Answer:
1. Yields a balance sheet inventory amount often markedly less than its replacement cost. LIFO
2. Results in a balance sheet inventory amount approximating replacement cost. FIFO
3. Provides a tax advantage (deferral) to a corporation when costs are rising. LIFO
4. Recognizes (mulches) recent costs against net sales. LIFO
5. The preferred method when each unit of product has unique features that markedly effect cost. WEIGHTED AVERAGE
Explanation:
1. LIFO yields a balance sheet inventory amount often markedly less than its replacement cost. The reason is because the in a period of rising costs, since the last stock of goods bought are sold first, this will result in the remaining stock of goods to be of lower costs as they had been bought at an earlier date at a cheaper rate.
2. FIFO results in a balance sheet inventory amount approximating replacement cost because the first set of goods purchased are sold first; and if the assumption holds that costs are rising with time, then the balance stock of goods would have been bought at a later date at a higher cost, hence the value of the balance (ending) inventory will be almost equal to its replacement cost.
3. LIFO provides a tax advantage (deferral) to a corporation when costs are rising because it results in a lower ending inventory value since the more expensive inventory has been sold. Hence, the closing stock and Net income will be low and income tax will be low.
4. LIFO matches recent costs against net sales because the 'cost of sales' are made up of the recent purchases which are sold first
5. The preferred method when each unit of product has unique features that markedly effect cost is the WEIGHTED AVERAGE because it calculates the average period cost of all goods in stock and apportions the total to individual items.
Consider the labor market for computer programmers, which is in equilibrium. During the late 1990s, the value of the marginal product of all computer programmers increased dramatically.
Holding all else equal, what effect did this process have on the equilibrium wage in the labor market for computer programmers?
a) The equilibrium wage did not change.
b) It is not possible to determine the equilibrium wage.
c) The equilibrium wage decreased.
d) The equilibrium wage increased.
Answer:
C) The equilibrium wage decreased.
Explanation:
Marginal product is the change in total production as a result of a one-unit-addition of a factor of production. The equilibrium wage will decrease as the increase in marginal product of the computer programmers causes a subsequent increase in the demand for computer programmers, since employing one more worker brings about an even higher production. The resources available for wages are held constant and have to be shared among the now bigger number of programmers, lowering the wage equilibrium level.
Holly wants to have an extravagant wedding on an exotic, tropical island. She dreams that the weather will be perfect and that all her friends and family will have the most memorable time of their lives. This describes Holly’s _____ expectations with regard to this event.
Answer:
Ideal Expectations.
Explanation:
Ideal expectations are something where the desired expectations are equal to the perfect plan that is expected out from the real result with zero modifications. Holly here dreams of a perfect imaginative wedding which she finds to be perfect in every sense. Thus, this type of expectation is termed as ideal expectation.
The process of making choices in increments by evaluating the additional, or marginal, benefit against the additional, or marginal, cost of an action?
Answer:
Marginal decision making
Explanation:
Marginal decision making is can simply be said to be a consideration of a little more or a little less than one already have. This entails evaluating additional or lesser benefits against the additional o lesser cost of a good or service.
Cheers.
a. Jose's opportunity cost of producing and consuming one more orange is 2 melons. b. Alex's opportunity cost of producing and consuming one more orange is 2/3 melon. c. Alex's opportunity cost of producing and consuming one more orange is 4,000 melons.
d. Jose's opportunity cost of producing and consuming one more orange is 1/2 melon.
Answer:
Since the question is incomplete, we could infer that you like to know how to calculate opportunity cost.
Explanation:
Opportunity cost is the value of the next best alternative or option.
Opportunity Cost= FO−CO
where:
FO=Return on best foregone option
CO=Return on chosen option
Let's take for example, Jose expected return on investment in producing one orange is 20 percent over the next year, and also expects the return of investment for melon to be 18 percent over the same period.
His opportunity cost of choosing the melon over the orange using the formula FO−CO = (20% - 18%), which equals two percentage points.
When an insured decides to change her mode of premium payment from annually to monthly, the total premium due would:A. FluctuateB. IncreaseC. Remains the sameD. Decrease
Answer:
correct option is B. Increase
Explanation:
solution
when change payment from annually to monthly
so premium due would be increase as in annual premium
because premium is paid at the start of the year where is in twelve monthly installment last premium is almost at the end of the year
So that, when the premium is paid on an annual basis insurance company is access to full premium at the start
it can be used for generating return
so correct option is B. Increase
When an insured decides to change her mode of premium payment from annually to monthly the total premium due would remain the same.
