The student's statement is not entirely correct. The basis of accounting used by a company does not depend solely on whether an expense is debited to an expense or asset account for future rent or insurance services.
The cash basis of accounting recognizes transactions only when cash is received or paid, while the accrual basis of accounting recognizes transactions when they occur, regardless of when cash is received or paid.
For example, suppose a company pays $12,000 for an insurance policy that covers the next 12 months. A company using the cash basis of accounting would record the entire $12,000 as an expense when the payment is made. On the other hand, a company using the accrual basis of accounting would record a prepaid asset account for the amount paid and would then recognize the expense over the next 12 months as the insurance coverage is used.
Examples of assets that expire and are converted into expenses include supplies, prepaid insurance, and depreciation. For instance, when a company purchases supplies, it is initially recorded as an asset, but as the supplies are used up, the asset account decreases and an expense account is increased. Prepaid insurance works similarly, where the expense is recognized as the coverage period elapses. Depreciation is recognized as an expense as an asset is used up over its useful life.
On the other hand, some liabilities become revenues as they are earned. For instance, unearned revenue, where customers make advance payments for goods or services, is initially recorded as a liability. As the company delivers the goods or services, the liability account decreases, and the revenue account increases.
The adjusted trial balance accounts should be extended to the Income Statement and Balance Sheet columns of the worksheet as follows:
Income Statement:
Service revenue: $10,000
Utilities expenses: $1,000
Net loss: $2,000
Balance Sheet:
Notes payable: $2,000
Accounts receivable: $5,000
Accumulated depreciation: $2,000
Drawings: $500
Capital: $20,000
Equipment: $5,000
Copyrights: $3,000
The closing entries for the temporary accounts are as follows:
Debit: Service revenue $97,500
Credit: Income summary $97,500 (to transfer the revenue balance to the income summary account)
Debit: Income summary $9,900 (to transfer the total expenses and losses balance to the income summary account)
Credit: Interest expense $7,700
Credit: Net loss $2,200
Debit: Income summary $87,600
Credit: Retained earnings $87,600 (to close the income summary account to the retained earnings account)
The current assets section of the balance sheet, listing the accounts in proper sequence, would be:
Cash: $4,100
Debt investments (short-term): $6,700
Supplies: $5,200
Prepaid insurance: $3,600
Accounts receivable: $12,500.
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a foreign-made household appliance is popular and is highly competitive with the same product manufactured domestically. to give the domestic industry a better chance to operate profitably, the government restricts the number of these appliances that can be imported by applying a(n) . group of answer choices
To give the domestic industry a better chance to operate profitably, the government restricts the number of these appliances that can be imported by applying a(n) import quota. So, correct option is A.
The government may use a variety of trade policies to protect domestic industries from foreign competition. In this scenario, the government is restricting the number of foreign-made household appliances that can be imported to support the domestic industry's profitability.
To accomplish this, the government would likely apply an import quota, which is a limit on the quantity of a particular good that can be imported over a specified period.
An import quota restricts the supply of imported goods, which can drive up the domestic price and reduce the competition faced by domestic producers. This policy can help to support the domestic industry by increasing demand for domestic products and reducing the competition faced by domestic producers.
In contrast, an embargo is a complete ban on trade with a particular country, which is typically imposed for political reasons. A protective tariff is a tax on imported goods designed to make them more expensive relative to domestic products.
A revenue tariff is a tax imposed on imported goods primarily to raise government revenue, rather than to protect domestic industries.
Therefore, correct option is A.
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Complete question is:
A foreign-made household appliance is popular and is highly competitive with the same product manufactured domestically. To give the domestic industry a better chance to operate profitably, the government restricts the number of these appliances that can be imported by applying a(n) ________.
A) import quota
B) embargo
C) protective tariff
D) revenue tariff
Daniela's company has decided to allow employees to work from home. What can the company use to let employees continue to meet and collaborate on group projects? A. Web conferences B. Text messaging C. Email messages D. Podcasts
Daniela's company can use Web conferences to let employees continue to meet and collaborate on group projects while working from home. This will enable real-time communication and collaboration, making it an effective solution for remote work. The correct option is A.
Web conferences are online meetings that allow participants to communicate and collaborate in real time from different locations using video, audio, and chat features.
