People purge or clean out their financial records instead of keeping all of them simply because those files lose relevance.
Financial records are important to be kept but some of them eventually lose relevance and so will no longer need to be kept around.
For instance, there are files that lose relevance after 3 years and some that lose relevance after 7 years because they will no longer be required by authorities or other stakeholders.
Examples of files that lose relevance after 3 years:
Bank deposit slips Medical bills Credit card statementsExamples of files that lose relevance after 7 years:
Banks statements Insurance records Expired leasesThere are others that lose relevance even before 3 years.
In conclusion, keeping files that are no longer relevant is not important and so they can be cleaned away.
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People purge or clean out their financial records to manage space, reduce clutter, and maintain organized and relevant documentation. Keeping every financial document indefinitely can lead to confusion and difficulty in finding needed information.
Individuals and businesses often receive a multitude of financial documents, such as receipts, bills, and statements. Holding onto all these documents can cause unnecessary clutter and disorganization. Regularly purging financial records helps manage physical space and ensures that only the most important documents are kept.
Additionally, organizing financial records by discarding outdated or irrelevant documents can greatly improve efficiency. This allows for quicker access to necessary financial information, facilitating better financial decision-making and effective budgeting. Properly discarding sensitive financial documents also protects against identity theft and ensures compliance with privacy regulations.
Many financial documents only need to be kept for a certain period, such as tax records for seven years. Understanding the retention period for different types of documents helps individuals maintain an organized and manageable system, making the retrieval process easier when needed.
Suppose you own a bicycle but haven't found the time to ride it much lately. These days, it is only worth $41 to you. One of your close friends, who recently got a job at the college bookstore two miles down the road, wants to take it off your hands. He offers you $70 for the bicycle, and you gladly accept. Your friend is also happy because he thinks the bicycle is worth $91 . How much total value was created from this trade?
The total value created from this trade is $50.
Explanation:The total value created from this trade can be calculated by subtracting the initial value of the bicycle from its final value. In this case, the initial value is $41 for the owner, and the final value is $91 for the friend.
Total value created = Final value - Initial value
Total value created = $91 - $41
Total value created = $50
Therefore, the total value created from this trade is $50.
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The ________ attribute determines the increment in which the numbers in a spinner control increase or decrease.
What is pitching a product
A product pitch is similar to a sales pitch, but it is focused on a specific product or service.
Pitching a productA product pitch is similar to a sales pitch, but it is focused on a specific product or service. One will go through your product in detail, emphasizing how it works, how it will alleviate their pain spots, and the precise benefits it will provide.A sales presentation, also known as a sales pitch, is a line of speech used to persuade someone or something, with the goal of initiating and closing a sale of a product or service using a prepared sales presentation strategy.For more information:
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Cash means more than just cash on hand and cash in the bank. highly liquid, short-term investments that are easily convertible into cash are called:
When overapplied / underapplied overhead is prorated, the basis for proration is:?
A line of credit to a corporation is like _____ to an individual.
Final answer:
A line of credit to a corporation is similar to a personal loan to an individual, where money is borrowed and repaid with interest. If not repaid, the lender can take legal action to recover funds through asset sales. The decision between a loan or issuing bonds depends on the firm's needs and size.
Explanation:
A line of credit to a corporation is like a personal loan or credit card to an individual. Just like an individual may take out a loan to buy a car or a house, a corporation may use a line of credit to borrow money for various reasons such as capital investments or to cover short-term funding needs. In both cases, the borrower agrees to repay the borrowed amount with interest over an agreed period. If repayments are not made as promised, the lender, in this instance a bank, can pursue legal actions to recover the debt, potentially leading to the sale of assets like buildings or equipment in the case of a firm.'
Bank borrowing is often more customized and suitable for smaller firms that benefit from a more personal relationship with the bank, which can monitor the firm's financials closely. Larger firms might opt for issuing bonds to raise capital for larger investments or acquisitions. The choice between bank borrowing and issuing bonds isn't a strict one and often depends on the size, creditworthiness, and specific needs of the business.
