Answer:
Expectancy Theory
Explanation:
Expectancy Theory is a motivation theory that explains that people could act in a particular way not because they want to but because of what they are expecting. Hence, they are not driven by the means but by the end result.
In summary, behavior is being motivated by reward expected.
In the scenario, it is stated that ''As long as he receives C grades or better, he maintains his current grade point average.'' The student will therefore strive to be put in average efforts that will at least earn him a C so that he can transfer back to MSU to avoid a drop in his grade point average otherwise he will unwilling to even attend the local community college.
Options:
Expectancy Theory
Objective-setting Theory
Equity Theory
Maslow’s Theory
Answer:
Expectancy Theory
Explanation:
I guess that this is a great example regarding Vroom's Expectancy Theory, since the student is trying to maximize his benefits while minimizing his efforts (or pains if you want).
Actually if Vroom would have been born a couple of centuries earlier, he would probably be considered one of the fathers of classical economics. One of the pillars of economics is that individuals are rational and they will all seek to maximize their benefits while reducing their costs.
Instead of economics, Vroom's theory focuses on employee motivation and how a company is basically the sum of each individual employee's performance. That is why it is so important to motivate employees and make them want to perform better.
In this case, the student knows he can get some extra credit by taking classes in a local community college that isn't as demanding as MSU. Since MSU only requires the transfer credits, the student knows that he doesn't need to worry about his grades. He is actually a fairly good student (3.2 average) and smart enough to know that a little extra effort during summer vacations can help him graduate earlier.
George is buying his first house. He has spent a month looking at houses and comparing attributes such as price and location. He has contacted several real estate agents to look at different types of houses. George is most likely exhibiting ________.
Answer:
Complex buying behavior
Explanation:
Complex buying behaviour is the behavior which is defined as the behavior that happen when the customer is highly involved with the purchase and when there are differences among brands.
And this behaviour could be linked with the purchase of the personal computer or a new home.
So, in this case, George is purchasing his first house and for that he contracted various agents to look for different kinds of houses. Therefore, he is most likely exhibiting the complex buying behavior.
Final answer:
George exhibits thorough decision-making skills by comparing house attributes and consulting various real estate agents, reflecting careful economic decision-making tailored to his personal needs and values.
Explanation:
George is most likely exhibiting thorough decision-making skills in the process of buying his first house. By spending a month comparing price and location, and contacting several real estate agents to look at different types of houses, he indicates a strategic and well-informed approach to a significant financial decision.
This behavior is aligned with sound economic decision-making, where individuals use knowledge and reasoning to make decisions that best suit their personal needs and values. This scenario also highlights the importance of comparisons and the impact of potential biases in the decision-making process, such as an anchoring bias, which could affect judgment if George were to focus heavily on one attribute, like price, without recognizing the full scope of what's available. The right real estate agent would provide comparables to ensure George is aware of all his options within his budget, adhering to his personal housing preferences.
Woods company uses the perpetual inventory system. At year end the general ledger indicated that this company had a balance of $ 46 comma 000 in the Inventory account. Actual inventory on hand per a physical count was $ 46500. What action does the company now need to take?
Answer:
the company needs to debit inventory and credit of cost of goods sold for $500
Explanation:
The perpetual inventory management systems update the inventory level continuously. Every time a sale or purchase of inventory occurs, the system adjusts the cost of goods sold. From time to time, a physical count is conducted to compare the actual inventory level with the values reported in the system. In the event of differences, appropriate measures are taken.
In this case, the physical count was valued at $46,500, while the system reports $46,000. Since the physical count is the true reflection of the inventory level, the accountant has to adjust the system to match the physical account. The system needs to be increased by $500. Inventory is an asset and will require a debit entry of $500 to match the physical count. Movements in inventory affect the cost of goods sold account. A debit on inventory will correspond with a credit entry to the cost of goods sold account.
