Answer: The internal auditor discovered it when performing a routine audit of expense reimbursements
Explanation:
Marcus Lane, was a geologist who travelled all over North America and South America and this results in several expense reimbursements. Lane engaged in fraudulent activity by double booking his air travel.
He used cheaper ticket for the actual flight and more expensive ticket was returned for credit. But, he submitted the expensive ticket for reimbursement.
The fraud was discovered by the internal auditor while doing a routine audit of expense reimbursements. He was terminated and he agreed to pay the money back.
Consider the following metrics: Does the project have: A well-defined system development methodology that is appropriate for the project? A clear change control process for managing scope creep? A strategy for assessing quality? A clear process for monitoring and tracking progress? These metrics belong to which category of success factors for projects?
Answer:
Project Management Factors
Explanation:
These metrics are considered the factors for which a projects needs to be successful.
The methods and tactics applied for managing projects depend on the kind of project you deal with. The project structure, processes involved varies based on the kind of products or services you offer, and the market it is concerned with.
Tom is maximizing utility by buying three packs of bubble gum and four packages of Skittles. Given diminishing marginal utility, if the price of Skittles rises, the principle of rational choice tells us that Tom will buy:_________.
a. more as, raising the opp cost of not consuming skittles.
b. fewer as, raising the opp cost of not consuming skittles.
c. more as, lowering the opp cost of not consuming.
d. fewer as, lowering the opp cost of not consuming.
Answer:
B) fewer SKITTLES, raising the opp cost of not consuming skittles.
Explanation:
The principle of rational choices states that a person will carry out their purchasing decision in order to maximize the benefits or utility obtained. Individuals will always pursue their best self interest.
Since Tom is maximizing the utility obtained from candy, and the price of one type of candy increases, he will reduce the number of units bough from that type of candy until the utils obtained increase again. As the utils per dollar start to rise, the opportunity cost of not consuming that candy will also rise.
Given diminishing marginal utility and a price rise for Skittles, Tom will purchase fewer Skittles since the opportunity cost of consuming them will increase, leading to a reallocation of his spending towards goods where the marginal utility per dollar spent is equalized.
The correct option is 'B'.
Tom is maximizing utility by buying three packs of bubble gum and four packages of Skittles. Given diminishing marginal utility, if the price of Skittles rises, according to the principle of rational choice, Tom will buy fewer Skittles as it raises the opportunity cost of consuming them.
A rational consumer will continue purchasing additional units of a product only as long as the marginal utility from consuming the product exceeds the opportunity cost.
The opportunity cost in this case is the marginal utility of the foregone alternative which could be, for example, more bubble gum or another product. If the marginal utility of Skittles decreases or remains the same but the price increases, the cost of acquiring additional Skittles relative to the utility they provide rises, making them less attractive to purchase. Tom will adjust his spending to where the marginal utility per dollar spent is equal for all goods he consumes.
Keeping this in mind, we can apply the logic from an example scenario: suppose a consumer, Alphonso, moves down his budget constraint from Point A to Point B to Point C and further.
As he consumes more of a product, like bus tickets, the marginal utility will diminish, while the opportunity cost, perhaps the marginal utility of foregone burgers, will increase. Since no rational consumer would purchase more of a product if the opportunity cost exceeds the marginal utility, Tom will logically purchase fewer Skittles after the price increase, making the correct answer option b. 'fewer as, raising the opp cost of not consuming skittles.'
A team was in pursuit to sign a highly sought-after free agent. It gave the player the highest offer of all the teams, and ultimately signed him to a high-paying contract. The player did not live up to expectations during the subsequent season. This is an example of:
Answer:
a winner's curse
Explanation:
Based on the scenario being described within the question it can be said that this is an example of a winner's curse. This term refers to a phenomenon in which all bidders have the same value for an item but tend to receive different private signals regarding the value for the item. This makes the winner usually end up being the individual with the most optimistic evaluation of the asset that is being purchased. Which seems to be the case in this scenario, since the team gave the player the highest offer, thinking that was a good value, but the player turned out to not be worth that value.
Final answer:
The situation where a player receives a high salary but does not perform up to expectations exemplifies the sometimes imperfect correlation between player salaries and their marginal revenue product (MRP) due to overestimated performance and high derived demand in professional sports.