Explanation:
Since the amount is paid annually, changing it to monthly payment will mean the spread of the annual premium that is supposed to be paid over the twelve months which will be an equal amount.
Therefore there would be no change in the total premium due to be paid.
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Which represents the hierarchical structure of a Google Analytics account from top to bottom?
Answer: Account > Property> View.
Explanation:
Account: It is the access point for analytics, an organization can own more than one analytic account. In order to be able to access analytics and identify the property to be traced, at least an account is required.
Property: A property could be a website, device or a mobile application. An account could have more than one property, when a property is added to an account a tracking code is generated by analytics, this code can be used to receive data from that property. The tracking code has a unique identity, this identity helps to trace the data to that property.
View: It is the access point for reports. Before a user can view a report, there must be access which will be based on that view's data. Analytics creates the first view for a property when it is added to an account.
Aspen Ore purchased a vein of coal ore for $5,300,000. It is estimated that 32,000,000 tons of ore are available to be extracted. The estimated depletion expense for this year’s extraction of 2,790,000 tons of ore is: (Round any intermediary calculations to the nearest cent and your final answer to the nearest dollar.)
Answer:
$462,094
Explanation:
Depletion expense is a charge against profits for the use of natural resources. It is calculated by multiply the number of consumed units of the natural resources by the cost per unit.
Cost per unit = Total cost / total number of units expected to be extracted = $5,300,000 / 32,000,000 = 0.165625
Depletion expense = Cost per unit x extracted units = 0.165625 x 2,790,000 = $462,094
Corporations have limited liability, but lose ultimate control of corporate assets to the ______________ ..
Answer:
Stockholders
Explanation:
Stockholders are the owners of a company. As owners , stockholders have voting rights in the company. Shareholder elects directors who represent them on the board of directors. Each share is equivalent to one vote. The board members recruit top management of the company. The board provides policy guidelines, makes critical decisions, and supervises senior management.
By electing board members, shareholders influence the management of the business. Should the stockholders be unhappy with the way the company is being managed, they can vote out the current director and elect new ones. The new directors then appoint fresh managers. In this way, shareholders maintain control of the assets of the company and its assets.
Churchill Automobiles is a delivery truck manufacturer. It is a new company and wants to gather information on how to improve the standard of quality delivered by the company's production team. Based on this information, which of the following ISO standards must the company refer to:A) ISO 15001
B) ISO 9000
C) ISO 10001
D) ISO 12000
Answer: Option (B)
Explanation:
ISO 9000 is referred to as the set of the principle. These help an organization so as to ensure that they meet the consumers and stakeholder needs which are given within the sanctioned and administrative requirements that are related to the commodity product or the service. This deals with the essentials of quality management systems.
Churchill Automobiles should refer to ISO 9000, specifically ISO 9001:2008, which outlines the standards and principles necessary for improving the quality management system of their delivery truck manufacturing processes.
Churchill Automobiles, a delivery truck manufacturer, is seeking to improve the standard of quality delivered by its production team. The relevant ISO standard for a company looking to enhance its quality management system is B) ISO 9000, specifically ISO 9001:2008. ISO 9000 outlines a set of standards to ensure organizations can consistently meet customer and other stakeholder needs within statutory and regulatory requirements related to a product or service.
ISO 9001:2008 incorporates the following eight fundamental principles of quality management:
Customer-focused
Leadership
Involvement of people
Process approach
Systems approach to management
Continual improvement
Factual approach to decision making
Mutually beneficial supplier relationship
These principles are integral to building a quality management system that promotes transparency, consistency, and continual improvement, ensuring that Churchill Automobiles can enhance the quality of its delivery trucks and maintain customer satisfaction.
When a hazardous material and a non-hazardous material are entered on the same shipping paper document, the hazardous material(s) entries must _______________.
Answer:
See the description as below
Explanation:
First we would see that the proper shipping name is the key to determine how packages for hazardous materials are selected, marked, and labeled; the vehicle is correctly placarded; and the shipment is correctly documented. Proper shipping name is the standard technical name to describe the hazard properties and the composition of dangerous goods. You need to choose a UN number (usually, 4 digits) and a proper shipping name from Dangerous Goods.