Web conferences can be accessed through a web browser or specialized software, and they allow users to share screens, documents, and presentations.Web conferences are a useful tool for remote teams, as they can help keep employees engaged and connected, even if they are not in the same physical location. They can be used for a variety of purposes, including team meetings, project updates, brainstorming sessions, and training sessions.Other options mentioned such as text messaging, email messages, and podcasts, may not be as effective for collaborative group projects as they lack the real-time interactivity and visual communication capabilities of web conferences. The correct option is A.
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Knowledge Matters VB Personal finance Buying a Home Math Quiz
Knowledge Matters VB Personal Finance aims to teach students important financial skills and help them make informed decisions about their money, both now and in the future.
Knowledge Matters VB (Virtual Business) Personal Finance is a computer-based educational software designed to teach students financial literacy and money management skills in a fun and interactive way. The program simulates real-world financial scenarios that students might face in their everyday lives, such as creating a budget, saving for retirement, buying a car, and investing in the stock market.
Through the program, students can learn and practice a variety of financial skills, including:
Budgeting and Money Management: Students can learn how to create and manage a personal budget, track their spending, and save money for future expenses.
Banking and Credit: The program teaches students how to manage a checking and savings account, use credit cards responsibly, and build good credit.
Investing and Retirement: Students can learn about investing in the stock market, mutual funds, and retirement accounts like IRAs and 401(k)s.
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A corporation has issued $100 par, 8% cumulative convertible preferred stock, callable at par. The preferred is convertible into 1.4 shares of common stock. Currently, the preferred stock is trading at $102 while the common stock is trading at $75.50. The corporation calls the preferred stock at par plus accrued dividends of $2 per share. If a customer buys 100 preferred shares, converts, and then sells the common stock in the market, the profit is (ignoring commissions):_________
a. tender offer
b. forced conversion
c. advance refunding
d. simultaneous transaction
a. The profit the investor made when he sold the common stock shares in the market is $370.
b. The investor sold the 140 common stock shares through a. tender offer.
A tender offer is made when the investor is approached by another investor in the open market to buy the 140 common stock shares. In this instance, the shares are sold at the prevailing market price.
Data and Calculations:
Par value of cumulative convertible preferred stock = $100
Dividend rate per year = 8%
Current price of preferred stock = $102
Number of shares of preferred stock bought = 100
Total cost of purchase = $10,200 (100 x $102)
Sales price of common stock = $75.50
Number of common stock shares converted = 140 (100 x 1.4)
Sales proceeds from sale of common stock = $10,570 ($75.50 x 140)
Profit made by investor = $370 ($10,570 - $10,200)
Thus, the sale of the common stock shares was not by forced conversion, advance refunding, simultaneous transaction, but by a tender offer.
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In a recent annual report, Lexmark, a developer, manufacturer, and supplier of printing and imaging solutions for offices and homes, made the following statement:
"One of the most important metrics for Lexmark is our hardware revenue growth because sales of hardware drive our future sales of supplies, which is the profit engine for Lexmark."
Would Lexmarkâs hardware growth be considered a leading or a lagging indicator? Why?
Lexmark's hardware growth would be considered a leading indicator. This is because sales of hardware drive future sales of supplies, which is the profit engine for Lexmark.
As a leading indicator, Lexmark's hardware growth can be used to predict future performance and make strategic decisions accordingly. In other words, if Lexmark's hardware sales are growing, it is likely that their supplies sales will also grow in the future, leading to increased profits for the company. Therefore, monitoring Lexmark's hardware growth is an important metric for the company to track in order to make informed business decisions.
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Exercise 11−14 A Product cost flow and financial statements Loveland Manufacturing Company was started on January 1, Year 1. The company was affected by the following events during its first year of operation. 1. Acquired $2,400 cash from the issue of common stock. 2. Paid $720 cash for direct raw materials. 3. Transferred $480 of direct raw materials to work in process. 4. Paid production employees $720 cash. 5. Paid $360 cash for manufacturing overhead costs. 6. Applied $294 of manufacturing overhead costs to work in process. 7. Completed work on products that cost $1,200. 8. Sold products that cost $960 for $1,680 cash. 9. Paid $480 cash for selling and administrative expenses. 10. Made a $60 cash distribution to the owners. 11. Closed the Manufacturing Overhead account. Required a. Record these events in a horizontal statements model. The first event is shown as an example. b. Prepare a schedule of cost of goods manufactured and sold.
