Answer: Sole Proprietorship
Explanation: This is a form of a business organisation in which one person owns and controls the organisation. Also known as a sole trader, this is not a legal entity. There is no legal separation between the owner and the business itself. The person owns the business and is responsible for the debts incurred in the business. However this also means that the sole trader receives all the profits generated from the organisation.
Hector is thus the sole trader in this question. He will be personally liable for any debts incurred in the business, but he will also solely reap the benefits of the business, such as the profits earned. He can run the business under his own name, or create a fake name. But this will not separate his organisation from him.
Final answer:
Hector is most likely to choose a sole proprietorship when starting his business selling garden and landscaping plants and providing classes, due to the ease of management and complete control it offers.
Explanation:
Hector has decided that he wants to open a business selling garden and landscaping plants, and providing classes on how to care for flowers and vegetables. Given the description of his plans, the form of business organization Hector is most likely to choose when he initially opens his business is a sole proprietorship. This type of organization is well-suited for individuals starting a business by themselves, as it allows complete control over decision-making and is easy to establish. Hector would be able to manage the business, keep all of the profits, assume all the risks, and would not require special business taxes beyond paying income tax on the business earnings.
As Hector's business grows, he may consider other forms such as a partnership if he wishes to share responsibility and profits with other stakeholders, or he could evolve the business into a corporation for more complex operations and potential benefits like reduced personal liability and easier access to capital.
Hector's business involving garden and landscaping plants aligns with the principles of landscape horticulture and olericulture, deepening his engagement with the cultivation, marketing, and maintenance of plants. His expertise in these areas could greatly benefit his business and the educational aspect of his services.
Current production of capital goods means that ____________________________________
a) more consumption goods can be produced now, since there are more production facilities.
b) the production possibilities curve can be expected to shift outward in the future.
c) more resources are being exhausted, so total production will decrease.
d) the production possibilities curve will shift outward now.
the production possibilities curve can be expected to shift outward in the future
D
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Current production of capital goods means that the production possibilities curve can be expected to shift outward in the future. This is because increase in capital goods allows a society to expand its capacity for future production of consumer goods and services.
The current production of capital goods, such as machinery and buildings that are used in the production of other goods, will lead to b) the production possibilities curve can be expected to shift outward in the future. This answer is based on the assumption that an increase in capital goods allows for increased productivity in the future. Essentially, by investing more resources into creating capital goods now, a society is able to expand its capacity for future production of consumer goods and services, hence shifting the production possibilities curve outwardly.In economic models, this outward shift represents the potential for greater economic growth and output. This is because capital goods are essential to improving a country's productive capability. Consequently, production of more capital goods today paves the way for more consumption goods to be produced in future.Learn more about Production of Capital Goods here:
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You're an entrepreneur and had a great idea to sell shoes that have springs installed in them to make walking easier. However, the development costs were so high that the shoes are priced 15 times higher than shoes without springs. As a result, many of the shoes have gone unsold. What possible event could eliminate the disequilibrium in the market for shoes?
A. A study reveals that shoes with a spring can increase the chance of a broken leg.
B. There is an increase in income and "spring shoes" are a normal good.
C. There is an increase in income and "spring shoes" are an inferior good.
D. There is a decrease in the price of rubber, which is an input in the production of shoes.
B. There is an increase in income and "spring shoes" are a normal good.
Answer:
B. There is an increase in income and "spring shoes" are a normal good.
Explanation:
To eliminate the disequilibrium in the market for shoes, spring shoes firstly needs to be seen as a normal product because if it is seen an inferior product then as people's Income rises they woudnt want to buy inferior products because they have the income to buy normal products. As people income rises, since spring shoes is seen as a normal product, then people will buy springshoes
Indicate whether each of the following would be added to or deducted from net income in determining cash flow from operating activities by the indirect method:
a) Increase in prepaid expenses
b) Amortization of intangible assets
c) Increase in salaries payable
d) Gain on sale of fixed assets
e) Decrease in accounts receivable
f) Decrease in merchandise inventory
g) Depreciation of fixed assets
h) Decrease in accounts
Answer:
a) Increase in prepaid expenses are subtracted from net income
b) Amortization of intangible assets are added to net income
c) Increase in salaries payable are added to net income
d) Gain on sale of fixed assets are subtracted from net income
e) Decrease in accounts receivable are added to net income
f) Decrease in merchandise inventory are added to net income
g) Depreciation of fixed assets assets are added to net income
h) Decrease in accounts are subtracted from net income
Explanation:
The indirect method involves the adjustment of net income with changes in balance sheet accounts to arrive at the amount of cash generated by operating activities.
