The phrase ""generally accepted accounting principles"" is an accounting term that.
Answers
The phrase "generally accepted accounting principles" is an accounting term that refers to the set of accounting principles, standards, and procedures that companies use to prepare their financial statements.
These principles are used to ensure consistency and transparency in financial reporting across different organizations and industries, making it easier for investors and other stakeholders to compare and analyze financial statements from different companies.Generally Accepted Accounting Principles (GAAP) set the standards for financial accounting in the United States. GAAP governs the way financial statements are prepared and presented.
It is a set of principles and procedures developed by the Financial Accounting Standards Board (FASB) and is used by companies to ensure their financial statements accurately reflect their financial performance.GAAP is designed to provide a standard framework that companies can use to produce financial statements that are consistent, reliable, and comparable. These principles are updated periodically to reflect changes in accounting practices and to ensure that they remain relevant and useful.
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Related Questions
PLS HELP WILL GIVE BRAINLIEST!!!!
The right to own a business is referred to as the right ___.
of free enterprise
of private property
of competition
of freedom of choice
to earn a profit
Answers
Of free enterprise
Explanation:
an economic system in which private business operates in competition and largely free of state control.
what is a types of mobility?
Answers
Mobility generally refers to the ability to move or be moved from one place, position, or situation to another. There are several types of mobility that can be categorized in various ways.
Here are some common types of mobility:
Geographic Mobility: This refers to the movement of people from one location to another. It can be either internal (within a country) or external (across international borders).Social Mobility: This refers to the movement of people between different social classes or positions in society. It can be upward (e.g., moving from a lower social class to a higher one) or downward (e.g., moving from a higher social class to a lower one).Intergenerational Mobility: This refers to the movement of individuals or families across generations in terms of their socioeconomic status. For example, if a child of parents with lower socioeconomic status becomes a professional and earns a higher income, this is upward intergenerational mobility.Occupational Mobility: This refers to the movement of individuals between different occupations or job positions. It can be horizontal (moving to a similar job position in a different company) or vertical (moving to a higher or lower job position).Educational Mobility: This refers to the movement of individuals between different levels of education or degrees. It can be upward (e.g., obtaining a higher degree) or downward (e.g., dropping out of school).Cultural Mobility: This refers to the movement of individuals or groups between different cultural contexts, such as through immigration or globalization. It can also refer to the ability to access and engage with different cultural forms and practices.To know more about mobility:
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One of the benefits of ics is that it provides an orderly systematic:.
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The main benefit of ICS is that it provides an orderly systematic planning structure or process.
When was the ICS established?ICS was established in the time of 1970s by the intra-agency of South California.
ICS stands for Incident Command System and is a highly developed military system that has replaced the management plan of other agencies. It has many benefits but one of the primary advantages of this system is to provide a systematic planning process.
Therefore, the planning function is one of the benefits of ICS in respect of the systematic process.
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How do computers convert physical signals into digital data?
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This is done by connecting a device called a modem to the digital computer. This process of converting a digital signal to an analog signal is known as modulation. On the receiving end, the incoming analog signal is converted back to digital form in a process known as demodulation.
computers convert physical signals into data by connecting a device called a modem to the computer.
Metallica Bearings, Inc., is a young start-up company. No dividends will be paid on the stock over the next nine years because the firm needs to plow back its earnings to fuel growth. The company will pay a dividend of $10 per share 10 years from today and will increase the dividend by 6 percent per year thereafter. If the required return on this stock is 10 percent, what is the current share price? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
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Answer:
$106.02
Explanation:
Div₀ - Div₉ = 0
Div₁₀ = $10 and then will grow by 6% forever
we must first determine the terminal value for year 9 using the dividend growth model:
P₉ = Div₁₀ / (Re - g) = $10 / (10% - 6%) = $10 / 4% = $250
now we shall discount this to present day value:
P₀ = $250 / (1 + 10%)⁹ = $250 / 2.3579 = $106.02
During year 1, albrecht sold his personal sport plane that had an adjusted basis to him of $112,000 to roy for $140,000. roy paid $40,000 as a down payment and agreed to pay $20,000 per year plus interest for the next 5 years. what is the amount of gain to be included in albrecht’s gross income for year 1?