Cost of Goods Sold (COGS) is an important financial metric that represents the direct costs incurred in the production of goods or services that have been sold by a company during a specific period. It includes all the costs directly associated with the production or purchase of the goods that are ultimately sold to customers.
a. Here's a horizontal statements model for the events described:
Events Cash Accounts Receivable Inventory Common Stock Work in Process Manufacturing Overhead Finished Goods Cost of Goods Sold Selling and Administrative Expenses Retained Earnings
1 +$2,400 +$2,400
2 -$720 +$720
3 -$480 +$480
4 -$720
5 -$360
6 -$294 +$294
7 -$1,200 +$1,200
8 +$1,680 -$960 +$960
9 -$480 -$480
10 -$60 -$60
11 -$294 +$294
b. Schedule of Cost of Goods Manufactured and Sold:
Amount
Direct raw materials $720
Direct labor $720
Manufacturing overhead applied $294
Total Manufacturing Costs $1,734
Add: Beginning work in process $480
Total cost of work in process $2,214
Deduct: Ending work in process -$1,200
Cost of goods manufactured $1,014
Add: Beginning finished goods inventory $0
Total cost of goods available for sale $1,014
Deduct: Ending finished goods inventory -$960
Cost of goods sold $54
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the payment of cash owed to suppliers for purchases recorded earlier includes a decrease to
The payment of cash owed to suppliers for purchases recorded earlier includes a decrease to accounts payable.
When a business makes a payment to suppliers for purchases that were previously recorded, it results in a decrease to the accounts payable account on the company's balance sheet. Accounts payable represents the amount of money owed by the business to its suppliers for goods or services received on credit.
Initially, when a company makes a purchase from a supplier on credit, the transaction is recorded by increasing the accounts payable balance, reflecting the liability to pay the supplier at a later date. This creates an obligation for the company to settle the outstanding amount.
When the company subsequently pays the supplier in cash, it reduces the accounts payable balance by the amount of the payment. The payment serves to settle the liability and fulfill the financial obligation, resulting in a decrease in the accounts payable balance.
Ultimately, the payment of cash owed to suppliers for recorded purchases decreases the accounts payable balance, reflecting the reduction in the company's outstanding debts to its suppliers.
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An apprentice involves _____
A. Hands-on experience in a skill
B. Extensive internet research
C. Classes at a vocational-technical center
D. A four-year degree
Answer:
the answer is a
Explanation:
An apprentice is someone following the in print 18 around and doing what they're doing just less important things
Answer:
a
Explanation:
took the unit test
Maxine and her friend Alice share a love of listening to music from England. They spend
plenty of sleepovers listening to their favorite bands and are always sharing new songs or
artists with each other.
One day, Alice excitedly tells Maxine her dad bought her tickets to a huge music festival in
England where some of their favorite bands will play. Plus, she has a ticket for Maxine, and
Alice's dad said he'll cover half of Maxine's airfare. The other half is only $412. Maxine feels
like this is a once-in-a-lifetime opportunity. Should Maxine use her emergency fund to take this super rare opportunity? Explain your reasoning.
Based on the given information Maxine should not use her emergency fund to take this super rare opportunity as it is intended to use in an unforeseen situation.
What is an emergency fund?
An emergency fund is said to be savings that an individual intended do in order to meet challenges that are not predictable and unforeseen for them.
An emergency fund shouldn't be used for a planned vacation or other predictable expenses; rather, it should only be used in the event of an unexpected event. You don't have to deprive yourself of small comforts in life.
In the given case, the music concert is not an unforeseen event is a planned vacation so the emergency fund should not be utilized.
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A household that cuts back on supermarket spending after going over budget on its food expenses is using the budget as a(n)
A household that cuts back on supermarket spending after going over budget on its food expenses is using the budget as a controlling tool.
