The total cost of three shirts, originally priced at $49.96 each with a third shirt discounted and a 7.1% sales tax applied, is $160.52.
Ky wants to buy 3 shirts, which were originally priced at $49.96 each. The store will discount the price of the third shirt and then apply a 7.1% tax to the total cost of all three shirts. Including the tax, what will be the total cost? Round to the nearest hundredth.
First, calculate the cost of the three shirts without any discounts or tax:
Cost of two shirts: 2 × $49.96 = $99.92
Cost of the discounted third shirt: $49.96 (assuming no discount or specified discount percentage was given)
Total cost before tax: $99.92 + $49.96 = $149.88
Next, calculate the total amount with the 7.1% sales tax:
Total tax: 0.071 × $149.88 ≈ $10.64
Total cost including tax: $149.88 + $10.64 = $160.52
Therefore, the total cost of the shirts including tax is $160.52.
When the CPI increases from 200 in 2016 to 210 in 2017 and the nominal wage rate is constant at $10 an hour, the real wage rate _______.
Answer:
Decrease by 5%
Explanation:
Data provided in the question:
CPI in 2016 = 200
CPI in 2017 = 210
Constant wage rate = $10 an hour
Now,
CPI change during the period = [ CPI in 2016 ÷ CPI in 2017 ] × 100%
= [ 200 ÷ 210 ] × 100%
= 95.23% ≈ 95%
Hence,
The the real wage rate will decrease by (100% - 95%) i.e 5%
With the proliferation of data mining analysis due to scanner data with tens of thousands of records, online surveys that garner thousands of respondents, and other ways to capture very large samples, there is a very real danger of finding a great deal of statistical significance that is not meaningful. Even if differences are statistically significant and meaningful, they do not necessarily need to be stable.
A. True
B. False
Answer:
A) True
Explanation:
Not all information gathered is useful.
Big data analyzes huge amounts of information, more than any person could possibly handle by themselves, but that doesn't mean that all the processed information is useful. On the other hand, information that can be useful for one company may not be useful to another company.
The amount of processed information is not important, what is important are the insights that a company can obtain that will help them make better strategic decisions.
McArthur, Inc. plans to develop a shopping center. In the first quarter, the following amounts were spent: Acquisition of land $ 25 comma 000 Surveys and legal fees 800 Land clearing 200 Fencing 9 comma 000 Install lighting and signage 14 comma 060 What amount should be recorded as the land improvements cost?
Answer:
$23,060
Explanation:
Land improvement cost comprises of cost spent on the upgrade of a given land and which are subject to wear and tear. They differ from the cost of the land itself which are not depreciable. Accounting rules require that land improvement costs are depreciated, whereas the cost of land itself is not depreciated.
In the given question, the cost of land include the cost of acquisition, survey and legal fees, and land clearing fees. These costs are necessary to acquire title on the land and make it ready for use.
Land improvement cost, on the other hand, include fencing and the cost of installing lighting and signage. This is because these items will depreciate and may need to be replace after some time.
Therefore, land improvement cost = cost of fencing + cost to install lighting and signage
=$9,000 + $14,060
= $23,060.
What is the role of "back office" teams (accounting, legal, etc.) in creating buyer personas?
a. Back office teams don’t need to be involved in creating buyer personas, but they should understand and accept the finished personas.
b. Back office teams often have key insights to offer during the creation process and should be invited to help create your buyer personas.
c. Back office teams should own the buyer persona creation process because they are less biased than customer-facing teams.
d. Back office teams shouldn’t be involved with buyer personas at all because they don’t interact with customers directly.
Answer:
B) Back office teams often have key insights to offer during the creation process and should be invited to help create your buyer personas.
Explanation:
A company's buyer persona is the representation of who your customers are and how they should react towards your product or service.
Theoretically, a company should represent their buyer personas based on marketing research and actual information about current customers, but this is not an exact science. The more information you can obtain that helps to better represent your customers, the better. Sometimes back office teams possess extremely relevant information about you r current customers that need to included in the process of constructing a buyer persona.