If your supervisor is hesitant about accepting your ideas, your best strategy would be to a. preview your conclusion before you begin. b. praise your supervisor for her past insights. c. add a paragraph to establish your credibility. d. write a direct and to-the-point opening paragraph.
in a(n) _____ situation, a purchaser wants some change in the original good or service.
Determine the price elasticity of demand for a microwave that experienced a 20% drop in price and a 50% increase in weekly demand quantity
The price elasticity of demand for the microwave is calculated as -2.5, which indicates that the product is elastic, meaning the quantity demanded is highly responsive to changes in price.
Explanation:The price elasticity of demand for a product can be determined using the formula: Price Elasticity of Demand = Percentage change in quantity demanded / Percentage change in price. In this case, the microwave experienced a 20% drop in price and a 50% increase in weekly demand quantity. Hence, the price elasticity of demand will be:
Price Elasticity of Demand = 50% / -20%
Therefore, the price elasticity of demand for the microwave is -2.5. This indicates the product is elastic and the quantity demanded is very responsive to changes in price.
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Which type of account typically has low liquidity?
Norbert works in a beauty salon. he receives a 50% employee discount for salon services. in 2016, he used his discount to buy $1,000 of services with a fair market value of $2,000. as a result of these bargain purchases, how much should norbert include in 2016 gross income?
a. $0
b. $2,000
c. $1,000
d. $600
Quantum industries is a maker of component parts in heating and cooling ventilation systems. the company is looking for a site on which to build a new production facility. a major consideration they must take into account is that any area selected have adequate rail access, and are at the hub of major highways to quickly move products. quantum’s major consideration appears to be
When conducting a swot analysis, budgets, ratios, and sales reports can be used to identify:?
Final answer:
Budgets, ratios, and sales reports are critical tools in a SWOT analysis for identifying a company’s financial and operational strengths and weaknesses. This information helps in evaluating an organization's internal environment to inform strategic decision-making.
Explanation:
When conducting a SWOT analysis, budgets, ratios, and sales reports can be used to identify strengths and weaknesses within an organization. This information is crucial because it allows businesses to understand their financial health and operational efficiency.
For instance, budgets provide a framework for expected income and expenditures, enabling the identification of financial stability as a strength or vulnerability as a weakness. Ratios, such as profitability and liquidity ratios, offer insights into an organization's efficiency and its ability to meet short-term obligations, revealing potential strengths in financial management or weaknesses in cash flow. Lastly, sales reports give a quantitative measure of market performance, indicating either a strong market position (strength) or areas where improvement is needed (weakness).
Opportunities and threats, conversely, are identified through the analysis of external environmental factors, which are beyond the scope of internal financial documents. Nevertheless, understanding the internal financial and operational status provides a solid foundation for strategizing against external challenges and seizing new market opportunities.
describe how advances in communication technology have made international trade easier and multinational corporations more common in the world today.
Two drivers—tom and jerry—each drive up to a gas station. before looking at the price, each places an order. tom says, "i'd like 10 gallons of gas." jerry says, "i'd like $10 worth of gas." what is each driver's price elasticity of demand?
Answer: Tom’s price elasticity is perfectly inelastic
Jerry’s price elasticity is unitary elastic
Explanation:Tom says he wants 10 gallons regardless the price, whether higher or lower, therefore his price elasticity is perfectly inelastic. Because he won’t respond to any change in price since he wants 10 gallons.
Jerry says he wants $10 worth of petrol regardless the quantity of petrol. He wants just $10. Making it unitary . e=1
Given a normal market demand curve for leather wallets and purses, if people find that backpacks are a better option, then there is an increase in demand for leather wallets and purses. there is a decrease in demand for leather wallets and purses. there is a decrease in the quantity demanded for leather wallets and purses. there is an increase in the quantity demanded for leather wallets and purses. cannot be determined from information given.
When demand shifts, the entire demand curve shifts in the same direction, either to the right or to the left, indicating an increase or decrease in demand respectively.
