Answer:
(B) Cost of goods purchased
Explanation:
While a merchandising company buys goods from its suppliers (goods purchased) and adds this to its opening inventory to determined the quantity of goods it has available for sale (goods available for sale), a manufacturing firm makes the goods to be sold (goods manufactured) and add to its opening inventory of finished goods to determine the same metric (quantity of goods available for sale).
This relationship can be seen when the trading account of both firms are compared.
If the perpetual inventory records show lower quantities of inventory than the physical count, an explanation of the difference might be unrecorded Sales. Sales discounts. Purchases. This answer is correct. In a perpetual system, purchases are debited directly to inventory at the time of the transaction rather than to a purchases account. A sale requires an immediate credit to inventory. Thus, failure to record a purchase would understate inventory. Purchase discounts.
Answer:
Purchases
Explanation:
In a permanent process, at the time of the transaction or sale, transactions are automatically debited directly to the stock / inventory rather than to a transaction account.
Any transaction demands stock to be instantaneously credited. Inability to report a purchase would therefore underestimate inventory.
Liabilities are:___________ a) deferred credits that are recognized and measured in conformity with generally accepted accounting principles. b) any accounts having credit balances after closing entries are made. c) obligations to transfer ownership shares to other entities in the future. d) obligations arising from past transactions and payable in assets or services in the future.
Answer: d) obligations arising from past transactions and payable in assets or services in the future.
Explanation:
Liabilities are financial obligations meant to be catered for by an organization in the running of its business.
Consumer surplus is___________.
A. the highest price a consumer is willing to pay to consume a good or service.
B. the difference between the highest price a consumer is willing to pay and the lowest price a firm would be willing to accept.
C. the difference between the highest price a consumer is willing to pay and marginal benefit.
D. the difference between the lowest price a firm would be willing to accept and the price it actually receives.
E. the difference between the highest price a consumer is willing to pay and the price the consumer actually pays.
Answer: Option E
Explanation: Consumer surplus is a reflection of consumer benefits economically. Consumer surplus arises when the price consumers pay for a product or service is lower than the value they are prepared to pay.
It's a representation of the extra benefit customers get because they spend less for anything than they're ready to pay. Consumer surplus is centered on the marginal benefit economic theory, which seems to be the added value that a consumer receives from another segment of a product or service.
Thus, from the above we can conclude that the correct option is E .
A single person making $20,000 would pay ________ per cent on $7,550 and 15% on the remainder..
Answer:
10 per cent.
Explanation:
$7,550 falls under 10% in the marginal tax rate for a single person.
The remainder is $20,000 - $7,550
= $12,450.
That falls under 15%.
Therefore a single person making $20,000 will pay 10% for $7,550.
A measure of the economic impact of the young and old on the more economically active and productive members of a population is known as the
A) dependency ratio.B) expectancy ratio.C) youth-elderly cohort.D) infant mortality rate.E) crude death rate.
Answer:
B
Explanation:
B- expectency ratio
Three of the four types of processes are:
a. goods, services, and hybrids.
b. manual, automated, and service.
c. modular, continuous, and technological.
d. process focus, repetitive focud and product focus.
e. input, transformation, and output.
Answer:
The three of the four types of processes are: process focus, repetitive focus and product focus.
Explanation:
A process in production refers to the steps taken to convert raw materials to finished products that can be sold in the market.
A production process has four types, depending on the process involved in production, they are:
1.) Process Focus.
2.) Repetitive focus.
3.) Product focus.
4.) Mass customizations focus.
Three of the four types of processes are manual, automated, and service. So, option b is correct.
When considering the types of processes in a business context, it's important to note that there are various processes involved in transforming inputs into outputs. These processes can include different focuses such as process focus, repetitive focus, and product focus. Process focus refers to operations that are designed to produce a wide variety of products in relatively low volumes. Repetitive focus lies between the process focus and the product focus, with facilities being organized around products but with less volume than a product focus. A product focus is one where high volumes of a limited range of products are produced, often using assembly lines. Additionally, businesses also consider goods, services, and hybrids as types of processes where goods refer to tangible items, services to intangible offerings, and hybrids to a combination of both. Moreover, there are also manual, automated, and service processes, where manual implies labor-intensive work, automated refers to machine-driven operations, and service denotes processes that involve customer interaction or intangible outputs.