The Woods company, using a perpetual inventory system, should adjust its general ledger Inventory account by writing off the $500 difference between the account balance and the actual physical inventory count. This will reflect accurate inventory, cost of goods sold and profit figures.
Explanation:In the situation described, where the Inventory account balance in the general ledger of the Woods company is $46,000, but the actual inventory on hand according to a physical count is $46,500, the company needs to make an adjustment. It seems like a shrinkage error has occurred, a common issue in the field of perpetual inventory management. Thus, the company should adjust the Inventory account in its general ledger by writing off the difference of $500. This adjustment is necessary to match the general ledger with the actual inventory, and to reflect the accurate cost of goods sold and profit figures in the business's financial statements.
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Finor Traps manufactures an innovative mouse trap. Total sales for the current year is $325,000. The company expects its sales to go up to $500,000 in five years. What is the expected growth rate in sales for this firm
Answer:
Using equation
F=P(1+i)^n
n=5
F=500,000
P=325,000
500,000=325,000(1+i)^5i
i=8.99%
Answer:
9%
Explanation:
to calculate the compounding growth rate we can use the future value formula:
future value = present value x (1 + r)ⁿ
future value = $500,000present value = $325,000r = growth rate compounded yearly = ?n = 5 years$500,000 = $325,000 x (1 + r)⁵
(1 + r)⁵ = $500,000 / $325,000 = 1.53846
1 + r = ⁵√1.53846 = 1.08997
r = 1.08997 - 1 = 0.08997 or 8.997%≈ 9%
Even though the present value formula is used to calculate compounding interest rate, it can also be used to calculate compounding growth rate.
There are three simple procedures that small business owners should do on a timely basis to prevent fraud when they can't afford sufficient employees to guarantee effective segregation of duties. Which of the following is not one among them?a. Pay everything by check so that there is a record.b. Always open the bank statement and reconcile it themselves.c. Allow one key employee to operate the bank account personally.d. Sign every check themselves and not delegate the signing to anyone else.
Answer:
The answer is:
c. Allow one key employee to operate the bank account personally.
Explanation:
The following procedures are to prevent fraud and ensure internal control that small business owners should:
a. Pay everything by check so that there is a record.
b. Always open the bank statement and reconcile it themselves.
d. Sign every check themselves and not delegate the signing to anyone else.
However, the procedure in the answer c is unnecessary because the account management usually doesn't take so much resources for a small business owner.
Answer: C: Allow one key employee to operate the bank account personally
Explanation:
When a small business owner cannot guarantee effective segregation of duties, key things are important to reduce or eliminate risks of fraud.
1. Effective record keeping is important fo every business and hence paying through checks would ensure to create a track record of every payments done by you. Doing this avoids unreasonable expenses as well as cash shortages.
2. Since, you can't afford sufficient employees, it's important that only you sign every check issued out to maintain order and successive track record, this would also greatly avoid falsified inventories
3. To avoid fictitious records or cases where values are overstated to match profits, it's important taht only you open the bank statements and operate bank accounts personally.
There is high risk of fraud mainly when internal controls can be overridden
Which kind of stock would you expect to pay the higher average return: stock in an industry that is very sensitive to economic conditions (such as an automaker) or stock in an industry that is relatively insensitive to economic conditions (such as a water company)
Answer:
Risk return you expect to pay high average return since it will give us better economic conditions.
For your next print mail campaign, you learn that the cost to print 5,000 postcards is $4,800 and cost to print 15,000 is $5,500. What is the marginal (extra) cost per postcard for the additional 10,000?
Answer:
$0.07
Explanation:
Given that
Initial price = 4800
Current price = 5500
Initial quantity = 5000
Current quantity = 15000
Recall that
Marginal cost = (change in price) ÷ (change in quantity)
Thus
MC = (5500 - 4800) ÷ (15000 - 5000)
= 700 ÷ 10000
= $0.07
Note that, marginal cost refers to the extra cost added in producing 1 additional unit of product or output
Answer: 7 cent
Explanation:
The term marginal cost refers to the additional cost incurred by producing one more unit of a good or service. Therefore, marginal cost is the change in the total cost of an item when the output increases by a unit.