The basic description of a hazardous material includes the Identification Number, the Proper Shipping Name, Hazard Class and Packing Group (when applicable). This information is required to be placed on the shipping paper in a specific order
An easy way to remember the sequence is to use the acronym “ISHP”: I-Identification Number, S-Proper Shipping Name, H-Hazard Class or Division, and P-Packing Group.
For a hazardous substance shipment, the letters 'RQ' must be entered on the shipping paper. Enter 'RQ' before or after the basic description for each hazardous substance. If the material contains two or more hazardous substances, at least the two hazardous substances with the lowest 'RQ' must be identified. RQ means Reportable Quantity, when a hazardous material is being shipped in a reportable quantity of greater, the shipper must display the letters RQ must be displayed on the shipping paper
Hazardous materials entered on the same shipping document with non-hazardous materials must be specifically identified, described, and classified. They should be listed according to their names and hazard classifications as per the United States Department of Transportation and EPA rules. If the hazardous material is a waste, its type should be specified.
Explanation:When a hazardous material and a non-hazardous material are entered on the same shipping paper document, the hazardous material(s) entries must be specifically identified, described, and classified.Title 40 of the Code of Federal Regulations (CFR) in section 261 provides four lists (the F, K, P and U lists) of hazardous materials. These hazardous materials must be listed according to their specific names, and their hazard classification as per the United States Department of Transportation and EPA's hazardous waste regulations. Alongside this, if the hazardous material is a waste, whether it falls under listed, characteristic, or mixed wastes also needs to be specified.
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A brokerage firm holding 4 earnest money deposits, and 15 security deposits for managed single-family residences must have a minimum of how many trust accounts?
Answer:
at least 3 accounts
Explanation:
Once a broker starts to manage at least seven properties, the broker needs to have at least two accounts: one for operating funds and the other for security deposits.
This brokerage firm should have at least three accounts, one for holding earnest money deposits and the other two for holding security deposits.
Some states require that brokers maintain one specific trust account for holding rent revenue from every single property that they manage.
Final answer:
A brokerage firm typically needs a minimum of two trust accounts, one for earnest money deposits and one for security deposits, to comply with regulatory requirements against commingling of funds.
Explanation:
The question pertains to the number of trust accounts a brokerage firm must have when holding earnest money deposits and security deposits. The requirement for the number of trust accounts a brokerage firm should have is not determined by the number of deposits held, but rather by the regulations of the local real estate commission or financial regulatory body.
Typically, these regulations would require separate trust accounts for different types of funds to avoid commingling, which means one trust account for earnest money deposits and one for security deposits, making a minimum of two trust accounts necessary. However, it is always essential to adhere to the specific regulations of the jurisdiction in which the brokerage operates.
According to public choice theorists, people behave differently in the public sector and the market sector because:
A. their motivations are different.
B. they are different kinds of people.
C. the two sectors have different institutional arrangements.
D. All of the above
E. None of the above
(Last Word) From 2006-2010, the federal government paid $600 million in retirement benefits to deceased federal employees, with the checks being illegally cashed by relatives. This example illustrates:_________
A. The benefits-received principle.
B. Logrolling.
C. Bureaucratic ineï¬ciency.
D. The problem of limited and bundled choices.
Answer:
bureaucratic inefficiency.
Explanation:
From 2006-2010, the federal government paid $600 million in retirement benefits to deceased federal employees, with the checks being illegally cashed by relatives. This example illustrates the bureaucratic inefficiency..
it shows that bureaucrats are not efficient as they not fulfill their plan accordingly and locals easily cashed check through fraud.
As new ride-sharing companies compete against taxi companies, which had previously enjoyed monopoly power, what will happen to the price and quantity of transportation services?a) Prices will rise and quantity will rise.b) Prices will fall and quantity will rise.c) Prices will rise and quantity will fall.d) Prices will fall and quantity will fall.
Answer:
b) Prices will fall and quantity will rise.
Explanation:
A new entrant that offers competitions to taxi services increases the supply of transport services. Customers that had been used to getting services from one source will now have a choice.
As per the law of supply, an increase in supply leads to a decrease in the price. Monopolies set high prices to maximize profits due to a lack of competition. The two companies will try to win customers by offering competitive prices. An increase in competition represents an increase in quantities supplied, which results in lower prices.