The management can use the budget as a tool to aid in planning and controlling activities. The quantitative statement that is created and approved before a specific time period is referred to as a budget. It denotes the course of action to be taken while the goal is being achieved. There are numerous functional budgets created for diverse objectives, including:
Sales budget - Estimated sales for the budgetary period.Production budget - Annual production funds required.Material budget - Estimated raw material costs for product-wise production are included in the material budget.Labor budget - Estimate of the number of workers needed to manufacture a product.Distribution overheads - This section specifies the selling and distribution costs that will be incurred throughout the budgetary period.Cash budget - Estimate of cash payments and receipts for the foreseeable future.
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A neighbor’s kid comes into your backyard and jumps on the trampoline without your permission or knowledge. He falls off and lands on his head, resulting in a week’s hospital stay.
The first step should making sure such child receives proper medical attention. When he is well, we can have a conversation with the neighbor to prevent it from happening again..
What should be done in the event?It is very important to prioritize the child's health in this situation and once the medical attention has been sought, we can have a calm and respectful conversation with the child's parent to discuss the incident for future interactions.
One can also review any legal liabilities or insurance policies that could be involved. So, by taking proactive steps to prevent similar incidents in the future can help maintain positive relationships with neighbors while ensuring everyone's safety.
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The practice of replacing promotional allowances with lower manufacturer list prices is known as ________ pricing. Multiple choice question. hi-lo odd-even everyday low uniform delivered
The practice of replacing promotional allowances with lower manufacturer list prices is known as Everyday Low Pricing.
Everyday Low Pricing (EDLP) is a marketing strategy where a company sets consistently low prices for their products, eliminating the need for promotional allowances. This means that consumers can purchase products at a lower price without having to wait for sales or promotions.
The concept of EDLP was introduced by Walmart in the 1990s and has since become a popular pricing strategy for many retailers. By offering low prices every day, retailers can attract customers who are looking for the best value for their money, as well as those who may be deterred by the confusion and complexity of promotional pricing.
In addition, EDLP helps to build customer loyalty by providing consistent pricing, making it easier for customers to budget and plan their purchases. This pricing strategy also allows retailers to reduce their promotional expenses, which can help to improve their bottom line.
However, it's important to note that EDLP may not be the best strategy for all businesses. For example, some retailers may benefit more from a promotional pricing strategy that creates a sense of urgency and encourages customers to make purchases. It's important for businesses to carefully consider their target market and their pricing goals before deciding on a pricing strategy.
The Question was Incomplete, Find the full content below :
the practice of replacing promotional allowances with lower manufacturer list prices.
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The shrimp cocktail appetizers for a large dinner party at a fine dining
establishment were stored at the wrong temperature and then served.
Several of the guests became ill. Who is most likely responsible?
А
Garde manger
B
Maître D
Prep cook
D
Patissier
C - Prep Cook is most likely responsible.
Who is most likely responsible?The garde manger is most likely responsible for the shrimp cocktail appetizers being stored at the wrong temperature and then served, resulting in several guests becoming ill.The garde manger is a specialized chef that is responsible for the cold food preparations, such as salads, hors d'oeuvres, and cold buffets. Therefore, it is the garde manger's responsibility to ensure that all food items are stored and served at the proper temperatures, as well as making sure that food is properly prepared and presented.The maître d' is responsible for the overall management of the dining room and ensuring that all the guests are served in a timely and professional manner, while the prep cook is responsible for preparing items such as vegetables, soups, and sauces.The patissier is responsible for baking items such as pies and cakes. In this case, the garde manger is most likely responsible for the shrimp cocktail appetizers being stored at the wrong temperature and then served, resulting in guests becoming ill.To learn more about the Prep Cook is responsible for the shrimp cocktail refer to:
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General motors frequently asks its employees to measure such things as supervisor effectiveness. This is an od technique known as ____.
Since, General Motors frequently asks its employees to measure such things as supervisor effectiveness. This is an of technique known as survey.
A survey is a technique for acquiring data from a sample of people by asking pertinent questions with the goal of comprehending populations as a whole. Everyone involved in gathering economy, from corporations towards the media to the government and academia relies on polls as a vital source of knowledge and insights.
Surveys are research techniques used to gather data from a designated group of respondents in order to learn more and acquire insights into a range of interesting topics. Depending on the research method chosen and the objective of the study, they can be conducted in a variety of methods and serve a variety of objectives.