One of the reasons why job performance should be defined only in terms of behaviors, and not in terms of results, is that results are:______A) less objective than behavior.B) a poor indicator of a firm's success.C) not as connected to the central concerns of managers.D) often influenced by factors that are beyond the employee's control.E) possible to interpret in a variety of ways, and thus are easily manipulated.
Answer:
D) often influenced by factors that are beyond the employee's control.
Explanation:
When a company defines good or bad performance only based on results, it may not be seeing the whole picture. Sometimes results are influenced by factors that are beyond an employee's control.
For example, a client wants to buy a car but his credit score is so low that he cannot get a car loan. Or a manufacturer has excess inventories because their distributors' sales decreased due to an increase in gross margins.
Job performance is preferably defined in terms of behaviors rather than results, as results are often influenced by factors beyond an employee's control. Therefore, individual behaviors, which the employee has control over, serve as a more reliable measure of job performance.
Explanation:One of the reasons why job performance should be defined only in terms of behaviors, and not in terms of results, is that results are often influenced by factors that are beyond the employee's control. Job performance is often best measured through observable behaviors because these behaviors are typically under the control of the employee and can be more effectively managed and adjusted if necessary. Whereas, results could be influenced by factors such as market trends, customer preferences, or even random events, all of which an employee has little to no control over.
For example, a salesperson may exhibit all of the right behaviors - they're punctual, they make a high number of customer contacts, and they have a thorough product knowledge. However, if the economy is in a downturn or the product they're selling has fallen out of favor with consumers, their sales results may not reflect their effort or skill. This often makes behaviors a more reliable measure of job performance than results.
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Lamont Communications has amortized a patent on a straight-line basis since it was acquired in 2010 at a cost of $50 million. During 2013 management decided that the benefits from the patent would be received over a total period of 8 years rather than the 20-year legal life being used to amortize the cost. Lamont's 2013 financial statements should include:
A) A patent balance of $50 million.
B) Patent amortization expense of $2.5 million.
C) Patent amortization expense of $5 million.
D) A patent balance of $34 million.
Answer:
C) Patent amortization expense of $5 million.
Explanation:
Patent acquisition date is 2010
Cost of acquisition = $50 million
Initial Useful life = 20 years
Annual amortization = $50,000,000/20
= $2,500,000
Between 2010 and start of 2013 is 3 years
Carrying value at the start of 2013
= 50,000,000 - 3(2,500,000)
= $42,500,000
If patent would be received over a total period of 8 years rather than the 20-year legal life being used to amortize the cost,
Patent amortization expense in 2013 = $42,500,000/8
= $5,312,500
This can be estimated as $5 million.
The right option is C) Patent amortization expense of $5 million.
Omega LLC is a limited liability company. The operating agreement for Omega is silent on the sharing of profits and losses. Omega has four members. Hess contributed $10,000, Ivan contributed $20,000, Johns contributed $30,000 and Kale contributed $40,000. For the year ending December 31, Year 3, Omega had losses of $200,000. What amount of the losses should be allocated to Ivan
Answer:
Since Ivan contributed $20,000, his share of the LLC is 20% (= $20,000 / $100,000).
Since the LLC lost $200,000 during the year, Ivan's 20% of the losses doubles the amount he contributed. Since he participated in a LLC, he is only liable for the amount he contributed, $20,000 and not the whole $40,000.
Explanation:
Generally LLC choose to be taxed like partnerships, so they have to allocate profits and losses every single year for taxation purposes. Profits and losses are allocated in the same ratio as member contributions unless other way of allocation is specified.
Therefore, Ivan should be responsible for $40,000, but that is more than his total liability, therefore he is only responsible for $20,000 (his total contribution).
Frank is a good student. He attributes his success partly to studying long hours and partly to his intelligence ("It runs in the family," he says). Given what psychologists have learned about attributions, three of the following statements are likely to be accurate descriptions of Frank. Which one is probably not an accurate description?