The importance of buyer personas is that a company needs to know who is their target market.
An elderly client has been a long-time client of Joe, who is an IAR. The elderly client has a trust account for his children and decides to name Joe as the trustee via his will, once he passes away. Joe is to oversee and manage the investments of the trust at his discretion once the elderly client passes away. When the elderly client passes away and Joe is trustee, which of the following are correct?
I.Joe would be considered a fiduciary for the trust account.II.Joe would be considered an agent who would receive commissions related to trades in the trust account.III.Joe would be considered a beneficiary of the trust account.IV.Joe would be considered to have a certain level of discretionary authority over the trust account and would have custody of trust account funds as trustee.
Answer:
I) Joe would be considered a fiduciary for the trust account.
IV) Joe would be considered to have a certain level of discretionary authority over the trust account and would have custody of trust account funds as trustee.
Explanation:
Since the client named Joe as his trustee, once the client passes away Joe will be in charge of managing the trust account. Since Joe must place the interests of the beneficiaries (the client's children) ahead of his own interests, Joe is considered a fiduciary for the trust account.
Joe is also in charge of managing the investments, therefore he will have discretionary authority over them. Since Joe is the trustee, he has control of the money and he can also have custody of the funds.
Your boss, Sam, has approved for you to conduct a usability test on your company’s website. Your next step is to design the test. All of the following are important for the test’s success EXCEPT:____________
Answer:
C) That the test asks users to accomplish a series of tasks.
Explanation:
True, the usability test on the company website should be brief and not time consuming. Therefore all other steps are relevant such as asking users to do one task.
Also making sure the test is specific by ensuring it is based on a common problem or question that the users have. And should put the more importantly it should put the user experience in mind in the design.
Suppose that Bob places a value of $10 on a movie ticket and that Lisa places a value of $7 on a movie ticket. In addition, suppose the price of a movie ticket is $5. 15. Refer to Scenario 12-2. Suppose the government levies a tax of $3 on a movie ticket and that, as a result, the price of a movie ticket increases to $8. What is total consumer surplus after the tax is imposed?
Answer:
$1
Explanation:
We can use the simple consumer surplus formula:
Consumer surplus = Maximum Price Willing to Pay - Actual Price
For Bob
Consumer Surplus = $10 - $8
= $2
For Lisa
Consumer Surplus = $7-8
= $-1
So, the total consumer surplus is $1
Receiving stolen property is a crime that applies only to those who sell stolen property for profit.
Answer: False
Explanation: If someone buys stolen goods they are just as guilty as the person who stole the goods. Moreover selling stolen goods at a profit doesn't make someone more guilty than the person who buys the goods. It is still a crime on both the person selling the goods and the person purchasing the goods, therefore harsh sentences can be given to both parties involved.
Sofie and the members of her homeowner's association have homeowner's policies on their coastal dwellings. They have heard that there are 11 named hurricane storms predicted for their coastal area this year. Sofie and the homeowner association members plan to increase their homeowner's property coverage limits to handle their concern about the possible hurricane damage. Their action is known as
Choose one answer.
A. Managing the book of business.
B. Adverse selection.
C. Misclassification.
D. Increasing capacity.
Answer:
(B). Adverse selection.
Explanation:
Adverse selection in insurance occurs when customers obtain insurance coverage based on certain information they possess about a potential risk, which the insurance company is usually not aware of. For example a person who does a dangerous job may want to purchase a disability insurance.
Sofie and the members of her homeowner's association, looking to increase their homeowner's property coverage limits, due to information they have about possible hurricane storms in the area, is an example of adverse selection.
Businesses use payroll records to inform employees of their annual earnings and to prepare payroll reports for the government. ( true or false )
Answer:
True
Explanation:
The total amount earned by all employees for pay period i.e, weekly, twice a month or monthly etc is called payroll which is always a documented to inform employee and company budgetary matters too. The payroll is reduced by the federal and state taxes applicable and other deduction such as health insurance and employee advances/loans etc to determine the amount paid to the employees.The business also uses these record to inform employees about their earning and inform the government by submitting payroll reports.