Explanation:
The team's pursuit of a highly sought-after free agent, followed by a significant contract offer that did not pay off in terms of the player's performance, is an example of a disconnect between player salaries and their Marginal Revenue Product (MRP). In some cases, mediocre players have received high salaries due to expectations of high performance and potential contributions to team revenues, only to fall short and have salaries exceed their MRPs. This scenario has evolved from a historical context where professional athletes didn't have the same freedom to negotiate with multiple teams due to the reserve clause which gave teams monopsony power. Post-1977 shifts in policies transformed this monopsonistic market into a competitive one, with the player mobility now relatively unimpeded, heightening the opportunities for bidding wars over top talent. Additionally, it's important to consider agents' roles in these negotiations. Agents who overestimate their clients' abilities may push for contracts that attract both those with high abilities and those who overestimate their own abilities. Regardless, today's high player wages reflect a high derived demand stemming from robust ticket sales and television rights.
Bradley is watching an interesting TV program with a group of friends. During the commercial break, he is unable to concentrate on a commercial for a soda drink because all his friends are discussing the events of the show. In this scenario, Bradley is encountering:a. limited response hierarchies.
b. disturbances known as noise.
c. poor encoding.
d. selective sourcing
Answer:
b. disturbances known as noise.
Explanation:
In the scenario given the question, Bradley can't focus on ads because his friends are discussing the TV program. Bradley is unable to focus on commercial breaks as others are constantly discussing something else.
Their friends act disturbingly or verbally, acting as a hindrance.
so that as scenario of the question,
The correct answer is b. disturbances known as noise.
A firm in a perfectly competitive market has a fixed cost of $1,000 and a variable cost of $500 while it is earning the revenue of $510. In such a situation, the firm ________ shut down in the short run because _______________________________.
Answer:
Firm should not shut down, as it is able to cover its Average Variable Cost
Explanation:
Perfect Competition firms in Short Run : The firms produce even if their average revenue (price) < their average total costs (AC). They continue production until Average variable cost (AVC) ≥ per unit price (P) i.e average revenue (AR). This is called Shut Down Point. P lower beyond AVC implies that firm won't continue even in short run.
Given : Variable Cost (VC) = 500 ; Revenue (R) = 510
Average Variable Costs & Average Revenue are variable costs & revenue, per unit quantity. AVC = VC / Q ; AR (P) = R / Q
R i.e 510 > VC i.e 500
So, R/ Q i.e AR is also > VC / Q i.e AVC
Since AVC > AR (P), firm should not shut down
eresa Matthews, ad campaign manager for Coca-Cola, is making final changes to the content of an ad's message. She is talking with network distribution companies about when the ad will air, and she is discussing expected effects of the ad on consumers with commercial artists. Thus, she is in which stage of the ad campaign development process?
Answer:
Execution of the campaign
Explanation:
Theresa is at the execution of the campaign. At this stage Theresa distributes information about the campaign to all employees. She Engages the media such as local newspapers, radio, TV and public events on when the ad will air while engaging commercial artists on how the effect the ad is going to have on her consumers,
Answer:
Execution of the campaign.
Explanation:
In this context presented by the question, it is correct to state that Teresa Matthews, Coca-Cola's advertising campaign manager, is in the campaign execution stage in the process of developing the advertising campaign.
This stage can be seen by the information contained in the question, such as the fact that she is talking to distribution networks about when the ad will run and discussing the expected effects of the ad on consumers with commercial artists.
The campaign execution stage is essential for an advertising campaign to be successful, strategic planning is needed on where and when to run the campaign and what the expected effects will be, so that the campaign reaches its initial purpose and brings benefits to a company, such as attracting consumers and creating value for the target audience.
As a result of crowding outLOADING... in the short run, the effect on real GDP of an increase in government spending is often A. equal to the increase in government spending. B. less than the increase in government spending. C. unrelated to the increase in government spending. D. more than the increase in government spending.
Answer:
The answer in this case, would be option B. or less than the increase in government spending.Explanation:
In Macroeconomics, crowding out refers to a macroeconomic situation in which the increase in government spending or expenditure reduces the private business or capital expenditure and consumption of goods and services.Crowding out mostly occurs when government increases financial borrowing or increases tax to finance or liquidate the public or government spending or expenditure in the economy.As the government borrowing and public tax increases, the interest rate in the economy increases which discourages the firms,companies or business organizations to avail business or capital loans and investments and reduces the consumption level of goods and services by individual households in the economy.Therefore,despite an increase in government spending or expenditure,further reductions in both private business investment and the aggregate consumption in the economy leads to a lesser increase in real GDP compared to the initial government spending.Justin Beiber wants to save enough money to make a down payment on a new home. He decided to put $10,000 into a savings account at the end of each of the next ten years. If he earns 4% compound interest, how much money will he have at the end of the ten years
Answer:
$14,802.44
Explanation:
Compound interest is the accumulated interest calculated on initial right from deposit till withdrawal. It always span over a long period of time and makes deposit grow faster.