Answer:
a. When he is confused about class material, he is apt to give up quickly.
Explanation:
Note frank attributes his success to his studying long hours and from his family.
Therefore, Frank cannot be classified as a low performing student that is reluctant to ask questions when confused about class material.
His diligence as a student as well as his family influence on him is viewed as external factors that affects his behaviour or performance. However being 'apt to give up easily' is not an external factor that affects his behaviour as a student.
Activities which are profit-motivated, but do NOT require a relatively high level of involvement from the taxpayer are referred to as investmentactivities.Which of the following statements is NOT accurate regarding the deduction for qualified education loan interest? The full amount of interest paid on qualified educational loans is deductible.
A) Andrew volunteered for the American Red Cross
B) $1,500 charged to the credit card during the year
C) Mileage for the 200 miles he drove to the ravaged area
D) The cost of lodging while he is volunteering
" Andrew volunteered for the American Red Cross " statements is NOT accurate regarding the deduction for qualified education loan interest.
Explanation:
The loan allowance is a federal income tax deduction that allows you to withdraw from your taxable income the interest you have paid on qualified student loans, up to $2,500. This is one of many tax benefits that students and parents can afford to contribute to higher education.
An income must be within certain limitations in order to be eligible. They do not have to specify deductions in order to obtain this deduction when they file that income tax.
Which is most likely to be a long run adjustment or a firm that manufactures golf carts on an assembly line basis?
(a) an increase in the amount of steel the firm buys
(b) a reduction in the number of shifts of workers from three to two
(c) a change in the production managers of the assembly line
(d) a change from the production of golf carts to motorcycles
Answer:
(d) a change from the production of golf carts to motorcycles
Explanation:
In the long run, a manufacturing entity should be considering options that will increase their profitability. To be more profitable , the firm must increase its output and its market share. A firm manufacturing golf carts should diversify into sectors that provide broader markets.
From the option provided, a firm manufacturing golf carts is most likely adjust to the production of motorcycles in the long run. Golf carts are used in golf clubs only to transport golfers and their equipment. They have a restricted market, unlike motorcycles, which can be used by a bigger percentage of the population. Adjusting to motorcycles presents an opportunity for potential growth in market share and profitability.
All agencies with jurisdictional authority and/or functional responsibility for the incident provide joint support through mutually developed incident objectives and strategies. this is an example of:_________a. unified commandb. area commandc. tiered responsed. scalable operational capabilities
Answer:
Unified command
Explanation:
The Unified Command refers to an authority framework under which several people, each of which has jurisdiction in a separate response entity, share the position of the incident commander. A unified command has always been one manner of executing the command under which replying departments and/or localities are responsible for managing incident shares.
In case a Unified Command becomes required the answer from a specific Incident Command center is handled by Incident Commanders serving departments or regions that bear responsibility for just the event.
The student's scenario describes the concept of 'Unified Command', used in managing incidents by multiple agencies with different responsibilities and jurisdictions. It's part of the standardized Incident Command System.
Explanation:The situation described, wherein agencies with jurisdictional authority or functional responsibility for an incident collaboratively provide support through mutually agreed-upon objectives and strategies, is a representation of Unified Command. This concept is a vital part of the Incident Command System (ICS), a standardized, on-scene, all-risk, incident management concept in use across various governmental and non-governmental agencies. Unified Command allows agencies with differing legal, geographical, and functional responsibilities to work together without losing or abdicating the responsibility, authority, or accountability.
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Jackie enjoys garage sales and the bargaining process. She finds an old record player and some records for $25 at one garage sale. In negotiating with the owner, she was able to pay $12 for the entire bundle. Which desire as a customer did this experience fulfill for Jackie?
1. The customer experience of finding a price that is between too much and too little for the bundle.
2. The customer experience of finding a price that is as much as possible for the bundle.
3. The customer experience of finding a price that is as little as possible for the bundle
Answer:
The correct answer to the question is option:
3 :The customer experience of finding a price that is as little as possible for the bundle
Explanation:
Jackie is a customer that prefers paying below the value of the commodity. This is akin to discount sale or purchase. This is also available in stocks or shares. The difference of $13,000($25 - $12) represents the discount value.