Tax based on the payroll is called the payroll tax. A business is required to withhold the tax from the salary as per the law , therefore accurate and detailed payroll record should be maintained. Government may impose penalty to the business if found any disparity or error in the earning and tax deduction.Payroll taxes withheld represents a liability for the employer until the payment is made to the government.
ABC Farm Supplies has adopted policies and procedures designed to eliminate non-discriminatory practices in hiring and promoting employees who come from previously disadvantaged groups. Which term refers to ABC’s active effort to recruit, hire and promote people from disadvantaged particular groups?
Answer:
Affirmative action
Explanation:
This is a term that describes effort or action to recruit disadvantaged groups or groups previously excluded. This is also used to ensure gender balancing in organisations. Some organisations consciously seek to fill up top positions at their board with women. The Beijing conference on women empowerment sought for increased women participation in key decision positions.
ABC effort can be described as an Affirmative action towards recruiting a group that was previously disadvantaged or discriminated upon previously.
Costs, such as investigating the possibilities of and actually creating or acquiring a trade or business.
Answer:
Start up costs
Explanation:
By definition Startup costs "are the expenses incurred during the process of creating a new business". W can classified as pre start up costs and post start up costs.
For the pre start up costs we have for example research, borrowing costs, and expenses for technology and science.
For the post-opening startup costs we have advertising, promotion, and expenses related to the company.
So the best description for startp up costs is: "Costs, such as investigating the possibilities of and actually creating or acquiring a trade or business."
An investmetn adviser will always be considered to have taken custody if an adviser: is the trustee for the cleint in a trust account.
Answer:
true (A. is the trustee for the client in a trust account)
Explanation:
Based on the information provided within the question it can be said that this statement is completely true. This is mainly due to the fact that a trustee can directly deduct management fees from the customer funds. Therefore if the investment adviser is the trustee for the client he is able to have custody over the account and make these deductions.
The size of the multiplier which is applied to a change in AD is dependent upon the ________..
Answer:
Explanation:
The multiplier is calculated by two marginal decisions by firms and individuals. A firm can decide whether to save the revenue or to consume it, therefore there is marginal propensity to consume and marginal propensity to save as options for both firms and individuals. Therefore, the size of the multiplier which is applied to a change in AD is dependent upon size of the marginal propensity to consume and marginal propensity to save.
A buyer and a seller are disputing a contract for sale and purchase. They agree to submit the matter to a third party who will make a binding determination regarding the matter. This type of settlement is called___________.
Answer:
Arbitration
Explanation:
Based on the information provided within the question it can be said that this type of settlement is called Arbitration. This term refers to a form of resolving disputes outside of the court system by bringing in a third party who will render an "arbitration award" that will make a binding determination on the dispute. Which is completely enforceable in the courts.
Arbitration is a type of settlement where a third party makes a binding determination in a dispute between a buyer and seller. It is an alternative to court and involves an arbitrator listening to both sides and making a decision.
Explanation:The type of settlement where a buyer and seller agree to submit their dispute to a third party who will make a binding determination is called arbitration. Arbitration is a form of alternative dispute resolution that avoids negotiation and meetings between the parties.
In arbitration, the third party, called an arbitrator, listens to both sides of the dispute and makes a decision that is legally binding. This process is often used as an alternative to going to court and can be less time-consuming and expensive.
Fixed asset accounting systems include cost allocation and matching procedures that are not part of routine expenditure systems.
A. True
B. False
Answer:
The correct answer is A.true.
Explanation:
Fixed asset accounting systems include cost allocation and matching procedures that are not part of routine expenditure systems.
As per financial accounting standards fixed assets cost is capitalized and than depreciated over its useful life. Only that amount of asset cost is charged in profit and loss account that has been depreciated during the reporting period. However, in case of other routine expenses full amount is charged in p/l, in the period, in which these costs are incurred.