Workings
Principal - $10,000
Rate - 4%
Period = 10 years
Formula = A = [P(1+i)^n]-p
= [10000(1+0.04)^10]-10000
$14,802.44
Answer:
Justin Beiber would have in the savings account $14,802.44 at the end of the ten years
Explanation:
The amount that Justin Beiber would have at end of ten years with interest rate of 4% can be determined using the future value provided below:
FV=PV*(1+r)^n
PV is the amount deposited into the savings account today i.e $10,000
r is the rate on the deposit at 4%
n is the number of years the savings would last which is 10 years
FV=$10,000*(1+4%)^10
FV=$10,000*(1+0.04)^10
FV=$10,000*(1.04)^10
FV=$10,000*1.480244285
FV=$14,802.44
The dollar interest =$14,802.44-$10,000.00=$4,802.44
Samson Company reported total manufacturing costs of $320,000, manufacturing overhead totaling $52,000, and direct materials used totaling $64,000. How much is direct labor cost? Cannot be determined from the information provided. $268,000 $256,000 $204,000
Answer:
$204,000
Explanation:
Given that
Total manufacturing costs = $320,000
Manufacturing overhead = $52,000
Direct materials = $64,000
The computation of direct labor cost is shown below:-
Direct labor cost = Total manufacturing costs + Manufacturing overhead + direct materials
= $320,000 - $52,000 - $64,000
= $204,000
Therefore for computing the direct labor cost we simply applied the above formula.
Final answer:
The direct labor cost for Samson Company is calculated by subtracting the manufacturing overhead and direct materials used from the total manufacturing costs, which equals $204,000.
Explanation:
To calculate the direct labor cost, we need to subtract manufacturing overhead and direct materials used from the total manufacturing costs. The Samson Company reported total manufacturing costs of $320,000, with manufacturing overhead totaling $52,000, and direct materials used totaling $64,000. Therefore, to find the direct labor cost, we use the following equation:
Direct Labor Cost = Total Manufacturing Costs - Manufacturing Overhead - Direct Materials Used
Direct Labor Cost = $320,000 - $52,000 - $64,000 = $204,000.
A hairdryer manufacturer produced a new model that could dry a person's hair in under five minutes. When customers used this hairdryer and experienced scalp and hand burns, the manufacturer was required to create and enforce detailed plans to prevent future burns. This example relates to:____________.
a. fairness and honesty
b. comunications
c. obeying laws and regulations.
Answer: Fairness and Honesty
Explanation:
Fairness and honesty are vital to every business ethics and it related to thee general values of the decision makers. Firms are expected to follow applicable laws and regulations and are expected not to cause harm or injury to employees, customers, clients, or competitors through coercion, deception,misrepresentation, or discrimination.
False and misleading advertising can lead to business failure, hence, Truthfulness about a produt's safety and its quality are also vital to consumers.
Hawaiian Specialty Foods purchased equipment for $23,000. Residual value at the end of an estimated four-year service life is expected to be $2,300. The machine operated for 2,400 hours in the first year, and the company expects the machine to operate for a total of 15,000 hours. Calculate depreciation expense for the first year using each of the following depreciation methods:
1) straight-line.
2) double-declining-balance.
3) activity-based.
Answer:
a. $5,175
b. $11,500
c. $3,312
Explanation:
The computation of the depreciation expense for the first year is shown below:
a) Straight-line method:
= (Original cost - residual value) ÷ (useful life)
= ($23,000 - $2,300) ÷ (4 years)
= ($20,700) ÷ (4 years)
= $5,175
In this method, the depreciation is same for all the remaining useful life
(b) Double-declining balance method:
First we have to find the depreciation rate which is shown below:
= One ÷ useful life
= 1 ÷ 4
= 25%
Now the rate is double So, 50%
In year 1, the original cost is $23,000, so the depreciation is $11,500 after applying the 50% depreciation rate
(c) Units-of-production method:
= (Original cost - residual value) ÷ (estimated production hours)
= ($23,000 - $2,300) ÷ (15,000 hours)
= ($20,700) ÷ (15,000 hours)
= $1.38 per hour
Now for the first year, it would be
= Production hours in first year × depreciation per hour
= 2,400 hours × $1.38
= $3,312
Quistor Inc., a company based in the country of Waltefa, contracts with a small-scale supplier in the country of Carlesna to manufacture its computers and tablets that are sold across the world. This strategy by Quistor Inc. illustrates _____.