Which of the following must register as an investment adviser under the Investment Advisers Act of 1940?A) A person who provides advice to people who are investing in antique furniture.B) A person who provides advice to people who are investing in coin collections.C) A person who provides advice to insurance companies on their portfolios.D) A person who provides advice to people who are investing in companies registered under the Investment Company Act of 1940.
Answer:
A person who provides advice to people who are investing in companies registered under the Investment Company Act of 1940.(D)
Explanation:
This act provides the legal framework to regulate the qualifications and activities of those who offer advice to investors whether individual or corporate to enhance their investment decision making in securities.
It is a U.S. federal law enacted to stipulate the role and responsibilities of investment's advisers.
Compute the net present value of an investment with 5 years of annual cash inflows of $100 and two cash outflows, one today of $100 and one at the beginning of the second year of $50. Use a discount rate of 10 percent.a.$229.08b.$287.60c.$233.62d.$271.53
Answer:
c.$233.62
Explanation:
The computation of the net present value is presented below:
Net present value = Present value of cash inflows - present value of cash outflows
where,
Present value of cash inflows
= Annual payment × PVIFA for 5 years at 10%
= $100 × 3.7908
= $379.08
Refer to the PVIFA table
And, the present value of cash outflows would be
= One year amount + Second year amount × discount factor
= $100 + $50 × 0.9091
= $100 + 45.455
= $145.455
The discount factor is calculated below:
= 1 ÷ (1 + rate) ^ years
The marketing team would develop the advertising campaign to promote the newest product but the engineers wanted to keep all product details a secret during development. The service and operations branches of the company were also in the dark, so product rollout was going to be their initiation as well. This project has a very high:
A) Political risk.
B) Operating risk.
C) Organizational risk.
D) Integration risk.
Answer: The correct answer is "D) Integration risk.".
Explanation: This project has a very high Integration risk because the different functional departments of the company are not coordinated according to their decisions, instead of being an integrated whole and aiming at the same decision making.
Firms that specialize in performing international business services for SME and new-to-export companies, as commission representative intermediaries or as distributors, are known as _________. a. export management companies (EMCs) or trading companies b. global supply chain partners c. indirect exporters d. government representatives e. industry distributors
Answer:
(e)
Explanation:
Export management companies are usually profit oriented.
They serve as intermediaries by buying the product from a manufacturer such as an SME or new-to-export companies and then add commissions to the price to cover their profit.
They also assist in carrying out all aspects of exporting the product by Identifying international markets that best fits the product or service, they handle all shipping logistics.
An example of EMC is Cocofina an internationally recognized company that operates in several countries.
Samantha Rodriguez had gross earnings for the pay period ending 10/15/19 of $5,785. Her total gross earnings as of 9/30/19 were $116,700. Social Security taxes are 6.2% on a maximum earnings of $122,700 per year. The Social Security tax due by her employer from her 10/15/19 paychecks is:______
A. $372.00
B. $61.07
C. $358.67
D. $442.55
Answer:
Social Security tax due = $358.67
so correct option is C. $358.67
Explanation:
given data
gross earnings = $5,785
total gross earnings = $116,700
Social Security taxes = 6.2%
maximum earnings = $122,700 per year
to find out
Social Security tax due by her employer from her 10/15/19 paychecks
solution
we get here Social Security tax due by her employer that is express as
Social Security tax due = Social Security taxes × gross earnings ........1
put here value we get
Social Security tax due = 6.2 % × $5785
Social Security tax due = $358.67
so correct option is C. $358.67
Whirlpool introduced a new high gloss white finish to its refrigerators. This innovation would be classified as a ______ innovation.
Answer:
Continuous innovation
Explanation:
Continuous Innovation
The upgrade of new products that are different from previously available products but that do not strikingly change buying or usage patterns. The company doesnt change the product or markets but continues to improve the products. This needs to be done continuously, because of the effect of the product life cycle. Whirlpool introducing a new high gloss white to its refrigerators is an improvement of the refrigerator.