Answers
Answer:
$8000
Explanation:
Given that:
Adjusted basis of sport plane = $112,000
Sales price = $140,000
Down payment = $40,000
Balance paid in $20,000 installment for the nest 5 years
Gross income:
Gross income = sales price - adjusted basis
Gross income = $140,000 - $112,000
Gross income = $28,000
Based on the installment payment of $20,000:
140,000/20,000 = 7
Gross income = $28000/ 7 = $4000
With down payment being 40,000
In year 1, down payment of $40,000 was made, which is 2 times the yearly installment amount.
Hence gross profit in year 1 = $4000 × 2 = $8000
Mention ONE other source of wealth other than inheritance
Answers
Answer:
Power is another source other than inheritance.
Hope this helped you!
Explanation:
highlight characteristics of itinerant traders
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Antonio runs an online retail site and wants to set up a sitewide tag to measure online conversions for his future Google Ad campaigns. He's already set up conversion actions and has Google Tag Manager managing tags on his site. Which tag type should he choose to complete this process?
Answers
Answer:
The answer is Conversion Linker tag.
Explanation:
Antonio should have set up Google Tag Manager on his website. If the case is, without changing the code on his page, he should choose the Conversion Linker tag additionally to his landing page URLs, which automatically identifies the lead source.
What is profit in an economic system?
A. Profit is the investment a producer makes in the economy to achieve financial gain.
B. Profit is the net change in the value of the economy due to an exchange.
C. Profit is the financial gain resulting from an exchange.
D. Profit is the investment a consumer makes in the economy to achieve financial gain.
Answers
Answer:
I think D is correct answer
The profit in the economic system is the investment made by the consumer for accomplishing the financial gain.
The information related to the profit is as follows:
It is the surplus that comes after deducting the cost from the revenue made. It is the investment that should be made by the consumer for attaining financial gain.Therefore all the other options are incorrect.
Thus we can conclude that profit in the economic system is the investment made by the consumer for accomplishing the financial gain.
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In which market would a producer sell bicycles to consumers?
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In the markets for goods and services, a producer would sell his bike for purchase by customers.
What is the market for goods and services?Consumers buy consumables on the products and services market, and firms sell their commodities there. The market encompasses physical stores, the Internet, and any other location where consumers can exchange products and services.
The trading of finished goods takes place here. Businesses receive payment from customers in exchange for goods. The consumer gives money to the business in a flow. In contrast to this, enterprises can buy the materials they need on the factor market to make an item.
The rule of supply and demand governs how much is produced and at what price in the market for products and services.
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the factor which determines whether or not goods should be included in a physical count of inventory is
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The factor which determines whether or not goods should be included in a physical count of inventory is:
a. legal title.
b. whether or not the purchase price has been paid.
c. management's judgment.
d. physical possession.
a. legal title
The legal title of the commodities is what determines whether or not they should be counted during a physical inventory. As a result, choice (A) is acceptable.
What is inventory?The term "inventory" describes the products and supplies that a company keeps with the intention of reselling, producing, or using them.
Defining the size, location, and shape of stocked commodities is a major focus of inventory management. Prior to the normal and scheduled course of production and stocking of materials, it is necessary at various points within a facility or at several sites of a supply network.
By defining work in process (or work in progress) broadly to mean "any work that is or has occurred prior to the completion of production," the concept of inventory, stock, or work in process (or work in progress) has been expanded from manufacturing systems to service firms and projects.
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Your question is incomplete, probably the correct question is
The factor which determines whether or not goods should be included in a physical count of inventory is:
a. legal title.
b. whether or not the purchase price has been paid.
c. management's judgment.
d. physical possession.
