Answer:
Positive Statements:
Lung cancer kills millions of people each year.
If the government were to increase taxes on cigarettes, fewer people would smoke.
Normative Statements:
Too many people smoke.
The government should increase taxes on cigarettes.
Explanation:
A positive statement is one that seeks to describe the world as it is.
A normative statement is one that offers an opinion as to the way the world should be.
The following statements are correctly categorized whether they are either positive or normative. Statement Positive Normative.
Lung cancer kills millions of people each year: Positive statementToo many people smoke: Normative statementIf the government were to increase taxes on cigarettes, fewer people would smoke: Positive statementThe government should increase taxes on cigarettes: Normative statementThe positive statement makes a factual observation regarding the number of individuals affected by lung cancer annually.
A normative statement indicates that the current amount of smoking is deemed excessive or unacceptable by expressing an opinion or value judgment about it.
Positive statement assertion suggests a cause-and-effect connection and foresees a possible result of raising cigarette taxes.
A normative statement gives an opinion or a suggestion on what the government should do in terms of taxing cigarettes, demonstrating a value assessment of the desired course of action.
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A furniture factory's employees work overtime to finish an order that is sold on December 31. The office sends a statement to the customer in early January and payment is received by mid-February. The overtime wages should be expensed in:
a) Januaryb) Februaryc) The period when the worker receives their checksd) Either Jan or Feb depending on when the pay period end
Answer:
Correct answer is (a) January
Explanation:
The overtime wages should be expensed in January because the overtime wage payment should be made from the company account and not base on the customer payment to the company.
Final answer:
Overtime wages should be expensed in the period when the work was performed, which is December, according to the matching principle.
Explanation:
The expenses are related to the accounting principle known as the matching principle, which states that expenses should be recorded in the same period that the related revenues are recognized. In this case, the overtime wages incurred by the furniture factory employees in late December should be expensed in December (the period when the work was performed and the revenue from the sale was realized), even though payment was received in February. Therefore, the correct answer is (d) The period when the worker receives their checks, assuming that the fiscal year corresponds to the calendar year and employees are getting paid after the period they worked.
Americans spend the largest portion of their budget on
a. entertainment
b. housing
c. transportation
d. food
Please select the best answer from the choices provided
Oo oo
Mark this and return
Save and Exit
Next
Answer:
Americans spend the largest portion of their budget on Housing
Explanation:
Reason why housing has the highest budget allocation among the rest is as a result of its importance to life sustainability. Every Americans must reside in a place called house although the availability of some certain factors makes the price to vary but it does not negates the importance and why they spend more on housing rather than otherwise.
Joe Hall owns a limousine for use in his personal service business of transporting passengers to airports. The limousine's adjusted basis is $40,000. In addition, Hall owns his personal residence and furnishings, that together cost him $280,000. Hall's capital assets amount to
a) $320,000
b) $280,000
c) $40,000
d) $0
Answer:
The answer is B $280,000
Explanation:
capital assets includes investment property and property held for personal use (e.g., personal residence and furnishings), but excludes property used in a trade or business (e.g., limousine).
Therefore the capital assets for Joe Hall is $280,000 which is his personal residence and furnishings excluding his limousine which is for business use
Large companies may manage a number of very different businesses called _____. a. strategic business alliances b. focus groups c. business clusters d. strategic business units
Answer: Strategic business units.
Explanation:
Large companies in most cases have a lot of sub-companies under them that run almost independently but report to the headquarters of the large companies about their activities, these sub-companies are known as strategic business units(SBU). The SBU helps the large company gain a large area of coverage.
Amy can study for an hour or spend that hour sleeping or going out for dinner. If she decides to study for the hour, the opportunity cost of the hour spent studying is:_______
a. sleeping or going out for dinner, whichever she would have preferred the most
b. definitely going to sleep.
c. sleeping and going out for dinner.
d. studying since this is the choice she opted for.
e. definitely going out to dinner because she must eat at some time
Answer:
a. sleeping or going out for dinner, whichever she would have preferred the most
Explanation:
Opportunity cost is the cost of the next best option forgone when one alternative is chosen over other alternatives.