Answer:
Foreign outsourcing
Explanation:
Foreign outsourcing is a business practice by which a company based in a certain region or country hires another company outside of the region to produce good and perform services that could have been done within. We could also define it as the importation of products or service that could have produced domestically. Most times foreign outsourcing are done to reduce cost of production or service delivery, but one common risk that could be experienced in foreign outsourcing is the loss of control over the goods produced or the services provided.
Therefore, the strategy by Quistor Inc. illustrates foreign outsourcing.
The strategy illustrated by Quistor Inc. is outsourcing, which involves contracting with a third-party supplier to perform certain tasks or services. This allows Quistor Inc. to focus on other aspects of their business while taking advantage of the supplier's expertise and cost advantages. It also illustrates globalization, as Quistor Inc. is expanding its operations by working with a supplier in another country.
Explanation:The strategy illustrated by Quistor Inc. is outsourcing. Outsourcing refers to the practice of contracting with a third-party supplier to perform certain tasks or services. In this case, Quistor Inc. is contracting with a supplier in Carlesna to manufacture its computers and tablets. This allows Quistor Inc. to focus on other aspects of their business while taking advantage of the supplier's expertise and cost advantages.
Outsourcing can be a strategic decision for companies to achieve various benefits, such as cost savings, access to specialized skills, increased efficiency, and global expansion. Quistor Inc.'s decision to contract with a supplier in another country also demonstrates globalization. Globalization refers to the increasing interconnectedness and integration of economies and societies around the world.
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if a furniture manufacturer with a bureaucratic organization undergoes a large turnover of employees from one year to the next, what feature of the bureaucratic structure enables the organization to continue to produce furniture despite the changes to its staff explain your answer
Answer: Formalized rules
Explanation:
Formalized rules are the established regulations and procedures by which the operations of a bureaucracy is conducted. Formalized rules enable employees to make quick, consistent judgements because the decisions are based on some sets of standards and not on a case-by-case basis.
Formalized rules enable work to go on with little interruption even when some workers are just hired to replace some set of workers who are no longer with the organization.
The feature of the bureaucratic structure which enables the organization to continue to produce furniture despite the changes to its staff is:
Formalized rulesAccording to the given question, we need to show the feature of the bureaucracy which allows an organization to continue to produce goods, even with a massive turnover of employees.
As a result of this, formalized rules are those regulations which allows a company to keep running, no matter the staff because there are laid down rules and roles which each member of staff must follow.
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Believing it will make it easier for investors to compare firms across countries and make it easier to raise capital globally, most large accounting firms and multinational firms favor the switch from GAAP to IFRS.
True / False.
Answer:
True
Explanation:
Generally Acceptable Accounting Principles (GAAP) is only applicable in the United States of America whereas International Financial Reporting Standards (IFRS) has been adopted by most countries on the globe. This makes Report prepared on IFRS more comparable and make it easier to raise capital globally.
Scenario 13-20 suppose that a given firm experiences decreasing marginal product of labor with the addition of each worker regardless of the current output level. refer to scenario 13-20. average total cost will be
Answer:
U-shaped
Explanation:
Since the marginal product of labor is decreasing, the average variable costs and marginal costs will be increasing at all points, but the average fixed costs will be decreasing. That is why the average total costs (which includes both variable and fixed costs per unit) will be U-shaped since they will fall at the beginning when the decrease in marginal product of labor is small, bu then will increase as the marginal product of labor falls even more.
Final answer:
In Scenario 13-20, as a firm experiences diminishing marginal productivity by adding more workers, the average total cost tends to increase.
Explanation:
Referring to Scenario 13-20, a firm that experiences decreasing marginal product of labor with the addition of each worker will see changes in its cost structure. The diminishing marginal productivity is a general rule indicating that as a firm employs more labor, the amount of additional output will eventually decline. This decrease in productivity typically leads to an increase in the average total cost (ATC). As labor is added and marginal product diminishes, each additional unit of output costs more to produce than the previous one, causing the ATC to rise.
The Blooming Flower Co. has earnings of $3.68 per share. a. If the benchmark PE for the company is 18, how much will you pay for the stock? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. If the benchmark PE for the company is 21, how much will you pay for the stock?
