Harmon recently quit his job that he had worked at for the past 10 years in
order to start his own business, a company that specializes in pet care
services. He has a lot of good ideas, but doesn't have a firm business plan. A
month after starting his new company, he applied for a loan at a bank so that
he could buy a new office space. Which of the following is likely to be true in
this situation?
A. The bank will not care about the lack of business plan because
he's only been in business for a month.
B. The bank will be slow to lend to him because of how long he was
at his previous job.
C. The bank might be slow to lend to him because of the lack of a
firm business plan.
D. Harmon only needs to show the bank his record of income from
his old job, not his new business.
Answers
The correct option is C. The bank might be slow to lend to him because of the lack of a firm business plan is likely to be true in this situation because It is challenging for banks to innovate and begin using data other than credit scores to assess risk because of tougher rules.
What are the common reasons encountered for rejecting a loan?The most frequent causes of denial are a low credit score or poor credit history, a high debt-to-income ratio, a history of unstable employment, an income that is too low for the desired loan amount, or the absence of crucial documents or information in your application.
Banks have become more cautious about the level of risk in their investment portfolio in the wake of the recession due to increasing government regulations. Because they are fundamentally riskier than huge organizations, banks are reluctant to lend to small enterprises.
Thus, Since banks don't use as much data as alternative lenders do, it is considerably more difficult to obtain a business loan from them if you have bad credit.
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Related Questions
Which part of an insurance application will contain information regarding the cause of death of the applicant's deceased relative
Answers
Answer:
Medical Information
Explanation:
Medical Information of the application includes certain information on the insured's prospective medical background, his or her present health conditions, any kind of visits to the medical in the recent years, the medical status of the living relatives, and also causes of death of the deceased relatives.
The medical information are used by the insurance companies to underwrite the policies.
The lessons or skills that a person gains by working in a specific job or occupation is known as _____.
A. training
B. experience
C. certification
D. education
Answers
Answer:
experience
Explanation:
Pam's business earns 33,000 per month. Pam's non-employee expenses are $13,500 per month. If Pam wants $4,500 in profit per month, how many employees can she employ if each employee costs $3,000 per month?
Answers
The number of employee that she can employ if each employee costs $3,000 per month is 5 employees.
Using this formula
Number of employee=Business amount earn per month-Non -employee expenses per month-Profit per month/Employee cost
Let plug in the formula
Number of employee=$33,000-$13,500-$4,500/3,000
Number of employee=$15,000/3,000
Number of employee=5 employees
Inconclusion the number of employee that she can employ if each employee costs $3,000 per month is 5 employees.
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Legal authorization by a brand owner to allow another company to "rent" its brand name for a fee is called
Answers
Answer:
The appropriate answer is "License agreement".
Explanation:
A written agreement only between various firms where a property owner allows perhaps another entity throughout accordance with a certain set of requirements called a license agreement.In so far as it has jurisdiction, the consequence including its license is to terminate or ease the ruling of conflict. It should be the presumption that perhaps the license should be a province of security.An international business is a firm that
Part 2
A. hires non-U.S. citizens.
B. produces a wide range of products.
C. is not from the United States.
D. engages in international trade or investment.
Answers
Option D: An international business is a firm that engages in international trade or investment.
Therefore, the correct answer is option D. An international business is a company that conducts business across national borders. This can include importing and exporting goods, investing in foreign markets, and operating in multiple countries.
It is not necessarily defined by the nationality of its employees, the range of products it produces, or the country in which it is headquartered. International business refers to the trade of goods, services, technology, capital and/or knowledge across national borders and at a global or transnational scale. It involves cross-border transactions of goods and services between two or more countries.
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During what stage of strategic management is a firm's specific internal strengths and weaknesses determined?
A) Formulation
B) Implementation
C) Evaluation
D) Feedback
E) Goal-setting
Answers
The stage of strategic management during which a firm's specific internal strengths and weaknesses are determined is A) Formulation.
During the formulation stage of strategic management, a firm will conduct an internal analysis to identify its specific internal strengths and weaknesses. This analysis will help the firm to determine what resources it has available, what its capabilities are, and where it may need to improve.