Studying is the real cost .
I hope my answer helps you
Recognition"" refers to the idea of conveying the details of a transaction in a narrative note without including anything in the actual financial statements. True or false?
Answer:
FALSE
Explanation:
Recognition relies on the idea of communicating in a descriptive document the specifics of a sale, while including anything else in the current financial statements.
An act of acknowledgment or a Condition of acknowledgment. Identifying something as previously observed, seen, understood, etc., perceiving something as actual or true; knowing it. Acceptance of something as being legitimate or entitled to evaluation: the acceptance of an argument.therefore the answer for the following statement is FALSE.
In one hour, the United States can produce 25 tons of steel or 250 automobiles. In one hour,Japan can produce 30 tons of steel or 275 automobiles. This information implies that:
A.Japan has a comparative advantage in the production of automobiles.
B.the United States has an absolute advantage in the production of steel.
C.Japan has a comparative advantage in the production of both goods.
D.the United States has a comparative advantage in the production of automobiles.
Answer:
Option (D) is correct.
Explanation:
In United states:
Can produce 25 tons of steel or 250 automobiles,
Opportunity cost of producing a ton of steel = 250 ÷ 25
= 10 automobiles
Opportunity cost of producing 1 automobile = 25 ÷ 250
= 0.1 tons of steel
In Japan:
Can produce 30 tons of steel or 275 automobiles,
Opportunity cost of producing a ton of steel = 275 ÷ 30
= 9.17 automobiles
Opportunity cost of producing 1 automobile = 30 ÷ 275
= 0.11
Therefore,
United States has a comparative advantage in producing automobiles because the opportunity cost of producing automobiles is lower than the Japan.
Japan has a comparative advantage in producing steel because the opportunity cost of producing steel is lower than the United states.
Japan has a comparative advantage in the production of steel, while the United States has a comparative advantage in the production of automobiles, determined by their respective opportunity costs.
Explanation:The given information indicates that Japan can produce more steel and automobiles in one hour than the United States. However, to determine comparative advantage, we need to look at opportunity costs, or what each country gives up in order to produce one good over the other. We calculate this by dividing the maximum output of one good by the maximum output of the other.
For the United States, the opportunity cost of producing one ton of steel is 10 automobiles (250/25), and for Japan, it's approximately 9.17 automobiles (275/30). This means the United States has a higher cost of producing steel in terms of forgone automobile production, which indicates Japan has a comparative advantage in the production of steel.
Similarly, for the United States, the opportunity cost of producing one automobile is 0.1 tons of steel (25/250), while for Japan it's around 0.109 tons of steel (30/275). Hence, the United States has a comparative advantage in the production of automobiles, as it gives up less steel to produce each car.
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The freebird turbocharger is being recalled. all customers who submitted warranty cards can have their installed turbochargers serviced free by authorized mechanics. if you do not have a warranty with freebird, bring your original receipt to your local freebird dealership and they will complete the repairs at cost.
Answer:
The primary purpose of this message is to inform a customer about a recall.
The secondary purpose is to retain the customer's goodwill.
Explanation:
The primary purpose of this message is to inform their customers about a problem and how it can be solved. The secondary purpose, but not less important, is to increase customer goodwill which in turn increases customer loyalty. Customers that believe that a company cares for them, will create a bond with that company.
Suppose that Glitter Gulch, a gold mining firm, increased its sales revenues on newly mined gold from $10 million to $20 million between one year and the next. Assuming that the price of gold increased by 100 percent over the same period, by what numerical amount did Glitter Gulch
Answer:
A. The real output did not change or changed by $0
B. The real output changed by $10,000,000
Explanation:
First, the question is incomplete, the following is the completion
a. Assuming that the price of gold increased by 100 percent over the same period, by what numerical amount did Glitter Gulch’s real output change?
b. If the price of gold had not changed, what would have been the change in Glitter Gulch’s real output? $ million.
A) First, the real output in the question refers to the gold amount as produced by the mind.
