the production of the good. This is because a technological improvement in the production of a good can lead to an increase in supply. When supply increases, the price of the good decreases, which in turn, increases the consumer surplus as consumers are able to buy the good at a cheaper price.
A binding price floor, a decrease in the number of sellers, and an increase in the production cost all decrease consumer surplus because they can lead to higher prices for the good. Higher prices mean consumers pay more, thus decreasing their surplus.
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Sandhill Company reports the following financial information before adjustments. Dr. Cr. Accounts receivable 78,000 Allowance for doubtful accounts 500 Sales revenue (all on credit) 710,000 Sales returns and allowances 36,000.
Prepare the journal entry to record Bad Debt Expense assuming Sandhill Company estimates the necessary allowance for doubtful accounts at (a) 4% of accounts receivable and (b) 4% of accounts receivable but Allowance for Doubtful Accounts had a $1,570 debit balance
Answer:wazzzzupppp
Explanation:waaaazzzuuuuup
Which of the following is an asset account?A.Wages PayableB.Unearned RevenueC.Accounts ReceivableD.Notes Payable
Answer:
C.Accounts Receivable
Explanation:
The balance sheet comprises of total assets, total liabilities and the stockholder equity
The total assets could be further classified into a current asset, fixed asset, and the intangible assets
Whereas
The total liabilities comprise of current liabilities and the long term liabilities
So, the wages payable, unearned revenue, and the note payable is a liability account while the account receivable is a current asset account
In his spare time, Fred likes to restore old furniture and sell it to his friends. He is a lawyer by trade. During 2017, he sells $500 worth of furniture and has $21,000 worth of expenses. Which one of the following is true?
a.Fred may deduct all $21,000 of his expenses because Fred is engaged in a trade or business.
b.Fred may deduct all $21,000 of his expenses because Fred is engaged in a hobby.
c.Fred cannot deduct any of the expenses because he is engaged in a hobby.
d.Fred's deductions are limited to the income from selling furniture because he is engaged in a hobby.
e.None of these choices are correct.
Answer:
d.Fred's deductions are limited to the income from selling furniture because he is engaged in a hobby.
Explanation:
Fred will only deduct the $500 sales from the furniture hobby the other expenses aren't deductible as they aren't backed for occasional sales from their hobby.
It is important to notice there is a another limit to how much a person can deduct from this type of activities which is 2% of the gross income
Therefore if a person makes 100,000 gross income per year
it can deduct a maximum expense of 2%.
Fred can only deduct expenses up to the amount of income generated from his furniture restoration hobby, which is $500, not the full $21,000 in expenses he incurred.
Fred is engaged in what appears to be a hobby, as it is not his primary trade and it does not appear to be pursued with a profit motive, given the large discrepancy between the expenses and income. Therefore, the correct answer is d. Fred's deductions are limited to the income from selling furniture because he is engaged in a hobby. The IRS only allows hobbyists to deduct expenses up to the amount of income generated by the hobby. This means Fred can only deduct $500 of his $21,000 in expenses against the $500 income from selling the furniture, and cannot use the remaining expenses to offset other income.
Beth Williams works for a marketing research company in Chicago. Her current research involves finding the market potential for a client's new line of sports apparel. Given her objective, which of the following types of research is the most suitable for Beth?
a. exploratory research
b. causal research
c. descriptive research
d. constructive research
Answer: (C) Descriptive research
Explanation:
The descriptive research is one of the type of research method that helps in describe the features and qualities based on the given phenomenon and study.
The main purpose of the descriptive research method is that it helps in validating and also explain about the various types of hypothesis based on the given concept.
According to the given question, the descriptive research is one of the most suitable type of research for Beth Williams that helps in evaluating the current market status of the client and it also helps in making various types of business decision in the company.
Therefore, Option (C) is correct answer.
Descriptive research is the most suitable type of research for Beth Williams in finding the market potential for a client's new line of sports apparel.
Explanation:The most suitable type of research for Beth Williams in finding the market potential for a client's new line of sports apparel would be descriptive research. Descriptive research aims to describe and measure characteristics or traits of a population, which would be valuable in determining potential markets and consumer preferences. Beth can gather data through surveys, interviews, or focus groups to analyze the market potential for the new sports apparel line.