Companies who believe that higher sales volume leads to lower unit costs and higher long-run profits are attempting to Answer .
A) maximize their market share
B) skim the market
C) become a product-quality leader
D) merely survive in the market
E) maximize their current profits
Answer:
A) Maximize their market share.
Explanation:
Companies which believe higher sales volume will drive the cost down (& profits upward) will need to sell more of their products to achieve this target.
For example, if a bike manufacturer thinks that he can reduce cost by higher number of sales, he must maximize his market share and target more and more people to buy the bikes, let it be child, millennial, parents, everyone.
This will derive the sales volume to be higher and the costs to be lower (& higher long-run profits).
Under the Uniform Securities Act, an investment adviser may be formed as which of the following?
I Corporation
II Partnership
III Association
IV Broker-dealer
A. I and II
B. III and IV
C. I, II, III
D. I, II, III, IV
Answer:
C) I, II, III
Explanation:
Investment advisers and broker-dealers can be formed as a corporation, partnership, an association, even a sole proprietorship, etc.
But investment advisors cannot be formed as broker-dealers, nor broker-dealers can be formed as investment advisors. Investment advisors and broker-dealers are separate entities, and they are regulated separately.
If the price level doubled and someone wanted to maintain the same level of purchasing power, the nominal quantity of money demanded must:
Answer:
Double
Explanation:
If the price level doubles, the good becomes twice as expensive. To be able to afford to the same amount of goods before the doubling in price, the nominal money demanded has to double also.
For example, if $10 could buy 5 pencils. The price of pencils is $2. If the price of pencils increases from $2 to $4 ,$10 would buy 2.5 pencils. For the consumer to be able to buy the same amount of pencils before the price rise, the nominal quantity of money demanded should increase to $20 to be able to buy 5 pencils.
I hope my answer helps you.
Mike is registering his real estate company. He has a license and all of his sales associates and broker associates have licenses. Why does the company need to be registered?
Answer:
If Mike was a real estate broker that wants to work independently, he can, but real estate agents cannot work independently, they must work for a real estate broker.
Since Mike works along with other sales associates and broker associates in a company, the company must be registered. All real estate companies must be registered in every single state that they do business in.
Technical standards in high-technology industries are:
a. general guidelines proposed by industry leaders.
b. specifications that producers adhere to when making a product or a component of it.
c. product features desired by consumers.
d. product specifications imposed by the federal government.
e. specifications developed by each producing company for its own products and product components.
A planning budget based on a single predicted amount of sales or production volume is called a:
Answer:
Fixed budget
Explanation:
As the name suggests, the fixed budget is that budget in which the sales or production volume remains the same plus it is based on the planning budget.
This is also known as the static budget. The activity level remains constant plus it does not change in business fluctuations. All the items in this budget would remain same like - sales, sales commission criteria, and all other items
In an attempt to expand viewership of the television show Mystery Science Theater 3000 in its early days, the producers encouraged viewers to make copies of the show on video tapes and give them to friends. The closing credits included the words "Keep circulating the tapes!" This is an example of:
Answer:
a. guerilla marketing
Explanation:
Based on the information provided within the question it can be said that this is an example of guerilla marketing. This type of marketing is when company's use creative tactics or unconventional methodology in order to garner attention towards it's product or service. Such examples may include viral videos and publicity stunts.
The employees of Vintage Clothes achieved all of the sales goals for 2017. Vintage decides to reward the employees with a bonus of 20% on annual net income, after deducting the bonus. The net income before the calculation of the bonus is $312,000. What is the amount of the bonus? (Round your final answer to the nearest dollar.)
Answer:
$52,000
Explanation:
Bonus is 20% on annual net income, after deducting the bonus.