By identifying these strengths and weaknesses, the firm can develop a strategic plan that takes advantage of its strengths and addresses its weaknesses. This is a critical step in the strategic management process, as it allows the firm to create a plan that is tailored to its unique situation and capabilities.
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-. One of the characteristics of the United States economy is competition. Which of the following is an
example of the benefits of competition for U.S. consumers?
a. Competition allows people to utilize the
things they own as they want
b. Competition leads to lower prices, more
variety and higher quality
c. Competition forces people to do whatever
is best for them at a given time
d. Competition means that everyone has to
obey the law equally
Answers
Answer:
B
Explanation:
when more companies are around, they are competing with each other to keep customers. to do this they lower prices and have higher quality products so the consumer doesn't switch to a different companies products
ntex Ltd. issued 10,000, 10% Debentures of Rs.100 each at a premium of
10%, full amount being payable along with application. Applications were
received for the debentures issued and allotment was made. Pass the journal
entries.
Answers
Answer:
1. When the application money is reieved, Debit Bank for Rs.1,100,000; and Credit Debentures Application and Allotment a/c for Rs.1,100,000,
2. To transfer of application money along with premium on debentures allotted to the debentures account, Debit Debentures Application and Allotment a/c for Rs.1,100,000; Debit Debenture a/c for Rs.1,000,000; and Credit Security Premium Reserve a/c for Rs.100,000.
Explanation:
Since allotment were made, it implies the accounts for application and allotment can be combined. Therefore, the journal entries will look as follows:
Accounts Title Dr (Rs.) Cr (Rs.)
Bank (w.1) 1,100,000
Debentures Application and Allotment a/c 1,100,000
(To record the amount received from debenture application with the premium)
Debentures Application and Allotment a/c 1,100,000
Debenture a/c (w.2) 1,000,000
Security Premium Reserve a/c (w.3) 100,000
(To record the transfer of application money along with premium on debentures allotted to the debentures account)
Working:
w.1: Bank = (Units of debentures * Unit price) * (1 + Premium rate) = (10,000 * Rs.100) * (1 + 10%) = Rs. 1,100,000
w.2. Debenture = Units of debentures * Unit price = 10,000 * Rs.100 = Rs.1,000,000
w.3 Security Premium Reserve = Debenture * Premium rate = Rs.1,000,000 * 10% = Rs.100,000
If you get 20% off of an item that is now $320, what was the original price before the discount?
Answers
Natalie wants to deposit $2,000 into a savings account at a 1.25 percent interest rate. The interest is compounded every six months. How much interest will she earn over two years?
Answers
Answer:
Natalie will earn $50.31 in interest over two years assuming that the interest is compounded every 6 months.
Explanation:
Natalie will earn $50.31 in interest over two years, assuming that the interest is compounded every six months.
Here's how to calculate it:
- First, we need to figure out how many times the interest will be compounded over two years. Since the interest is compounded every six months, there will be four compounding periods per year, or a total of eight compounding periods over two years.
- Next, we can use the formula A = P(1 + r/n)^(nt) to calculate the amount of money Natalie will have in her account after two years, where:
- A is the amount of money in the account after two years
- P is the principal (the initial amount of money deposited)
- r is the annual interest rate (1.25%)
- n is the number of times the interest is compounded per year (4, since it's compounded every six months)
- t is the number of years (2)
Plugging in these values, we get:
A = 2000(1 + 0.0125/4)^(4*2)
= 2000(1.00625)^8
= 2100.31
- Finally, we can subtract the initial principal from the final amount to find the amount of interest earned:
Interest = A - P
= 2100.31 - 2000
= 100.31
Rounding to the nearest cent, Natalie will earn $50.31 in interest over two years.
