Answer:
The answer to this question is D- Scope creep
Explanation:
Scope creep refers changes in the requirements of a project over a project life cycle. scope creep are uncontrolled growths in projects scope after the projects has begun
scope in project is the part of planning project that involves determining or identifying the specific goals, deliverable, features, functions, deadline and cost. in other words, it refers to the overview of the project and what must be done for the project to be term successful.
Causes of scope creep
poorly defined initial requirements starting the project with cost benefit analysis that are not up-to-date
The _____ states that the individual, firm, region, or country with the lower opportunity cost of producing a particular good should specialize in producing that good.
Answer:
Law of comparative advantage
Explanation:
Let's assume that Wakanda can produce either 10 bags of cotton or 10 bags of wine. While country x can produce either 5 bags of wine or 4 bags of cotton.
The opportunity cost of Wakanda producing either wine or cotton is one .
The opportunity cost of country X producing wine is 4 / 5 = 0.8 and the opportunity cost of producing cotton is 5 / 4 = 1.25
Wakanda should specialise in the production of production of cotton because it has a lower opportunity cost when compared with the other country.
Country x should specialise in wine production because it has a lower opportunity cost when compared with Wakanda.
This illustrates comparative advantage .
I hope my answer helps you
When the director/manager allows employees to guide themselves toward the goal, then a(n) _______ leadership style is being used.
Answer:
Free Rein Style
Explanation:
leadership can be described as research area that encomposses the ability of an organisation or an individual to lead a team, individuals or entire organisations.
Free rein style is the most suitable.
A major problem with buying other companies in order to gain access to their product lines is that the acquiring firm may lose its own ability to innovate. True or false?
Answer:
Answer is "FALSE"
Explanation:
As , when a company buys another company there is a strong Knowledge Transfer you can learn about running the business from the current owner, which helps you to gain an insight about their experiences and also use their expertise as how they worked previously on their existing products and you can then grab ideas and follow procedures and use them for your own innovation (The acquiring firm).
[Related to Application 1.3] In 2013, the International Monetary Fund suggested that nations impose a one-time 10% tax on all accumulated individual wealth as a means to solve governments' financial problems. What kind of behaviors would this tax be likely to create? Group of answer choices This will likely incentivize people to accumulate wealth in the future. Governments will be more likely to adopt command economies. This will likely deter people from accumulating wealth in the future. Governments will be more likely to adopt market systems.[Related to Application 1.3] In 2013, the International Monetary Fund suggested that nations impose a one-time 10% tax on all accumulated individual wealth as a means to solve governments' financial problems. What kind of behaviors would this tax be likely to create? Group of answer choices This will likely incentivize people to accumulate wealth in the future. Governments will be more likely to adopt command economies. This will likely deter people from accumulating wealth in the future. Governments will be more likely to adopt market systems.
This will likely deter people from accumulating wealth in future.
Answer: Option 3.
Explanation:
Taxes are the amount of money that the citizens have to pay to the government. It is obligatory in nature. And in return to these taxes, the government will provide services to the citizens of the country.
But since the citizens have to pay to the government from their own personal income, so it pinches the citizens. An additional tax on the wealth of the citizens will deter the people to save and accumulate the wealth in future and will not motivate them.
The forward-looking process of coordinating assets to optimize the delivery of goods, services and information from supplier to customer, balancing supply and demand is called___________________.
Answer: Supply chain planning.
Explanation:
Supply chain planning is a comprehensive plan a production company has in place that ensures, the smooth and effective running of operations involved in the supply chain. Supply chain planning involves planning for factors within and outside the company which includes: raw materials and resources gathering, production and distribution of products.
Which economic system leaves production decisions completely up to the producers? 1. mixed economy 2. command economy 3. planned economy 4. free-market economy
Answer:
4. free-market economy
Explanation:
Free-market economy -
A free market refers to the economic system which depends on the demand and supply , where the control of government is nil , is referred to as free - market economy.
It helps to provide all the voluntary exchange occurring in the economy.
The range of the free market economy of a particular country , is present in between very large or completely black market.
Hence, from the given statement of the question,
The correct term is free - market economy.
