Setting the sales price is easy: Enter cost information and desired profit data into one of the cost-volume-profit formulas, and the appropriate sales price can be computed mathematically. Do you agree with this line of reasoning?

Answers

Answer 1

No, setting the price of the product not only depend on this but also depend on the following things,

Market conditions,

Company strategy and

Overall industry demography.

Price:

Price refers the quantity of payment or compensation given by one party to another in return for goods or services.

Given,

Setting the sales price is easy:

By entering cost information and desired profit data into one of the cost-volume-profit formulas, and the appropriate sales price can be computed mathematically.

Here we need to find the reasoning for the given line.

Here they said that the price of the product is only depends on the cost volume-profit.

But this statement id not a correct one because the cost of the product will truly depends on the market conditions, company strategy, and overall industry democracy also.

Therefore, we should not agree the reasoning.

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Related Questions

Which of the following information is not displayed on a company’s profile (tearsheet) page on Capital IQ?

Answers

The  information is not displayed on a company’s profile (tearsheet) page on Capital IQ is information that is not concern the company.

What is a Tearsheet page?

A tear sheet, can be regarded as the  fact sheet, which is usually a  one-page document that comprises the  key financial information that concern a particular company.

It do contain the   overview of leadership and services and  This page provides the necessary business description as well as the, industry classification of the  investors, hence The  information is not displayed on a company’s profile (tearsheet) page on Capital IQ is information that is not concern the company.

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Suppose you are the manager of a company and must decide whether to outsource your Human Resources department.

Based on the information above, please outline arguments supporting and opposing a decision to outsource this function of your business. Use the IRAC method to outline your argument

Answers

IRAC method is used in outsource the human resource department for the company, as it helps the company to understand the types of employees they needs with the issue, rule, analyze and go to conclusion with the hiring the human resource department.

What is meant by human resource department?

Human resource department is the department in the organization that facilitates the company to employee the best and suitable candidate for the vacancy.

They take the interview before finalizing the candidate and check the capability of the candidate and evaluate the skills according to the demand of company.

Thus,IRAC method is used in outsource the human resource department for the company.

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(214) 1. Distinguish between technical efficiency and allocative efficiency. Use the two concepts of efficiency to compare a perfect market structure with a monopoly.​

Answers

Technical efficiency refers to the ability to produce the maximum output from a given set of inputs or resources. It focuses on the production process and achieving the highest output level with the least amount of resources wasted. Technical efficiency emphasizes optimizing the production process to minimize costs and maximize productivity.

Allocative efficiency, on the other hand, relates to the allocation of resources in a way that maximizes overall social welfare. It refers to the ideal allocation of resources that matches consumers' preferences and demands. Allocative efficiency ensures that resources are allocated so that goods and services align with consumer preferences. This results in the best outcome for society.

When comparing an ideal market structure with a monopoly in terms of efficiency, there are significant differences. In an ideal market structure, characterized by complete competition, both technical and allocative efficiency is typically achieved. Many buyers and sellers exist, information is freely available, and no single entity controls the market. Competition drives firms to produce at the lowest cost and offer goods and services that match consumer preferences, leading to technical and economic efficiency.

In contrast, a monopoly represents a market structure where a single firm dominates the industry and has substantial market power. In terms of technical efficiency, a monopoly may not necessarily achieve the same level as a perfectly competitive market. Due to the lack of competition, a monopoly may not have the same incentive to minimize costs or innovate as efficiently as possible. This can result in higher production costs and lower technical efficiency.

Regarding allocation efficiency, monopolies often fail. Without competition, a monopolistic firm can set prices higher than the marginal cost of production, resulting in a suboptimal allocation of resources. The monopolist may prioritize maximizing profits rather than satisfying consumer preferences. This leads to a less efficient allocation of resources than in a perfectly competitive market.

Overall, an ideal market structure exhibits higher levels of technical and allocative efficiency than a monopoly. When true competition promotes resource optimization and consumer satisfaction, resulting in more efficient resource allocation.

Ted and Lisa are selling their home and have signed a listing agreement. Client or customer? Steven visits Ted and Lisa's open house, and he is interested in purchasing their home. What happens next? Is Steven a client or customer?