Answer:
$4050.16
Explanation:
using the formula 2000(1+.0125/2)^2(2) to represent the 6 month period (A=P(1+r/n)^nt) you get 4050.15625 which rouned to the nearest tenth is 4050.16 to represent the change
Real GDP per person is not an accurate measure of the standard of living because it O A. omits the goods and services that people produce for themselves B. Includes the goods and services that governments buy C. omits the goods and services imported from other countries D. includes goods and services bought by firms
Answers
Real GDP per person is not an accurate measure of the standard of living for several reasons. A) It omits the goods and services that people produce for themselves, such as gardening or cooking at home, which can significantly contribute to their standard of living.
It includes the goods and services that governments buy, such as military equipment, which may not directly benefit individuals. Additionally, real GDP per person omits the goods and services imported from other countries, which can also impact an individual's standard of living.
Lastly, it includes goods and services bought by firms, which may not translate to an improvement in the standard of living for individuals.
Therefore, to get a more accurate measure of the standard of living, other factors should be taken into consideration, such as income distribution, access to education, healthcare, and other basic needs, as well as personal preferences and quality of life.
Overall, while real GDP per person is an important economic indicator, it should not be the sole measure of the standard of living.
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What is the difference between cash transfers and in-kind benefits?
Answers
Answer:
A cash transfer is when, rather than goods or services, the recipient is given cash to spend as they see fit. In-kind transfers are goods and services like nutrition assistance that provide funds for a specific purpose, like buying food, while still allowing the recipient a degree of choice.
During his study on scientific management, Frederick Taylor neglected to take into effect the law states explains why no single motivation technique will work for every employee. This law is called the _____________..
Answers
During his study on scientific management, Frederick Taylor neglected to take into effect the law that explains why no single motivation technique will work for every employee. This law is called the law of individual differences. According to the law of individual differences, people are not the same; they have different needs and aspirations, and their response to stimuli varies from one another.
This law suggests that no single motivational technique is suitable for everyone and that organizations must apply various methods to suit individual employees to achieve maximum efficiency.
The law of individual differences suggests that managers should understand the differences that exist between employees and use these differences to their advantage in designing job roles, work environments, and motivation strategies.
Managers should strive to meet individual employee needs and aspirations, which vary depending on factors such as age, personality, gender, education, and cultural background.
In summary, the law of individual differences is an essential principle that highlights the importance of recognizing the unique differences between individuals and using these differences to enhance employee motivation and productivity.
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Several controls are used to safeguard inventory except a.keeping high-priced inventory behind lock and key. b.hiring security guards. c.allowing all employees access to the materials warehouse. d.installing sensors at all exits.
Answers
Answer:
Option C, allowing all employees access to the materials warehouse, is the right answer.
Explanation:
Option C is the correct answer because option C recommends allowing access to all the employees. However, allowing access to all employees will reduce security and increase the risk level. While all given options are helpful in safeguarding the inventory except option C. Thus, in this case, it would be difficult to monitor every employee. So Option C is the right answer.
First United Bank has a reserve requirement of 0.18. If you deposit money into your bank account at First United Bank, which results in $700 increase in excess reserves, then what is the maximum possible increase in money supply? Round your answer to two decimal places.
Answers
The maximum possible increase in the money supply given the reserve requirement and the excess reserves is $4,742.55.
What is the maximum possible increase in the money supply?The first step is to determine the total amount deposited in the bank.
Amount deposited = excess reserve / (1 - required reserve)
$700 / (1 - 0.18)
$700 / 0.82 = $853.66
The maximum possible increase in the money supply = $853.66 / 0.18 = $4,742.55
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Using facts, statistics, or surveys are an example of—
Answers
Answer:
how many people do SA have
the target rate of gdp growth is group of answer choices negative to reduce inflation about 3% 0% as high as possible
Answers
"as high as possible" would be the correct option to the normal objective rate of GDP growth while yet preserving stability and preventing inflation.
The target rate of GDP growth is typically not a fixed value, as it can vary depending on a number of factors such as the stage of the economic cycle, government policies, and the overall health of the economy. However, in general, the target rate of GDP growth is usually set to a positive value that is sustainable over the long term, with a goal of achieving a steady increase in economic output and employment levels while avoiding inflationary pressures. In some cases, such as during a period of high inflation, the target rate of GDP growth may be set lower in order to help reduce inflationary pressures. Therefore, the closest answer choice to the typical target rate of GDP growth would be "as high as possible" while still maintaining stability and avoiding inflation.