In 2014, the top 1 percent of U.S. households received __________ percent of all income.
Answer:
40%
Explanation:
In 2014 united states media reports tells that top 1 % of the US households received about 40 % of the total income of the state.
In 2014 the average income of top 1 % of household of each individual was about 1.15 million which is very much amount as compared to the average worth each household in general.
To preserve the right of every Marine to directly seek assistance from, or communicate grievances to, their commanding officers.This statement defines request mast.True / False.
Answer:
True
Explanation:
The principal according to which a marines can ask for assistance or communicate a grievance to their commander. His/her issue may or may not be resolves to their satisfaction as it is just an opportunity to inform the commanding officer about the issue. Only those officers who are under official military chain of command are covered under a mast. If a marine has expressed his desire to express mast then all efforts are made to get marine before the commanding officer.
Suppose that when Sue’s disposable income is $10,000, she spends $8,000, and when her disposable income is $20,000, she spends $14,000. Sue’s autonomous consumer spending is equal to __________ and her MPS is equal to __________.
Answer:
The correct answer is: 2,000; 0.4
Explanation:
We can write the initial consumption function as,
C = a + bY
8,000 = a + 10,000b
a = 8,000 - 10,000b
The new consumption function is,
14,000 = a + 20,000b
Putting value of a in this function
14,000 = 8,000 - 10,000b + 20,000b
14,000 - 8,000 = 10,000b
b = [tex]\frac{6,000}{10,000}[/tex]
b = 0.6
Putting the value of b in the initial function,
8,000 = a + 10,000 [tex]\times[/tex]0.6
a = 8,000 - 6,000
a = $2,000
The marginal propensity to consume or b is 0.6.
The marginal propensity to save will be
= 1 - 0.6
= 0.4
The difference between role strain and role conflict is that role strain is about the competing demands imposed by ____, while role conflict is about competing demands imposed by ____. A worker struggling to decide what task to get done first is experiencing role ____. A worker having to leave work early to care for a sick child is experiencing role ____.
The difference between role strain and role conflict is that role strain is about the competing demands imposed by a single status, while role conflict is about competing demands imposed by different statuses.A worker struggling to decide what task to get done first is experiencing role strain. A worker having to leave work early to care for a sick child is experiencing role conflict.
Explanation:
A position in defining a collection of planned actions and responsibilities a person has depending upon his or her specific place in the world is a concept used by sociologists in society and sometimes in general. In our lives, we all have many roles and responsibilities.
For example if you are a student and are an employee, and your boss insists on working late. In this situation your role as a student is in contrast with each other and your position as an employee. You could find it difficult to respond well to both demands.
Role strain and role conflict describes various phenomena.The strain has a special role, as a pupil, whereas there is a tension between two various roles, as a student and an employee.
Kimberly Ortiz strongly believes in working for a company that promotes diversity. She believes that such organizations are respectful of differences and allow employees more exposure. She recently attended an interview where she was told that the company follows policies that focus on organizational diversity. However, when she finally joined the company, she had a strong feeling that the company's claim was not true. Which of the following, if true, weakens Kimberly's belief that the company does not encourage diversity?
The workforce is not dominated by any specific ethnic or racial group
Explanation:
Nonetheless, according to the EEOC report, workers seek an additional $112.7 million per annul for allegations of racial segregation.
Companies understand more and more the importance of hiring and sustaining a wide variety of workers as they play an important role in developing, growing and preserving a competitive advantage within the modern business climate.
Yet some organizations do not understand the advantages of having mixed racial and ethnic groups. Characteristics such as racism and stereotyping to certain racial or ethnic groups may lead to discrimination in hiring, conscious or unconscious.
Money and promotion are examples of which theory that guides behavior?
A) Biological
B) External Reward
C) Both
D) Neither
Answer: B) External Reward
Explanation:
Extrinsic motivation or external reward are concrete rewards that an employee receives from the firm. This includes money, promotion and other concrete/fringe benefits.