Answers

Answer: D. . Ted and Lisa are clients, and Steven is a customer. The listing agent must disclose to Steven that he/she represents Ted and Lisa and explain customer relationships.

Explanation:

The options to the question are:

A. Ted and Lisa are customers, and Steven is a client. The listing agent must disclose to Steven that Ted and Lisa are customers.

B. Ted and Lisa are clients, as is Steven. The listing agent must disclose to Steven that Ted and Lisa are also clients.

C. Ted and Lisa are customers, and Steven is a client. The listing agent must disclose to Steven that he/she represents Ted and Lisa and explain customer relationships

D. Ted and Lisa are clients, and Steven is a customer. The listing agent must disclose to Steven that he/she represents Ted and Lisa and explain customer relationship

From the question, we are informed that Ted and Lisa are selling their home and have signed a listing agreement and that Steven visits Ted and Lisa's open house, and he is interested in purchasing their home.

The above scenario shows that Steven is a customer while Ted and Lisa are the clients. Steven is a customer as he is the one that wants to buy the house.

The listing agent must then disclose to Steven that he/she represents Ted and Lisa and explain customer relationships.

Please answer.........................

Please answer.........................
Please answer.........................

Answers

The topic, thesis, introduction, body, conclusion, and references are the first appropriate financial essay components. After finishing your first draft, start working on your second one.

An assignment in money terms is what?Assignment is the formal agreement-based transfer of some or all of the ownership rights and financial liabilities attached to a given asset, property, contract, etc. to a different party. A payee might provide a bank the authority to collect payments on a note, for instance.The topic, thesis, introduction, body, conclusion, and references are the first appropriate financial essay components. After finishing your first draft, start working on your second one. Include all the necessary details for a good paper in this draft. Fix grammatical and spelling mistakes, and improve the flow of the sentences in this draft.        

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Explain how the Halloween holiday is related to economics.

Answers

Some argue that Halloween spending diverts resources that would be better spent on longer-term, more productive economic activity. While others argue that Halloween spending is inefficient at satisfying consumer wants, thus spurring more spending overall, causing the economy to grow. Example: the state of the economy affects the Halloween industry more than Halloween affects the state of the economy. In a down economy, for instance, consumers may be less likely to spend on frivolous goods such as costumes, candy, pumpkins, and home decorations. Or Conversely, booming economic times might serve as a boon to Halloween expenditures. Regardless of which way the relationship goes, many economists believe the increase in spending has a positive effect on the economy.

Which type of team is typically used in conjunction with web conferencing, email, text messages, and conference calls? project team cross-functional team virtual team high-performance team

Answers

In conjunction with web conferencing, email, text messages and conference calls require a virtual team.

Virtual teams are usually people who work while sitting away from actual work offices and can be at any geographical location.

They usually work on communication technology such as email, voice and video conferencing and instant text messages to help accelerate effective communication system.

Which of the following statements is true?

a/Random samples are easier to select than nonstatistical samples.

b/Nonstatistical samples can provide useful data.

c/Stratified random sampling involves breaking the population down into geographic subgroups.

d/Systematic sampling is an example of nonstatistical sampling.

Answers

The true statement is option (b) Non-statistical samples can provide useful data.

Random samples can be easy or difficult to select, depending on the population size, the availability of the sampling frame, and other factors. It is not a general rule that they are easier to select than nonstatistical samples.

b) Non-statistical samples, such as convenience samples or purposive samples, can still provide useful data, although their representativeness may be limited. Non-statistical sampling may be appropriate in some situations, such as exploratory research or when the population is difficult to access.

c) Stratified random sampling involves breaking the population down into subgroups based on certain characteristics, such as age, gender, or income, rather than geographic subgroups.

d) Systematic sampling is a type of probability sampling, which is a statistical sampling method. It involves selecting every kth element from a sampling frame, where k is a predetermined interval.

Therefore, the correct option is (b) Non-statistical samples can provide useful data.

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Calculations of cost and benefit are always which of the following?
OA. Resourceful
OB. Minimum
OC. Rational
OD. Subjective

Answers

Answer:

D.

Explanation:

It’s subjective.

I think it’s subjective because it’s about the benefit of the calculations of a cost.