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An option to purchase leased property:_____.
A) establishes the right of the tenant to purchase a property from the landlord.
B) commits the tenant to the purchase of the property at the end of the rental term.
C) commits the landlord to selling the property at the end of the rental term.
D) must be accompanied by a purchase and sale agreement for the property.
Answers
An option to purchase leased property: establishes the right of the tenant to purchase a property from the landlord. The option to purchase a leased property is a clause in a lease agreement that provides a tenant with the right to buy the leased property from the landlord at a certain price or based on a certain valuation method.
It is also known as a lease-option.To acquire the right to purchase the property at a later date at a predetermined price, the tenant typically pays the landlord an option fee at the start of the lease period. The option fee, which is typically 2% to 7% of the purchase price, compensates the landlord for the period during which the property is reserved for the tenant. If the tenant chooses not to purchase the property at the end of the lease term, the option fee is forfeited.
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At the conclusion of a business meeting in Brazil, David gave the A-OK sign to the people in the room. This hand gesture in America means OK, however, the Brazilians were embarrassed because in their culture the gesture is perceived as rude. This situation exemplifies how even simple differences in ________ can cause misunderstandings in international relationships.
Answers
Answer:
OMGGGG INEED THIS ONE TOOOOOOOOOOOOO
Acme Model Trains started the year with $10,000 worth of model trains in inventory. During the year, it purchased $5,000 more model trains. By the end of the year it sold a total of $7,500 in model trains. Calculate the cost of goods sold using the handout from class or the information provided in Chapter 14.
Answers
Based on the information given the cost of goods sold is $7,500.
Using this formula
Cost of goods sold=Starting inventory + Purchases − Ending inventory
Where:
Starting inventory=$10,000
Purchases=$5,000
Ending inventory=$7,500
Let plug in the formula
Cost of goods sold=$10,000+$5,000-$7,500
Cost of goods sold=$7,500
Inconclusion the cost of goods sold is $7,500.
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What’s the answer to this question??
Answers
i'm pretty sure it's listening and talking but i may be wrong.
.
Lena thinks someone has stolen her identity. She isn’t sure if she should place a fraud alert on her credit report. She doesn’t understand anything about fraud alerts. What true statement could you teach Lena to help her make a more informed decision?
A fraud alert prevents anyone from viewing your credit report.
A fraud alert can stop anyone from opening any new accounts in your name.
When filing a fraud alert, you must first pay for a credit report.
To place a fraud alert, you must contact all three credit reporting agencies.
Answers
Answer:
A fraud alert prevents anyone from viewing your credit report
A fraud alert prevents anyone from viewing the credit report is the true statement could you teach Lena to help her make a more informed decision. Thus, option A is correct.
What is credit report?A credit history is a credit record of a borrower's timely debt repayment. A credit report is a record of a borrower's credit history obtained from a variety of sources, such as banks, credit card companies, collection agencies, and governments.
A credit score is essentially a summary of your credit history, whereas your credit report contains all the specifics of the financial history. The credit report will delve much deeper into your lending history, allowing the lender to examine how a person handled borrowed funds.
Therefore, option A is correct.
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Your Aunt Ruth has $610,000 invested at 6.5%, and she plans to retire. She wants to withdraw $40,000 at the beginning of each year, starting immediately. How many years will it take to exhaust her funds, i.e., run the account down to zero? A. 46 years B. 36 years C. 43 years D. 33 years
Answers
Your Aunt Ruth has $610,000 invested at 6.5%,--------------------------. The 36 years will it take to exhaust her funds, i.e., run the account down to zero. Thus option (B) is correct.
What is an investment?An investment is an asset or item purchased with the goal of generating income or appreciation in value over time. Investments can take many forms, including stocks, bonds, real estate, commodities, mutual funds, and more.
Some investments may offer high returns but come with a high level of risk, while others may offer more modest returns but are relatively safe.
In the above case, it will take approximately take 36 years to exhaust her funds. Therefore, option (B) is correct.