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A large beer company previously had a yearly budget of $50 million per year for advertising but increased the budget to $60 million in order to run a commercial during the Super Bowl. That year revenues increased by 1%. Should the beer company continue with the increased advertising budget?
Answer:
Yes they can continue advert but only if the 1% is equivalent or greater than the 10$ spent on advert.
Explanation:
There is an increase in revenue by 1%, this indicates that a number of people were attracted to the product because of the advert. With this the company might do better with consistent advert in subsequent year. They can change the channel of advert, improve on the quality of advert or change the time and location of the advert. Infarct, the 1% increment in revenue can be up to 20$ since we are not sure of the exact company's revenue. But if the 1% is far lower than the amount spent, the company can seek advice from professionals.
Differential treatment of individuals or groups based on race, ethnicity, gender, sexual orientation, or economic status, instead of on their behavior or qualifications is the definition of:_________
Answer:
Discrimination
Explanation:
Discrimination - it is referred to as the practice of avoiding or showing differential treatment to the individual on the basis of sex, culture, religion, etc are known as discrimination.
it is referred to as the unfair treatment against certain sections of society.
To remove the discrimination practice or to overcome the problem affected the marginal community, the government introduce the policy in the form of reservation, making separate policies for the marginal community.
Chris has a job as a sales representative for a pharmaceutical company. The company offers both quarterly and annual bonuses based on performance. The company also has a profit-sharing plan for its employees. This demonstrates Fayol's principle of __________.a. subordination of individual interests to the common interest.
b. equity.
c. remuneration of personnel.
d. esprit de corps.
e. initiative.
Answer:
c. remuneration of personnel
Explanation:
Henri Fayol developed the fourteen principles of management.
One of the fourteen principles being, Remuneration of personnel.
Fayol was of the opinion that in order to extract the best performance from employees, appropriate remuneration system must exist in an organization.
This meant emphasizing on employee satisfaction by following fair remuneration practices coupled with adequate incentive system which rewards good performance.
In the given case, the pharmaceutical company offers performance based incentives in the form of quarterly as well as annual bonuses in addition to an existing profit-sharing plan for employees. This is an example of Fayol's principle of Remuneration of personnel.
The distribution of hourly sales for a local family owned store is normally distributed with a mean of $225 per hour and a standard deviation of $75 per hour. Which of the following intervals contains the middle 95% of hourly sales
Answer:
The standard deviation of 75 dollars
Explanation:
Standard deviation, S.D.= 75 dollars; Mean, M= 225 dollars; Mean deviation, D= ?
S.D. = √ D² - M
∴ 75 = √ D² - 225
D² = 75² - 225 = 5625 + 225 = 5950
∴ D = √5950 = 24.4 dollars
From the above, it shows that, the standard deviation of 75 dollars contains the middle 95 percent of hourly sales.
The interval which contains the middle 95% of hourly sales computed using the empirical relation principle for a normal distribution is $75 to $375
The middle 95% can be interpreted using the empirical relation as being 2 standard deviations from the mean.
Given the Parameters :
Mean, μ = $225 Standard deviation, σ = $75The middle 95% equals 2σ from the mean :
Hence, the sales interval can be written as :
μ-2σ to 2σ+μμ-2σ = $225 - (2 × 75) = $225 - $150 = $752σ+μ = (2 × $75) + $225 = $150 + $225 = $375Therefore, the interval which contains the middle 95% of hourly sales is $75 to $375
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Simon and his managers are discussing the unemployment, inflation, and interest-rate trends that might affect their chain of sandwich shops over the next 12 months and the projected growth in the areas where the stores are located. The managers are studying the ______ forces in their organization's general environment.
Answer:
Economic
Explanation:
Economic factors are important because they can affect a company's revenues and profits. Simon and his manager are discussion economic factors which include inflation, interest rate and inflation. These economic forces are country-specific factors because they are macroeconomic variables. They affect a country and indirectly affect firms and organisations. Managers need to study economic forces in organisations general environment.