Answer:
a) $66.24
b) $77.28
Explanation:
The price to earnings ratio (PE ratio) is a valuation used by investors to determine if a stock is overvalued or undervalued.
Payment for stock is the product of Benchmark PR ratio and earnings per share.
Given that the earnings per share is $3.68 per share
a) If the benchmark PE for the company is 18
Payment for stock = Benchmark PR ratio × earnings per share = 18 × $3.68 per share = $66.24
a) If the benchmark PE for the company is 21
Payment for stock = Benchmark PR ratio × earnings per share = 21 × $3.68 per share = $77.28
a. You would pay $66.24 for the stock if the benchmark PE for the company is 18. b. You would pay $77.28 for the stock if the benchmark PE for the company is 21.
a. Calculate the stock price with a benchmark PE of 18:
Stock Price = Earnings per share × PE ratio
Stock Price = $3.68 × 18 = $66.24
b. Calculate the stock price with a benchmark PE of 21:
Stock Price = Earnings per share × PE ratio
Stock Price = $3.68 × 21 = $77.28
Therefore, if the benchmark PE for the company is 18, you would pay $66.24 for the stock, and if the benchmark PE is 21, you would pay $77.28.
Process redesign: a. is the fundamental rethinking of business processes. b. is sometimes called process reengineering. c. tries to bring about dramatic improvements in performance. d. often focuses on activities that cross functional lines. e. All of these
Answer:
e. All of these is the correct answer.
Explanation:
Process Redesign is an approach of rethinking and recreating the business processes to improve product quality, reduce cost and improve the output and also to bring improvements in the performance.Process redesign involves the analysis of inefficient processes and finds out the ways to improve them and also analyze the business workflows and processes.Process redesign is also called as process reengineering or business transformation.The major tools of monetary policy available to the Federal Reserve System include: a the discount rate, margin regulations, and moral suasion. b tax collections, open-market operations and the discount rate. c open-market operations, margin regulations, and moral suasion. d reserve requirements, margin regulations, and moral suasion. e reserve requirements, open-market operations, and the discount rate.
Answer:
reserve requirements, open-market operations, and the discount rate.
Explanation:
Monetary policies are tools that a monetary authority uses to regulate cash flow within a society. It does this to maintain the the economy by avoiding scarcity or surplus money in circulation.
The tools used include open market operations, discount rate, and reserve requirements.
Open market operations involves buying and sale of securities. When there is excess cash in circulation, securities are sold to mop up cash and vice versa.
Discount rate is the rate that monetary authorities impose on banks for short term. When there is excess cash discount rate is increased to discourage banks from giving loans.
Reserve requirement is the minimum amount that a bank is required to deposit with the monetary authority. This is used to control amount of cash available to banks for loans.
At what step in the DHS Risk Management Cycle should you first consider the goals and objectives being pursued, the policies and standards of your organization, and the scope and criticality of the risk management decision being made?
A. Define the context
B. Assess and analyze
C. Evaluate and monitor
D. Decide and implement
Answer:
A. Define the context
Explanation:
In the first step, it's necessary to consider the goals and the objectives that are being taken along with the policies and the standards of the organization and the scope of the critically made risk analysis decisions. In order to prioritize the risks and uncertainties in the financial markets, threats form the project failures in the designing and development and the product life cycles. As to monitor, minimize, and control the flow of the resources. By the setting of the standards and policies in the organization.Final answer:
In the DHS Risk Management Cycle, you should first consider the goals, objectives, policies, standards, and criticality of the risk management decision in the step called 'Define the context'.
Explanation:
In the DHS Risk Management Cycle, the step at which you should first consider the goals and objectives being pursued, the policies and standards of your organization, and the scope and criticality of the risk management decision being made is Define the context.
The rent for a booth at the local flea market is $150 per month with a $15 charge for utilities. The variable cost per picture frame sold is $5. The selling price for each frame is $20. Calculate the break-even point in units. (round to the nearest unit).
Answer:
Break-even point in units = 11 units
Explanation:
Given:
Rent per month = $150
Fixed charges per = $15
Variable cost = $5
Sale value = $20
Break-even point in units = ?
