The farmer Bill sold 120 pounds of potatoes at the farm market. He made his last transaction of 50 pounds when he sold "4/5 of what he has left, plus the remaining 10 pounds."
What does the term "farmers market" mean?Farmers' markets allow farmers to interact personally with their customers, give consumers access to locally grown, farm-fresh fruit, and foster consumer loyalty to the farmers who raise the product.
With x pounds of potatoes, he begins.
After selling a quarter of them, he is left with (3/4)x pounds.
He then sells 4/9 of what is remaining in his possession, leaving him with 5/9. He has 5/9 of (3/4)x pounds remaining, or (5/12)x pounds.
He made his last transaction of 50 pounds when he sold "4/5 of what he has left, plus the remaining 10 pounds."
(5/12).x = 50
x= 120
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If gross income on a property is $84,000, net income is $40,000 and the cap rate is 7%, the value of the property using the income capitalization method is
Using the income capitalization technique, the property is worth $571,428.57.
How do you calculate the value of a property using the Income Capitalization Method?The Income Capitalization Method is a commonly used method to estimate the value of a property using the net income generated by the property and the capitalization rate (cap rate).
The formula to calculate the value of a property using the Income Capitalization Method is:
Property value = Net income / Cap rate
In this case, the net income is $40,000 and the cap rate is 7%. So, the calculation is:
Property value = $40,000 / 0.07
= $571,428.57
So the value of the property using the income capitalization method is $571,428.57
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IBM's shift to a service business changed the inputs in their transformation process. Which input would be the most important resource in the new model
According to question, the most important input is Labour ,when IBM's shift to a service business changed the inputs in their transformation process .
Direct labor is the term for the salaries and pay given to employees who take part in the actual creation of a good or the provision of a service. The cost of labor per employee is calculated by multiplying the hourly wage of a worker by the total number of hours they will work in a year.
The cost of labor for a salaried employee is estimated by dividing their annual salary by the total number of hours they will work during the course of the year. Businesses that transform raw materials, substances, or component components into finished goods through mechanical, physical, or chemical processes are included in the manufacturing sector.
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All the following are considered to be benefits of participative budgeting, except for: (please provide the necessary brief explanation to justify)
A. Individuals at all organizational levels are recognized as being part of a team; this results in greater support for the organization.
B. The budget estimates are prepared by those in directly involved in activities.
C. When managers set their own targets for the budget, top management need not be concerned with the overall profitability of operations.
D. Managers are held responsible for reaching their goals and cannot easily shift responsibility by blaming unrealistic goals set by others
All the following are considered to be benefits of participative budgeting, except for Individuals at all organizational levels are recognized as being part of a team this results in greater support for the organization.
The fact that participative budgeting is motivational, or more likely to inspire participants to work toward the organization's overall goals, is one of its main benefits. To flip a card, tap it.Through the concept of "participative budgeting, those who will be affected by the budget are actively involved in its preparation. With this strategy, lower-level managers feel more invested in the final budget.Cities all across the world employ participatory budgeting to include residents in decisions about government spending that affect or benefit them. Although the mechanics and procedures of participatory budgeting can differ, they often adhere to the following steps: community involvement and outreach.
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A,B and D are True C is False : It is not a benfit that Top management will not be concerned as targets set by managers.
A. True: Participatory budgeting encourages involvement from all levels, which boosts the organization's support.
B. This is accurate; those participating in the activity and in a position to offer more accurate estimations contribute to the budget inputs.
C. FALSE: Top management not caring about goals set by managers is not a benefit. The company's top management is in charge of overall performance, and they also have goals.
D. True: Managers of each function, profit centre, or cost centre are in charge of achieving the objective, and they cannot be held accountable for setting unrealistic goals since everyone has a say in how they are determined.
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Claims for which formal instruments of credit are issued as proof of the debt are _____.
(a) accounts receivable
(b) interest receivable
(c) notes receivable
(d) other receivables.
The correct response is (c), since notes receivable are bills of exchange, official forms of credit, and they can also be endorsed.