"Assume the original facts except that Kano and Hoshi separated in May of the current year. What is Kano’s filing status?" "Kano and his wife, Hoshi, have been married for 10 years and have two children under the age of 12. The couple has been living apart for the last two years and both children live with Kano. Kano has provided all the means necessary to support himself and his children. Kano and Hoshi do not file a joint return."a) What is Kano’s filing status?b) Assume the original facts except that Kano and Hoshi separated in May of the current year. What is Kano’s filing status?c) Assume the original facts except that Kano and Hoshi separated in November of this year. What is Kano’s filing status?d) Assume the original facts except that Kano’s parents, not Kano, paid more than half of the cost of maintaining the home in which Kano and his children live. What is Kano’s filing status?
Answer:
a. HOH- under abandoned spouse
b. HOH
c. Married filed separately
d. Married filed separately
1) For the original situation with the couple living apart for the last two years, the children living with Kano and him providing full support, Kano's tax filing status can be considered as 'Head of Household'.
2) If Kano and Hoshi separated in May of the current year, Kano's filing status would likely still be 'Head of Household'.
3) If they separated in November, it's likely that Kano's filing status would be considered 'Married Filing Separately' for the current year.
4) If Kano’s parents paid more than half of the cost of the home, then he may not meet the requirements to file as 'Head of Household' and his filing status could change to 'Single' or 'Married Filing Separately'.
Kano's filing status for taxes depends on several factors including the living arrangements, the support for the children and who bears the expenses of maintaining the home. In most cases, he would be 'Head of Household' but certain changes, like separation time, or if his parents provide the majority financial support for the home, can change his status.
Based on the given scenarios, Kano’s filing status may change.
For the original situation with the couple living apart for the last two years, the children living with Kano and him providing full support, Kano's filing status can be considered as 'Head of Household', provided he meets the other necessary tax criteria. In the scenario where Kano and Hoshi separated in May of the current year, Kano's filing status would likely still be 'Head of Household' if he continues to provide more than half the cost of maintaining the home and caring for his children.If they get separated in November, it's likely that Kano's filing status would be considered 'Married Filing Separately' for the current year. In the final situation where Kano’s parents, not Kano, paid more than half of the cost of the home, Kano may not meet the requirements to file as 'Head of Household' and his filing status could change to 'Single' or 'Married Filing Separately'.Learn more about Tax Filing Status here:
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If Brazil gives up three automobiles for each ton of coffee it produces, while Peru gives up seven automobiles for each ton of coffee it produces, then Brazil has a comparative advantage in _____ production and should specialize in _____.
Answer: coffee; coffee
Explanation: The less the automobiles given up the more they can make returns in the coffee productions
A PI team role primarily responsible for ensuring that an effective performance improvement process occurs by serving as advisor and consultant to the PI team, remaining a neutral, nonvoting member, suggesting alternative PI methods and techniques to keep the team on target and moving forward, maintaining group dynamics, acting as coach and motivator for the team, assisting in consensus building when necessary, and recognizing team and individual achievements is the________________.
Answer:
team facilitator
Explanation:
A team facilitator refers to someone who participates in cooperation— any action that encourages or simplifies a social process. A facilitator frequently helps a group of individuals comprehend their shared goals and enables them schedule how to accomplish that goal; by doing so, the facilitator continues to remain "unbiased," which means he / she may not take a specific position in the conversation.
Some facilitator instruments will attempt to help the group in reaching consensus on any disputes pre-existing or emerging in the gathering so it has a strong foundation for future motion.
Automated retailing:
is most effective in high-traffic areas.
promotes products through infomercials.
uses a master distributor as lead salesperson.
is based on the idea that social relationships influence buying habits.
is a recruiting tool for multilevel networks.
Answer:
is most effective in high-traffic areas.
Explanation:
While automated sales have been present for decades in the form of vending machines, recently there has been an exponential growth of stores without personnel and automated, which invest in new technologies (sensors, facial recognition, Artificial Intelligence (AI) and new media payment) to expand the concept to a physical space solving the limitations of vending. Worker-free stores are becoming a global reality with China at the helm. Most of these stores are being tested by large companies capable of absorbing large R&D costs in order to implement them on a large scale, which is why the greatest application is given to high-traffic geographic regions of this type of purchases.