Which of these is not an example of good practice when differentiating phonological awareness instruction?


a.

Increasing the intensity of instruction by teaching in smaller group sizes.


b.

Expecting all children to be able to produce rhyming words at the same time of the year.


c.

Increasing the intensity of instruction by giving individual children more opportunities to respond.


d.

Supporting children's understanding of an activity by using visual supports.

Answers

The option that is not an example of good practice when differentiating phonological awareness instruction is (b) Expecting all children to be able to produce rhyming words at the same time of the year.

What is good practice?

Recognizing that children learn at various speeds and have varied degrees of preparedness is a key component of good practice in differentiating phonological awareness training. It is unrealistic to anticipate that all kids will develop at the same rate.

Each child's unique requirements and talents are taken into account while differentiating instruction. Therefore, it is inconsistent with the ideas of differentiation to expect all kids to be able to come up with rhymes at the same time of the year.

Therefore the correct option is b.

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A publication's final deadline for supplying printing material for an advertisement is a ________________?
A. on sale date
B. Cover date
c. Closing date
D.Birth date

Answers

Answer:

c. Closing date

Explanation:

No advertisement is accepted for the next edition after the Closing Date.  For an ad to run after this date, the publisher has to issue written permission. Cancellations are also not accepted after this date. Unless otherwise agreed, clients are expected to make full payments for the ad by the end of the closing date.

The on-sale date is the day the issue is expected at the newsstand for customers to buy.

Which of the following situations below would be a Red flag indicating
consumer fraud? (Select all that apply)
An impaired person is met inside the store by someone e/she doesn't seem to
know, and is escorted to the register to purchase a money service product. He/she
is being prompted what to say.
t...
A teen comes in to purchase a Visa gift card so she can order items online.
.
A customer is asking to purchase a money product to pay just a small processing
fee of $50 to release their winnings of $50,000.
A customer's son is going to a birthday party and would like to purchase a gift card
of $50 using cash.

Answers

Explanation:

Missing Documents -- It isn’t uncommon for documents to go missing in the workplace. After all, accidents do happen. However, if this becomes a frequent occurrence, fraudulent acts could be the culprit, especially for checks. Missing checks numbers or gaps in reconciled check numbers can also be an indicator of fraud.

Complaints -- It’s easy to write off complaints as nonsense venting, but complaints are one of the best ways to identify fraud. If employees are complaining about something, don’t take it lightly. Dig further into the situation to identify the cause of the complaint and what else could be behind it.

Excess Purchases -- Fake payees can be used to convert funds. Be aware of excessive purchases as they could be covering a possible payoff of a purchasing agent.

Inventory Shortages -- Internal shrinkage and product loss happens. However, excessive shrinkage could be an indicator of a plethora of fraudulent activities.

Excessive Voids/Returned Checks -- Voided sales slips mean that the sale has been rung up, but the payment was diverted, potentially into the wrong hands. This is similar to cancelled checks. While they are usually legitimate transactions, a cancelled check can be returned to the wrong hands and be re-written to the fraudster. Excessive voids and cancelled or returned checks are common indications of theft and should be watched carefully.

Duplicate Payments -- Duplicate payments in many cases are not fraud-related. However, if a duplicate payment is accidentally made by a company, it is possible for an employee to forge an endorsement of the check. Watch this closely as well.

Rounded-Amount Invoices -- Fraudsters will often create invoices with rounded amounts. If you don’t see any pennies, it may be a sign that you need to look into that invoice further.

Abnormal Invoice Volume -- Rapid invoice volume increases may be due to a legitimate increase in business, but is also may point to fraudulent behavior. Monitoring vendor invoice volume and being aware of spikes is a good way to spot abnormal behavior.

Invoices Just Under Approval Amounts -- Some employees may be aware of the dollar threshold for management approval and create an invoice just below that approval level. For example, if the approval level is $5,000 and you get an invoice for $4,998, you may want to do a bit more research on that invoice.

Mail Drop Address -- A mail drop, or ghost address, is an entity that can receive mail in your name. Companies using a mail drop as their address rather than a P.O. Box may be doing so to hide their fraudulent activity.