It depends on the account if it is added or subtracted to net income.
What are the differences between microeconomics and macroeconomics? HELP ASAP!
Answer:
The difference between micro and macro is that the macro is the study of the economy of a country, where inflation, employment, investments and GDP are analyzed.
Microeconomics is the study of the economy between people or between social groups, where the analysis of demand and supply is characterized
Explanation:
At the end of this section, the author provides links to self-assessments to help determine if an individual has what it takes to be an entrepreneur. He also refers to the "Miles Davis" test. Considering these, and the psychological and personal toll that entrepreneurs endure, would lead you to conclude that:
Answer:
The correct answer is entrepreneurs are born, not made.
Explanation:
Entrepreneurs, social psychologists and economic theorists have speculated on whether entrepreneurs are born or made, in other words, if you are predisposed to become an entrepreneur because of your genetic constitution, or if that provision comes from your environment, conditioning or other external factor.
For most entrepreneurs, it is comforting to think that business men and women are made, that even if they lack the "right" DNA, practice, experience and sufficient conditioning to be a success.
A ________ is a document manufacturing production personnel use to request that the itemized materials be sent from the storeroom into the factory. A. cost ticket B. materials requisition C. manufacturing ticket D. job cost record
Within her company, Nadine utilizes a management style that varies according to the individual and environmental situation, with a strategy for minimizing errors by managing each stage of production. She has also set up a system with inputs, outputs, transformation processes, and feedback. Nadine’s management perspective is best described as: -classical -contemporary -quantitative -historical -behavioral
Answer:
contemporary
Explanation:
Contemporary management involves planning, leading, organizing and controlling operations to achieve organizational goals. Managers at each level of an organization are responsible for using resources effectively.
Pack Company had the following data: Service Revenue $10,000 Cash $12,000 Accounts Receivable $3,000 Office Supplies $4,000 Rent Expense $2,000 Salaries Expense $1,200 Utilities Expense $800 Accounts Payable $3,200 What is the amount of total Assets to report on the Balance Sheet for Pack Company?
The total assets for Pack Company to report on the Balance Sheet is $19,000.
Explanation:The total assets can be calculated by summing the Cash, Accounts Receivable, and Office Supplies. In this case, the total assets would be $12,000 (Cash) + $3,000 (Accounts Receivable) + $4,000 (Office Supplies) = $19,000.
If a business is earning an economic profit in a competitive market, it is a. price gouging its customers. b. exploiting it workers. c. producing goods and services that are valued more highly than the resources required to produce them. d. producing goods and services in a market that is characterized by high entry barriers.
Answer:
The correct answer is option c.
Explanation:
If a business is producing at the point where the value or price of its goods and services are higher than the value or price of resources used in it, then the firm will be having profits.
This is because if the input price is lower than the price of product then the cost of production will be lower than the revenue earned. So the business will earn a profit.
If a business is earning an economic profit in a competitive market, it means that it is producing goods and services that are valued more highly than the resources required to produce them.
Explanation:In a competitive market, if a business is earning an economic profit, it means that it is producing goods and services that are valued more highly than the resources required to produce them. This indicates that the business is able to generate revenue that exceeds its costs and is resulting in overall profitability. It does not imply price gouging, worker exploitation, or high entry barriers.
4. Some examples of plant assets are
(A) prepaid insurance, computers, and equipment.
(B) supplies, furniture, and cash.
(C) delivery equipment, supplies, and computers.
(D) none of these.
Final answer:
Plant assets are non-current assets used in a company's operations that have a useful life of more than one year. Computers and delivery equipment can be considered plant assets, while supplies are generally treated as current assets unless referring to large, durable items.
Explanation:
Some examples of plant assets include delivery equipment, computers, and furniture. These are items that a company expects to use over several accounting periods and are part of the non-current assets on a balance sheet. Plant assets typically include tangible assets used in a company's operations that have a useful life of more than one year. When considering the options provided:
(A) Prepaid insurance is not a plant asset; it is a pre-paid expense. Computers and equipment can be considered plant assets.(B) Supplies and cash are current assets, while furniture can be a plant asset.(C) Delivery equipment and computers can be considered plant assets, but supplies are usually treated as current assets.(D) This is incorrect as some of the items listed in the other options are indeed examples of plant assets.Therefore, the correct choice that includes only plant assets is (C) delivery equipment, supplies, and computers if we interpret 'supplies' to mean large, durable items rather than consumables (which are current assets). However, the question might be interpreted as trick because supplies are usually considered a current asset. If we adhere strictly to typical categorizations, there might be no correct answer listed, which would default to (D) none of these.