Milton Friedman’s famous maxim, paraphrased: The social responsibility of business is to?
Answer: make a profit
Explanation: According to Milton Friedman, a famous economist, a business' main responsibility is to make a profit. This 1970 statement is still widely debatable today. He further goes on to say that a business prioritises its existing shareholders above other stakeholders. He is thus claiming that the aim of any business is to maximise returns for shareholders. Once their needs of profit maximisation are met, then the shareholders can then decide which social initiatives to involve themselves in, instead of hiring someone specifically in charge of deciding this for them.
A broker desires to keep an escrow account in an interest bearing account. Would this be legal?
Answer:
the correct answer is YES
Explanation:
All parties agree and get in writing who and where the money is going
GOOD LUCK
On January 1, 2016, the Accounts Receivable balance was $28,100 and the balance in the Allowance for Doubtful Accounts was $3,200. On January 15, 2016 an $940 uncollectible account was written-off. The net realizable value of accounts receivable immediately after the write-off is:
a) $27,160.
b) $23,960.
c) $24,900.
d) $25,840.
Answer:
Net Accounts receivable = $24900
so correct option is c) $24,900
Explanation:
given data
Accounts Receivable balance = $28,100
Doubtful Accounts = $3,200
uncollectible account = $940
to find out
net realizable value of accounts receivable immediately
solution
we get here first Accounts receivable that is
Accounts receivable = Accounts Receivable balance - uncollectible account ...............1
Accounts receivable = $28,100 - $940
Accounts receivable = $27160
and
allowance will be here
allowance = Doubtful Accounts - uncollectible account .................2
allowance = $3,200 - $940
allowance = $2260
so Net Accounts receivable is
Net Accounts receivable = $27160 - $2260
Net Accounts receivable = $24900
so correct option is c) $24,900
Flash Card Inc. recently underwent a significant company-wide change that involved revision ofits manufacturing and leadership processes. The result of this was a stronger emphasis on horizontalcoordination. This level of change is referred to as:
(A) reorganization.
(B) reengineering.
(C) e-engineering.
(D) strategic planning.
(E) corporate structuring
Answer: Option (B)
Explanation:
Reengineering is referred to as the remodel of the business or organization processes and further the systems and the structure of the organization— so as to accomplish the dramatic development in their performance. It has been also referred to as the new approach to adhere to the business development, with potential so as to accomplish dramatic improvement in their performance.
Dutch researcher Geert Hofstede identified four cultural dimensions by studying _____data on IBM employees from dozens of countries___.
Answer:
employee value scores branch officesExplanation:
Geert Hofstede studied a large database of employee value scores collected within IBM Corporation between 1967 and 1973 in over 70 different branch offices. He published his first results in 1980 which included data from more than 100,000 IBM employees that worked in branch offices in 40 countries. He later expanded his study to include more than 70 different branch offices and countries.
The 4 cultural dimensions that Hofstede identified are:
Individualism-collectivism Masculinity-femininity power distance uncertainty avoidanceGeert Hofstede conducted research based on survey data from IBM employees across many countries to identify four cultural dimensions: Power Distance Index, Individualism versus Collectivism, Masculinity versus Femininity, and Uncertainty Avoidance Index.
Explanation:Dutch researcher Geert Hofstede studied cultural differences across countries and introduced the concept of cultural dimensions. The research he conducted was based on survey data collected from IBM employees across dozens of nations. The four dimensions that he identified were: Power Distance Index (PDI), Individualism versus Collectivism (IDV), Masculinity versus Femininity (MAS), and Uncertainty Avoidance Index (UAI). These dimensions represent essential and distinct cultural preferences, and understanding these can foster effective cross-cultural communication and business practices.
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________________ invested or made loans with 95 percent of the deposits that were being held..
°GoldsmithsCorrect
°John Keynes
°Ben Bernanke
°David Ricardo
°Goldsmiths
Answer:
(European) goldsmiths
Explanation:
European goldsmiths (Italian goldsmiths were the first) formulated a principle that only 5% of deposits were needed in reserve at any particular time, therefore they could lend 95% of the gold they held in deposit.
Goldsmiths would rent space in their vaults that allowed other people to keep their gold in a safe place. That led to transactions were notes indicating the amount of gold deposited would be traded instead of trading gold itself.