Sales revenue for the first year is $10,000,000 and then it doubled the next year to $20 million. Also, since the price of gold also increased by 100% over the same period, it means that it was the price increase by 100% that led to the 100% increase in sales revenue. This means that the real output of gold from the mine did not change.
b) The Hypothetical situation where the price however remains the same, means that to achieve an 100% increase in sales revenue then the real output of Glitter Gulch changed by 100%.
Specifically, the numerical value of the change =$20,000,000-$10,000,000= $10,000,000
Gary works in a factory where the workers are known to leave oily rags all over the place. Which of the following best describes the oily rags?A. moral/morale hazardB. physical hazardC. societal hazardD. none of the above
Answer:
The term physical hazard best describes the oily rags.
Explanation:
The example narrated in the question statement is associated with hazardous environmental pollution due to a specific kind of waste that is in physical form that bears the potential of causing health issues. The scattering of oil rags left by the employees over the place of work would turn the place unhygienic and unfit for work. Hence, the term 'physical hazard' is used for oily rags.Assessing the __________ of a tax system means determining the amount of tax revenue needed to fund the government and ensuring that the funds are provided by the system.
Answer:
Sufficiency
Explanation:
Tax is a compulsory levy imposed by the government of a sovereign state on her citizens. Difference types of tax are used by the tax authority to generate sufficient revenue and also to implement economic policy, these are direct and indirect taxes.
The word tax sufficiency relates to the measurement of the divergence if any between the actual tax yield and the expected aggregate tax revenue. This assessment will enable the government of the day to take corrective actions to close any observed gap.
Assessing the adequacy of a tax system involves determining the amount of tax revenue required for government functions and ensuring the system can provide it, with a focus on efficiency, understandability, and equitability.
Assessing the adequacy of a tax system means determining the amount of tax revenue needed to fund the government and ensuring that the funds are provided by the system. A good tax system should have certain characteristics to ensure that it meets the needs of public finance.
A tax system should be efficient, meaning it should raise the necessary revenues without unduly burdening the taxpayer. It should also be understandable, allowing the average citizen to easily comprehend the taxes they pay. Equitability is also a core component, with the expectation that the wealthier pay a higher amount reflecting their ability to contribute more.
The benefit principle suggests that those who use public services should pay more in taxes, reflective of the benefits they receive from government services.The Internal Revenue Service (IRS) in the United States is the regulatory authority empowered by Congress to collect taxes, making it a central element in public finance and the financing of government expenditures.
Furthermore, the federal tax system operates on principles like benefits received and the ability to pay. Governments require tax revenues to perform essential functions and supply goods and services such as legal systems, defense, roads, and education. The challenge is finding a balance in tax policy that meets revenue needs without impeding economic growth or contravening other public policy goals.
Your clients are interested in an investment that may appreciate in value and be a hedge against inflation. Their best alternative is in:_______.
Answer:
REAL ESTATE
Explanation:
When an asset is expected to be an hedge against inflation it implies that such an asset is expected to maintain or increase its value over time. Real Estate is considered a hedge against inflation, because land on the one-hand is an asset that does not depreciate but appreciate and forms part of the buildings in real estate, and secondly, home values and rents normally increases during times of inflation.
In the context of strategic human resources management, people can increase _____ by helping lower costs, providing something unique to customers, or both.
Answer: The correct answer is VALUE.
Explanation: Human Resource Management means management of people at work. It involves recruiting, training and generally impacting employees to add value and collectively achieve organisational goal.
A snack manufacturer realizes that he must increase the salt content of his company's chips by at least 3% in order for a sample of consumers to notice that the chips are saltier than they were before- This example most nearly illustrates the concept of a(n):
Answer:
The Answer to this question is Difference threshold.
Explanation:
A difference threshold otherwise known as Just noticeable difference is the smallest level of increase or decrease in stimulation required to sense that a change in stimulation has occurred . The concept of difference thresholds applies to different areas such as: touch, taste, sight, hearing and smell. These areas have levels that need to be met before any impact can be sensed.
Therefore referring to the question, If the snack manufacturer must increase the salt content of the chip by at least 3% so that consumers can notice the change, he is applying the concept of difference threshold.