Answer:
free market economy
Explanation:
a free market system leaves production decision up to the producers.
One of the first steps in corporation process is: drafting a prospectus. drafting bylaws. deciding in which state to incorporate. completing the articles of incorporation.
Answer:
Option "C" is the correct answer for the following statement.
Deciding in which state to incorporate .
Explanation:
There are plenty of advantages of forming a separate business organization or company to run your business, from anonymity to asset protection. Wherever you develop the business matters; certain states are far more accommodating to the sector than others.That when a business does a company within the same single state, it has to enter with the federal government, which implies paying taxes and stuffing out the necessary paperwork.therefore always decide about the state where we wants to starts corporation .
How might we creat a sense of civility in both our social circles and our government?
Answer:
• Screen and Vote for people with civility in behavior.
• Reward Civil Behavior
• Training on Civility
• Accountability for civility in behavior
Explanation:
We create a sense of civility in both our social circles and our government through the following ways:
1. Screen and Vote for people with civility in behavior: One of the ways we can create a sense of civility in our government is to Screen congress candidates before voting for them into government because if there is no civility in government it cannot be expected in the governed
2. Reward Civil behavior: It is already a well established fact in psychology that rewards reinforce good and positive behavior, hence if we want to create civility in our society we ought to put rewards in place to encourage such behavior.
3. Training on Civility: Existing leaders in organisations and governments should be made to undergo training in civil behavior and should be saddled with the responsibility of training their subordinates on the same subject matter
4. Accountability for civility in behavior: People should be made to answer for lack of civility in behavior as a way to discourage and punish negative behavior. This is the other side of rewarding positive behavior which if combined will achieve huge success in creating civility in behavior.
As part of their strategic control of the organization, the CEO and senior managers at Ford review the daily performance of the company’s suppliers to determine which should be kept.a) trueb) false
Answer:
B) False
Explanation:
Remember, the CEO and senior managers are tasked with the responsibility of managing or delegating responsibility in the organization.
However, they do not need to review the daily performance of suppliers even though the suppliers performance plays a major role in the success of an organization, because they can delegate responsibility.
If a restaurant offers a steak on the menu that costs $5 and sells for $14.95, the contribution margin is __________ for every steak sold.
Answer:
$9.95
Explanation:
Contribution Margin represents the difference between the variable cost of a product and the revenue derived from its sales. It shows the net amount contributed by sales to cover profits as well as fixed costs.
Contribution margin is calculated by subtracting Variable Cost from Sales
CM= Sales- Variable Cost.
Sales represent the revenue derived from selling a product and Variable Cost is the cost that can be directly traced or directly affects the manufacture of the product sold.
In the question:
Variable Cost- $5
Sales Revenu is $14.95
CM= $14.95 - $5 = $9.95
Ross wants to invest some money that he just inherited. He found that his bank offers a savings account paying a guaranteed 3% rate of return. However, he would like to earn a higher return. Ross should keep in mind that to earn a higher return on his money he:____________a. will have to invest overseas.b. should invest in a business that has a very stable and predictable rate of return.c. will probably have to accept a higher level of risk.d. will probably have to engage in illegal activities.
Answer:
(C) will probably have to accept a higher level of risk
Explanation:
Investing usually involve a trade-off between risk and return. Thus, relative to the guaranteed 3% rate of return offered by his bank, he will need to accept a higher level of risk to earn a higher return on his money.
Option A is incorrect because investing overseas may not earn a higher return, especially if the investment is in an oversea sovereign asset. Option B is incorrect because investing in a business with a very stable and predictable rate of return will likely yield a lower or similar rate of return as the bank savings account due to its low level of risk. Option D is incorrect as engaging in illegal activities does not necessarily guarantee a higher rate of return on a consistent basis.
Final answer:
To earn a higher return, Ross must accept a higher level of risk, which comes with a wealth of outcomes that can fluctuate in value. Higher returns have historically been associated with stocks due to their volatility, while a savings account offers lower, more stable returns.
Explanation:
Ross wants to invest some money he just inherited and is considering options beyond the bank's savings account offering a 3% rate of return. Seeking higher returns, Ross should keep in mind that to earn a higher return on his money he will probably have to accept a higher level of risk. This is because, generally, the potential for higher returns comes with a greater chance that the investment could perform below expectations or possibly lose value. Investments with higher returns, such as stocks, typically exhibit more volatility than a savings account and can fluctuate significantly in value.