Let the annual income after deducting bonus be g
Then,
Bonus = 20% of g
= 0.2g
Annual income before bonus = annual income after bonus + bonus
312,000 = g + 0.2g
g = 312000/1.2
g = $260,000
Bonus = 0.2g
= 0.2 × 260,000
= $52,000
What lean concept relates to eliminating non-value-added steps and waste in product storage processes?
Answer:
Just in time (JIT) inventory management system
Explanation:
The JIT inventory management system was developed by Toyota in Japan. JIT tries to decrease production costs by lowering inventory costs and increasing efficiency by reducing wastes.
Some of the main advantages of JIT are:
Productivity increaseWaste eliminationHigher product qualityEuropes population fell by 30-60 percent following an outbrake of the bubonic plague, also known as the black death in the fourteenth century asw a result, europes production possibilities curve would__________.
Answer:
The production possibilities curve would have shifted inwards.
Explanation:
A production possibility curve shows the maximum possible bundles of two goods that can be produced in an economy in a given period. A reduction in the availability of resources causes this curve to shift to the left.
The outbreak of bubonic plague in the 14th century caused the European population to decrease by 30-60%. A decrease in the population implies a decrease in the labor force. This means that the economies will be able to produce less than earlier.
This will cause the production possibilities curve to shift inwards to the left.
If for a certain economy the growth rate of the money supply is _____ percent, the growth rate of the velocity of money is 0.5 percent, the rate of inflation is 2.5 percent, and the real growth rate is 2 percent, then the quantity theory of money holds
Answer:
Explanation:
MV=PT
M=2.5*2/.5
M=10
During the current year, the Guileman Manufacturing Company signed a noncancelable contract to purchase 1,000 lbs. of a raw material at $32 per lb. during the forthcoming year. On December 31, the market price of the raw material is $26 per lb., and the selling price of the finished product is expected to decline accordingly. The financial statements prepared for the year should report...A. An appropriation of retained earnings for $6,000.B. A loss of $6,000 in the income statement.C. Nothing regarding this matter.D. A note describing the expected loss on the purchase commitment.
Answer:
B) A loss of $6,000 in the income statement.
Explanation:
The appropriate journal entry should be:
December 31 (recognition of loss on purchase commitments)
Dr Loss on Purchase Commitments account 6,000Cr Accrued Loss on Purchase Commitments account 6,000Since the price of raw materials lowered by $6,000, the company lost money on its purchase commitments:
Purchase commitments loss = contracted price - market value = $32,000 - $26,000 = $6,000
The loss on purchase commitments is an expense, and accrued loss on purchase commitments is a liability.
The purchase of fuel, seed, and fertilizer are intermediate costs to a wheat farmer and _________ be included in the GDP until the final product (bread) is sold to a consumer..
A. will not
B. will
C. will sometimes
D. none of the above
Answer:
A. will not
Explanation:
GDP is the total value of goods and services produced in an economy in a period. In calculating GDP, economists consider the value of final goods only. The use of final products only eliminates the possibilities of double counting.
Intermediate goods are products used to manufacture other goods. They are not included in GP computation as it will amount to double counting. GDP double counting is when a product or service is counted more than once. If the seeds, fuel, and fertilizer are counted when purchased, they are likely to be counted again in bread, which is the final product.
If the fuel, fertilizer, and seed are for consumption, i,e. final goods, they would be included in GDP calculation.
Lisa surveyed a sample group of people. Based on her survey, Lisa suggested to her company that they develop a customizable travel application for mobile devices. The application will help users to track their favorite baseball team as they play across the nation and to book game tickets and hotels in that area. Which stage of the consumer buying process has Lisa targeted here?
A. choice and purchase
B. search for information
C. purchase evaluation
D. need recognition
E. ad analysis
Answer:
Search for information
Explanation:
By definition
Search for information: At the second stage, consumers try to recollect information they already know, such as the name of the best restaurant they have been to, or they search for information from various sources, such as friends, ads in newspapers, the Internet, etc. At this stage, advertising directly influences a consumer’s buying process by providing the needed information and ensuring they have brand recall about products they know will be a good fit for them.