In the scenario above,
Cost of printing 5000 postcards = $4,800
Cost to print 15000 post cards = $5,500
Tha marginal cost per postcard for the additional 10,000 postcards will be :
Change in total cost :
$5,500 - $4,800 = $700
Change in quantity :
15,000 - 5,000 = 10,000
Marginal cost per unit :
$700 / 10,000 = $0.07
$0.07 = 7 cent
Marginal cost per unit = 7 cent
With the increased usage of cell phone services, what should we expect to have happened to the price elasticity of demand for land-line telephone services? Group of answer choices It has become more income elastic It has become more price inelastic. The absolute value of the price elasticity coefficient has probably gone down. It has become more price elastic.
Answer:
It has become more price inelastic
Explanation:
Elasticity of demand for any good can be defined as degree of responsiveness of any good with respect to change in demand factors like price or income. Hence it signifies consumer sentiments as how will the goods demand change when there is change in price.
Highly elastic goods mean that with slight change in price there is large change in demand of good.
Highly inelastic goods mean any change in demand factor like income, price will not affect the demand of the goods.
Now going for landlines telephone. With the widespread use of mobiles phones, usage of landline phones has decreased significantly. Hence any change in price for landlines is not going to affect it demand as very few people are using it.
Using the above mentioned rational we can say that It has become more price inelastic is the most suitable answer.
What is expected of a new salon employee and what are two things you must do every day? 2. What are six habits of a good team player? 3. What are the three most common methods of salon compensation you are likely to encounter? 4. What are five principles of selling salon products and services? (Explain them.) 5. What are six ways you can work to expand your client base?
Answer:
1.
As an employee working for a salon, it is necessary to have understandings and skills related to this job. They should have hair care skills to provide services for customers such as: washing, cutting, dyeing, etc. In addition, they also need to have good working attitude, which includes being on time for their shifts, being friendly, respectful to the customers. As a service provider, they should also be customer-oriented, which means prioritize the benefits of customers.
2.
A good team player is the one who have both good individual skills and the team-oriented attitude as well. So that they tend to have these habits:
+) The first one is they need to strive to help. This reflects their attitude to contribute as a team and help each other rather than just look for personal achievement.
+) Second one is to pitch in, start doing something as a group, put the responsibility for and the benefit of the whole group on top.
+) The next one is share your knowledge. Sometimes, in a group, the field of understanding of each member is different. It is necessary to share the knowledge to assure that other people can also understand what you gonna do to have appropriate adjustment or support if necessary. This can also help team members all gain.
+) The fourth one is to have positive mind. The more optimistic and future-focused a member the better they perform at work. And this attitude also helps lift the enthusiasm as well.
+) The fifth one is being willing to resolve conflict. As conflicts are unavoidable in team work due to the difference in many aspects of people. A good team player tends to be more willing to resolve conflict as it could affect the work efficiency.
+) The last one is to be willing to be subordinate and loyal. This could help remain the team spirit well and make a team player become a good listener. Even when they are wrong or have no idea, it is essential that they are willing to be subordinate rather than just want to lead everything.
3.
Three most common methods of salon compensation could be salary, commission, and salary plus commission.
Salary is the fixed amount that the employees receive when fulfilling all of their duties. The job and salary are usually discussed and accepted by both sides before they start working.
The commission is the money the employees receive, which is calculated by the level of completion of the job.
Salary plus commission are used when the employees can earn sales or create added value to the business of the firms - which is higher than the required level of their duties.
4.
Five principles of selling salon products and services are:
+) First, be familiar and have understanding about each product's feature, benefits, effect as well as the other services. This is to assure that they can sell and recommend the right one that the customers need.