1. Determine the estimated cost of the inventory of Celebrity Tan Co. on August 31 by the retail method, presenting details of the computations. For those boxes in which you must enter subtracted or negative numbers use a minus sign.
to retail price:

2a. Estimate the cost of the inventory of Ranchworks Co. on November 30 by the gross profit method, presenting details of the computations. For those boxes in which you must enter subtracted or negative numbers use a minus sign.

3. Assume that Ranchworks Co. took a physical inventory on November 30 and discovered that $369,750 of inventory was on hand. What was the estimated loss of inventory due to theft or damage during March through November?

1. Determine the estimated cost of the inventory of Celebrity Tan Co. on August 31 by the retail method,

Answers

1)We require the following details in order to calculate Celebrity Tan Co.'s expected cost of inventory on August 31 using the retail method:Beginning retail inventory is the value of the stock as of August 1.Retail net sales: total sales throughout the time.The proportion relating inventory costs to selling prices is known as the cost-to-retail ratio.

2) Using the gross profit approach, we require the following details to calculate Ranchworks Co.'s inventory cost on November 30:Start of inventory: Inventory's worth as of November 1st.Total period sales, or net sales. Gross profit ratio: The proportion of gross profit to net sales.

3)The following information is required in order to estimate the loss of inventory from theft or damage from March through November: the value of stock as of March 1 is the starting inventory. Inventory acquired throughout the time, totaled as purchases.Cost of goods sold: The cost of the inventory that was sold during the time period. Inventory value as of November 30th, referred to as the ending inventory.

The items and supplies that a company keeps on hand with the intention of reselling, producing, or using them are referred to as inventory (in American English) or stock.

The main focus of the discipline of inventory management is determining the location and form of stored products.

stock Prior to the regular and scheduled course of production and material stock

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The study of economics is nothing but the study of a tree and a forest. Discourse with respect to branches of economics

Answers

The study of economics involves the examination of individual components represented by branches and the analysis of the broader system represented by the forest.

How does the study of economics relate to a tree and a forest?

Just as a tree consists of various branches that connect and support each other, the study of economics comprises different branches that explore specific aspects of the economy. These branches including microeconomics, macroeconomics and international economics focus on understanding and analyzing elements of economic behavior and systems.

The interplay between the various branches of economics contributes to comprehensive understanding of how individual economic decisions and activities collectively shape the broader economic system. By studying both the branches and the forest, economists can gain insights into the intricate relationships.

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A hyperlink:
A. can tell you if the battery on your laptop is running low.
B. can run the grammar check function.
C. can take the user to an external Internet site.
D. can spell check your slide presentation.

Answers

Can run the grammar check function

Answer: C

Explanation:

Discuss the organizational barriers to communication.

Answers

Answer:

There are many barriers when it comes to organizational communication, otherwise organizational barriers in communication. To get to the point, there are environmental barriers, cultural barriers, decision-making barriers, remote working barriers, insecurity barriers, interpersonal communication barriers, and so on.

Explanation:

I hope this helps you!

What does it mean for a marketer to use an integrated promotional strategy?
A. Developing a promotional mix in which all methods work together
toward a shared purpose
B. Measuring success in terms of number of people who receive a message, customers' attitudes, and sales volume
C. Promoting products to end users, so they will persuade resellers
to carry the products
D. Promoting products to wholesalers and retailers, so they will in
turn promote to consumers
Please help

Answers

Answer:

the answer is A. Developong a promotional mix in which all methods work together toward a shared purpose.

Explanation:

In order to use an integrated promotional strategy by developing a promotional mix in which all methods work together toward a shared purpose. Thus, option 'A' is the correct option.

What is an integrated promotional strategy?

A strategy for communicating a consistent message via all the marketing platforms your brand employs is called integrated marketing. It offers uniformity no matter where clients choose to deal with a business. Without an integrated marketing plan, you run the danger of conveying conflicting information or speaking incoherently.

With the aid of an integrated content strategy, sales prospects may advance through the conversion funnel at their own speed and on their own terms. With awareness-raising and educational content like films, infographics, and whitepapers, your buyer's sales journey gets started. A coordinated strategy, overall corporate goals, and company values are followed by all channels of marketing communications under an integrated approach.