What are Receivable Notes?Asset accounts are linked to an underlying promissory note, which specifies in writing the payment terms for a purchase between the "payee" (typically a company, sometimes referred to as a creditor) and the "maker" of the note (typically a customer or employee, sometimes referred to as a debtor). Notes receivable are also known as "notes payable." A company can have notes receivable with any other party, including another company, a financial institution, or an individual. They typically arise when a customer requires longer payment terms than the standard billing terms for a sale. Payees charge interest and require a signed promissory note for legal purposes in exchange for agreeing to a slower payment. Another way that notes receivable are created is through employee cash advances in which the employer requires the employee to sign a promissory note.
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Which statement best describes the AICPA ethics rules relating to a member's failure to file his or her personal tax return in a timely manner?
The member is strongly encouraged to file his or her personal tax returns in a timely manner.
The failure to file a personal tax return in a timely manner must be disclosed to all clients and potential clients.
The failure to file a personal tax return in a timely manner is usually considered an act discreditable to the profession.
The member is not in violation of any ethics rules as long as the failure to file a personal tax return in a timely manner was due to a heavy workload.
The statement which best describes the AICPA ethics rules relating to a member's failure to file his or her personal tax return in a timely manner is that, the failure to file a personal tax return in a timely manner is usually considered as an act discreditable to the profession.
As per AICPA ethics rules, an advertisement therefore should not be misleading or false as a result of which people tend to get deceived and then they take decisions that end up unsatisfied. So, there are four sections of the AICPA Code of Professional Conduct.
However, there are the first section entails introductions, general advice, definitions, to the AICPA members. Thus, here a member must maintain the objectivity and also integrity, which shall be free of conflicts of the interest. So, the failure to file a personal tax return is not acceptable.
Hence, option C is correct.
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Conducting business with ______ helps forge character and maximize competencies. Multiple choice question. co-worker distrust regard for profit good publicity complete honesty
Conducting business with complete honesty helps forge character and maximize competencies.
Business ethics is the study of appropriate corporate behavior when it comes to potentially contentious issues like corporate governance, insider trading, bribery, discrimination, corporate social responsibility, fiduciary duties, and much more. Business ethics occasionally serve as a fundamental rule that businesses can follow to win the public's approval, but the law frequently serves as the standard.
For a number of reasons, good business ethics are necessary for success in the modern marketplace. Most importantly, clearly defined ethics programs create a code of conduct that influences behavior among employees, from CEOs to middle management to the newest and youngest workers. The business develops a reputation for ethical behavior when all of its personnel act ethically.
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Define and differentiate the various functional areas, departments, or business units of your chosen company.
Five Guys operates in the fast food industry and like most fast food chains they have several functional areas or departments that work together to keep the business running smoothly. These include Operations, Marketing, Finance, Human Resources, Supply Chain, and IT
Operations: This department is responsible for overseeing the restaurant's day-to-day operations, including food preparation, customer service, and inventory management. increase. Create advertising campaigns, manage social media accounts, and create promotional materials.
Finance: This department is responsible for managing the financial aspects of the business, including budgeting, forecasting, and financial reporting.
Human Resources Department: This department is responsible for managing our employees, including recruitment, recruitment, training, and benefits administration.
Supply Chain: This division is responsible for the procurement of restaurant ingredients, equipment, and other supplies, as well as managing logistics and distribution.
IT: This department is responsible for maintaining and updating the company's computer systems, networks, and software applications.
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If the marginal propensity to consume is 0.9, the government increases purchases by $100, and net exports decline by $60, the equilibrium level of real gross domestic product will
The equilibrium level of the real gross domestic product will increase by up to $400.
The percentage of an overall salary increase that a customer spends on purchasing goods and services rather than saving is known as the marginal propensity to consume (MPC) in economics.
The MPC calculates how much money a person decides to spend on services and products rather than save as their income rises. In light of this, the MPC formula is MPC = change in consumption/change in income. The MPC in the aforementioned example would be 500/1000, or 0.5.
MPC is the percentage of additional money that a person spends. For instance, if a household receives an additional dollar of disposable income and its marginal propensity to consume is 0.65, it will spend 65 cents of that dollar and save 35 cents.
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What does the doctrine of respondeat superior provide?