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Who has access to the source code of proprietary software?
Answers
your small business has a product that people love and a website that has been linked to by other sites. which factor do these links represent when a search engine is evaluating your site?
Answers
When a search engine is evaluating your site, the links from other websites represent a factor known as "backlinks" or "inbound links."
Backlinks are an important aspect of search engine optimization (SEO) and play a significant role in determining the visibility and authority of a website in search engine rankings. Here is a step-by-step explanation of the significance of these links:
1. Authority and credibility: When other reputable websites link to your site, search engines consider these links as votes of confidence or endorsements. The more high-quality backlinks you have, the more authority and credibility your website is perceived to have in the eyes of search engines.
2. Popularity and visibility: Backlinks contribute to the popularity and visibility of your website. Search engines view websites with a higher number of backlinks as more popular and relevant, resulting in better chances of appearing in search results for relevant queries.
3. Traffic generation: Backlinks can drive referral traffic to your website. When users click on a backlink from another site, they are directed to your site, increasing the potential for new visitors and potential customers. The more backlinks you have from relevant and authoritative sources, the higher the potential for increased traffic to your site.
4. Improved indexing and crawling: Search engines use links to discover and index new web pages. When other websites link to your site, it facilitates the crawling process, allowing search engines to find and index your content more efficiently.
5. Anchor text relevance: Backlinks often use anchor text, which is the clickable text within a hyperlink. When the anchor text is relevant to the content on your website, it helps search engines understand the context and topic of your site, potentially improving its visibility for related search queries.
6. Natural link building: Search engines value natural link building, where backlinks are acquired organically due to the quality and relevance of your content. It is important to focus on creating valuable, shareable content that naturally attracts links from other sites, rather than engaging in manipulative or spammy link-building practices.
In summary, the links from other websites represent backlinks, which are a crucial factor in search engine evaluation. Backlinks contribute to the authority, visibility, traffic, and indexing of your website, ultimately impacting its rankings in search engine results pages.
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When interest rates are high. The demand for money needed to make quick purchases on short notice without incurring high costs is known as the ______.
Answers
When interest rates are high, the demand for money needed to make quick purchases on short notice without incurring high costs is known as the liquidity premium.
This means that individuals and businesses are willing to pay a premium for the ability to access funds quickly, without having to wait for lengthy approval processes or high interest rates. The liquidity premium can be seen as an insurance policy against the risk of needing funds quickly and not being able to obtain them.
High interest rates can lead to a reduction in the overall demand for money, as individuals and businesses are less likely to take on new loans or make large purchases that require financing. However, for those who do need to access funds quickly, the liquidity premium becomes increasingly important.
In order to avoid high interest rates or lengthy approval processes, individuals and businesses may be willing to pay a premium for the ability to access funds quickly.
The liquidity premium can also be seen as a reflection of the overall level of risk in the economy. When interest rates are high, there is often a perception that the economy is experiencing inflation or other forms of instability.
In these situations, the liquidity premium becomes a way to protect against the potential risks and uncertainties associated with borrowing money. Overall, the liquidity premium is an important concept to understand for anyone who is interested in financial markets, interest rates, and the overall health of the economy.
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does bank accounts last forever?
Answers
Answer:no they don’t
Explanation:
they will become dormant after 24 months
Which managers – top managers, middle managers or first-line managers – would make companywide decisions about energy use? How mightthe new workplace enable all managers to capitalize on the Great Shale Gas Rush
Answers
Answer:
The question is incomplete, it is missing the article about clean energy cars.
The article is about cars that run on compressed natural gas (CNG) instead of regular gasoline or even electric or hybrid models. The advantage of using CNG is that it is clean, its emissions rate is practically zero and most importantly, natural gas is extremely abundant in the US (shale gas).
Now, back to the questions:
Which managers – top managers, middle managers or first-line managers – would make companywide decisions about energy use?
Top managers are responsible for making companywide decisions about energy use. E.g. top management of several technological firms have decided to make their buildings and installations greener or more energy efficient. Generally when a new energy source is being used for the first time, a company must make large investments. This is why top management must decide about changes in energy use.