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Regarding the historical development of employment law in the U.S., which of the following statements is true?Group of answer choicesOver time, most exceptions to employment at will have been eliminatedAll of the aboveMost employment laws were passed with little conflict, since the need for these laws was evident to employers, employees and legislators.Most federal employment laws were passed in the first half of the 19th century in response to growing industrializationThe earliest employment laws focused on racial discriminationNone of the above

Answers

The true statement is Most federal employment laws were passed in the first half of the 19th century in response to growing industrialization.

What is industrialization?

The transition of a human population from an agrarian society to an industrial one is known as industrialization. It is a part of a wider modernization process, where social change and economic development are closely related. It is the comprehensive management of an economy for manufacturing.. It is characterized by a transition from traditional manual labor to efficient machinery and mass production. Industrialization also involves creating an infrastructure of transportation networks, communication systems, and power plants. Industrialization has led to increased productivity and a higher standard of living for many people.

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Magnificent Blooms is a florist specializing in floral arrangements for weddings, bo graduations, and other events. Magnificent Blooms has a fixed cost associated with space and equipment of $100 per day. Each worker is paid $50 per day. The daily production § function for Magnificent Blooms is shown in the accompanying table. © Macmil Submit All Quantity of labor (workers) 0 1 2 3 4 5 a. Calculate the marginal product of each worker. Quantity of floral arrangements 0 5 9 12 14 15 Marginal product Quantity of labor (workers) 1 2

Answers

The marginal product of each worker for Magnificent Blooms is as follows: Worker 0: N/A: Worker 1: 5: Worker 2: 4: Worker 3: 3: Worker 4: 2: Worker 5: 1

To calculate the marginal product of each worker for Magnificent Blooms, we need to determine the change in the quantity of floral arrangements resulting from each additional worker.

Here's how to calculate the marginal product for each worker:

Worker 0: Since there are no workers (0 workers), the quantity of floral arrangements is 0. Therefore, the marginal product for worker 0 cannot be calculated.

Worker 1: The quantity of floral arrangements with 1 worker is 5. To calculate the marginal product for worker 1, we subtract the quantity of floral arrangements with 0 workers from the quantity with 1 worker: 5 - 0 = 5.

Worker 2: The quantity of floral arrangements with 2 workers is 9. To calculate the marginal product for worker 2, we subtract the quantity of floral arrangements with 1 worker from the quantity with 2 workers: 9 - 5 = 4.

Worker 3: The quantity of floral arrangements with 3 workers is 12. To calculate the marginal product for worker 3, we subtract the quantity of floral arrangements with 2 workers from the quantity with 3 workers: 12 - 9 = 3.

Worker 4: The quantity of floral arrangements with 4 workers is 14. To calculate the marginal product for worker 4, we subtract the quantity of floral arrangements with 3 workers from the quantity with 4 workers: 14 - 12 = 2.

Worker 5: The quantity of floral arrangements with 5 workers is 15. To calculate the marginal product for worker 5, we subtract the quantity of floral arrangements with 4 workers from the quantity with 5 workers: 15 - 14 = 1.

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Antiques ‘R’ Us is a mature manufacturing firm. The company just paid a dividend of $11.60, but management expects to reduce the payout by 5.25 percent per year, indefinitely. If you require a return of 11 percent on this stock, what will you pay for a share today?

Answers

If you require a return of 11% on this stock, you would be willing to pay approximately $191.13 for a share of Antiques 'R' Us today.

To determine the current share price of Antiques 'R' Us, we can use the dividend discount model (DDM) which calculates the present value of future dividends.

Given:

Dividend just paid = $11.60

Dividend reduction rate = 5.25% per year

Required return = 11%

We need to find the present value of future dividends to calculate the current share price.

Step 1: Calculate the expected dividend in the next period:

Expected dividend in the next period = Dividend just paid × (1 - Dividend reduction rate)

Expected dividend in the next period = $11.60 × (1 - 0.0525) = $11.60 × 0.9475 = $11.007

Step 2: Calculate the present value of future dividends:

Present value of future dividends = Expected dividend in the next period / (Required return - Dividend reduction rate)

Present value of future dividends = $11.007 / (0.11 - 0.0525) = $11.007 / 0.0575 = $191.13

Step 3: Calculate the current share price:

Since the dividend reduction rate is applied indefinitely, the current share price is the present value of future dividends.