When considering different investment options, analyzing in terms of expected rate of return, risk, and investment liquidity is crucial. The expected rate of return refers to the average return anticipated over time. Meanwhile, risk indicates the uncertainty that the actual return will deviate from the expected return.
Despite common fears, high risk does not guarantee low returns; it signifies a wider range of possible outcomes, from very low to possibly high. Moreover, reliable potential borrowers and the terms of the loan or investment, such as interest rate and repayment schedules, will affect both the risk level and the potential return.
When conducting a SWOT analysis, Martha would need to identify strategies that take advantage of the Coffee Collective's ________while avoiding __________.
a) strengths and opportunities; weaknesses and threats
b) strengths and weaknesses; opportunities and threats
c) opportunities; threats
d) strengths; weaknesses
e) weaknesses; threats
Answer:
Martha would need to identify strategies that take advantage of the Coffee Collective's strengths and opportunities while avoiding weaknesses and threats.
The answer is a.
Explanation:
A SWOT (strengths, weaknesses, opportunities and threats) analysis is a business study that takes into account all the factors that could affect the successful execution and profitability of a business project. That is what Martha would need to do in this case.
Ryan is going to rent a truck for one day. There are two companies he can choose from, and they have the following prices. Company A charges an initial fee of $72.50 and an additional 40 cents for every mile driven. Company B charges an initial fee of $25 and an additional 90 cents for every mile driven. For what mileages will Company A charge no more than Company B? Write your answer as an inequality, using m for the number of miles driven.
m≥95
Explanation:
Since, we have two option given.
forming the equation for Company A
As company A pay fixed (intercept) of $72.5. Moreover, with every one mile driven company A pays $0.4 (slope)
Using the equation
y=mx+c
where m is slope, and c is intercept.
In the case of company A. slope is $0.4, and intercept is $72.5.
charges= 0.4m+72.5
Forming the equation for company B
charges=0.9m+25
Now, as per the requirement of question we must find the value of m, where Company A will charge no more than company B
That means,
we have to find the value of m where charges from equation of company A should be less than or equal to charges from equation of company B
in other words,
0.4m+72.5 ≤ 0.9m+25
solving for m,
Step 1
72.5-25 ≤ 0.9m-0.4m
Step 2
47.5≤ 0.5m
Step 3
47.5/0.5≤ m
Step 4
95≤ m
in other words, m≥95
Boris Turner, CFE, was hired to investigate some suspicious activity in the accounts receivable department of One Man and a Truck. While examining the company's accounting records, she noticed severa payments posted to customers' accounts that were later reversed with journal entries to "courtesy discounts." What type of scheme might this situation indicate?
Answer:
This involves Cash Larceny of Receivables
Explanation:
Cash Larceny of Receivables involves stealing of cash that has already been recorded in a companie's books for a specific period.
Forced adjustment entries are posted (reversed journal entries) to balance the companie's accounts.
For example, if cash is received from a customer and posted to his account. After theft of the physical cash, journal entries are posted to reduce balance on customer's account. This is done in a bid to force balance the account and physical cash on hand.
Note: Cash Larceny is more easily discovered compared to Skimming.
In Cash Larceny entries are posted to the companie's books and this leaves an audit trail. While in Skimming the fraudster does not record initial receipt of cash.
Answer:
Explanation:
Cash larceny of receivables is the act of stealing cash that has already been recorded i in the books of company accounts at a specific period. This fraud, which is wrecked by an employee and the employer is unaware of it.
After stealing money from the employer, some employees may reverse certain transactions as a way of covering up the cash larceny. They can do this by recording returns that are deceptive and false voids as a way of reducing the amount of cash balance that is reflected in the register log.
Reversing transactions is a way of reducing the balance shown on the register log so that it equals the cash on hand. Like in the case posted in the question the investigator noticed several payments posted to a customers account were later reversed with joirnal entries to "courtesy discounts" , which shouldn't be so. This is a case of cash larceny
Last year, Benton Inc. had net income of $3.5 million and paid out $700,000 in cash dividends. If income this year is $4.1 million and the dividend payout ratio is held constant, how much will be paid in dividends?