Alpha Omega's percentage of sales model forecasts sales growth of 20 percent next year. If cost of good sold are proportionate at 80 percent of sales, then cost of good sold will increase by _____.
Answer:
cost of good sold will increase by 20 percent
Explanation:
given data
sales growth of 20 percent
cost of good sold = 80 percent of sales
to find out
cost of good sold
solution
As here cost of good sold will increase by 20 percent
because In a percentage of sales model
the expenses that is proportionate will be grow at same rate of the sales
so cost of good sold will increase by 20 percent
In the circular flow model, rent, wages, interest, and profit paid flow from ________ through ________ to ________; households receive transfers from ________, and firms receive transfers from ________..
Answer:
Rent, wages, interest, and profit paid flow from FIRMS through FACTOR PAYMENTS to HOUSEHOLDS ; households receive transfers from FIRMS, firms from HOUSEHOLDS
Explanation:
Circular flow of income is flow of real product (factors of production, goods & services) ; flow of money (factor incomes- rent, wage, interest, profit & prices for goods & services) - between firms & households . [Assuming closed, unintervened economy without financial sector ∴ no injections & leakages]
Households provide firms with factors of production - land, labour, capital, entrepreneur 7 firms provide them factor incomes - rent, wages, interest, profit.
Households spend these factor incomes earned to purchase goods & services produced by firms, for which they pay them prices in return.
This way : All Production = All Consumption = All Income keeps on 'circulating' within the economy's two sectors.
What’s it called when you contact the public with unsolicited offers via a multitude of communication vehicles, and in high frequency, even with your buyer’s permission?
Answer:
harassment
Explanation:
Based on the information provided within the question it can be said that this large magnitude of solicitation attempts classifies as harassment. This is because you are aggressively pressuring the potential buyer towards buying the product or service that you are offering through a large quantity of different advertisement methods.
________ are consumer products that the consumer either does not know about or knows about but does not normally think about buying. These products require a lot of advertising, personal selling, and other marketing efforts.
Answer: Unsought product
Explanation:
The unsought products are one of the type of products in which the customer are unaware and also not at all interested for purchasing this kind of products.
It is one of the aggressive sales method in the marketing as the consumer have no specific desire for busying the given products in the market.
The unsought products typically required a lot of marketing efforts, advertising and also the personal selling techniques for selling the unsought products in the market.
Therefore, Unsought products is the correct answer.
Unsought products are consumer products that are not routinely considered for purchase by consumers. Due to their nature, they require more significant advertising and other marketing efforts.
Explanation:The products you're referring to are called unsought products. These are consumer products that consumers either don't know about or know about but don't routinely consider buying. Examples of this could be life insurance, cemetery plots, and the like. Due to their nature, a large part of advertising and other marketing efforts is necessary to make consumers aware of their existence and to convince them about their need for these products.
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In Baer Food Co.'s 20x5 single-step Income Statement, the section titled "Revenues" consisted of the following: Net sales revenue $187,000 Results from discontinued operations: Loss from operations of the segment (net of $1,200 tax effect) $(2,400) Gain on the disposal of segment (net of $7,200 tax effect) 14,400 12,000 Interest revenue 10,200 Gain on the sale of equipment 4,700 Total revenues $213,900 In the revenues section of the 20x5 Income Statement, Baer Food should have reported total revenues of:_______________.
Answer:
Explanation:
In a single step income statement, revenues include sales and other gains
Sales revenue - 187000
Interest revenue - 10200
Gain on sale of equipment - 4700
In Total - 201900
Joe is recording, classifying, and summarizing economic events in a logical manner for the purpose of providing financial information for decision making. What Joe is performing is commonly called?A. finance.B. auditing.C. accounting.D. economics.
Answer:
accounting
Explanation:
Accounting refers to the process for recording financial transactions related to a company. The accounting process involves the review, examination and notification of these activities to supervisory authorities, supervisors and tax collection bodies.
Accounting financial statements are a brief summary of business transactions across an accounting span, summarizing the revenues, financial condition and cash flows of a business.