If the owner would like a margin of safety of 33 units, how many units would the store need to sell? Number of units to be sold units. How much operating income would it generate at this level of activity? Income The local jewelry store is running a special on gold bracelets for the month of February. Each of these bracelets sells for $82, but the jewelry store's cost for the bracelet is just $30. The salesperson earns a $4 commission on each bracelet sold. Fixed costs at the store run $2,304 per month. The store's sales volume is currently 60 bracelets each month.
Answers
To achieve a margin of safety of 33 units, the jewelry store needs to sell a total of 81 units. At this level of activity, the store would generate an operating income of $1,584.
The number of units the store needs to sell to achieve a margin of safety of 33 units, we need to determine the breakeven point.
Selling price per bracelet = $82
Cost per bracelet = $30
Commission per bracelet = $4
Fixed costs per month = $2,304
Current sales volume per month = 60 bracelets
The breakeven point, we'll use the formula:
Breakeven Point (in units) = Fixed Costs / (Selling Price per Unit - Variable Costs per Unit)
Variable Costs per Unit = Cost per bracelet + Commission per bracelet
Variable Costs per Unit = $30 + $4 = $34
Breakeven Point (in units) = $2,304 / ($82 - $34) = $2,304 / $48 = 48 units
To achieve a margin of safety of 33 units, the store needs to sell 48 + 33 = 81 units.
Now, let's calculate the operating income at this level of activity:
Operating Income = (Selling Price per Unit - Variable Costs per Unit) * Number of Units - Fixed Costs
Operating Income = ($82 - $34) * 81 - $2,304 = $48 * 81 - $2,304 = $3,888 - $2,304 = $1,584
At the sales volume of 81 units, the store would generate an operating income of $1,584.
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When making decisions, managers often must decide between doing what is beneficial for the firm in the short term, and what is beneficial for both the firm and society in the long term. To address this conflict, a firm must
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When making decisions, managers are often faced with a conflict between what is beneficial for the firm in the short-term and what is beneficial for both the firm and society in the long-term.
This conflict arises because the actions that benefit the firm in the short-term may not necessarily align with the interests of society as a whole, which can lead to negative consequences for both the company and society in the long-term.
To address this conflict, a firm must adopt a long-term orientation and consider the broader social and environmental impacts of its decisions. This means looking beyond immediate financial gains and recognizing that actions taken today can have far-reaching implications for the company's reputation, customer loyalty, employee morale, and overall sustainability.
Firms that prioritize social responsibility and sustainable business practices are more likely to build strong relationships with stakeholders, including customers, employees, investors, and regulators. They are also better equipped to weather economic downturns and other disruptions, as they have diversified their risk and invested in building resilient supply chains and communities.
Ultimately, the key to addressing the conflict between short-term gains and long-term benefits is a commitment to corporate social responsibility (CSR) and sustainable business practices. By prioritizing the needs of society and the environment alongside those of shareholders, firms can create value for all stakeholders over the long-term, ensuring their continued success and impact.
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Which members of OPEC would be the most likely to favor high oil prices now because of their small percentage of the world proven oil reserves
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The members of OPEC that would be in favor of high prices due to the small oil reserves that they have would be the countries in Africa
EcuadorAngolaTunisiaGabonWhat is OPEC?This is an organization of the petroleum producing countries of the world.
Due to a rise in the oil prices now, these nations would most likely be favored in the sales of their products
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A. How could Jeff's attitude toward social responsibility impact Perry's strategy? Justify your rationale with support from course materials.
B. Should Perry's Printing respond to this new strategic plan published by their competitor? Why or why not? Justify your opinion with support from course materials.
C. Porter identified one of the most commonly accepted definitions of strategy as "choosing a unique and valuable position, rooted in systems of activities that are difficult to match." In other words, differentiation is the key to strategy. If all competitors are choosing sustainability as part of their processes, can sustainability really be a strategy? Support your opinion with course materials.