Answer:
Dividend paid would amount to $820,000
Explanation:
The dividend payout ratio is a percentage of the net income paid to shareholders in dividends.
That is;
Dividend payout ratio = dividend paid out/net income
If the ratio is held constant for both years, then
$700,000/$3,500,000 = y/$4,100,000 (where y is the amount of dividend paid this year)
y = 0.2 × $4,100,000
y = $820,000
Which of the following scenarios most accurately reflects the concept of scarcity?
1. The steak Henry did not buy because he is a vegetarian.
2. Brett is a farmer with an open field on which he can plant either soybeans or corn.
3. Sienna enjoys viewing flowers in the city garden during her walk.
4. The Smith Household produces an average of three bags of trash a week.
Answer:
2. Brett is a farmer with an open field on which he can plant either soybeans or corn.
Explanation:
Scarcity in economics means the resources available to meet man's needs are limited or scarce.
In brett's case, land is limited, so he has to choose between planting soybeans and corn.
I hope my answer helps you
The best depiction of scarcity is that 2. Brett is a farmer with an open field on which he can plant either soybeans or corn.
What is Scarcity?It refers to the notion that we cannot produce everything we want at a go. It comes as a result of not having enough resources to pursue everything we want.Brett can either plant soybeans or corn and not both. This shows scarcity because he does not have enough resources to plant both of them.
In conclusion, option B is correct.
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Pam has a loan in which she received all of the loan proceeds in one lump sum at the time of closing. This type of loan is a(n) __________ loan.a. closed-end
b. open-end
c. purchase money
d. fixed-rate
Answer: Closed-end.
Explanation:
The loan received by Pam is a Closed-end loan, which is a type of loan that enables the borrower of the loan to gain access to the full loaned amount, once the loan has been granted and necessary agreements have been reached between the borrower and the lender. The closed is a contrast of the open end credit, where a sum is given over a stretch of time.
If the income elasticity of demand for good X is negative and the cross-price elasticity of demand between good X and good Y is negative, which of the following must be true of good X
Answer:
Good X is Inferior Good, Good X is complementary good of Good Y.
Explanation:
Demand : Buyers ability & willingness to buy given price - has 4 factors (price of good, income, price of related goods, Taste).
Based on Income : Normal Goods demand vary directly with Income, more demand at higher income & vice versa. Eg: Normal grains like Wheat, Rice. Inferior Goods demand vary inversely with Income, more demand at lower income & vice versa. Eg: Low grade, cheap grains like Bajra.
Price of Related Goods: Related Goods can be Substitutes or Complements. Substitute (interchangeable) goods price are directly related a with good's demand because - substitute price rise makes the good relatively cheap, increases its demand & vice versa. Complementary (together used) goods price are inversely related with a good's demand because - complements price rise makes the product combination expensive, decreases its demand & viceversa. 1st eg: Coke, Pepsi ; 2nd eg: Tea, Sugar.
If income elasticity of demand for good X is negative : implies it varies inversely with Income - It is an Inferior Good
If Cross Price Elasticity of demand between good X and good Y is negative : Implies Y's prices & X's demand vary inversely - Both are complements of each other.
If good X has negative income elasticity of demand, it is an inferior good. Demand for it decreases as income increases. If it has negative cross-price elasticity of demand with good Y, these are complementary goods, usually consumed together.
Explanation:If the income elasticity of demand for good X is negative, it suggests that good X is an inferior good. Inferior goods are those for which demand decreases as income increases. In other words, the less money people have available, the more likely they are to buy inferior goods.
If the cross-price elasticity of demand between good X and good Y is negative, it implies that goods X and Y are complementary goods. Complementary goods are products that are usually consumed together. If the price of one good goes up, the demand for both goods usually drops.
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You and seven other people relay your feelings and thoughts about a potential new product to a trained moderator. In exchange, you receive a small payment. You are participating in a(n):
Answer:
Focus Group Interview
Explanation:
In a focus group interview, each participant is compensated by a small amount for participant's valuable suggestions and comments. In this case there are participants and each participant will receive a small payment because this arrangement is focus group interview.
