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.
John is an art dealer with special expertise in modern art. Rachel comes to John’s gallery to purchase a modern art painting as an investment. John shows her several paintings that he says are high quality and will increase in value in the next ten years. John’s statement isa.an express warranty.b.an implied warranty.c.an opinion.d.puffery.
Answer:
an express warranty
Explanation:
An express warranty is an assurance by the merchant that a product or a service will perform as the buyer expects. It is the guarantee given to the buyer that the merchandise will perform its functions as advertised in media or product branding. Express warranty can be written or oral. Through the express warranty, a seller promises the buyer of replacement or repairs of the product should it malfunction within a specified time.
John is assuring his client that the paintings are of high quality. He is guaranteeing Rachel the art will appreciate. John's statements are comparable to a commercial advert or the branding of a product. They are offering assurances that the painting will meet Rachel's expectations.
Amanda Green sold her property to Sally Fay. Amanda will retain title to the property until Sally has paid in full. What kind of contract do Amanda and Sally have?
Answer: A land contract.
Explanation:
A land contract is a method of property sales where, the seller of the property, finances the sales of his property to the buyer, but keeps possession of the property until the buyer has completed payments on the property's purchase.
Land contract involves the buyer paying by installments for the property until full payment is made.
The possibility that the failure of one bank can hasten the failure of other banks is called the:
Answer:
Contagion Effect
Explanation:
Contagion Effect is the spread of an economic crisis from one market or a region to another. It refers the diffusion effect of crisis throughout a market.
Simply put, If a large bank sells off most of its assets quickly, the confidence in other banks declines.
Hence, it's said to have followed the contagion effect, spread of a crisis from one market to another.
When potential capital investments of different size are compared
Answer: profitability index
Explanation: When potential capital investment of different size are compared, management should choose the one with the:
Highest profitability index.The Profitability Index (PI) measures the ratio between the present value of future cash flows and the initial investment. The index is a useful tool for ranking investment projects and showing the value created per unit of investment.
When firms have the power to restrict output, raise prices, stifle competition, and inhibit innovation the market failure involved is ___________.Select one: a. Market power b. Public goods c. Inequities d. Externalities
Answer:
a. Market power
Explanation:
Market power is defined as the firm's ability to restrict output and charge higher prices than in perfect competition.
It is helpful to list requirements and supporting information in a requirements traceability matrix. When requirements are complete, they should meet all of these criteria EXCEPT:a. identified with the stakeholder who needs itb. assigned to a team member who will be the requirement ownerc. measurable, so that the value and completion can be verifiedd. prioritized so tradeoff decisions can be made if necessary
Answer:
The correct option is B
Explanation:
It is of great importance for the requirements and supporting information in a requirements traceability matrix to be listed. Upon fulfilling all requirements, there are certain criteria that must be met. The requirements must be prioritized, measurable, and must be identified with a stakeholder who has need for it. Thus, the only option that is not a requirement is that it is to be assigned to a requirement owner.
The construction supervisor working with your company gives you directions to meet him at your company’s new commercial development. He says, "It’s a short drive. Meet me at the trailer, and I’ll give you a tour."
You follow the directions: down Madison Parkway and past several new housing developments. You continue to drive: mile 5, mile 10. It isn’t until you reach mile 20 that you finally see the trailer. After all of this driving, you complain and tell the supervisor, "That’s not a short drive!"
What communication barrier is described in this situation?
A) Lack of language skills
B) Distractions
C) Differing frames of reference
How might you overcome this communication barrier in the future?
A) Be more aware of bypassing.
B) Be more aware of your frame of reference.
C) Be more aware of potential distractions.
Answer:
The answer is C) Differing frames of reference, for the first part.
B) Be more aware of your frame of reference, is the answer to the second part.
Explanation:
Frame of reference simply means that it is a judgement you make based on your perceptions, understandings and opinions. Frame of reference is highly subjective and depends on each individual.
In this scenario, from Supervisor's point of view, the drive was a "Short" drive. But for you, the drive was "Super long".
By being aware of how the other person refer to certain matters and having a general idea about his/her frame of reference will solve this problem in the future.
On April 1, 2016, the premium on a one-year insurance policy was purchased for $3,000 cash with the insurance coverage beginning on that date. The books are adjusted only at year-end. Which of the following correctly describes the effect on the financial statements of the December 31, 2016 adjusting entry?A. Prepaid insurance will decrease $750.B. Insurance expense will increase $750.C. Insurance expense will increase $2,250.D. Prepaid insurance will increase $2,250.