Suppose that the demand for digital cameras is elastic, and the supply of digital cameras is inelastic. A tax of $20 per camera levied on digital cameras will decrease the effective price received by sellers of digital cameras by________.
Answer:
It depends on the relative elasticties (ie. how elastic demand is/inelastic supply is). The price received by suppliers would decrease by $20 if demand is perfectly elastic: the burden of the tax falls primarily on the supplier since their supply is inelastic.
Therefore:
The tax will raise the equilibrium price from the old level (P*) to the new price paid by consumers (Pc). The price that producers will receive (Pp) is the amount consumers pay minus the amount of the tax, or Pc - t. (depending on the relative elasticities)
Explanation:
Key points :
Tax incidence is the manner in which the tax burden is divided between buyers and sellers. The tax incidence depends on the relative price elasticity of supply and demand. When supply is more elastic than demand, buyers bear most of the tax burden. When demand is more elastic than supply, producers bear most of the cost of the tax. Tax revenue (to the government) is larger the more inelastic the demand and supply are.Depending on the circumstance (relative elasticities of demand and supply), the burden of tax can fall more on consumers or on producers.
Typically, the incidence, or burden, of a tax falls both on the consumers and producers of the taxed good. But if we want to predict which group will bear most of the burden, all we need to do is examine the elasticity of demand and supply.
The tax burden falls on the more inelastic side of the market. In this case since supply is more inelastic than demand, the tax burden will fall more on them.
When a tax is introduced in a market with an inelastic supply, the sellers have no choice but to accept lower prices.
Further explanation:
By introducing a tax, the government essentially creates a wedge between the price paid by consumers, Pc and the price received by producers, Pp. In other words, of the total price paid by consumers, part is retained by the sellers and part is paid to the government in the form of a tax. he distance between Pc an Pp is the tax rate. The new market price is Pc , but sellers receive only Pp per unit sold since they pay Pc - Pp to the government.
Summary:
The tax incidence depends on the relative price elasticity of supply and demand. When supply is more elastic than demand, buyers bear most of the tax burden. When demand is more elastic than supply, producers bear most of the cost of the tax. Tax revenue is larger the more inelastic the demand and supply are.
Sellers (suppliers) have to carry a higher tax burden if supply is less elastic than demand. In other words, the side that has a relatively more inelastic curve (i.e., reacts less to price changes) has to carry a larger share of the tax burden, regardless of who the tax is initially levied on.
In a market for digital cameras where demand is elastic and supply is inelastic, the effective price received by sellers will decrease significantly due to a $20 tax, potentially by the full amount of the tax. This occurs because sellers, who cannot easily adjust their quantity supplied, bear a larger share of the tax burden.
The question explores the implications of a $20 tax on digital cameras when demand is elastic and supply is inelastic. In such a market structure, when a tax is levied, the burden tends to fall more heavily on the side of the market that is less responsive to price changes. Given that the supply of digital cameras is inelastic (suppliers cannot easily adjust their quantity supplied in response to price changes), and demand is elastic (consumers are sensitive to price changes and can easily switch to substitutes), the effective price received by sellers of digital cameras will decrease significantly.
Considering the principles of tax incidence in markets with these characteristics, sellers bear a larger share of the tax burden when their ability to adjust is limited. Therefore, the $20 tax will lead to a decrease in the effective price received by sellers by nearly the full amount of the tax, if not the entire $20, depending on the exact elasticity measures of demand and supply.
Which is NOT an example of a behavior exhibited in a market economy? a. For their wedding, Alex and Erika choose Matte Photography instead of Pro Finish Photography, since Matte Photography is cheaper. b. Despite the advice of its business partners, Puna discontinues its most popular lines of clothing, and chooses instead to produce retro jean jackets and purple sweatpants, thinking that jean jackets and sweatpants are bound to make a fashion comeback. c. The president of the European country of Semolina decrees that pasta must be consumed at all meals in an effort to help domestic pasta makers. d. Nettoyer decides to introduce a soap scent, Pomegranate, in response to Schoon's new soap scent, Blood Orange, and Sauber's award-winning scent, Tangerine.