Accounting is among the most important functions in almost every sector. It can be done by an accountant or a small company manager, or by massive accounting divisions with hundreds of employees in larger businesses.
An investor buys a nonqualified deferred variable annuity and contributes $25,000. Ten years later, he surrenders it for $40,000. For federal income tax purposes, he should report(A)$15,000 ordinary income(B)$40,000 ordinary income(C)$15,000 long term capital gains
Answer: $15,000 ordinary income
Explanation: Tax is paid on the profit or the difference in the contributed amount and the cash surrendered. Tax isn't paid on the contributed amount or when the contributed amount hasn't been surrendered.
The interest is calculated as the difference between the cash surrendered and the amount contributed. The interest accrued is the taxable amount.
Therefore, $40,000 - $25,000 = $15,000
Interest = $15,000
Non-qualified variable annuity is being taxed as ordinary income under the federal income tax law.
A 76.00 pound flask of mercury costs $ 125.50 . The density of mercury is 13.534 g/cm 3 . Find the price of one cubic inch of mercury by calculating intermediate values. What is the price of one pound of mercury?
Answer:
1 cubic inch cost = $0.80
1 pound of cost = $1.65
Explanation:
given data
76.00 pound mercury costs = $125.50
density of mercury = 13.534 g/cm³
solution
we get here 1 pound of cost that is
1 pound of cost = [tex]\frac{125.50}{76}[/tex]
1 pound of cost = $1.65
or
453.5 gram cost = $1.65
now we get volume of flask
volume of flask = 76 × [tex]\frac{453.5}{13.534}[/tex]
volume of flask = 2546.62 cm³ = 155.40 cubic inch
so 155.40 cubic inch cost = $125.50
and 1 cubic inch cost = [tex]\frac{125.50}{155.40}[/tex]
1 cubic inch cost = $0.80
When Nike attempts to get close to its customers at the local level by sponsoring local school teams and providing shoes, equipment, and clothing to many of them, Nike is using which of the following marketing formats
Answer:
Grass-root marketing
Explanation:
Grassroots marketing is a business promotion strategy that aims to create product awareness from the ground moving up. In this approach, marketers usually move to regions and estates to meet their target clients. Marketers seek to gain the support of groups of customers and hope they will spread good words about the brand.
Grass root marketing is unlike the expensive commercial advertising whose messages originate from the top coming down. The action by Nike of getting close to potential customers is an example of grassroots marketing. The company is sponsoring a local event and giving away free samples with the intent of getting noticed by participants of the games. It expects all the attendant to spread good words about the company products and brand name.
Consider the following scenario. Two friends, Rachel and Joey, enjoy baking bread and making apple pies. Rachel takes two hours to bake one loaf of bread and one hour to make one pie. Joey takes four hours to bake one loaf of bread and four hours to make one pie. If Rachel and Joey decide to specialize in order to maximize their combined output, who should produce what? a. Joey should specialize in making pies because he has an absolute advantage. b. Rachel should specialize in making pies and Joey should specialize in making bread c. Joey should specialize in making pies and Rachel should specialize in making bread. d. Rachel should specialize in making bread and pies because she has a comparative advantage in both. e. Rachel should not specialize because she is better at producing both
Answer:
Option (b) is correct.
Explanation:
Rachel take:
1 hour to make one pie and 2 hours to bake a loaf of bread
Joey take:
4 hours to make one pie and 4 hours to bake a loaf of bread
Therefore,
Rachel is specialize in making bread because she can produce same quantity of pie with comparatively less amount of resources.
Joey is left with only one choice because Rachel is already producing pie, hence, Joey is specialized in producing bread and therefore, they can maximize the entire or combine output.
Determine the amount of money accumulated in 5 years with an initial deposit of $10,000, if the account earned 12% compounded monthly the first 3 years and 15% compounded semiannually the last 2 years.