Current share price = $191.13

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Which of the following answers is a concept? . Firms b. Students c. Customer satisfaction O d . These are all examples of ' concepts ' .

Answers

C is the correct answer because the two other things are a person and place

Project: When It All Goes Wrong on Wall Street

Assignment Directions

1. Find a case which involved a bankrupt or closed securities firm, such as Enron or Lehman Bros. Research the case, and the
settlement. The easiest way to do this is to go to the SEC site, look at the regulatory actions against securities firms, and follow a
case. Here is the link ( sec.gov/spotlight/ enf-actions-fc.shtml or SEC Enforcement Actions, Addressing Misconduct That Led To or Arose From the Financial Crisis) to a current list of publicly traded companies that have been cited for SEC misconduct. As you can see, many of them are banks and securities firms and some of these firms are no longer in business. It is your job to research the firm and find out which ones on this list are no longer around. Then, follow the thread through the SEC, the courts,
and other reliable media such as Bloomberg, Wall Street Journal, or the New York Times. The most important thing to learn in
this assignment is how the enforcement process works. A second aspect of your research should include noting the stock price of this public firm before the regulatory actions and ultimate demise of the firm, and what the shareholders ended up receiving. You can find this information through the SEC enforcement reports and by using your browser to find historical information on share prices.

Submission Requirements

1. Write a report detailing the company that failed and what caused the failure. Describe the economic value and the cost to individual investors from a human perspective. Discuss how the regulatory system for securities worked or didn’t work and why. Was there any legislative or regulatory change because of this failure? Were there changes in society?

2. Your report should be 3 to 4 pages, double-spaced with 1-inch margins, and contain quantitive loss information from the failure (in other words the math), as well as a detailed narrative as to what went wrong. It also must show how the regulatory system for securities worked or didn’t work and why.

pls respond asap! will give brainliest :)

Answers

Answer: was

Explanation:

Assuming that everything else is equal, select the bond that most likely pays a higher Interest rate:

a. A bond issued by a government that is engaged in a civil war.
b. A bond issued by the government of Japan.

Which of the following statements about stocks are correct?

1. The Standard & Poor's 500 is an example of a stock index.
2. A corporation can increase the price of its stock by issuing additional shares of stock.
3. The corporation that issues stock raises revenue every time its stock changes hands on organized stock exchanges.

Answers

Answer:

1. a. A bond issued by a government that is engaged in a civil war.

2. 1. The Standard & Poor's 500 is an example of a stock index.

Explanation:

A key part of the interest rate on a bond is the risk attached to the issuer of the bond. A government engaged in civil war is definitely riskier than the stable government of Japan because there is a chance that they might not even pay if they are defeated and a new government comes in. Such a government will therefore issue at a higher rate to cater for this risk.

The Standard and Poor's 500 is indeed an example of a stock index and it is used to gauge the performance of 500 large companies on various exchanges in the U.S. A corporation can either increase, decrease or maintain stock price by issuing stock so option 2 is wrong. Option 3 is wrong as well because trading stock on an organized exchange does not bring in any revenue for the issuing firm.

How does the HR department handle sourcing of staff and the hiring process?

One of the key forms that a new employee has to fill in upon joining a a company is form______
A. W-2
B. W-4
C. Workplace compensation form

You can directly source young temporary resources in large numbers with less cost time from ______
A.employee agencies
B.trade fairs
C. Universities

Answers

Answer:

C

Explanation:

new employee before joining a company has to to fill in or sign a contract and workplace compensation form

Answer:

C. Workplace compensation form

A.employee agencies

Explanation:

What is one strategy that can help a person avoid spending too much money
on interest when borrowing money?
A. Choosing a loan with a compound rather than simple interest rate
B. Choosing a credit card with a high minimum monthly payment
C. Choosing a loan with a simple rather than compound interest rate
ОО
D. Choosing a credit card with a low minimum monthly payment

Answers

Answer:

Concept: Business

Choosing a credit card with a low minimum monthly payment will lead to less spending

Answer:

I got C. Choosing a loan with a simple rather than compound interest rate

Explanation:

What is one strategy that can help a person avoid spending too much moneyon interest when borrowing money?A.