Positive economics: a) makes recommendations designed to achieve certain goals. b) is based on value judgments. c) involves statements that can be proven true or false. d) can never be used to make predictions
Answer:
C. Involves statements that can be proven true or false
Explanation:
Positive Economics includes objective statements, based on factual data, describing 'what actually is'. The statements describe economic issues & cause - effect relationship, can be tested or proved.
Eg : The inflation rate in India in 2019 was xyz %.
The statement is a factual data description of an actual economic issue, which can be tested.
: Joe is one of the lead accountants for his company. Last month he was pressured to prepare the financial reports more quickly than usual, which led to errors that went undetected. Joe’s manager was very upset about this, and explained that he was negatively impacting the whole company with his mistakes. Why does the manager react in this manner? A : In order to lower the company’s capital allocation, they need to have timely, reliable financial reports. B : In order to increase the productivity rate at the company and decrease the capital allocation, they need to have reliable financial reports. C : The resources at Joe’s company are limited, and financial reports that are timely and reliable will help attract investment capital. D : The resources at Joe’s company are abundant, and correct financial reports will help attract investment capital.
Answer:
C) The resources at Joe’s company are limited and timely, reliable financial reports will help attract investment capital.
Explanation:
Financial reports are like pictures taken to the company, they do not show how the company is currently working, instead it shows how the company was working at a specific point in time.
Investors usually decide on which companies to invest or not based on the company's financial reports and their own analysis of how the company is being managed. So if you present financial reports that are not properly elaborated and contain mistakes, that shows two negative aspects of the company: either the company's financial health is not that good, or the company is not being properly managed, or both (which is even worse).
Either way those mistakes will cause serious problems to upper management.
Richard purchased a computer for $600 in 2015. Compared to the $900 computer that he had purchased back in 2011, the new one seems to be more efficient in terms of the price he has paid and the power of the microprocessor technology. This is best explained by ___________
Answer: Moore's Law
Explanation: Moore's Law was due to an observation in the trend of microprocessors, predicting an increase in the efficiency, speed and capability of computers also boasting a lower price than preceeding computers. It basically preaches an exponential growth where a newer, smaller, and more powerful transistors installed on a computer is sold at about half the price of it's predecessors about every two years.
Which dimension of project management centers on creating a temporary social system within a larger organizational environment that combines the talents of a divergent set of professionals working to complete the project?
Answer:
Sociocultural
Explanation:
Sociocultural dimension of project management focuses on the organization culture that is set of values, assumptions, behaviors shared by organizational members.
The dimension of project management that focuses on building a temporary social system for diverse professionals to collaborate on a project is encompassed in organizational psychology. It emphasizes on a team-based approach, where equity and effective leadership play crucial roles in shaping a project's success by fostering an environment of collaboration and fair distribution of responsibilities.
Explanation:The dimension of project management which centers on creating a temporary social system within a larger organizational environment that combines the talents of a divergent set of professionals working to complete the project is often rooted in organizational psychology. This field studies how individuals and teams operate within organizations, and it takes into account how to optimize human behavior in work settings. The aim is to create a well-functioning team that is capable of handling complex tasks by capitalizing on diverse skills, experiences, and expertise. Establishing such a system requires an understanding of social systems, effective communication, and robust leadership capabilities, often necessitating a team-based approach and long periods of interpersonal relationship building.
The complexities inherent in team dynamics are influenced by several factors, such as technological advances, economics, globalization, and changing workplace demographics. This necessitates organizations to be agile and adapt by facilitating work through diversified teams, rather than on an individual basis. These teams are formed to accomplish specific tasks with the collaboration of multi-disciplinary professionals who work within the broad framework of the organization's social structure. Success in this context is linked to the equity among stakeholders and the transparent, fair distribution of responsibilities and benefits, which directly impacts the efficiency and productivity of these teams. Therefore, it is imperative for leadership to actively participate in and understand every aspect of a project to maintain a balanced and equitable social system, fostering an environment that is conducive for all professionals to contribute substantially towards the project's completion.