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Analysis that moves from the parts to the whole is to _____ as analysis that moves from the whole to the parts is to _____.
Analysis that moves from the parts to the whole is Deductive Reasoning as
Analysis that moves from the whole to the parts is Inductive Reasoning.
Deductive reasoning is a logical process that starts from a general principle or premise and then uses that principle to draw conclusions about specific cases. It moves from the more general to the more specific.
Inductive reasoning, on the other hand, is a logical process that starts from specific observations or data and then uses those observations to draw general conclusions or hypotheses. It moves from the more specific to the more general.
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A person who does not have capacity to contract may later contract.
A. accept
B. disaffirm
C. counteroffer
D. enforce
Answer:
B.) Disaffirm
Explanation:
I just took it and got it correct
Answer:
B
Explanation: I just took it
Recording, classifying, and summarizing economic events in a logical manner for the purpose of providing financial information for decision making is commonly called Group of answer choices auditing. economics. finance. accounting.
Recording, classifying, and summarizing economic events in a logical manner for the purpose of providing financial information for decision making is commonly called accounting.
Accounting is a fundamental process in business and financial management. It involves systematically recording financial transactions, classifying them into appropriate categories, and summarizing the information to create financial statements such as the income statement, balance sheet, and cash flow statement. These financial statements provide a snapshot of a company's financial performance, position, and cash flows, enabling decision-makers to analyze and make informed decisions about the organization's operations, investments, and financial strategies.
While auditing, economics, and finance are related disciplines, each has its own distinct focus. Auditing involves examining and evaluating financial records and statements to ensure accuracy, compliance, and reliability. Economics studies the production, distribution, and consumption of goods and services within an economy. Finance, on the other hand, focuses on managing financial resources, investments, and the financial aspects of decision making. However, accounting serves as the foundation for providing the necessary financial information in these areas.
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A company is preparing its budgets for next year. The following regression equation has been found to be a reliable estimate of XYZ 's de-seasonalised sales in units: y=10x+150 Where y= total sales units and x refers to the accountancy period. What is the expected figure for actual sales in accounting period 19 ? a. 255 b. 150 c. 315 d. 340
While the expected figure is 340 based on the regression equation, real-world variations and uncertainties may impact the actual sales outcome.
Based on the given regression equation, y = 10x + 150, where y represents the de-seasonalized sales in units and x denotes the accountancy period, we can calculate the expected figure for actual sales in accounting period 19.
By substituting x = 19 into the equation, we get:
y = 10(19) + 150
y = 190 + 150
y = 340
Hence, the expected figure for actual sales in accounting period 19 is 340 units.
This means that based on the regression analysis and the provided equation, the company anticipates selling approximately 340 units in accounting period 19. It's important to note that this estimate assumes the reliability and accuracy of the regression equation in predicting sales.
The coefficient 10 indicates that for each increase of one unit in the accountancy period, the estimated sales increase by 10 units. The constant term 150 represents the intercept or the sales that would be expected if the accountancy period was zero.
The regression equation allows the company to estimate the sales figures by inputting the relevant accountancy period. In this case, for accounting period 19, the expected sales are 340 units.
However, it's crucial to recognize that regression analysis relies on historical data and assumes a linear relationship between the variables. Factors such as market conditions, customer behavior, and other external influences might affect actual sales and potentially deviate from the predicted figure. Therefore, while the expected figure is 340 based on the regression equation, real-world variations and uncertainties may impact the actual sales outcome.
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Name two things other than the 5 C’s that can affect pricing
5. The price of a laptop computer dropped from $1,800 to $1,200. What was the percent of
decrease?
a. 30%
b. 1/3
c. 33.33%
d. 333
Answer:
c. 33.33%
Explanation:
The original price was $1,800
The price dropped to $1,200
the drop in price was $1,800 - $1200 = $600
The percentage drop will be $600/$1800 x 100
=0.33333 x 100
=33.33%
please answer all questions and not only half :)
Mary's job position is being transferred to Lexington, Kentucky from Orlando. Florida. She and her husband George are currently renting their home in Orfando, beat they have decided that they want to
Mary and George have decided to sell their home in Orlando, Florida, as Mary's job position is being transferred to Lexington, Kentucky.