Eventually goldsmiths discovered that they could trade (lend) more money than the amount of gold they held in deposits, inventing fractional reserve banking.
Charles wants to survey recent customers about the quality of service they received at his small auto service dealership. He has customers' mailing and e-mail addresses. Charles will likely use an online survey primarily because it offers?
Answer:
fast responses at a lower cost
Explanation:
Based on the information provided it can be said that Charles will likely use an online survey primarily because it offers fast responses at a lower cost. This is because the customers receive this in their mail and/or e-mail, and are easily able to fill it out in a couple of minutes. If Charles send's the survey through mail it will be one of the cheapest options other than e-mail which is completely free.
Charles will likely use an online survey primarily because it offers fast responses at a lower cost. Online surveys are cost-effective, easy to distribute, and provide instant data recording. Thus, option (D) is correct.
Charles wants to survey recent customers about the quality of service they received at his small auto service dealership. He has customers' mailing and e-mail addresses. Charles will likely use an online survey primarily because it offers fast responses at a lower cost.
Benefits of an online survey:
Fast responses at a lower cost: Online surveys are cost-effective and can collect data quickly.Ease of use: Platforms like SurveyMonkey make it easy to create and distribute surveys.Instant data recording: Responses are immediately stored in an online database, allowing for quick analysis.Anonymity: Online surveys can help collect truthful answers by maintaining respondent anonymity.Flexibility: Surveys can be easily modified and include multimedia such as videos.However, it's crucial to ensure the survey reaches a representative sample and guard against multiple submissions to maintain data integrity.
Complete Question:
Charles wants to survey recent customers about the quality of service they received at his small auto service dealership. He has customers' mailing and e-mail addresses. Charles will likely use an online survey primarily because it offers:
A. relatively low response rates.
B. the ability to share videos with respondents.
C. the ability to ask sensitive questions with anonymity.
D. fast responses at a lower cost.
E. the opportunity to survey both existing and potential customers.
During 2019, Jasmine (age 12) received $6,500 from a corporate bond. She also received $600 from a savings account established for her by her parents. Jasmine lives with her parents and she is their dependent. What is Jasmine’s gross tax liability? (Use the Estates and trusts and Tax rate schedules.) Multiple Choice $0 $812 $110 $922
Answer:
$922
Explanation:
Jasmine's taxable income = $6500 + $600 - $1100
= $6000
Jasmine's net unearned income is lower of taxable income
= $7100 - $2200
= $4900
tax on unearned income = 260 + 24%(4900 - 2600)
= $812
remaining income is taxed at parent's rate
= 10%(6000 - 4900)
= $110
total tax liability = 812 + 110
= $922
Therefore, Jasmine’s gross tax liability is $922.
According to the level of authority delegated to the agent, the usual real estate agency is a(n)____________.
Answer:
limited agency
Explanation:
According to the level of authority delegated to the agent, the usual real estate agency is a(n) limited agency.
in limited agency the one person called agent perform legal activities like sign contract on behalf of other person called principal
Final answer:
According to the level of authority delegated to the agent, the usual real estate agency is a(n) general agency.
Explanation:
According to the level of authority delegated to the agent, the usual real estate agency is a general agency. In a general agency, agents have the authority to perform a range of acts necessary to manage a certain business of the principal.
Real estate agents often operate under a mix of salary and commission, meaning they are compensated for their services through a fixed salary and a variable component based on the sales they facilitate. This structure aligns with the agents' duties to act in the best interests of their principals, whether that involves advocating for the property's sale, negotiating prices, or finalizing contracts on behalf of the principal.
Small businesses that are just getting off the ground often have problems with the difference between cash coming into the business and cash going out of the business. For example, if the company allows far too lenient credit sales terms, customers do not pay on time, which could cause cash to come in too slowly.
That’s why all businesses must keep a careful watch on their ________.
A. recording processes
B. asset summarization
C. advance payment accounts
D. cash flow
If the company allows far too lenient credit sales terms, customers do not pay on time, which could cause cash to come in too slowly. That’s why all businesses must keep a careful watch on their cash flow. Thus, option D is correct.
What exactly is cash flow?
A cash flow is a physical or virtual movement of money: a cash flow in its narrowest sense is a payment, particularly from one central bank account to another; the term 'cash flow' is most commonly used to describe the flows of cash in the business.