Which of the following is the system privilege that empowers the grantee to create an index in his or her own user account but not in the accounts of others?
Answer:
A. Create Table
Explanation:
First, the multiple options for the question:
A. CREATE TABLE
B. CREATE ANY TABLE
C. CREATE INDEX
D. CREATE ANY INDEX
In database or spreadsheet programming management among others, the create table function not only allows one to create a table but also creates an index as a privilege. This done as a result of the fact that a create table function or statement could include either a unique constraint or a primary key.
The creation of this unique constraint or primary key will automatically led to an index being created to support the primary key or the unique constraint. The create table statement also only works within the grantee's own account and not in the account of others.
Motor Sports, Inc., sues A-Z Speed. Motor Sports alleges that A-Z breached (failed to perform) a contract that required A-Z to sell ten Jet Skis to Motor Sports. Under the rules governing discovery, Motor Sports is most likely entitled to obtain ______
Answer:
Documents related to the contract
Explanation:
When a contract is made between parties they usually sign an agreement. The reason to sign an agreement is if one tries to breach the contract they can sue them with prove. In the above scenario, motor Sports Company has sued A-Z sports and alleges that A-Z sports have breached a contract. Under the rules governing discover, the court will permit motor sports to obtain the documents related to the contract.
If the price of good X increases by 2%, and that causes the quantity demanded of good Y to decrease by 15%, then the cross elasticity of demand for good Y, with respect to the price of good X, is
Answer:
-7.5%
Explanation:
Cross elasticity of demand is the degree of responsiveness of the quantity of a commodity, Y in this case, to the change in the price of another commodity, X in this case.
Cross elasticity of demand is measured as a percentage change in the quantity of commodity Y divided by the percentage in the price of commodity Y. This can be written mathematically as follows:
Ec = % Change in the quantity of commodity Y divided by the percentage in the prie of commodity X.
Where Ec denoted cross elasticity.
Applying the formula to this question, we have
Ec = -15%/2% = -7.5%
Note that under cross elasticity of demand:
1. Two goods are substitute if the value of their cross elasticity of demand is positive. That is, an increase in the price of good one, good X, will lead to an increase in the quantity demand of the second, good Y.
2. Two goods are complimentary if the value of their cross elasticity of demand is negative.That is, an increase in the price of good one, good X, will lead to an decrease in the quantity demand of the second, good Y.
Therefore in this question, goods X and Y are complimentary because the value of their cross elasticity of demand is -7.5% which is negative.
I wish you the best.
The cross elasticity of demand for good Y, with respect to the price of good X, is -7.5, indicating that they are substitute goods.
Explanation:The cross elasticity of demand measures the responsiveness of the quantity demanded of one good (Good Y) to a change in the price of another good (Good X). It is calculated as the percentage change in quantity demanded of Good Y divided by the percentage change in price of Good X.
In this scenario, the price of Good X increases by 2% and this causess the quantity demanded of Good Y to decrease by 15%. Hence, we can use the formula to calculate the cross elasticity of demand:
Cross Elasticity of Demand = % Change in Quantity Demanded of Good Y / % Change in Price of Good X = -15% / 2% = -7.5
This means that for every 1% increase in the price of Good X, the quantity demanded of Good Y decreases by 7.5%. The negative sign indicates that goods X and Y are substitute goods, meaning that as the price of Good X increases, consumers buy less of Good Y.
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88 million people live on less than $1.00 a day. These people are said to be living in _____. subjective poverty marginal poverty absolute poverty relative poverty
Answer: Absolute poverty
Explanation:
Absolute poverty is when household income is beyond a level that makes it impossible for individuals or family to meet basic needs. Living on less than $1.00 is absolute poverty.
Cameron has applied for a loan to expand his young business. When bankers look for evidence of whether he will be able to repay a loan, they usually base their assessment on what?
Answer:
what Cameron's firm has done in the past.
Explanation:
Small businesses do request for loans in some cases when they aim at using borrowed funds as capital to become more profitable in their business. When such requests are made, the bank can decide to look at what has been done in the past by the firm to ascertain if they can be able to repay the loan. They usually look at the current and past loans (If any) and debts that have been incurred by the business. In some cases, they also examine the bank accounts the business won and their tax IDs, etc.