Answers
A. Jeff's attitude towards social responsibility could impact Perry's strategy in several ways. Jeff's attitude might cause him to focus more on sustainable activities and reduce the cost of environmental harm, increasing Perry's Printing's revenue.
If Perry's Printing does not take into account this attitude in its approach, it may lose market share and revenue to competitors who are adopting sustainable activities. As a result, Perry's Printing may need to consider the effect of Jeff's attitude on Perry's Printing's plans to execute effective strategies that align with Jeff's attitudes.B. Perry's Printing should respond to this new strategic plan published by their competitor.
Perry's Printing should always respond to any strategic plan published by their competitor. Perry's Printing must always be aware of competitors and their strategic moves. The competitive strategy is developed using the principle of gaining a competitive edge in the market.
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The model of aggregate demand and aggregate supply explains the relationship between: _________
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The model of aggregate demand and aggregate supply explains the relationship between real GDP and the price level.
The aggregate demand/aggregate supply model depicts what determines total supply or total demand in the economy, as well as how overall demand and whole supply interact at the macroeconomic level. Aggregate supply, or real GDP, is the entire amount of product that businesses will generate and sell.
The entire amount spent on domestic goods and services in an economy is known as aggregate demand. A curve with an increasing slope that depicts the aggregate supply curve suggests that when the price per unit rises, a business will provide more. The supply curve ultimately becomes vertical, suggesting that a business can no longer produce at a given price point because they are constrained by certain inputs, such as the number of employees and the number of factories.
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the system of shifting itemized deductions into one year such that the amount of itemized deductions exceeds the standard deduction for the year, and then deducting the standard deduction the next year is known as
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Bunching is the practice of taking the standard deduction in the following year.
Itemized deductions are used by individual taxpayers to reduce their tax liability. These are expenses that are tax deductible and can be deducted from AGI to lessen a taxpayer's overall tax liability. The amount of a tax burden reduction that an individual taxpayer may be eligible for will ultimately depend on their tax bracket and filing status. Only taxpayers who qualify for standard deductions have access to these alternatives. A tax-deductible expense is one that is incurred by an individual taxpayer on a variety of goods or services with the sole purpose of deducting the cost from their federal income tax liability. This type of expense is known as an itemized deduction and can be claimed on FIT (federal income tax) returns.
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what would you type into the command line to learn what an index is
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To learn what an index is in the command line, you could type "man index" or "index --help" depending on the specific program or tool you are using.
To learn what an index is, you can use the "man" command in the command line, followed by the term you're looking for. In this case, you can type:
```
man index
```
This command will display the manual page for the term "index" if it exists, providing a concise and informative explanation. Keep in mind that the "index" term should be available as a command or a relevant entry in the manual pages.
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When a soft drink company and a mineral water company merge and then are able to supply a variety of drinking products they have formed a(n) merger.
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When a soft drink company and a mineral water company merge and are able to supply a variety of drinking products, they have formed a conglomerate merger.
A conglomerate merger is when two companies that are engaged in different businesses come together to form a single entity that can offer a range of products or services. In this case, the soft drink company and the mineral water company have merged to create a company that can supply various beverages. This merger allows the combined company to diversify its product offerings and potentially reach a wider customer base. By combining their resources, expertise, and distribution networks, the merged company can leverage economies of scale and gain a competitive advantage in the market.
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s about to declare bankruptcy. According to the ________, the company will still have to pay basic retirement benefits
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According to the Employee Retirement Income Security Act (ERISA), a company declaring bankruptcy is still obligated to pay basic retirement benefits promised to employees under an ERISA-qualified pension plan
The Employee Retirement Income Security Act (ERISA) is a federal law in the United States that sets standards for retirement plans and provides protections for employees' retirement benefits. ERISA applies to most private sector employer-sponsored pension plans.
Even if a company is declaring bankruptcy, the basic retirement benefits promised to employees under an ERISA-qualified pension plan are protected. These benefits are typically provided through defined benefit plans, where employees receive a specific benefit amount based on factors such as their years of service and salary history.