Answer:
The Respondeat Superior doctrine is a legal doctrine that establishes a rule for the adjudication of responsibilities in the event of damages or breaches in a situation in which there is a relationship of dependency between a superior and a dependent. Thus, this doctrine establishes that the superior will be responsible for the actions of his dependent, that is, in the event of non-compliance or damage by the latter (provided that said damage or non-compliance occurs in the exercise of their functions) the responsibility will assumed by the superior.
Please decide which career field each of the following career clusters fit into. If they fit into more than one, list all possibilities.
District attorney, paralegal, police officer, corrections officer, parole officer
Farmer, geologist, food science expert, chef, botanist specializing in genetically modified crop seeds
Car salesman, social media manager, convenience store manager, online customer service rep
CEO, human resources manager, personal assistant
Front desk manager, housekeeping, travel agent, tour bus operator, amusement park ticket reservations agent
Answer:
District attorney, paralegal, police officer, corrections officer, parole officer - Law and Public Safety
Farmer, geologist, food science expert, chef, botanist specializing in genetically modified crop seeds - Agriculture, Food, and Natural Resources
Car salesman, social media manager, convenience store manager, online customer service rep - Marketing, Sales, and Service
CEO, human resources manager, personal assistant - Business Management and Administration
Front desk manager, housekeeping, travel agent, tour bus operator, amusement park ticket reservations agent - Hospitality and Tourism
true or false : when you query a database, there is a defined order in which the results are displayed.
It's true that when you query a database, the order in which the results are displayed is fixed.
ORDER BY statement in SQL is used to sort retrieved data in ascending or descending order by one or more columns. By default, ORDER BY sorts data in ascending order. You can use the DESC keyword to sort the data in descending order and the ASC keyword to sort in ascending order.
You can use the ASC and DESC keywords to sort in ascending or descending order respectively. To sort by multiple columns, separate the column names with the (,) operator. You can tell the system to sort the data in a particular order by adding an ORDER BY clause to your SELECT statement. The ORDER BY clause is a list of column names from remote or local tables or views. You can define a sequence of columns in the select statement's column list. Sometimes it is necessary to sort the result set based on specific column values, conditions, etc. You can use the ORDER BY clause in your select statement to sort the results in ascending or descending order.
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Which events occurred in Florida before the stock market crash and helped bring about the Great Depression
Hurricanes often hit the United States between 1926 and 1928. Floridans had therefore started to experience difficulty prior to the stock market crash, which sparked the Great Depression in 1929.
A stock market, also known as an equity market or share market, is the collection of individuals who buy and sell stocks, also known as shares, which represent ownership stakes in corporations. These securities may be listed on a public stock exchange or only traded privately, such as shares of private corporations that are offered to investors through equity crowdfunding platforms. An investing plan is often included when making an investment. The buying and selling of shares, bonds, and other securities takes place on a stock exchange. Stocks from several big businesses are traded on a stock market. This increases the stock's liquidity and, as a result, its allure to many investors. Additionally, the exchange could guarantee settlement.
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The future value of $100 received today and deposited at 6 percent for four years is ________.A) $126B) $ 79C) $124D) $116
The future value of $100 put at 6% for four years and deposited today is $100*6%*4+100=$124.
The act of depositing.: the placement of anything for safekeeping, such as.: funds deposited in a bank. depositing money or withdrawing it. A person or item is put or left somewhere when they are deposited there. When you deposit anything, you ensure that it will be safe until it is required once more. When you deposit money, you put it into a savings or checking account. A "deposit" is the act of giving money to a bank or other financial organization for safekeeping. You send a payment by sending it; you deposit money at a bank. Banks accept deposits from consumers in exchange for an annual interest payment. The majority of these deposits are subsequently used by the bank to provide loans to other clients.
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The pursuit through government of a "transfer of wealth" at someone else's expense refers to:
A)logrolling.
B)the paradox of voting.
C)rent-seeking behavior.
D)the median-voter model.
The pursuit of a "transfer of wealth" at the expense of others through government is referred to as logrolling.
Give an example of Logrolling.Senator A agrees to support Senator K's state project in exchange for Senator K supporting Senator A's state project. This is an example of logrolling with a group of answer choices. The model of the median voter. Voting creates a paradox. The principal-agent dilemma.?