Answer:
C. Insurance expense will increase $2,250
Explanation:
On April 1 2016, the following journal entry will be recorded in respect of the premium paid on a one year insurance policy:
Debit Credit
Prepaid Insurance $3,000
Cash $3,000
The year end given in this question is December 31, 2016 and the insurance premium is for one year and since the insurance premium is paid on April 1, 2016, therefore, only expense in respect of 9 months i.e. from April 1, 2016 to the December 31, 2016 will be recognised in this year. Remaining expense of three months will be recognised in the Year ended December 31,2017.
The following Journal entry will be recorded in respect of insurance expense in accounts on December 31, 2016.
Debit Credit
Insurance expense(3,000*9/12) 2,250
Prepaid Insurance 2,250
So the answer will be C. Insurance expense will increase $2,250
We calculate the insurance expense for the year as the cost of the policy ($3,000) multiplied by the portion of the year that has passed (9/12), which is $2,250. The answer is C. Insurance expense will increase $2,250. The prepaid insurance, on the other hand, will decrease by $2,250, and neither A or D accurately reflect this.
Explanation:For this particular situation, we know that the total premium for the one-year insurance policy was $3,000 and that the policy started on April 1st, 2016. As the books are adjusted on December 31st, 2016, then only nine months (or three-fourths) of the policy have been used. Thus, the insurance expense for 2016 would be the cost of the policy ($3,000) multiplied by the proportion of the year that has passed (9/12), which results in $2,250. Therefore, the answer is C. Insurance expense will increase $2,250.
However, for the prepaid insurance, it will be reduced by the same amount ($2,250), not $750. So, none of the provided options accurately describe the effect on the 'Prepaid insurance' account.
Learn more about Accounting for prepaid expenses here:https://brainly.com/question/33718076
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The U.S. Department of Commerce negotiated a Safe Harbor exception with the European Union:
Answer:
because the Department of Commerce thought that american companies would not be able to comply with European directives regarding personal data protection.
Explanation:
A safe harbor is a provision that specifies which conducts will not be considered to violate or break a given rule.
"In employees decide how motivated they are by evaluating the likelihood that their effort will produce a certain level of performance and that a certain level of performance will lead to a reward, as well as how much they value the reward being offered."
Answer:
Vroom's expectancy theory
Explanation:
Vroom's Expectancy theory states that three factors determine how motivated people will be. They are; expectancy, valence and instrumentality.
Expectancy is how employees expect they will perform or the effort they will have to put in to produce a certain level of performance.
Instrumentality relates to the belief that performance will achieve the required results and yield certain rewards.
Valence refers to how much employees value the rewards they receive.
Characteristics of just-in-time partnerships do NOT include: long-term contracts. removal of in-transit inventory. large lot sizes to save on setup costs and to gain quantity discounts. focus on core competencies. produce with zero defects.
Answer: large lot sizes to save on setup costs and to gain quantity discounts.
Explanation:
Just in time is the kind of system where your material or component arrives just when you require them and does not take up time. This is helpful in saving storage cost. Just in time however, does not include large lot sizes to save on setup costs and to gain quantity discounts.
Which of the following statements is false?
a.Indirect labor is assigned as a part of overhead.
b.The cost of a job includes direct materials, direct labor, and applied overhead.
c.Actual overhead costs always enter the Work-in-Process account.
d.The use of normal costing means that overhead is applied to each job using a predetermined rate.
e.None of these choices are correct.
Answer: Actual overhead costs always enter the Work-in-Process account.
Explanation:
The work-in-process account is an account where the value of goods yet to be completely produced are recorded while the overhead cost is simply a business running cost, that is cost on expenses the business makes to keep functioning.
Overhead cost is not recorded in work-in-process account, rather it is recorded as business expenses.
Since 2002, General Mills through sales of its Cheerios brand cereal has donated over $2.0 million to First Book, a national nonprofit organization dedicated to giving new books to children from low-income families, through the Spoonfuls of Stories program. General Mills is engaged in:
Answer:
Cause-Related Marketing
Explanation:
A type of marketing in which the entity promotes it sales by collaborating with the non profit organization is known as Cause-related Marketing(CRM).In CRM, the entity promotes the cause of the non profit organization with which it collaborates and at the same time, it also promotes its own sales, therefore CRM creates mutual benefit for both entities.