+) Second, try to adapt the technique to meet the needs of each client. The clients demand and personality varies so that their needs are different, for example some are willing to have more recommendation to buy, some are easily confused and uncomfortable instead.
+) The third one is asking questions determining the need to generate the customer's interest in products or services.
+) The fourth one is never underestimate the client's knowledge. Despite the fact that there are still customers do know much about beauty knowledge, you should never assess it and try to show your respect to the customer's understanding.
+) The last one is keeping relaxed and friendly manner when having a sales talk. This could make the conversation more comfortable and please the client.
5.
To expand the client base, you should focus much on the customer services and try to deliver the value to the customers. This can be enacted in these ways:
+) Membership: Provide frequent customers with membership to obtain added benefits.
+) Provide consistently great services and products in all aspects, not focus on particular things.
+) Be respectful to the customers and each other within the business.
+) Connection: try to connect more with your clients to make them feel they are cared.
+) Be positive as people are always moving towards and attracted by the enthusiasm and optimism.
+) Focus on making the salon image reliable to keep the repeat customers.
In the context of team compensation and recognition,__________remunerate employees for acquiring expertise that they will need to perform multiple jobs within a team and for sharing knowledge with others within their work groups.
Answer:
Skill based pay programs
Explanation:
Skill based pay program is a system that rewards employees who brings in formal certifications of skills, knowledge and/or competencies in exchange for additional pay. In skill based pay programs, payments are on the basis of how many skills does the employee have or how many jobs can they do or handle. Employees in organizations using this method gets pay based on getting skills and continually honing job related skills. It increases are linked to the number or depth of skills an employee achieves and applies and it as a means of developing broader and deeper skills among the workforce.
Answer:
skill-based pay programs
Explanation:
Skill-based pay (SBP) it is a compensation system that recompenses member of the work force with additional pay in exchange for formal certification of the employee's mastery of skills, knowledge, and/or competencies. Such idea keep each worker on his or her toes to know more and do more because there will be more reward.
Haley's employer has asked her to review tens of thousands of social media posts about their company's products and compile this data into a database. In terms of the characteristics of big data, Haley is dealing with ________
a. volume
b. veracity
c. velocity
d. variety
Answer:
the correct answer is d. variety
Explanation:
data variety refers to that the data are coming from various sources and require processing and further attention to make them useful and to convert them into purposeful information.
SpeakEasy, a U.S. software company that specializes in voice-recognition software, wishes to rapidly enter the growing technical translation software market. This market is dominated by firms making highly differentiated products. To enter this market, SpeakEasy would be best served if it considers a(n):
Answer:
In this case, the answer would be acquiring or merging with other firms producing related products or services.Explanation:
As mentioned in the question, the market for technical translation software is basically dominated by firms producing differentiated or specialized products and services.Now, considering that SpeakEasy is a completely new entrant in the market, it will be extremely difficult for the company to initially compete with the established market leaders or firms dominating the market.Hence, SpeakEasy can perhaps consider acquiring or merging with some of the firms producing or specializing in voice-recognition software that will eventually ease the burden of market competition or rivalry for the company and consequently,it can commercially and economically grow and prosper in the market by capturing new customers and expanding market share.Mergers or acquisitions, in this case, would help the company to effectively focus on its specialized activities and conducts through knowledge sharing, economies of scale or lower average production cost,transfer or transmission of technological knowledge and exploration of new customer or client bases.A taxpayer places a $50,000 5-year recovery period asset in service in 2019. This is the only asset placed in service in 2019. Assuming half-year convention, bonus depreciation, and taxable income before cost recovery of $5,000, what is the amount of cost recovery in 2019?
Answer:$50000
Explanation:
Recovery period of the asset means that the company starts to realize its depreciation for the assets. In the recovery period the taxpayer will start to write off the asset with the depreciation value calculated using the useful years of the asset.
Half year convention means that the assets have been used for the first half of the year and the rest of the depreciation amount will be deductible at the end of the year. So the entire useful value of the asset is taken for the amount of cost of recovery in the year 2019.