If the slope of a straight line is minus3 and if Y (the variable on the vertical axis) decreases by 6, then X (the variable on the horizontal axis) will:________.
a) decreases by 600b) increases by 10c) increases by 600d) decreases by 10
Answer:
X (the variable on the horizontal axis) will increases by 2.
Explanation:
The slope of a straight line is -3. So, m=6.
Slope of a straight line is
[tex]m=\dfrac{Rise}{Run}=\dfrac{\text{Change is y}}{\text{Change in x}}[/tex]
Y (the variable on the vertical axis) decreases by 6.
Change is y = -6
We need to find the change in (the variable on the horizontal axis).
Substitute the given values in the above formula.
[tex]-3=\dfrac{-6}{\text{Change in x}}[/tex]
[tex]\text{Change in x}=\dfrac{-6}{-3}[/tex]
[tex]\text{Change in x}=2[/tex]
Note: All options are incorrect.
Therefore, X (the variable on the horizontal axis) will increases by 2.
A frozen food manufacturer can produce either pizzas or calzones. As the result of an increase in the price of calzones, the firm produces more calzones and fewer pizzas. An economist would explain this by saying
A) The supply of calzones increased and the supply of pizzas decreased.
B) There has been an increase in the quantity supplied of calzones and a decrease in the quantity supplied of pizzas.
C) The supply of calzones increased and the quantity supplied of pizza decreased.
D) There has been an increase in the quantity supplied of calzones and a decrease in the supply of pizza.
Answer:
There has been an increase in the quantity supplied of calzones and a decrease in the supply of pizza.
Explanation:
All options in the question are describing the event that occurred at the frozen food company, but the option that is best arranged and gives the best narration of the event that occurred at the frozen food company is:
There has been an increase in the quantity supplied of calzones and a decrease in the supply of pizza.
Final answer:
An economist would explain the frozen food manufacturer's decision to produce more calzones and fewer pizzas as an increase in the quantity supplied of calzones and a decrease in the quantity supplied of pizzas due to the price change, not a change in the overall supply of either product.
Explanation:
When the frozen food manufacturer decides to produce more calzones and fewer pizzas because the price of calzones has increased, an economist would say that there has been an increase in the quantity supplied of calzones and a decrease in the quantity supplied of pizzas. This is because the higher price for calzones likely makes it more profitable to produce them, so the firm responds to the price change by supplying more calzones. Conversely, the firm reduces the production of pizzas, but this does not necessarily mean that the supply of pizzas has decreased; it only indicates a decrease in the quantity supplied at the existing price.
It's important to distinguish between 'supply' and 'quantity supplied.' The supply curve itself represents the relationship between price and the quantity that sellers are willing to provide over a range of prices. A change in supply would mean the entire curve shifts, due to factors like production costs changes, technology, or taxes. A change in the quantity supplied, on the other hand, is a movement along the supply curve in response to a price change.
Therefore, the correct answer to the student's question would be B) There has been an increase in the quantity supplied of calzones and a decrease in the quantity supplied of pizzas.
investment ratio that measures the investor’s ability to pay the property's monthly debt payments from the property’s net income
Answer:
Quick ratio
Explanation:
The quick ratio measures a firm ability to pay its obligations as they become due. It indicates a company's financial strength of generating sufficient resources to pay its current liabilities. The quick ratio is also the 'acid test' ratio.
The quick ratio shows a company's financial strength in meeting its current liabilities using 'quick' assets. A 'Quick' asset is a current asset that can be converted to cash in less than 90 days. They include cash and cash equivalents, accounts receivable, and marketable securities. The quick ratio is obtained by dividing 'quick' assets by current liabilities.
Hudson and Ilsa want to market a new line of kayaks and related gear under the brand name Journeys as a corporation (Journeys Inc). To avoid income taxes at the corporate level, they should form:
Answer:
S Corporation
Explanation:
Based on the information provided within the question it can be said that Hudson and Ilsa may want to consider forming an S Corporation. This is an normal business corporation in which all corporate income, losses, deductions, are passed to the shareholders which deal with the federal taxes. Therefore Hudson and Ilsa would avoid income taxes