Selling their home in Orlando is a practical decision considering Mary's job transfer to Lexington, Kentucky. By selling their current home, they can avoid the challenges of managing a rental property from a long distance and potentially facing issues with tenants, maintenance, and property management. Selling the home would also free up their financial resources tied to the property and provide them with a lump sum of money that they can utilize for various purposes, such as purchasing a new home in Lexington or investing in other ventures. Furthermore, selling their home in Orlando may provide them with the opportunity to capitalize on any potential appreciation in the property's value. Real estate markets can fluctuate, and by selling at the right time, they may be able to secure a higher selling price, resulting in a financial gain. Additionally, if they have paid off a significant portion of their mortgage, selling the home would allow them to receive the equity accumulated over time, providing them with additional funds for their future plans. In conclusion, selling their home in Orlando is a logical decision for Mary and George, given Mary's job transfer and the potential benefits it offers, such as avoiding the challenges of long-distance property management and potentially capitalizing on the property's value appreciation.
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what is a perfect market?
Answer:
A Perfect market is
a market where the sellers of a product or service are free to compete fairly, and sellers and buyers have complete information: The internet has a big part to play in the creation of a perfect market. Compare. imperfect market.
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.
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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3.
housing needed to move to be near food sources.
a. portable
b. natural
c. permanent
Answer:
a
Explanation:
moving is portable
Technician a says that in a worm gear steering system, most excessive steering free play is usually found in the gearbox. technician b says that in a rack-and-pinion steering system, excessive free play can be found in the bushings. who is correct? choose one answer. a. technician a b. technician b c. both technician a and technician b d. neither technician a nor technician b
Answer:
b. technician b
Explanation:
Worm gear is the arrangement of gear like a worm in the vehicle. It has rack and pinion steering system. This setup provides smooth drive experience to the drivers. The excessive freeplay in such a setup is found in bushings.
What should a consumer consider when deciding whether to purchase a new insurance policy?
A. Whether it has the highest possible deductible compared to other policies
B. Whether it has the highest possible premiums compared to other policies
C. Whether its premiums are worth more than its potential benefits over time
D. Whether its potential benefits are worth more than its premiums over time
A customer should examine if the prospective benefits outweigh the premiums.
Option D. is correct.
Define insurance.An insurance policy is a contract in which a person pays a firm money in exchange for the company promising to pay cash if the individual is harmed or dies, or to compensate for the worth of lost or damaged property.
Over time, a customer should examine if the prospective benefits outweigh the premiums.
Option D. is correct.
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Which of the following is not required by lenders and investors?
master plan
b. organization plan
c. market analysis
d. financial analysis
a. master plan
Answer:
Master plan
Explanation:
The master plan of the following is not required by lenders and investors. The correct option is a.
What is the difference between an investor and lender?An accredited investor must make an investment in the housing loans that we write. The Fund has received a loan from a lender. He has a lower risk and thus a lower return.
It is not accurate to say that a master plan is not required by lenders and investors, as this can depend on the specific project and the preferences of the lender or investor. However, out of the given options, the organization plan is the one that is not typically required by lenders and investors.
A well-developed organizational plan can be helpful in outlining the structure and management of a company or project, but it is not a core component of financial analysis or investment decision-making.
Thus, the ideal selection is option a.
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an employee can be dismissed if their job surplus to requirements' outline why this state ment is false
Rudolph has worked tirelessly for his recent promotion. His efforts demonstrate he values
O courage
o achievement
O compassion
O relationships
Answer:
Correct answer is achievement I just did this quiz.
Explanation:
What role does product/service management play in marketing?.
Answer:
El Marketing de Servicios es un conjunto de tácticas que tienen como objetivo agregarle valor al servicio ofrecido, con el fin de persuadir al cliente para que opte por una determinada empresa. A través de una estrategia de Marketing de Servicios, es posible garantizar la máxima satisfacción de consumidores y usuarios
Explanation:
Answer:
✒️Answer:Product/service management is a marketing function that involves obtaining, developing, maintaining, and improving a product or service mix in response to market opportunities.
Explanation:
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