ERISA establishes certain requirements for funding and vesting of retirement benefits to ensure that employees receive the promised benefits. Even in bankruptcy, the company remains responsible for fulfilling its obligations under the ERISA-qualified pension plan, including the payment of basic retirement benefits.
It's important to note that the specific details and implications of a company's bankruptcy on retirement benefits can vary depending on the circumstances, such as the type of bankruptcy and the overall financial situation of the company. However, under ERISA, the protection of basic retirement benefits is a fundamental principle.
According to the Employee Retirement Income Security Act (ERISA), a company declaring bankruptcy is still obligated to pay basic retirement benefits promised to employees under an ERISA-qualified pension plan. ERISA provides protections for employees' retirement benefits and ensures that the company upholds its obligations even during bankruptcy proceedings. However, it's recommended to seek legal and professional advice in specific cases to fully understand the implications and protections related to retirement benefits in the context of a company's bankruptcy.
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In the united states what is the significance of April 15
Answers
Answer:
Hope it helps
have a good day Ahead
April 15th of the United States is Tax day
How many major OEMs manufacture Class 8 trucks
for the North American market?
Answers
Answer:
There are four major OMEs manufacturer trucks for the North American market
on february 3, smart company sold merchandise in the amount of 2100 to truman company, with credit terms of 1/10, n/30. the cost of the tiems sold is 1450. smart uses the perpetual inventory system and the gross method. truman pays the invoice on february 8 and takes the appropriate discount. the journal entry that smart makes on february 8 is
Answers
On February 8, Smart Company records the receipt of payment from Truman Company for merchandise sold on February 3. The journal entry reflects the reduction in accounts receivable and recognizes the cash received.
The journal entry made by Smart Company on February 8 will be as follows:
\(\[\begin{{align*}}\text{{Date}} & : \text{{February 8}} \\\text{{Account Title}} & : \text{{Debit}} & \text{{Credit}} \\\text{{Accounts Receivable}} &: \text{{\$2100}} & \\\text{{Sales Revenue}} &: & \text{{\$2100}} \\\text{{Cash}} &: \text{{\$2100}} & \\\text{{Sales Discounts}} &: & \text{{\$210}} \\\text{{Cost of Goods Sold}} &: \text{{\$1450}} &\end{{align*}}\]\)
In the first part of the entry, the accounts receivable is debited for the full amount of the sale ($2100), representing the reduction in the amount owed by Truman Company. The sales revenue is credited for the same amount, recognizing the revenue from the sale.
In the second part of the entry, the cash account is debited for the amount received, which is $2100. This reflects the actual cash received from Truman Company. The sales discount account is credited for the discount amount ($210), which is calculated by applying the discount rate of 1% (1/10) to the original sale amount.
Lastly, the cost of goods sold account is debited for the cost associated with the items sold, which is $1450. This reflects the reduction in inventory and the recognition of the cost of goods sold. Overall, this journal entry reflects the receipt of payment from Truman Company, the reduction in accounts receivable, and the appropriate recognition of revenue, cash, sales discount, and cost of goods sold.
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The disadvantages associated with a proprietorship are similar to those under a partnership. One exception relates to the more formal nature of the partnership agreement and the commitment of all partners' personal assets. As a result, partnerships do not have difficulty raising large amounts of capital.
a. True
b. False
Answers
Answer:
B
Explanation:
A sole proprietorship is when only one person runs a business
characteristics of a sole proprietorship
Unlimited liabilityOnly one person owns the businessLimited sources of capitalDoesn't exist perpetually.
A partnership is when at least two people come together to form a business
Features of a partnership :
1. Unlimited liability
2. Limited sources of capital as they cannot raises funds in the capital market.
One of the following lists constitutes the five Cs of credit. Select the correct one.
Character, capacity, capital, collateral conditions
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The correct list of the five Cs of credit is: Character, Capacity, Capital, Collateral, and Conditions.