Which one of the following terms is defined as a loan wherein the regular payments, including both interest and principal amounts, are insufficient to retire the entire loan amount, which then must be repaid in one lump sum?
A. Amortized loan.
B. Continuing loan.
C. Balloon loan.
D. Pure discount loan.
E. Interest-only loan.
Answer:
C. Balloon loan
Explanation:
Balloon loans are loans that can not fully amortize over its term. They are loans that are paid of with a large single final payments. A lump sum amount. It involves the borrower paying back a lower monthly percentage in exchange for paying a large one time payments at the end of the loan term. Either fixed or flexible interest rate structure can be used on it. Ballon loans are usually reserved for conditions when a business has to wait until a specific period before receiving payment from a client for its product or services.
Answer: (C) Ballon
Explanation:
This type of loan does not fully amortised at the end of its term. Since it is not fully amortized, hence a balloon payment is necessary at the end of the loan term to pay off the remaining initial principal balance of the loan. Balloon loans are usually attractive in short-term loans because they typically carry lower interest rates than loans with longer terms. However, the borrower must be aware of refinancing risks as there's a risk the loan might be reset at a higher interest rate which is not favorable to the borrower.
self interested model
a model of human nature originated during the Enlightenment and assumes that economic analysis should focus on individuals who maximize their utility under conditions of scarcity
Answer:
please be more specifc
Wilturner Company incurs $94,000 of labor related directly to the product in the Assembly Department, $43,000 of labor related to the Assembly Department as a whole, and $30,000 of labor for services that help production in both the Assembly and Finishing departments. The journal entries to record the labor for the Assembly Department would include:
Answer:
Debit Work in Process Inventory $137,000; debit Factory Overhead $30,000.
Explanation:
Work in process inventory includes direct labor = $94,000 + $43,000, while factory overhead includes indirect labor = $30,000.
Direct labor refers to the labor costs directly associated with the production processes, while indirect labor include all other labor costs that are not directly related to the production of goods, e.g. supporting activities, maintenance, administrative, etc.
IHolly took a prospective client to dinner, and after agreeing to a business deal, they went to the theater. Holly paid $440 for the meal and separately paid $190 for the theater tickets, amounts that were reasonable under the circumstances. What amount of these expenditures can Holly deduct as a business expense?
Answer: The cost of entertainment is deductible if it directly PRECEDES or FOLLOWS a substantial business discussion, thereby satisfying this rule, ($440 + $190) × 50% = $315.
Therefore, Holly can deduct $315 as a business expense.
Answer:
Holy can deductible expense is $220
Explanation:
From a tax-rules' point of view cost of entertainment incurred after 31st December 2017 are no longer deductible,however 50% of cost of business meals is allowable if satisfies the following conditions:
The cost of business meal is invoiced separately from entertainment cost,which is case here as the cost of meal of $440 was separated from cost of theater tickets of $190.
The business meal is necessary and necessary incurred in the year.
A representative of the company or an employee is present at the furnishing of the meal.
The cost of business meal is not extravagant ,in other words reasonable as it is the case here.
The meal was served to a current or prospective client
Holy can deduct 50% of the business meal i.e 50%*$440=$220
When preparing government-wide financial statements at the end of the fiscal year, Meen County recorded an adjusting entry for salaries of $8,500,000. The salaries for 1 week, $13,700,000, were paid on the first Friday of the new fiscal period. The entry to record payment of salaries for the week is
A. Salary expenditure $8,500,000
Salary payable 5,200,000
Cash $13,700,000
B. Salary expense $5,200,000
Salary payable 8,500,000
Cash $13,700,000
C. Salary expenditure $8,500,000
Salary payable $8,500,000
D. Salary expense $13,700,000
Cash $13,700,000
Cup N Cone Inc., a graphic design firm, has offices in New York, Texas, California, New Mexico, and New Jersey. Each of these offices is headed by a president who reports directly to Marvin Grey, the CEO. The heads of the centralized HR, Finance, and Marketing teams report to Marvin Grey as well. Managers in the various offices also report to the CEO directly. Based on this information, which of the following statements is most likely to be true?