Computation of Contribution:
Contribution = Sale value - Variable cost
Contribution = $20 - $5
Contribution = $15
Computation of break-even point in units:
Break-even point in units = Fixed cost / Contribution
Break-even point in units = ($150 + $15) / $15
Break-even point in units = ($165) / $15
Break-even point in units = 11 units
Limited focus of change is a major force for resistance to change that originates from an organizational source. It indicates that ________.
a.groups in the organization that control sizable resources often resist change
b.even if individuals want to change their behavior, group norms may act as a constraint
c.limited changes in subsystems tend to be nullified by the larger system
d.organizations have structural inertia that acts as a counterbalance to sustain stability
e.changes in organizational patterns may threaten the expertise of specialized groups so these groups tend to resist change
Answer:I forgot
Explanation:
A source of resistance to change comes from an organizational source is a lack of emphasis on change, minor that changes in subsystems are nullified out by the larger system.
What is organization?An organization, often known as a firm, institution, or association, is a group of one or more people who work together to achieve a common goal.
The word organization comes from the Greek word organon, which meaning tool, musical instrument, or organ.
In an organizational source, A key source of resistance to change comes from that changes which are subsystems nullified out by the larger system.
Therefore, option C is correct.
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Anthony is listening to a member of his group who has proposed an unusual suggestion. Anthony doesn't agree with her, and he's confident that several other group members won't agree, either.
If Anthony speaks out against the unusual suggestion and forms a coalition with a few other members, which developmental stage has his group most likely entered?
Answer:
the emergence stage
Explanation:
The emergence state happens when the group starts to find solutions to its conflicts and moves on into a single proposition or idea. During this stage, the group's social structure starts becomes more defined, and the group members start to make concessions in order to reach a final agreement.
Which of the following is involved in a situation in which a person refuses to perform according to a contract unless the other person either signs another contract with the one making the threat or pays that person a higher price than was specified in the original agreement?A. Fraudulent duressB. Conditional duressC. Negligent duressD. Economic duressE. Undue influence
Answer:
D. Economic duress
Explanation:
Economic duress -
It refers to the condition in the contract, where the first party threatens to cancel the deal, as the other party does not agrees to the demand of the first party, is referred to as economic duress.
The condition arises in case of any major feud between the two parties, where one of the party is left with no choice, but to follow the other party.
It is a type of forceful situation.
Hence, from the given scenario of the question,
Economic duress is showcased in the question, as one party threatens to cancel the contract, unless and until the second party agrees to all the conditions.
Durango Co. desires to maintain an ending inventory equal to 10% of next month's cost of budgeted sales. Assume that Durango Co. maintained this level of ending inventory for the month of September. The cost of budgeted sales for October is $100,000 and the cost of budgeted sales for November is $200,000. Calculate required purchases for the month of October.
Answer:
Required purchase for October = $110,000
Explanation:
Given:
Ending inventory = 10% of next month's budgeted sales
Budgeted sales for October = $100,000
Budgeted sales for November = $200,000
Purchase for the month of October = ?
Calculation of Required purchase for the month of October :
Particular Amount
Budgeted sales of October $100,000
Add: Desired ending inventory($200,000 x 10%) $20,000
Total Inventory needed $120,000
Less: Beginning inventory($100,000 x 10%) $10,000
Required purchase for October $110,000
Theo founder Joe Whinney believes that that a business should benefit every partner throughout the organization's entire supply chain. This focus on the well-being of others is characteristic of all the following except:a. Justice
b. Virtue Ethics
c. Egoism
d. Utilitarianism
Answer:
C. Egoism
Explanation:
Egoism refers to the individual belief whereby self interest is the motivation and goal behind one's action. It has to do with and individual thinking about only himself and what actions he can take to benefit himself alone. Egoism threats self interest as the foundation of morality. But in reality however, egoism is immoral as one possessing such thoughts is not been fair to others. Thus, egoism does not focus on the wellbeing of others. It is all about self interests.
A 22-year-old college graduate just got a job in Nashville. She is considering buying a house with a $200,000 mortgage. The APR is 4% compounded monthly for her monthly mortgage payments on a 30-year fixed rate loan. If she can get her FICO score up to 750, the APR drops to 3.6%. How much in interest cost will she save over the life of the loan assuming she can increase her FICO score to 750?
By improving her FICO score to 750 and lowering the APR from 4% to 3.6% on a $200,000 mortgage over 30 years, the 22-year-old college graduate will save approximately $16,392 in interest costs.
Explanation:The question asks how much interest cost a 22-year-old college graduate will save on a $200,000 mortgage if the APR drops from 4% to 3.6% by increasing her FICO score to 750, with a 30-year fixed-rate loan compounded monthly. To calculate the savings in interest, we first need to determine the monthly payment for both interest rates using the formula for a fixed-rate mortgage, then calculate the total cost over 30 years for both scenarios and subtract the totals to find the savings.