Imagine you are a consultant who has been asked to summarize the strengths and weaknesses of Customaria, a nation with a pure traditional economy (an economy molded largely by custom or religion).
Which of the following would you include in your report as weaknesses of Customaria's economy? Check all that apply:
_ There is little cooperation, relative to other economies.
_ The participants in the economy are slow to adopt new beneficial technologies due to previous customs.
_ People express more dissatisfaction with their lives than those in other economies.
_ Occupational choices can be restricted.
Final answer:
The weaknesses of Customaria's pure traditional economy include the slow adoption of new technologies due to customs and restricted occupational choices. Traditional economies often feature strong cooperation, and while dissatisfaction can occur, it is not an inherent economic weakness.
Explanation:
When examining the weaknesses of Customaria's economy, which is a nation with a pure traditional economy, there are several factors to consider. Traditional economies often show resistance to change, which leads to certain weaknesses:
The participants in the economy are slow to adopt new beneficial technologies due to previous customs, hindering progress and development.Occupational choices can be restricted because jobs tend to be determined by family tradition rather than individual choice or economic demand.However, the statement regarding little cooperation is not typically a weakness of traditional economies, as these economies are often characterized by strong communal ties and cooperation. Additionally, while people in traditional economies may sometimes express dissatisfaction, this is not inherently a weakness of the economic system itself but rather a subjective measure that can vary widely within any economy.
The correct options are 1, 2, 3, and 4. Customaria's economy faces weaknesses such as low cooperation, slow adoption of beneficial technologies due to customs, higher dissatisfaction among its people, and restricted occupational choices.
Each of these points represents a significant challenge for Customaria's traditional economy:
1. Little Cooperation: In a traditional economy, the lack of cooperation can hinder economic growth and development. Cooperation is essential for trade, innovation, and the division of labor, all of which are crucial for a dynamic and resilient economy. Without cooperation, the economy may struggle to adapt to changes or to take advantage of new opportunities.
2. Slow Adoption of Technology: Traditional economies often rely on long-standing customs and practices, which can lead to resistance to change. This resistance can result in a slow adoption of new technologies that could otherwise improve productivity and efficiency. The reluctance to embrace beneficial technologies can put Customaria at a competitive disadvantage compared to economies that are more open to innovation.
3. Dissatisfaction Among People: If people in Customaria express more dissatisfaction with their lives, this could indicate a lower quality of life compared to other economies. Such dissatisfaction might stem from limited economic opportunities, lower standards of living, or a lack of personal freedoms, including the freedom to choose one's occupation or lifestyle. High levels of dissatisfaction can lead to social unrest and can be a barrier to attracting investment and talent.
4. Restricted Occupational Choices: When occupational choices are restricted, individuals may not be able to pursue careers that align with their skills, interests, or the market's needs. This can lead to inefficiencies in the labor market and can prevent the economy from reaching its full potential. It can also lead to brain drain if talented individuals leave Customaria in search of better opportunities elsewhere.
In summary, these weaknesses highlight the challenges that Customaria faces due to its adherence to traditional practices and customs. Addressing these issues would require careful consideration of how to maintain cultural values while fostering economic growth and improving the well-being of its citizens.
Roco Company manufactures both industrial and consumer electronics. Due to a change in its strategic focus, the company decided to exit the consumer electronics business, and in 2016 sold the division to Sunny Corporation. The consumer electronics division qualifies as a component of the entity according to GAAP. How should Roco report the sale in its 2016 income statement?
Answer:
C. As a discontinued operation, reported below income from continuing operations
Explanation:
First, the multiple choices for the question
a. Include in income from continuing operations as a non-operating gain or loss.
b. As an extraordinary item.
c. As a discontinued operation, reported below income from continuing operations.
d. None of the above.
According to General Accepted Accounting Principles (GAAP), the sale of a division that is qualified as component should be reported specially. Furthermore, it also requires that the operations of the component already disposed of or sold should be reported below the revenue reported under continuing operations for the year as a discontinued operation.
Since Roco's consumer electronics business qualifies as a component of the entity then it should be reported as stated by GAAP; specially reported and below income from continuing operations