Explanation:When an increase in demand occurs, quantity demanded would increase at every price level, so the entire demand curve would shift to the right. When demand decreases, the entire demand curve would shift to the left, so there would be fewer quantity demanded at each price level. A shift of the demand curve to the left indicates a decrease in demand, while a shift to the right indicates an increase in demand across all price points.
Noknotsense hair salon incorporated this year and is now an llc. according to the economic entity assumption, the owner of the salon is now required to
Fowler credit bank is offering 6.9 percent compounded daily on its savings accounts. you deposit $5,300 today. how much will you have in the account in 4 years?
What motivates companies like starbucks to expand into international markets with little perceived interest for their product?
One of the growers is excited by the price increase caused by the blight because she believes it will increase revenue in this market. as an economics student, you can use elasticities to determine whether this change in price will lead to an increase or decrease in total revenue in this market.using the midpoint method, the price elasticity of demand for soybeans between the prices of $15 and $21 per bushel is , which means demand is between these two points. therefore, you would tell the grower that her claim is , because total revenue will as a result of the blight.
The effect of a price increase on total revenue depends on the price elasticity of demand for the product. If elasticity is greater than 1, total revenue will decrease. If it's less than 1, revenue will increase. If demand is unitary elastic, total revenue remains unchanged.
Explanation:The price elasticity of demand is a measure of the responsiveness of the quantity demanded to a change in price. Elasticity is calculated as the percentage change in quantity demanded divided by the percentage change in price.
According to the given information, the price elasticity of soybeans is unspecified, thus, it's hard to definitively answer your query. However, I can tell you that if the price elasticity of demand was greater than 1 (elastic), then a price increase would lead to a decrease in total revenue because a higher price would significantly reduce quantity demanded. If the price elasticity of demand was less than 1 (inelastic), a price increase would lead to an increase in total revenue because the quantity demanded would not reduce as much.
In a scenario where price elasticity of demand equals 1 (unitary elastic), total revenue is maximized and would remain the same no matter the increase or decrease in price. This means if demand is unitary elastic at the initial price, the grower wouldn't experience a change in total revenue as a result of the rise in price due to blight.
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Pascal is a customer-service representative who handles phone inquiries. he has a goal of handling 12 calls per hour. when he gets a customer with a complex situation, he tends to become short with that person to keep the call short. this is an example of
"assures adequate capacity to meet all demand and preempts competitors" and risks which include "demand is unpredictable and technology is evolving rapidly
Recently, Suzette has been missing a lot of work. She often calls in right as her shift is starting with some excuse why she can't make it to work. Sometimes she just doesn't show up, and she doesn't call to explain. Suzette's behavior shows she does not demonstrate which workplace attitude? dependability punctuality self-confidence honesty
Answer:
Dependable
Explanation:
If a drop in the price of taxicab fares shifts the demand curve of private limousine rentals leftward, what does this signify
Final answer:
The leftward shift in the demand curve for private limousine rentals, upon a decrease in taxicab fares, signifies that taxicab rides and limousine rentals are substitute goods.
Explanation:
If a decrease in the price of taxicab fares leads to a leftward shift in the demand for private limousine rentals, it indicates that taxicab rides and limousine rentals are substitute goods. People choose between these two services based on price and other factors.
When the price of taxicab rides decreases, it makes them more attractive to consumers relative to the higher-priced limousine rentals. As a result, the demand for the more expensive service (limousines) decreases as consumers switch to the cheaper option (taxis).
This situation is comparable to how a decrease in family income would cause a shift in the demand curve for goods depending on whether they are normal or inferior goods. In this scenario, however, the change in demand is not due to a change in income but because of a change in the price of a substitute good. This shift illustrates the principle that when the price of a substitute for a good decreases, the demand for the other good will decrease, resulting in a leftward shift in its demand curve
According to mintzberg's classification of managerial roles, the role of a(n) ________ is to transmit information received from outsiders or from other employees to members of the organization.