Using the formula M = P[r(1+r)^n]/[(1+r)^n - 1], where:
M is the monthly payment,P is the principal loan amount,r is the monthly interest rate (annual rate divided by 12 months),n is the number of payments (loan term in years multiplied by 12).For an APR of 4%, r = 0.04/12. For 3.6%, r = 0.036/12. Calculating each scenario:
At 4% APR, the monthly payment ends up being approximately $954.83.At 3.6% APR, the monthly payment is approximately $909.29.The total cost of the loan can then be calculated by multiplying the monthly payment by the total number of payments (360).
The total interest paid over the life of the loan thus is:
For the 4% APR: approximately $343,738.For the 3.6% APR: approximately $327,346.Therefore, the savings in interest cost by improving the FICO score to 750 and securing an APR of 3.6% would be approximately $16,392.
If the individual can increase her FICO score to 750 and qualify for the lower APR of 3.6%, she would save approximately $26,898.48 in interest costs over the life of the loan.
To calculate the interest cost savings over the life of the loan, we'll first find the total interest paid for each scenario: one with an APR of 4% and the other with an APR of 3.6%. Then, we'll subtract the total interest paid with the lower APR from the total interest paid with the higher APR to find the savings.
Given:
- Principal amount (mortgage): $200,000
- Loan term: 30 years
- Compounding frequency: monthly
Step 1: Calculate the monthly interest rate for both APRs.
[tex]\[ \text{Monthly Interest Rate (APR 1)} = \frac{4\%}{12} = 0.04 \times \frac{1}{12} = 0.00333 \][/tex]
[tex]\[ \text{Monthly Interest Rate (APR 2)} = \frac{3.6\%}{12} = 0.036 \times \frac{1}{12} = 0.003 \][/tex]
Step 2: Calculate the number of monthly payments over the loan term.
[tex]\[ \text{Number of Payments} = \text{Loan Term} \times \text{Compounding Frequency} \][/tex]
[tex]\[ \text{Number of Payments} = 30 \times 12 = 360 \][/tex]
Step 3: Calculate the monthly payment using the formula for the monthly payment of an amortizing loan:
[tex]\[ \text{Monthly Payment} = \frac{P \cdot r}{1 - (1 + r)^{-n}} \][/tex]
Where:
- ( P ) = principal amount (mortgage)
- ( r ) = monthly interest rate
- ( n ) = number of payments
For APR 1:
[tex]\[ \text{Monthly Payment (APR 1)} = \frac{200,000 \times 0.00333}{1 - (1 + 0.00333)^{-360}} \][/tex]
[tex]\[ \text{Monthly Payment (APR 1)} ≈ \frac{666}{0.44832} \][/tex]
[tex]\[ \text{Monthly Payment (APR 1)} ≈ 1486.68 \][/tex]
For APR 2:
[tex]\[ \text{Monthly Payment (APR 2)} = \frac{200,000 \times 0.003}{1 - (1 + 0.003)^{-360}} \][/tex]
[tex]\[ \text{Monthly Payment (APR 2)} ≈ \frac{600}{0.42594} \][/tex]
[tex]\[ \text{Monthly Payment (APR 2)} ≈ 1408.63 \][/tex]
Step 4: Calculate the total payments over the loan term:
[tex]\[ \text{Total Payments (APR 1)} = \text{Monthly Payment (APR 1)} \times \text{Number of Payments} \][/tex]
[tex]\[ \text{Total Payments (APR 1)} ≈ 1486.68 \times 360 \][/tex]
[tex]\[ \text{Total Payments (APR 1)} ≈ 534,805.28 \][/tex]
[tex]\[ \text{Total Payments (APR 2)} = \text{Monthly Payment (APR 2)} \times \text{Number of Payments} \][/tex]
[tex]\[ \text{Total Payments (APR 2)} ≈ 1408.63 \times 360 \][/tex]
[tex]\[ \text{Total Payments (APR 2)} ≈ 507,906.8 \][/tex]
Step 5: Calculate the total interest paid:
[tex]\[ \text{Total Interest (APR 1)} = \text{Total Payments (APR 1)} - \text{Principal Amount} \][/tex]
[tex]\[ \text{Total Interest (APR 1)} ≈ 534,805.28 - 200,000 \][/tex]
[tex]\[ \text{Total Interest (APR 1)} ≈ 334,805.28 \][/tex]
[tex]\[ \text{Total Interest (APR 2)} = \text{Total Payments (APR 2)} - \text{Principal Amount} \][/tex]
[tex]\[ \text{Total Interest (APR 2)} ≈ 507,906.8 - 200,000 \][/tex]
[tex]\[ \text{Total Interest (APR 2)} ≈ 307,906.8 \][/tex]
Step 6: Calculate the interest cost savings:
[tex]\[ \text{Interest Cost Savings} = \text{Total Interest (APR 1)} - \text{Total Interest (APR 2)} \][/tex]
[tex]\[ \text{Interest Cost Savings} ≈ 334,805.28 - 307,906.8 \][/tex]
[tex]\[ \text{Interest Cost Savings} ≈ 26,898.48 \][/tex]
Therefore, if the individual can increase her FICO score to 750 and qualify for the lower APR of 3.6%, she would save approximately $26,898.48 in interest costs over the life of the loan.