Answer:
$19,107.48
Explanation:
Data provided in the question:
Total time = 5 years
Initial deposit = $10,000
Interest rate for the first 3 years = 12% compounded monthly
Interest rate for the last 2 years = 15% compounded semiannually
Now,
Amount after 3 years = [tex]P \times( 1 + \frac{r}{n})^{\Large{n \times t}}[/tex]
Here,
P = Amount of money deposited,
r = annual interest rate
n = number of times compounded per year = 12 for monthly compounding
t = time in years
Thus,
Amount after 3 years = 10000 [tex]\times( 1 + \frac{ 0.12 }{ 12 } \right)^{\Large{ 12 \times3 }}[/tex]
= 10000 × 1.1³⁶
= $14,307.69
Therefore,
Deposit for last 2 years = $14,307.69
Thus,
Final amount after 2 years with deposit of $14,307.69
= 14307.69 × [tex]\left( 1 + \frac{ 0.15 }{ 2 } \right)^{\Large{ 2 \times2 }}[/tex]
= 14307.69 × 1.075⁴
= 14307.69 × 1.335469
= $19,107.48
Hence,
The final amount after 5 years = $19,107.48
AD corporation had sales of $750,000 and costs of goods sold of $350,000. Inventory at year end was $87,500. What is the inventory turnover?
Answer:
4 times
Explanation:
The inventory turnover ratio of the AD corporation can be calculated using the below mentioned formula:
Inventory turnover=Costs of goods sold/Average inventory
In given question
Costs of goods sold=$350,000
Assuming, inventory at year end= Average inventory=$87,500
Inventory turnover=$350,000/$87,500=4 times
Alice, who is paid time-and-a-half for hours worked in excess of 40 hours, had gross weekly wages of $ 667 for 44 hours worked. What is her regular hourly rate?
Answer:
$13.5
Explanation:
Alice worekd a total of 44 hours
Regular hours = 40 hours
Excess hour = 4 hours
Assusuming hourly rate = R
it means that (40x R)+( 4 x 1.5 R) = 621
= 40R + 6R =621
46R =621
R=621/46
Hourly rate = $13.5
Companies using the accrual basis of accounting could overstate their income at fiscal year-end by increased shipments. Which two accounts would be most at risk?
Answer:
Sales and Account Receivable
Explanation:
Accrual Basis
The accrual basis of accounting is the principle of accounting where income is recognized when it occurs and not when cash is received. In order words, once sales is made even before the cash from the sales is received, sales is to reflect the transaction.
Once income for the fiscal year-end is overstated by increased shipments, first sales will be at risk because income means sales have occurred, therefore increased shipments mean increased sales. Sales must increase to match the the shipment.
Secondly, increase in sales automatically means increase in accounts receivable (remember, accrual basis means the account receivable is to reflect expected cash income as a result of sales). So increased sales as a result of increased shipment also affects increase in account receivable.
The maximum amount of a product that sellers are willing and able to provide for sale over a relevant range of prices, holding all other factors constant, is called:_______.
Answer:
The maximum amount of a product that sellers are willing and able to provide for sale over a relevant range of prices, holding all other factors constant, is called law of supply
Explanation:
This simply explains that if all other factors are constant, as the prices increases, the supply offer increases as well which is termed the law of supply
A local government sells bonds having a face value of $1,000,000 at par. The bond proceeds will be accounted for in a Capital Projects Fund. What account will be credited to offset the debit to cash?
Answer:
A) Other financing sources
Explanation:
Other financing sources and uses account has to be created to include operating transfers and proceeds from debt transactions. Since the issuing of bonds is a debt transaction, their proceeds must be included in this account. This account can only be used to record non-operating revenues and expenditures.
Final answer:
When a local government issues bonds at par, the credited account to offset the debit to cash is often labeled as 'Other Financing Sources' or 'Bonds Payable'. This reflects the government's obligation to repay the face value at bond maturity.
Explanation:
When a local government issues bonds at par, the amount of cash received from the sale is equal to the face value of the bonds. In this case, the local government sells $1,000,000 worth of bonds at par, meaning they sell the bonds for exactly $1,000,000. The account credited to offset the debit to cash is typically called "Other Financing Sources" in a government accounting context, more specifically "Bonds Payable" or "Proceeds of Bonds." This reflects that the local government now has a liability to repay the face value of the bonds at maturity.