The top ten arms-exporting companies give millions to
Which of the following is NOT a strong warning sign of potentially violent behavior? A. Constantly complaining about the job B. Frequently returning late from lunch break C. Making an obscene gesture to co-workers D. Screaming at customers E. Showing up to work under the influence of alcohol
Answer:
The correct answer is letter "B": Frequently returning late from lunch break.
Explanation:
Violent behavior usually involves two parties: the aggressor and the offended, where sometimes the offended can turn into an aggressor as well. There are many reasons why such behavior can take place that could be individual issues of the aggressor or scenarios where the aggressor is provoked somehow to react negatively.
In that case, returning from lunch break frequently only involves the person who is making that fault, against the company but without directly affecting others.
Teams of retired executives who help new entrepreneurs with everything from writing business plans to answering questions about everyday operations are known as score. sbic. angel investors. venture capitalists.
Answer:
The correct answer is letter "A": SCORE.
Explanation:
SCORE or Service Corps of Retired Executives is a non-profit organization part of the U.S. Small Business Administrations (SBA) that has for mission giving guidance to new or less experienced entrepreneurs. Volunteer tutors are usually businessmen who left their organizations but not the business world at all. Those volunteers do not only carry out workshops on how to start a business but also how to plan and record videos to improve business marketing.
Identical products, as well as a large number of buyers and sellers, are characteristics of a monopolistic market. in such markets, sellers of goods cannot influence the prevailing market price, giving them the role of price in the market. true or false: the market for lettuce does not exhibit the two primary characteristics that define perfectly competitive markets.
It is false that the market for lettuce does not exhibit the two primary characteristics that define perfectly competitive markets.
Further explanationPerfectly competitive markets is the condition where the large numbers of buyers and sellers who cannot influence market prices and buy and sell identical products. Perfectly competitive markets also the condition in where a large number of firms produce the same product. Perfect competition describes a market structure where competition is at its greatest possible level. In perfect competition a firm is a price taker because other firms can enter the market easily and other firms can produce a product that is indistinguishable from every other firm's product. This makes impossible for any firm to set its own prices.
Although in reality, most markets do not perfectly adhere to the assumptions of the perfectly competitive markets, some markets are very close to perfect competition. For example, the market for lettuce has millions of consumers who buy lettuce, as well as thousands of farmers producing and selling lettuce. These consumers and producers take the market price as given, and make their production and consumption decisions based on these prevailing price.
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Grade: 9
Subject: business
Chapter: perfectly competitive markets
Keywords: perfectly competitive markets
The given statement is not correct. The market for lettuce has the primary two characteristics of the perfectly competitive market.
Further Explanation:
Monopolistic competition:
Monopolistic competition refers to the market which consists of a large number of buyer and seller. The seller offers a similar product but not a perfect substitute. The sellers offer different products from one another and charge the customer accordingly. Therefore, the seller or the manufacturer in the monopolistic competition can influence the price in the market by providing a different product. Following are the characteristics of monopolistic competition:
• A large number of sellers
• Identical product
• Easy entry and exit
• Price taker
Explain whether the given statement is correct or incorrect:
The statement states that the lettuce market does not have the primary two characteristics of the perfectly competitive market. The two primary characteristics of the perfectly competitive market are as follows:
• Identical product
• A large number of buyer and seller
The lettuce market is carried out by the thousands of farmers who engage in the production of the lettuce, and the thousands of buyer buys the product. The product offered is almost the same, which “lettuce.”
Therefore, the given statement is not correct. The market for lettuce has the primary two characteristics of the perfectly competitive market.
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Answer Details:
Grade: Middle school
Chapter: Types of market
Subject: Economics
Keywords: Identical, products, large, number, buyers, and sellers, characteristics, monopolistic market, sellers of goods, influence, prevailing, market price, giving, price in the market, true or false, market, lettuce, exhibit, two, primary, characteristics, perfectly competitive markets.
Changes in technology such as computer automation that reduce production costs will __________ the supply line (shift right).
Obviously, it will increase the supply line because when the cost or the price of the production reduce/decrease the supply line may increase. When the quantity of the product increase the prices of the product decrease this is the analysis of supply increase.