How might the new workplace enable all managers to capitalize on the Great Shale Gas Rush?
The use of CNG is not only good for businesses, but it is also good for the citizens and the US as a whole. Currently the US has almost balanced it exports and imports of petroleum, but it would benefit everyone if the balance would be positive. This means that the less oil imported, the better.
If we look at specific businesses, changing from gasoline (or even diesel) to CNG is not only greener, but it is also cheaper. The problem with electric and hybrid cars is that they are extremely expensive, and it is really hard to offset their cost against regular gasoline cars. On the other hand, cars that run on CNG cost almost the same and are extremely cheap to use. CNG is much cheaper than gasoline plus you have the advantage of not needing to import oil or gasoline.
Currently, I'm not sure if there is any CNG car available for households since the Honda Civic that runs on it was discontinued, but businesses can still purchase fleet trucks and vans that run on CNG. If you analyze CNG vs gasoline or electric vehicles, CNG cars are much cheaper, efficient and greener (the Civic was greener than electric cars). It is a win-win situation, the company wins, the environment wins, the economy wins and the country wins, only foreign oil exporting countries lose.
proceeds from the tolls collected at turnpikes a. built up the surrounding cities' commerce. b. defrayed high taxes for citizens in the area. c. were used for road maintenance. d. funded local farms to increase crop production
Answers
Proceeds from the tolls collected at turnpikes were used for road maintenance.
Since the latter part of the 17th century, Parliament has gradually taken over municipal governments' responsibilities for maintaining and repairing roads.
The Turnpike Acts granted a trust the authority to impose tolls on anyone who use the road and to use the proceeds to maintain and upgrade the road. They could also buy land to enlarge or reroute existing roadways. Maximum tolls were established, and the trusts were not for profit. The gate that barred the road until the toll was paid was known as the "turnpike."
The correct answer is the option c. were used for road maintenance.
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Error in amortization schedule 乌ி LO14-3 Nakano Food Products, Inc., acquired a packaging machine from Lawrence Specialists Corporation. - Lawrence completed construction of the machine on January 1, 2022. - In payment for the machine Nakano issued a threeyear installment note to be paid in three equal payments at the end of each year. - The payments include interest at the rate of 10%. - Lawrence made a conceptual error in preparing the amortization schedule, which Nakano failed to discover until 2024. - The error had caused Nakano to understate interest expense by $45,000 in 2022 and $40,000 in 2023. Required: I. Determine which accounts are incorrect as a result of these errors at January 1. 2024, before any adjustments. Explain your answer. (Ignore income taxes.) 2. Prepare a journal entry to correct the error. 3. What other step(s) would be taken in connection with the error?
Answers
1. Accounts affected by the errors at January 1, 2024, before any adjustments need to be determined.(2.) A journal entry should be prepared to correct the error.(3.) Additional steps may be required to address the error.
1. Accounts affected by the errors: The errors in the amortization schedule caused Nakano to understate interest expense by $45,000 in 2022 and $40,000 in 2023. As a result, the interest expense account for both years would be understated. The notes payable account would also be affected because the correct amount of interest expense should have been included in the note payable balance. Therefore, at January 1, 2024, before any adjustments, the interest expense and notes payable accounts would be incorrect due to the errors.
2. Journal entry to correct the error: To rectify the errors, a correcting journal entry needs to be made. The entry would involve increasing the interest expense account by $45,000 for 2022 and $40,000 for 2023, as these amounts were previously understated. Additionally, the notes payable account should be adjusted by the same amounts to reflect the correct balances. The journal entry would debit the interest expense account and credit the notes payable account.
3. Other steps in connection with the error: Apart from the journal entry, further steps may be taken to address the error. This may include notifying external parties, such as auditors or stakeholders, about the correction made to the financial statements. It is important to ensure that the corrected financial statements are properly communicated and any necessary disclosures or adjustments are made to prevent future misstatements. Internal controls and review processes may also be evaluated or strengthened to minimize the chances of similar errors occurring in the future.
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