Logrolling simply refers to the specific exchange of favors. It is the practice of exchanging help, which is acceptable in politics when each other's proposed legislation is approved.Logrolling occurs when Senator A agrees to vote for Senator K's state project in exchange for Senator K voting for Senator A's state project.To know more about logrolling visit:
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________ synergies often come at the expense of product synergies because a single customer segment will likely require a variety of products, each of which will have to be designed and manufactured.
The correct answer is Marketing synergies often come at the expense of product synergies because a single customer segment will likely require a variety of products, each of which will have to be designed and manufactured.
Because a single consumer group will probably require a number of items, each of which will need to be created and made, marketing synergies frequently come at the price of product synergies. The business spends less on marketing and more on manufacturing. The division of customers into categories according to their demographic traits is known as demographic segmentation. Age, gender, income, education, religion, nationality, and other factors are included in this. Tennis shoes, running shoes, walking shoes, and Weeboks are all produced by Reebok.
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What is the concept of resources in economics?
A resource is an item or activity that is utilized in economics to generate commodities and services that cater to the needs and desires of people.
The definition of economics itself is the study of how society manages and distributes its limited resources. Economic resources are the ingredients that go into making products or rendering services. In other words, they are the resources that are employed as inputs to produce goods or support the provision of services. Human resources, like labor and management, and nonhuman resources, such land, capital goods, financial resources, and technology, are two categories of economic resources.
An economy is a collection of institutions and businesses that either directly participate in or assist the creation and transfer of commodities and services. The materials we utilize to manufacture and dispense products and services are known as economic resources. The exact ratio of each production element will vary from product to product and from service to service, but the objective is to employ resources as efficiently as possible to maximize output at the lowest feasible cost. Resource misallocation or misuse may lead to the collapse of entire economies and enterprises.
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Calculate the Percent (%) of Earth's gravitational force on the ISS astronauts while orbiting at an altitude of 367.5 km above Earth's surface.
The gravitational force at an altitude of 367.5 km above Earth's surface is approximately 90% of Earth's gravitational force at the surface. The gravitational force of Earth on the ISS astronauts can be calculated using Newton's Law of Universal Gravitation:
F = G * (M1 * M2) / (d^2)
Where F is the gravitational force, G is the gravitational constant (6.67 x 10^-11), M1 and M2 are the masses of the two objects, and d is the distance between the two objects.
For the ISS astronauts orbiting at an altitude of 367.5 km above Earth's surface, the distance d between the astronauts and Earth is equal to the radius of Earth (6371 km) + 367.5 km = 6738.5 km.
Therefore, the gravitational force of Earth on the ISS astronauts can be calculated as:
F = 6.67 x 10^-11 * (5.972 x 10^24 kg)^2 / (6738.5 km)^2
F = 9.79 N
The gravitational force of Earth on the ISS astronauts is 9.79 N. The gravitational force of Earth on a person standing on the surface of the Earth is 9.81 N.
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Determine the simple interest on an account paying 5.5% annually interest of an investment of $20,650. a. $1115.65
b. $1135.75
c. $1125.55
d. $1145.45
I=prt; I=20,650×0.055×1; I=1,135.75 is the simple interest on an account paying 5.5% annually interest of an investment of $20,650.
The simple interest is the rate at which you borrow or lend money. When a borrower receives funds from a lender, the lender receives additional funds in return. The principal refers to the borrowed funds that are granted for a specified time period.
It is straightforward to calculate simple interest using a formula. Simply multiply the principal of the loan by the term's interest rate.
Although some mortgages employ this calculation approach, this kind of interest typically relates to auto loans or short-term loans. To calculate simple interest, multiply the loan principal by the interest rate, then by the loan's period.
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Economic value added is also referred to as ______. Multiple choice question. Opportunity cost of capital residual income net income rate of return
Economic value added is also referred to as net income. Net income is also called as the net earnings, which is sales minus cost of goods sold.
The Economic value added, which is also referred to as the economic profit or EVA is considered to be the value a business tends to generate from its invested capital. So, the economic value added is considered to be an estimate of a firm's economic profit.