Therefore, the General mills is engaged in Cause-Related Marketing.
Seen as a disadvantage or risk with sales promotions, sales promotions are typically short-termed tactics designed to reduce inventories, increase cash flow, or show periodic boosts in market share. In other words, these promotions are known as ________________.
Answer:
Borrowing from future sales
Explanation:
Borrowing from future sales is the term which is defined as that which is the person or an individual is putting at stake over something which has not yet realized or happened.
So, the sales promotions in other words, also known as the borrowing from the future sales, in which the person risk the things in order to get profit in future.
Workers who lose their jobs because the skill set they possess is no longer required in the economy are considered to be _________.
a) discouraged workers
b) cyclically unemployed
c) frictionally unemployed
d) overemployed
e) structurally unemployed
Answer:
e) structurally unemployed
Explanation:
Structural unemployment is when workers lose their jobs because the skill set they possess is no longer required in the economy.
Cyclical unemployment is when employment level changes with the business cycle. Unemployment increases when there's a downturn in the economy and falls when there's a upturn.
Frictional unemployment occurs when labour leave their job and are yet to find another.
A discouraged worker is a worker who is still part of the labour force but is unemployed and isn't actively seeking employment.
I hope my answer helps you.
A seller in a competitive market can:
a. sell all it wants at the going price, so it has no reason to charge less.
b. influence the market price by adjusting his output.
c. influence the profits earned by competing firms by adjusting his output.
d. All of the above are correct.
Answer: option A
Explanation: In simple words, competitive market refers to the market structure in which large number of buyers and sellers are present each operating at a small level and selling similar production with no interdependence on one another.
In such a structure, the sellers has to accept the price that is determined by the market forces of supply and demand as no individual participant can influence the price by changing output due to low level of operations.
Thus, the correct option is A.
The U.S. GAAP Financial Reporting Taxonomy is an electronic dictionary of business reporting elements used to report ________.
Select one:
a. The value of assets
b. Business data
c. Sales
d. Taxes
Answer: b. Business data
Explanation:
The U.S. GAAP Financial Reporting Taxonomy contains information pertaining to the standards enlisted by the U.S. securities and exchange commission (SEC) for an individual to submit information related to filing.
Division of labor increases in __________. As the food supply grows, not everyone needs to be engaged in food production. Some people can pursue activities such as weaving cloth or carpets, crafting jewelry, or creating the tools needed for building the society’s structure.
Answer:
Horticultural and pastoral societies
Explanation:
Division of labor increases in horticultural and pastoral societies. As the food supply grows, not everyone needs to be engaged in food production. Some people can pursue activities such as weaving cloth or carpets, crafting jewelry, or creating the tools needed for building the society’s structure.
According to Mintzberg's typology, a manager who evaluates the performance of other managers in different tasks and takes corrective action to improve their performance is a _________.
Answer:
Monitor
Explanation:
Henry Mintzberg described a manager who evaluates the performance of other managers in different tasks and takes corrective action to improve their performance as a monitor.
Manager’s job is highly orchestrated in which managers rationally calculate the best way to use resources to achieve the organizational goals. Henry Mintzberg by following the manager around and observe what they actually do hour by hour and day by day. He transformed or identified ten set of responsibilities or kinds of specific roles, that capture the dynamic nature of managerial work.He has grouped these roles as whether the responsibility is primarily, decisional, interpersonal or informational in nature.
As described under the role Informational the specific role of Monitor who evaluate the performance of manager in different tasks and take corrective actions to improve their performance; watch for changes occurring in the external and internal environments that may affect the organization in the future
Final answer:
A manager who evaluates and takes corrective actions to improve the performance of other managers in Mintzberg's typology fulfills the role of a Monitor. This role focuses on maintaining operations within established standards and enhancing organizational efficiency and team performance.
Explanation:
According to Mintzberg's typology, a manager who evaluates the performance of other managers in different tasks and takes corrective action to improve their performance is a Monitor. This role involves collecting information from various sources including the performance data of subordinates, and then using this information to make informed decisions and implement changes when necessary. This managerial role is critical in ensuring that the organization's performance standards are met and that operations run smoothly.