A) Cup N Cone Inc. is a mechanistic organization.B) Cup N Cone Inc. has a tall hierarchical structure.C) Marvin Grey is underworked.D) Marvin Grey has a wide span of control.
Answer:
Wide span of control
Explanation:
Span of control is determined by the number of employees or subordinates that a manager supervises. In a wide span control , the manager supervises many employees while in a narrow span , the manger supervises a few.
Looking at the number of employees that report to Marvin Grey , from the Presidents of the branches , to the central head of Finance and the marketing teams and other managers , we can point out that Marvin Grey has a wide span of control
Answer:
D) Marvin Grey has a wide span of control.
Explanation:
A CEO has wide span of control if his employees as well as his subordinate managers are being supervised by him and they also report directly to him. In wide span of control, they are few levels of management and it is not expensive to implement.
A mechanistic organization is an organization with a centralized authority and have formalized procedures and practices. Employees are assigned with separate tasks.
A tall hierarchical structure is an organization broken down to different portions each having a manager responsible for controlling the operations in that portion
On February 1, 2020, Hawser Corporation purchased a parcel of land as a factory site for $960,000. An old building on the property was demolished, and construction began on a new building which was completed on November 1, 2020.
Costs incurred during this period are listed below:
Demolition of old building $ 60,000
Architects Fees 105,000
Legal fees for title investigation and purchase contract 15,000
Construction costs 4,170,000
Salvaged materials resulting from demolition were sold for $30,000.
Hawser should record the cost of the land and new building, respectively, as _________.
Answer:
Cost of land = $1,005,000
Cost of building = $4,275,000
Explanation:
The calculation of cost of the land and new building is shown below:-
Cost of land = Purchase cost + Demolition of old building + Legal fees for title investigation and purchase contract - Salvaged materials
= $960,000 + $ 60,000 + 15,000 - $30,000
= $1,005,000
Cost of building = Architects Fees + Construction costs
= $105,000 + $4,170,000
= $4,275,000
Heavy engineering businesses encourage employees to use safety equipment. Which type of controllable risk are they trying to avoid? Heavy engineering businesses encourage their employees to use safety equipment, such as gloves and protective clothing, to avoid risks.
Answer:
1 Needless and preventable machine injuries related
Explanation:
Heavy engineering businesses encourage employees to use safety equipment. Which type of controllable risk are they trying to avoid? Heavy engineering businesses encourage their employees to use safety equipment, such as gloves and protective clothing, to avoid risks.
1 Needless and preventable machine injuries related
Answer: its human risks.
Explanation: I took lé test
Jared bought coco puffs. He was not directly informed by the companies marketing team. He is a member of which group?
Answer:
Consumer market
Explanation:
A consumer market is the market in which goods and services are purchased.
In a consumer market, decision regarding purchase is made by the individual and the products or services purchased can be used personally or be shared with other people depending.
A consumer market varies as it can be business to business, business to government, financial services, etc.
Cheers.
The reason fast food restaurants often are found in close proximity to each other is a. they enjoy competition b. location clustering near high traffic flows c. low cost d. availability of skilled labor e. all of the above
Answer:
b. location clustering near high traffic flows
Explanation:
Proximity to customers is a major consideration when deciding on a business location. A business situated in areas with many potential customers has a high probability of succeeding. Restaurants are usually strategically situated in places with heavy customer flow.
Restaurants may be established near offices, in market places, near public transport terminus, or other location convenient to customers. With time, customers tend to associate that particular building, area, or street with restaurants. As the area becomes synonymous with restaurants, more customers will visit it, leading to more restaurants to open in that locality.