However, here the value is said to be created in excess of the required return of the company's shareholders. So, the EVA is considered to be the net profit less the capital charge in order to raise the firm's capital.
Hence, Economic value added is also referred to as net income.
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Because of the large number of resumes that a hiring manager may have to review, you want your resume to:
Because of the large number of resumes that a hiring manager may have to review one wants his resume to be easy to read and contain the information necessary for the hiring manager to make an informed decision about you.
The most effective resumes are neat, professional, and devoid of grammatical and spelling mistakes. contains true and current data regarding you. makes it clear to the prospective employers why you are a suitable candidate for the role you are applying for. You shouldn't refer to oneself by a nickname on your CV. any talk about compensation or vacation time. unnecessary personal information You should just say that connections are available to your prospective employers if they should require them whenever providing references on your resume. Do not list references in their entirety.
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Identify the financial statement (or statements) that each account would appear on. Use I for Income Statement, RE for Statement of Retained Earnings, B for Balance Sheet, and C for Statement of Cash Flows. (If an input field is not used in the table, leave the input field empty; do not select a label. )
Different items will appear on different financial statement and one can appear on more than one.
a. Accounts Payable - B
b. Cash - B &C
c. Common Stock - B
d. Accounts Receivable -B
e. Rent Expense- I
f. Service Revenue- I
g. Office Supplies -B
h. Dividends -RE
i. Land- B
j. Salaries Expenses - I
Cash will appear both on Balance sheet and cash flow statement. on Balance sheet it will appear as assets. Financial statements are documents that describe a company's operations and financial performance.
Government organizations, accounting companies, etc. frequently audit financial statements to guarantee accuracy and for tax, financing, or investing purposes.
The balance sheet, income statement, statement of cash flow, and statement of changes in equity are the four basic financial statements for for-profit entities. A similar but distinct set of financial statements is used by nonprofit organizations.
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Correct question:
Identify the financial statement (or statements) that each account would appear on. Use I for Income Statement, RE for Statement of Retained Earnings, B for Balance Sheet, and C for Statement of Cash Flows. (If an input field is not used in the table, leave the input field empty; do not select a label. )
a. Accounts Payable
b. Cash
c. Common Stock
d. Accounts Receivable
e. Rent Expense
f. Service Revenue
g. Office Supplies
h. Dividends
i. Land
j. Salaries Expenses
Procter and Gamble (PG) paid an annual dividend of $ 2. 87 in 2018. You expect PG to increase its dividends by 8. 0 % per year for the next five years (through 2023), and thereafter by 3. 0 % per year. If the appropriate equity cost of capital for Procter and Gamble is 8. 0 % per year, use the dividend-discount model to estimate its value per share at the end of 2018
The value per share at the end of the year 2018 is $73.47 .
What is dividend discount model?The dividend discount model (DDM), a quantitative technique for forecasting stock prices, is based on the idea that, when discounted back to their present value, the price of a company's shares today is equal to the total of all of its future dividend payments. It aims to determine a stock's fair value regardless of the current market conditions and takes into account the dividend distribution considerations and the anticipated market returns. The stock is cheap and should be purchased if the value derived from the DDM is more than the price at which shares are currently trading, and vice versa.
Solution: As per dividend discount model, share price will be equal to present value of future dividends.
Dividend at the end of 2019 = 2.87*(1+8%)
Dividend at end of 2020 = 2.87*(1+8%)^2
Dividend at end of 2021 = 2.87*(1+8%)^3
Dividend at end of 2022 = 2.87*(1+8%)^4
Dividend at end of 2023 = 2.87*(1+8%)^5
hence share price at the end of 2018 = 2.87*(1+8%)/1.08 +2.87*(1+8%)^2/1.08^2 +2.87*(1+8%)^3/1.08^3+ 2.87*(1+8%)^4/1.08^4+2.87*(1+8%)^5/1.08^5 + 2.87*(1+8%)^5*(1+3%)/(8%-3%)*(1.08)^5
=2.87 + 2.87 +2.87 +2.87 +2.87 +59.122
=$73.47
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A Mercedes-Benz priced the same as a Ford Focus might not sell as well because of:
a. history of performance of similar Mercedes products
b. overall company reputation
c. psychological factors
What are the 6 economic social goals?