Xbox video game consoles were developed through a joint venture between Microsoft and the WWE (World Wrestling Entertainment). Plans were made to rush the product to market to counter new Playstation and Nintendo consoles that were also being released about the same time. Complaints about the video game began immediately after its introduction. These complaints ranged from missing parts to incorrect programming. In which phase of the strategic marketing process did the Xbox strategy fail?
Answer:
The Implementation Phase
Explanation:
A marketing plan refers to a a future course of action relating to marketing tactics a firm is planning to employ and specifies the goals and objectives which are to be achieved. It provides direction and guides marketing efforts in a single direction i.e towards attainment of marketing objectives.
A strategic marketing plan is an in-depth marketing plan which specifies the long term marketing strategies, the markets in which the firm shall compete, the target customers and the means to attain marketing goals.
Such a plan incorporates the following phases:
Analysis : It means situational analyses and assessing organizational strengths and weaknesses and matching them with environmental threats and opportunities.Planning: This involves conducting marketing research and product testing and also planning for the price, promotion and distribution of products.Implementation: It refers to putting the plans into action and placing the products in the market based upon the distribution channel and markets planned for in previous stages.Control: This refers to analyzing sales, profit margins and customer satisfaction. Measuring the deviations against figures as anticipated and making necessary modifications in the marketing strategy accordingly.In the given case, the video game company had planned well w.r.t it's joint venture and strategy but failed to implement it effectively. This points to the company failing at the implementation phase of the strategic marketing process.
If a governmental entity issued $3,000,000 in bonds, received a $500,000 federal capital grant, and transferred $750,000 to a Capital Projects Fund from the General Fund, the Capital Projects Fund financial statements should report Other Financing Sources (OFS) of:_______. a. $500,000 b. $750,000 c. $3,750,000 d. $4,250,000
Answer:
Option "D" is the correct answer to the following question.
Explanation:
Given:
Government bond price = $3,000,000
Federal capital grant = $500,000
Capital Projects Fund transfer = $750,000
Amount of financing Source = ?
Computation of the amount of financing Source:
Amount of financing Source = Government bond price + Federal capital grant + Capital Projects Fund transfer
Amount of financing Source = $3,000,000 + $500,000 + $750,000
Amount of financing Source = $4,250,000
If Modern Company received $3,650 from Connor Young Company on March 12 for the total amount of an account which had been written off on March 1, the entry to reinstate the account under the direct write-off method would include
Answer:
Journal Entry
Dr. Bad Debt Expense $3,650
Cr. Account receivables $3,650
Explanation:
Under Direct Method we charge the bad debt expense directly without any involvement of allowance account. We deduct the written off value from account receivable by a credit entry in it because it is an current asset account which is debit in nature, the decrease will require a credit entry in it.
Answer:
3650
Explanation:
Macy's department stores carry a wide range of product lines, including clothing, jewelry, kitchenware, and home furnishings. Although it usually charges a relatively high markup, Macy's also holds frequent sales and price promotions, as well as offers discounts to customers who use a Macy's credit card. Macy's uses ________. A. everyday low pricing B. high-low pricing C. experiential retailing D. retail convergence E. self-service retailing
Answer:
High-low pricing
Explanation:
Pricing strategy is a method that is used by various organizations to find to best price to sell their goods and services. Pricing strategy is very important because it is used to determine the amount of profit an organization will earn from selling a particular product.
High-low pricing is a pricing strategy that is used mainly by retailers. It involves increasing the price of a product when it is initially released into the market and then later on reducing the price to attract more customers.