Furthermore, a manager who fills this role is responsible for observing operations and tracking the effectiveness of processes and people within the organization. They are involved in organizational behavior, and their actions drive both operational efficiency and team performance. Such managers are essential in maintaining the established structure of the company, sticking to plans, following rules and regulations, and executing their day-to-day tasks proficiently.
When the double-extension approach to the dollar-value LIFO inventory method is used, the inventory layer added in the current year is multiplied by an index number.
Which of the following correctly states how components are used in the calculation of this index number?
a. In the numerator, the average of the ending inventory at base year cost and at current year cost.
b. In the numerator, the ending inventory at current year cost, and, in the denominator, the ending inventory at base year cost.
c. In the numerator, the ending inventory at base year cost, and, the denominator, the ending inventory at current year cost.
d. In the denominator, the average of the ending inventory at base year cost and at current year cost.
Answer:
(b) In the numerator, the ending inventory at current year cost, and, in the denominator, the ending inventory at base year cost.
Explanation:
(b) is the correct answer because the index number used is calculated as
Index = [tex]\frac{ending-inventory-at-current-year-cost}{ending-inventory-at-base-year-cost.}[/tex]
This index describes the relationship between current and base year price. when multiplied by a new layer i.e increase in base year dollars, it will give current year dollars.
Exxon Mobil enters into a pact with Gazprom, the world's largest natural gas extractor, to set up a processing unit in Baku, Azerbaijan. Which of the following is most likely the reason for Exxon Mobil to opt for this strategic alliance?1. to scale back its core competencies2. to better compete with Gazprom3. to restrict its factors of production4. to gain access to low-cost inputs of production5. to gain access to new customers
Answer:
4. to gain access to low-cost inputs of production
Explanation:
The reason for Exxon Mobil to opt for this strategic alliance, Whereas the remaining ones are not relevant in this context may be because it can help to gain access to low-cost inputs of production.
According to Fred Luthans and his associates' study of 450 managers, ________ made the largest contribution to the success of managers in terms of speed of promotion within their organization.
A) networking
B) decision making
C) planning
D) controlling
E) staffing
Answer and Explanation:
A) networking
Regulation Z of the Truth-in-Lending Law would apply to real estate loans for all except which of the following?A) Residential loanB) Commercial loanC) Personal loanD) Agricultural loan under $25,000
Regulation Z of the Truth-in-Lending Law does not apply to commercial loans, which is the correct answer to the question. It mainly concerns residential loans and provides protections for consumers in home ownership transactions. Option B is correct.
Regulation Z of the Truth-in-Lending Law applies to consumer credit transactions and homeowner loans. It primarily provides protections for residential loans, ensuring that borrowers are fully informed about the terms of credit before signing. The answer to the student's question is Commercial loan.
Regulation Z is not applicable to most commercial loans as they are usually for business purposes, nor does it typically apply to loans for agricultural purposes if the amount is under $25,000. Additionally, Regulation Z has important implications for ensuring fair lending practices, considering socioeconomic status, racial-ethnic identity, and other aspects. This aligns with how the Law intends to promote transparency and fairness in lending, particularly in the credit (loan) market.
Under the Investment Advisers Act of 1940, a person would have to register as an investment adviser if she gave investment advice for a fee about which of the following?
A. Commodities
B. Futures
C. Options
D. Real estate
Answer: C. Options
Explanation:
An investment adviser is an individual that provides recommendation regarding options to their client and receives compensation in return. This option can anything such as investing in particular stocks or land etc.
The situation where the buying power of money in terms of goods and services increases is called:_______
a) deflation.
b) stationary pricing.
c) hyperinflation.
d) inflation.
Answer: deflation
Explanation: Deflation in economics refers to a decline in the overall level of products and services prices. Deflation happens once the inflation rate drops under 0% (a detrimental inflation rate). Inflation lowers the value of a nation's currency throughout time, but it is exacerbated by inflation.
It makes possible the purchasing of more products and services with almost the similar amount of money as before. Deflation remains different from disinflation, a decrease in the inflation rates, i.e. while inflation is weaker but also positive. Deflation usually takes place when all the availability is heavy and when the demand is less.
Which describes the process of diagnosing an organization's external and internal environments, including deciding on a vision and mission?