Answer:
An example of a behavior that is not exhibited in a market economy is;
c. The president of the European country of Semolina decrees that pasta must be consumed at all meals in an effort to help domestic pasta makers.
Explanation:
A market economy is a situation where the prices of goods and services in the market is controlled purely by the market forces of demand and supply. The prices are majorly set by competing private businesses without any form of government restrictions. Economists like Adam Smith postulated that when the market was controlled by forces like competition, supply and demand with limited government interference, it led to efficiencies as compared to if the government was involved.
There are different examples of behavior exhibited in a market economy, namely;
1. For their wedding, Alex and Erika choose Matte Photography instead of Pro Finish Photography, since Matte Photography is cheaper. In this case Alex and Erika made a decision to go for an option based on price. A characteristic of a market economy.
2. Despite the advice of its business partners, Puna discontinues its most popular lines of clothing, and chooses instead to produce retro jean jackets and purple sweatpants, thinking that jean jackets and sweatpants are bound to make a fashion comeback. This is an example of a market economy behavior since Puna makes the decision freely without any external restrictions.
3. Nettoyer decides to introduce a soap scent, Pomegranate, in response to Schoon's new soap scent, Blood Orange, and Sauber's award-winning scent, Tangerine. Nettoyer has the freedom to introduce a new product in the market in order to compete effectively,. This is a behavior characteristic of the market economy.
An example of a behavior that is not exhibited in a market economy is;
1. The president of the European country of Semolina decrees that pasta must be consumed at all meals in an effort to help domestic pasta makers. This is because the government through the president provides restrictions on the consumption of pasta.
In a market economy, decisions made by consumers and firms in the marketplace drive production and consumption. The behavior exhibited by the president of Semolina, a top-down government directive rather than a market-decided outcome, is not consistent with the principles of a market economy.
In a market economy, decisions about what goods to produce and how to produce them are made by consumers and firms interacting in the marketplace. Among the choices provided, only one stands out as a non-example of behavior in a market economy. It's the option c. The president of the European country of Semolina decrees that pasta must be consumed at all meals in an effort to help domestic pasta makers. This situation reflects not a market decision but rather a top-down government mandate, which isn't indicative of behavior typically found in a market economy.
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Dan owns a small grocery store. When an item doesn't sell well, he'll typically stop carrying it in favor of something that sells better. What type of efficiency does this help him achieve?
Answer:
allocative efficiency
Explanation:
allocative efficiency refers to an effiency that is achieved by focusing your resources on something that give you the most value.
This is reflected on Dan's action above.
the items that he sell on his grocery store is considered his resource. He need to spend money in order to buy it before he can sell it with higher price.
But, when a particular item is not selling well, he replace that item with another item. This mean that he allocated his resources into the new items because he believe that it will give him the most value.
Viewers of the World Series are likely to see ads for beer and cars, and viewers of the Academy Awards broadcast are likely to see ads for clothing and hair care products, due to
A. cultural expectations.
B. male domination in corporate boardrooms.
C. differing demographic data for potential and past viewers.
D. marketers' general perceptions.
E. multiyear advertising contracts that cannot be broken.
Answer:
Viewers of the World Series are likely to see ads for beer and cars, and viewers of the Academy Awards broadcast are likely to see ads for clothing and hair care products, due to;
C. differing demographic data for potential and past viewers.
Explanation:
Marketing is the selling of a product by the use of various channels to improve a company's market share. An aspect of marketing is advertising. Advertising is the use of visual and audio material to promote a product for commercial purposes. Research has shown that effective advertisement campaigns often translate to increased demand for advertised products. When companies increase the sale of their products, there is a huge potential in increasing the company's profit margins. The major aim of most companies in commercial business is to increase their profit margins since this is what is considered as success in commercial business.
Before deciding to produce an advertisement there are many factors that need to be considered. An example is to analyse the demographic data. Demographic data is information that is characteristic about a certain group of people. In our case, advertisements usually target a given audience based on age, income levels, and gender. Viewers of the world Series are mostly of the male gender so it would be advisable to run advertisements that appeal to that group.