Jay, a divisional vice president of a consumer goods manufacturer, gives a presentation to all divisional employees to outline the company’s goals for the coming year. This is an example of what type of organizational communication?
a. Virtual communicationb. Grapevine communicationc. Lateral communicationd. Downward communicatione. Upward communication
Answer:
d. Downward communication
Explanation:
The downward communication is the process of communicating the information from top to bottom i.e superior to subordinates or vice president to divisional employees . The information can be in terms of explaining the duties and responsibilities, any changes in the process, etc
So according to the given situation, the Jay who is a divisional vice president of a consumer goods manufacturer gives a presentation to all the employees of divisions that reflect the downward communication
During a telephone conference call, Rafaela asks her assistant to complete a report as soon as possible that day. The assistant, however, didn’t understand the urgency of Rafaela’s request, so when Rafaela showed up after lunch to collect the report, it wasn’t done. In this scenario, the assistant failed to understand what aspect of Rafaela’s message?
Answer:
Implicit
Explanation:
An implicit message refers to such form of communication wherein the required course of action is implied and not expressly or explicitly conveyed. Such messages include a hidden but obvious idea or fact.
Such messages do not clearly convey what is exactly intended but rely on assumption of the receiver's right comprehension.
In the given case, Rafaela asked her assistant to complete a report as soon as possible. The assistant on the other hand took such directions as of routine course and acted casually w.r.t performing the task.
This represents an implied message of the urgency of the task since Rafaela used "as soon as possible.". What it could not state expressly being, the extent or magnitude of urgency. The message wasn't clear with respect to the time period within which the work was to be performed.
Thus, the implicit aspect of Rafaela's message wasn't understood by her assistant.
The measurement focus of governmental fund accounting is on which of the following?
Jane Doe is a shop owner in the fictional country of Xanadu. Every month the government’s planning ministry sends her a large booklet (which resembles a phone book) regulating the price of essential commodities including milk, flour, and eggs. In response to these regulations Jane Doe has reduced her inventory of essential goods and switched to selling luxuries such as cakes, pies, and soft drinks. Luxury goods are not price controlled. Does Jane Doe reside in a command economy? Why or why not?
Answer:
No, Private Ownership
Explanation:
Jane Doe cannot be said to reside in a command economy because a command economy is mainly characterized by state ownership and the determination of prices and choices of goods and services to be produced; by the government
In the scenario, Jane Doe owns her own shop owner in the country of Xanadu, and private ownership is not found in command economies.
However because the government’s planning ministry sends her a large booklet (which resembles a phone book) regulating the prices of essential commodities, it implies that there is a degree of government intervention.
Such private ownership plus government intervention characterizes a mixed economy.
Answer:
Xanadu is not a command economy, it can be classified as a mixed market economy.
Explanation:
Since Jane is allowed to run her own business, Xanadu cannot be considered a command economy (e.g. communism). Since the government does regulate several products (enough to resemble a phone book and they were large), it is not a market economy (capitalism) either. It is mixture of both (mixed market economy), since private ownership is allowed, but the government does intervene in some aspects of the economy.
Adding new channels in a multichannel distribution system provides the following advantage. It reduces marketing expenses. It expands market and sales coverage. It limits market complexity. It reduces system controls.
Answer:
It expands market and sales coverage.
Explanation:
Multichannel distribution system is a type of system utilized by different business inorder to reach their potential customers. It involves the use of more than one marketing channel to promptly and effectively get to different customers.
The benefits of multichannel marketing include:
- It leads to an increased source of revenue for the organisation.
- It increases the customers awareness about the product.
- It gives the business the capability to cut across different sections of the market.
Price Company assigns overhead based on machine hours. The Milling Department logs 2,400 machine hours and Cutting Department shows 4,000 machine hours for the period. If the overhead rate is $5 per machine hour, the entry to assign overhead will show a:
a) debit to Manufacturing Overhead for $32,000.b) credit to Manufacturing Overhead for $32,000.c) credit to Work in Process—Cutting Department for $20,000.d) debit to Work in Process for $20,000.