Strategic planning
Explanation:
Process to identify the external and internal conditions of the organisation, determine a strategy and goal, formulate general goals, establish and choose general approaches, and allocate resources for the organization's objectives.
Strategic planning is the method of documenting and guiding the small company— by evaluating where they are and where they're going. The strategic plan actually provides them with the opportunity to record the mission, vision and principles and their lengthy-term goals and intervention plans to achieve them.
Wiskurv Inc. is a large electronics supplier that does not rely exclusively on traditional financial measures for organizational control. It also considers operational measures that relate to the company's critical success factors. In this scenario, Wiskurv Inc. most likely uses___________.
Answer: Balanced structure
Explanation:
A balanced structure is basically refers to the balanced sentence where the sentences are made up of equally in the term of length and also properly structure grammatically then the sentence is known as balanced structure.
According to the given scenario, the Wiskurv Inc. is one of the large electronic organization and this company most likely using the valanced structure for the financial and the operational measuring factors.
Therefore, Balanced structure is the correct answer.
The following are characteristics of the __________ certification:
a. Only law enforcement personnel and government employees working as system forensics examiners may join.
b. Students learn to interpret and trace e-mail, acquire evidence properly, identify operating systems, recover data, and understand encryption theory and other topics.
c. Students must pass a written exam before continuing to the next level.
d. There are multiple levels.
Answer: Certified Forensic Computer Examiner
Explanation: A Certified forensic computer examiner gathers and analyses data from anything that has to do with information technology ( computers, tablets, the internet, etc.) for the establishment of facts.
Alpha First Company just began business and made the following four inventory purchases in June:June 1 150 units $780June 10 200 units 1,170June 15 200 units 1,260June 28 150 units 990$4,200A physical count of merchandise inventory on June 30 reveals that there are 210 units on hand. Using the LIFO inventory method, the value of the ending inventory on June 30 is_________
Answer:
value of ending inventory = $1131
Explanation:
given data
June 1 150 units $780
June 10 200 units 1,170
June 15 200 units 1,260
June 28 150 units 990
$4,200
to find out
he value of the ending inventory
solution
first we get here at 1st june cost per unit will be
cost per unit = [tex]\frac{total\ cost\ inventory }{no\ of\ unit}[/tex] .............1
cost per unit = [tex]\frac{780}{150}[/tex]
cost per unit = $5.2 per unit
and
on 10th june cost per unit will be
cost per unit = [tex]\frac{total\ cost\ inventory }{no\ of\ unit}[/tex] .............1
cost per unit = [tex]\frac{1170}{200}[/tex]
cost per unit = $5.85 per unit
and
at 30th june value of ending inventory that is
value of ending inventory = ( 150 × $5.2 ) + ( 210 - 150 ) × $5.85
value of ending inventory = $780 + $351
value of ending inventory = $1131
Final answer:
Using the LIFO inventory method, the value of the ending inventory for Alpha First Company on June 30 is calculated based on the latest purchases, resulting in a total of $1,368.
Explanation:
The question pertains to determining the value of the ending inventory on June 30 using the LIFO inventory method. In the LIFO method, the last items purchased are the first ones to be used in calculating the cost of goods sold. Given the purchases made by Alpha First Company in June and a physical count indicating 210 units on hand, we start with the last purchase on June 28 (150 units at $990) and work our way backwards until we account for all 210 units in the ending inventory. The calculations will use the costs from the latest purchases first, and then proceed to earlier ones for the remaining units.
To calculate the value of the ending inventory using LIFO:
June 28 purchase: 150 units at $990June 15 purchase: We need 60 more units to make up the 210 units on hand. From this purchase, 60 units at ($1,260 / 200 units) * 60 = $378The value of ending inventory = $990 (from June 28) + $378 (60 units from June 15) = $1,368.What are the reasons for having internal controls that facilitate ethical behavior?
Answer:
Mostly Preventive Controls and feedback Controls
Explanation:
For this case is important to conduct preventive and feedback controls.
The definition of preventive control is "Controls that are used to keep a loss or an error from occurring". And is improtant to do these controls continuosly in order to ensure that the ethical behavior is accomplished by all the people analyzed.
The definition of feed back controls is "a process that owners and manager uses to evaluate if their teams meet the stated goals at the end of a production process"
And for this case these two controls are so important when we want to facilitate check ethical behavior since the conduct is something that needs to be measured in all the time in order to ensure the condition for any employee.