Statistics, Inc., is a corporation engaged in the business of compiling, analyzing, and marketing data. To accomplish its purposes, Statistics obtains financing, and hires and fires employees. Laws and government regulations affect such business activities asa. business financing.b. the manufacturing and marketing ofproducts.c. hiring and firing decisions.d. all of the choices.
Answer:
option d
Explanation:
Business finance relates to corporate money supply. It includes the acquisition and utilization of resources so that industry firms can efficiently and effectively carry out their activities.
Manufacturing is producing goods to be used or distribution using manpower and equipment, instruments, biological or chemical processing or formulating, and is the core of supplementary sector.
Marketing refers to the knowledge of communication interactions and their development. It is the corporate idea of developing partnerships and customer loyalty.
Hiring can be defined as adding employees to provide facilities to a business whereas firing is described as reducing the number of workers who have not correctly deliver services to that of a business.
Thus, from the above we can conclude that the correct option is D.
On January 2, Boulder Co. assigned its patent to Castle Co. for royalties of 10% of patent-related sales. The assignment is for the remaining 4 years of the patent’s life. Castle guaranteed Boulder a minimum royalty of $100,000 over the life of the patent and paid Boulder $50,000 against future royalties during the year. Patent-related sales for the year were $300,000. In its income statement for the year, what amount should Boulder report as royalty revenue?
Answer:
$30,000
Explanation:
The computation of the royalty revenue reported is shown below:
= Patent-related sales for the year × given percentage
= $300,000 × 10%
= $30,000
The revenue is recognized when it is earned or realized so only $30,000 is to be reported as the royalty revenue
The remaining amount i.e $20,000 would be treated as an unearned royalty revenue
Arie is a team lead for a group of engineers working on a new product. Arie decides to assign four additional engineers to the project to optimize corporate resources. His decisions, in this scenario, are ________ in nature.A. functional B. managerial C. strategic D. operational E. active
Answer:
B. managerial
Explanation:
When something involves activities of management is called managerial. In the example given this is the nature of the behavior because Arie is organizing and directing the corporation in order to optimize and be efficient.
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An outward shift of __________.a. a nation's production possibilities frontier represents economic growth. b. a situation in which a country produces more of one good and less of another. c. rising prices of the two goods on the production possibilities frontier model. d. an impossible situation.
Answer:
A. a nation's production possibilities frontier represents economic growth
Explanation:
A production possibilities frontier shows the idea that in a given economy, factors of production such as land and capital are scarce.
When there is an OUTWARD SHIFT in the PPF curve, it shows that there's increase in factors of production, meaning the economy is able to produce more goods which invariably represents economic growth.
When there's an INWARD SHIFT in the PPF, it means there's low amount in the factors of production which will lead to decrease in the amount of goods produced.
option A. An outward shift of a nation's production possibilities frontier represents economic growth.
Explanation:An outward shift of a nation's production possibilities frontier represents economic growth. This means that the country is able to produce more goods and services with its available resources, indicating an improvement in its overall economic performance.
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Under the UCC, a(n) ____ is a practice or method of dealing, regularly observed and followed in a place or vocation or trade. A. course of dealing B. usage of trade C. course of performance D. integrated document
Option B
Under the UCC, a(n) usage of trade is a practice or method of dealing, regularly observed and followed in a place or vocation or trade.
Explanation:
Under section 2 of the Uniform Commercial Code, usage of trade is frequently employed to assist in rendering deals and to present terms distinct purposes.
A usage of trade in a manner or process of distributing ought such consistency of practice in a place, employment, or commerce to sustain an expectation that it will be perceived concerning the transaction. Proof of a usage of trade may be possible as improving the express terms of an argued contract when it does not disclaim them.
Martin Corporation purchased land in 2007 for $290,000. In 2015, it purchased a nearly identical parcel of land for $460,000. In its 2015 balance sheet, Martin valued these two parcels of land at a combined value of $920,000. By reporting the land in this manner, Martin Corp. has violated the
a. historical cost principle
b. convergence
c. economic entity assumption
d. monetary unit assumption
Answer:
a. Historical Cost Principle
Explanation:
The principle of historical cost notes that firms must report and account for most assets and liabilities at their acquisition or purchase price.