Answer:
B) credit to Manufacturing Overhead for $32,000.
Explanation:
Total manufacturing overhead = (milling department machine hours + cutting department machine hours) x overhead rate per machine hour = (2,400 + 4,000) x $5 = $32,000.
Since the manufacturing overhead expense is allocated to the asset produced, the expense is credited. Once the product is sold, the expense will become part of the cost of goods sold and they will be debited.
Final answer:
The entry to assign overhead for the Price Company, with machine hours logged by the Milling and Cutting Departments and an overhead rate of $5 per machine hour, results in a combined overhead cost of $32,000. The correct entry would be a debit to Work in Process for $32,000 to allocate the overhead costs accurately, with the provided options somewhat misstating the precise accounting treatment.
Explanation:
The Price Company assigns overhead based on machine hours. To determine the entry to assign overhead, we calculate the total overhead by multiplying the machine hours by the overhead rate for both departments. The Milling Department logged 2,400 machine hours and the Cutting Department logged 4,000 machine hours. With an overhead rate of $5 per machine hour, the total overhead cost is calculated as follows:
Milling Department: 2,400 machine hours x $5 = $12,000
Cutting Department: 4,000 machine hours x $5 = $20,000
The combined overhead for both departments is $12,000 + $20,000 = $32,000. Therefore, the correct entry to assign overhead would debit the Work in Process account for $32,000 to reflect the allocation of overhead costs based on machine hours.
The correct answer to whether the entry to assign overhead will show a debit or a credit, and to which account, depends on the information given. The closest correct option provided is a) debit to Manufacturing Overhead for $32,000, although the most accurate description would be a debit to Work in Process for $32,000, reflecting the combined overhead costs assigned to the Milling and Cutting Departments.
William, age 45, would like to determine how much life insurance to purchase using the human life value approach. He assumes his average annual earnings over the next 20 years will be $80,000. Of this amount, $40,000 is available annually for the support of his family. William will generate this income for 20 more years and he believes that 5 percent is the appropriate interest (discount) rate. The present value of one dollar payable for 20 years at a discount rate of 5 percent is $12.46. What is William's human life value?
Answer:
William's human life value is $498,400
Explanation:
Given
Time = 20 years
Average Earnings = $80,000
Family Support = $40,000
Dollar Value = $12.46
To calculate a human life value, it is very important to deduct the Income tax costs from a person's average annual earnings.
Since William doesn't have any outstanding loan;
His Human Life value is calculated as follows;
HLV = (Annual Earnings - Family Support) * Dollar Value
HLV = ($80,000 - $40,000) * 12.46
HLV = $40,000 * 12.46
HLV = $498,400
Voters in Lincoln School District approved the construction of a new high school and approved an $8 million bond issue with a stated rate of interest of 6% to fund the construction. Bids were received and the low bid was $8 million. When the bonds were issued, they sold for face value less bond underwriting fees of $.5 million. The School Board voted to fund the balance of the construction by a transfer from the general fund.
The entry in the capital projects fund to record the receipt of the bond proceeds would be:__________
a) Debit Cash $7.5 million; Credit Bonds payable $7.5.
b) Debit Cash $7.5 million; Credit Other financing sources $7.5.
c) Debit Cash $7.5 million and Expenditures $.5 million; Credit Bonds payable $8 million.
d) Debit Cash $7.5 million and Expenditures $.5 million; Credit Other financing sources $8.
Answer:
d) Debit Cash $7.5 million and Expenditures $.5 million; Credit Other financing sources $8.
Explanation:
The Cash proceed from the bond is recorded as the net of face value of the bond and the underwriting fees.
The underwriting fees is the expenditure for the Lincoln School District ad it is debited to record the expense.,
As the bond issued is a liability for Lincoln School District and payable at the date of maturity. the interest is also paid on this amount on stated rate of 6%. The Bond Payable account is credited to record the liability.