Which of the following are
examples of natural resources? (Check all that apply)
Gold
Fish
Factories
Money

Answers

Answer:

fish, gold

Explanation:

I just know trust me

Rita Rodriquez obtained a 24 month

Answers

Answer:

True

Explanation:

snce rita times 4 to the power of rodriquez is 24 then this is proven to be true

what is the minimum wage for SA

Answers

the new National Minimum Wage for South Africa has been made public by the Department of Employment and Labour. Starting on March 1st, 2023, the current minimum wage of R23,19 per hour will increase to R25,42 per hour (an increase of around 9,6%).

The minimal amount of compensation that an employer is compelled to pay wage earners for the job completed during a particular period, which cannot be reduced by a collective agreement or an individual contract, is referred to as the "minimum wage."The South African government may impose penalties on employers who fail to pay the minimum wage. If a defined weekly wage is used, the monthly wage is multiplied by 4.33. If an hourly rate is specified, it is computed as 4.33 times the weekly average.

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Why accounting is essential and how accounting currently impacts or relates to your life and professional or personal goals. Describe how you can practically apply one or more of the concepts you have learned, specific to the basics of financial accounting and financial accounting statements. Explore the differences between financial and managerial accounting, using either your work or the business you work for, or how you can apply each accounting to your personal life and goals regarding budgeting, spending, and saving.

Answers

Accounting is essential because it is the language of business. It provides a systematic way to record, analyze, and communicate financial information, allowing businesses and individuals to make informed decisions regarding their financial activities.

Accounting helps in tracking income, expenses, assets, and liabilities, and provides a basis for measuring profitability, evaluating financial health, and ensuring compliance with financial regulations.

In my personal and professional life, accounting impacts me in several ways. Personally, I use accounting principles to manage my personal finances, budgeting my income, tracking expenses, and setting financial goals. It helps me understand where my money is going, identify areas where I can save, and make informed decisions about investments or large purchases.

In my professional life, understanding accounting is crucial for financial planning, budgeting, and reporting. It helps me analyze the financial performance of my organization, assess profitability, and make strategic decisions based on financial data. I rely on financial accounting statements, such as the income statement, balance sheet, and cash flow statement, to gain insights into the company's financial position and performance.

Applying the concepts of financial accounting, I can practically utilize the knowledge in several ways. For example, I can use financial statements to assess the financial health of a potential investment or evaluate the financial stability of a company I'm considering working for. I can also use financial ratios and analysis techniques to compare companies within the same industry and make informed investment decisions.

Regarding the differences between financial and managerial accounting, financial accounting focuses on providing financial information to external stakeholders such as investors, creditors, and regulatory authorities. It follows generally accepted accounting principles (GAAP) and produces financial statements that adhere to specific reporting standards.

On the other hand, managerial accounting is used internally within an organization to provide information for managerial decision-making. It focuses on providing detailed information to managers to aid in planning, controlling, and decision-making processes. Managerial accounting allows managers to analyze costs, budgeting, performance evaluation, and forecasting.

In my personal life, I can apply financial accounting principles to manage my personal budget, track my expenses, and assess my financial goals. This helps me understand my financial position, control my spending, and make adjustments to ensure I am on track to meet my objectives.

Managerial accounting can be applied to personal life by using cost analysis techniques to make decisions about purchases or evaluating the cost-effectiveness of different options. For example, when considering buying a new car, I can analyze the total cost of ownership, including purchase price, maintenance, and fuel expenses, to make an informed decision.

In conclusion, accounting is essential for both personal and professional financial management. Understanding the basics of financial accounting and financial accounting statements enables individuals to make informed decisions about their finances, while also providing valuable insights for organizations to assess their financial performance and plan for the future. By applying accounting concepts, we can effectively budget, spend, and save, both in personal and professional settings.

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Budgets are created to be used on a short-term basis. Which of the following is true about budgets?

A. They encompass the entire organization.

B. They are used for specific projects.

C. They are released quarterly.

Answers

Answer:

they encompass the entire organisation

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