These five Cs of credit are crucial factors that lenders consider when evaluating a borrower's creditworthiness. Character refers to the borrower's credit history and trustworthiness. Capacity assesses the borrower's ability to repay the loan based on their income and debt levels.
Capital examines the borrower's assets and net worth, which can act as a financial cushion in case of difficulties repaying the loan. Collateral represents the assets pledged by the borrower to secure the loan, which can be seized by the lender if the borrower defaults.
Lastly, conditions take into account external factors, such as the economic climate or industry trends, that may impact the borrower's ability to repay the loan.
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Provide the name of two business competitors that manufacture and sell the same product. Be sure to name the products.
Answers
Answer:
1. Coke vs Pepsi: product include Cold Beverage
2. Nike vs Reebok: product include sporting goods
the process address space has a gap in the middle of the process between the stack and the heap. explain why the gap is usually kept in the middle.
Answers
The gap between the stack and the heap in the process address space is typically kept in the middle to prevent either of them from overflowing into the other. The stack and heap are two different types of memory allocation used by a process, and they each have their own dedicated space in the process address space.
The stack is used for local variables and function calls, and it grows downward in memory from high addresses to low addresses. The heap is used for dynamic memory allocation, and it grows upward from low addresses to high addresses. By keeping a gap in the middle, the stack and heap can each grow without interfering with each other. This helps prevent stack overflow and heap overflow, which can cause a program to crash or behave unexpectedly.
In addition, the gap also provides some security benefits. It makes it more difficult for a stack-based buffer overflow attack to overwrite data in the heap, and vice versa. Overall, the gap between the stack and the heap is an important aspect of process memory management and helps ensure the stability and security of a program.
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a new developer joins the scrum team taking the total number to 11 people. as a scrum master, what should you do?A. Deliver a potentially releasable product Increment.B. Do all of the development work, except for design as the Designer is external to the team.C. Complete the project on time, on budget and within the defined scope.
Answers
The correct option is A. a new developer joins the scrum team taking the total number to 11 people. as a scrum master, Deliver a potentially releasable product Increment.
As a Scrum Master, the primary responsibility is to ensure the Scrum team is productive and adhering to the Scrum framework. With the addition of a new developer, the Scrum Master should ensure that the team remains on track to deliver a potentially releasable product increment at the end of each sprint.
This means ensuring that the team has the necessary resources, equipment, and support to complete the work within the sprint time-box. It is not the role of the Scrum Master to do the development work, and neither is it their responsibility to ensure the project is completed on time, on budget, and within the defined scope.
The Scrum framework is designed to manage complex projects, with the focus on delivering value, not meeting deadlines or staying within budget constraints.
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encourage consumption, demand for goods was stimulated by all of the following EXCEPT
a. a new abundance and variety of goods available.
b. increased business competition.
c. advertising.
d. the creation of consumer credit.
Answers
Correct option is b. Encourage consumption, demand for goods was stimulated by all of the following EXCEPT increased business competition. This was one of the primary reasons for the growth of consumer culture in the United States.
Companies began to make more products and advertise them more, resulting in increased demand for goods.In the 1920s, advertising was one of the key drivers of consumer culture. Advertisements created a desire for the new goods and services that were available, and they encouraged people to buy more and more. Companies began to use new technologies to create ads that were more compelling and persuasive than ever before.In addition to advertising, the creation of consumer credit was also an important factor in the growth of consumer culture.
People could buy goods and services on credit, which meant that they could acquire things that they couldn't afford to pay for all at once. This helped to increase demand for goods and services because people could buy more than they would otherwise be able to.A new abundance and variety of goods available were another factor in the growth of consumer culture. As companies made more products, people had access to a wider range of goods than ever before. This made it easier for people to find things they wanted and to satisfy their desires.
Overall, the growth of consumer culture was driven by a combination of factors, including advertising, consumer credit, and the availability of more goods and services. These factors worked together to encourage people to consume more and more, driving demand for goods and services ever higher.
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