In certain terms, the companies need to report an asset for the amount paid for the asset on their balance sheet.
The cost or price of the product is then never adjusted for business or economy fluctuations and adjustments due to inflation.
Martin Corp. however combined both properties and adjusted them for inflation. They should have recorded them separately and never adjusted for business or economy fluctuations
Answer:
A) historical cost principle
Explanation:
The historical cost principle states that a company should record its assets, liabilities and equity investments at their original purchase costs.
So Martin Corporation should record its parcels of land at $290,000 + $460,000 = $740,000
This is done because the purchase price of the land is the land basis, and the basis is used to calculate taxes. If Martin Corporation reported the land at $460,000, it would have made a $160,000 capital gain and it should pay taxes for it, and no one would make such a mistake.
What do Keynesians mean when they say that "you can't push on a string"?
a. An increase in the supply of goods does not really create its own demand.
b. If the government reduces taxes in an attempt to increase household consumption, it will not always work.
c. An increase in the money supply will not always stimulate the economy.
d. If the government wants to get something done, the best way is not to force the issue, but to offer incentives.
e. If the government puts too much expansionary pressure on the economy, it will probably "overheat."
Answer:
c. An increase in the money supply will not always stimulate the economy.
Explanation:
The central bank with a series of bad policies or with the intention to do it, it can slow down the economy or generate a recession by changing interest rates, money supply and other instrument.
But, it cannot stimulate "push" the ecnomy with the same instrument or measure it used to slow dowm (interest rate and money supply)
Thus, making the central bank ineffective to drive the economy out of a recesssion.
an example to explain the difference between trade‐offs and opportunity costs.
Answer:
Trade off can be defined as when we select on options among two or more than two options, then selecting that option will prohibits the advantages
associated with other options which we have left. For example: when you go for earning 5 mile away from your home, then certainly, you have put effort and become tired as well but you will get the money after work, so you have done trade-off there.
Opportunity cost can be termed as the cost which you bear by not enjoying and taking the benefits associated with the best available option which you leave while in the selection process. For example: you spend time watching a fantastic movie but you can't read a good story book while staying cozy at home, eating a pizza, or you can't spend the same money on something else.
Peter and Ana Teraglia are wealthy entrepreneurs who are very interested in helping children who have been abused. Their goal is to donate a percentage of their company profits to helping these children. The Teraglias’ actions are an example of ________.a. corporate ethics.
b. philanthropy.
c. corporate sustainability.
d. mentoring.
e. corporate governance.
Answer:
The correct answer is letter "B": philanthropy.
Explanation:
Philanthropy is described as the set of uninterested actions people take to help others. Those others are usually individuals in need who are not receiving any help from governmental institutions. Even if philanthropy is related to the act of providing money, it is not that simple. People dedicating their time volunteering to help others without receiving nothing in return are also philanthropists.
Select the correction answer from the choices below. If an American student purchases a personal computer made by a Korean owned company located in California, what would happen to consumption and the GDP of the USA as a result
Answer:
The consumption and GDP will increase.
Explanation:
Consumption can be defined as the purchase of final goods and services with the motive to derive utility or satisfaction. Consumption expenditure is included in the GDP of an economy.
If an American student purchases a personal computer made by a company located in California, it will be recorded as consumption.
This will cause consumption to increase. Since consumption is included in GDP, the GDP will increase as well.
If a 35 percent increase in price of golf balls led to an 42 percent decrease in quantity demanded, then the demand for golf balls is:_______.
a. perfectly elastic.
b. relatively elastic.
c. relatively inelastic.
d. unit elastic.
Answer:
The correct answer is option b.
Explanation:
Price elasticity of demand measures the responsiveness of quantity demanded to a change in the price of the commodity.
It calculated by measuring the ratio of the percentage change in quantity demanded and percentage change in price.
Price elasticity for golf balls
= [tex]\frac{\% \Delta Qd}{\% \Delta P}[/tex]
= [tex]\frac{42}{35}[/tex]
= 1.2
Here, the value of price elasticity is 1.2. The price elasticity is greater than 1 means that the demand for a commodity is relatively elastic. A proportionate change in price causes more than proportionate change in quantity demanded.