Cash flow management entails tracking the money that enters your business and comparing it to the money that leaves, such as bills, salaries, and property costs.
When done correctly, it provides a complete picture of cost versus revenue and ensures you have enough funds to pay the bills while also profiting.
Therefore, option D is correct.
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The increased use of the Internet presents a lot of potential for which types of businesses?
Answer:
Local businesses, SME's and International businesses
Explanation:
The era of the internet has provided the work to integrate and create more opportunities for the business to grow and improve. More importantly, the internet has created a pathway for small businesses, local businesses, and small businesses to grow and expand globally. The internet has also helped businesses to set up their operations globally and locally to attract more markets and consumers.
Cardinal Industries purchased a generator that cost $11,000. It has an estimated life of five years and a residual value of $1,000. It is estimated that it will be good for 5,000 hours. Compute the depreciation expense for the first year using the units-of-activity method of depreciation assuming the generator was used for 1,040 hours.
Answer:
2080 dollars
Explanation:
Given that Cardinal Industries purchased a generator that cost $11,000
cost of generator = 11000
Estimated life = 5 years
Residual value =1000
Hours =5000
Depreciation per unit hour = (Cost - residual value)/total lifetime hours
=[tex]\frac{11000-1000}{5000} \\=2[/tex]
For first year the generator was used for 1,040 hours.
Hence depreciation to be charged in I year
= [tex]1040(2)\\=2080[/tex]
answer is 2080 dollars.
Which of the following price indices is designed to measure changes in the prices of goods and services purchased by a typical individual?
a. Producer Price Index
b. Index of Leading Economic Indicators
c. Gross Domestic Product (GDP) Deflator
d. Consumer Price Index
Answer:
d. Consumer price index
Explanation:
Consumer price index in any country consists of goods and services that are used in day to day activities by consumers e.g. daily food items, utilities, transportation etc. The index is used to measure the increase in weighted average prices of the constituents over a particular time.
Option A is price index for producers that measures the increase in price of goods and services that are typically used by different producers for their output.
Option B is an analysis that is used to assess the trends of any economy. This analysis is performed by government economists, officials and government to make informed decisions about future actions. Individuals have no use of the index.
Option C Gross domestic product (GDP) deflator is a price adjustment to GDP of current year to depict the actual growth in value of goods and services produced in a particular year. GDP deflator is a reduction of inflation rate from nominal rate of increase in GPD.
The case suggests that one reason for the success of The Container Store is that it offers ________ rewards—rewards that are desired by the workers, as motivators.
A. instrumental
B. emotional
C. expectant
D. equitable
E. valent
Answer:
E) valent
Explanation:
Valent rewards refers to rewards that employees want and desire, therefore they are a source of motivation. Valent rewards are not the same for everyone, since every individual values a reward in a different way. For example, some people value public recognition a lot, while others only value monetary rewards.
If valent rewards are associated with good performance, then the employees will be motivated to perform better, e.g. additional bonuses given to salespeople if they increase their monthly sales by 10%.
Every state has a single coordinating structure which is modeled after the FEMA structures.
Answer:
False
Explanation:
All states have laws that describe the responsibilities of state government in dealing with emergencies and disasters. Almost every state has an emergency management organization, although their name and structure may vary from state to state. But regardless of the name or structure that the state emergency management organization has, its responsibilities are the same.
Carroll Inc., a cell phone manufacturer, has its assembly operations performed by Mortimer Corp., a firm that deals exclusively in assembling products for other companies. This scenario indicates that Carroll engages in the practice of ___.
Answer: Outsourcing
Explanation Outsourcing refers to the business process of recruiting a group across from a corporation to perform menial tasks and produce products that perhaps the firm's own workers and personnel have historically done in-house.
Outsourcing is indeed a process practiced as an expense-cutting method for businesses in general. As just that, this can impact a broad variety of jobs, including customer support to production to back offices.
Usually, external organizations arrange with their staff distinct remuneration systems than that of the outsourcing company, allowing them to finish the work for less pay.
Organizations could use an outsourcing approach in conjunction to cost-cutting to put more focus on the key business issues. Outsourcing anti-core operations will boost efficiency and effectiveness since these smaller activities are performed much better by another agency than the business involved.