The six economic and social goals are economic growth, full employment, price stability, equitable distribution of income, the balance of payments equilibrium, and economic stability.
1. Economic growth: This is the goal of increasing a nation's production of goods and services over time. This is usually achieved through the use of fiscal and monetary policies, such as lowering taxes, increasing government spending, and manipulating interest rates.
2. Full employment: This is the goal of having everyone who is willing and able to work employed. This can be achieved through the use of fiscal and monetary policies, such as increasing government spending and reducing taxes.
3. Price stability: This is the goal of ensuring that prices remain stable over time. This is usually achieved through the use of monetary policy, such as manipulating interest rates and increasing the money supply.
4. Equitable distribution of income: This is the goal of ensuring that income is distributed in an equitable manner. This can be achieved through the use of fiscal policy, such as increasing taxes on the wealthy and providing social welfare programs.
5. Balance of payments equilibrium: This is the goal of achieving a balance of payments between a country and its trading partners. This can be achieved through the use of both fiscal.
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Which of the following is the first step in the purchasing and payment process?
A. The purchaser receives an invoice for the goods shipped by the supplier.
B. The purchaser receives the inventory and prepares a receiving report.
C. The purchaser sends a check to the supplier.
D. The purchaser sends a purchase order to the supplier.
The purchaser sends a check to the supplier is the first step in the purchasing and payment process.
Hence, Option C is correct
The purchase-to-pay system starts with requisitioning and ends with payment.
The process of formally requesting a service, item, or product with a purchase request form is known as requisitioning. When goods or services are received, they are procured. When payment is received, the system is terminated. The process of integrating purchasing and accounts payable systems in order to increase efficiencies is known as procure-to-pay. It is part of the larger procurement management process and consists of four major stages: selecting goods and services, enforcing compliance and order, receiving and reconciling, invoicing and payment. So the distinction between procure to pay and order to cash is straightforward: one is for sales orders and the other is for procurement.To know more about payment here
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2. Within the range of market demand, which of the following is consistent with the condition of a natural monopoly
A natural monopoly is a market structure in which a single firm is the sole producer of a good or service for which no close substitutes exist. This is usually due to the large amount of capital required to produce the good or service, or because the cost of production declines as the firm increases its output.
In these cases, a single firm is able to produce the good or service at a lower price than if there were multiple firms competing in the market. This can create a situation in which the firm can charge a price that is higher than the competitive price because they have little to no competition. Additionally, the cost of entry into the market is often prohibitively high, which further reduces the number of firms that can compete in the market.
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the sale of land held for investment results in the following type of gain or loss?
the sale of land held for investment results in the following type of gain or loss A. Capital
Money spent on assets with the hope that their value would rise over time is known as an investment. To invest, a current resource must be sacrificed, be it time, money, or effort.Making money from the asset that is being used is the aim of investing in the financial world. The return may also contain an unrealized capital gain (or loss), investment income such as dividends, interest, or rental income, a combination of capital gain and income, and a gain (profit) or loss realized on the sale of a home or investment. The return could potentially include foreign exchange profits or losses as a result of shifting exchange rates.Investors assert that more risky investments frequently produce larger profits. a sound fiscal
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The complete question is here:
The sale of machinery at a loss that was used in a trade or business and held for more than one year
results in the following type of loss?
A. Capital.
B. §291.
C. §1231.
D. §1245.
E. None of these.
If the interest paid on an account is 10% compounded annually, $6,902 now is basically equivalent to $10,000 five years from now. True False
The claim that $6,902 today is roughly comparable to $10,000 after five years if interest on an account is compounded at a rate of 10% yearly is untrue.
The sum incurred from borrowing money that is owed to a lender is known as interest payable, or accumulated interest. To keep track of the debts that they owe, businesses enter this value in their ledgers. On the balance sheet of a company, it functions as a liability account.
On which, assets or obligations, is interest paid?A liability, paying interest is often listed in the balance sheet's current liabilities section. The income statement shows the corresponding interest expense that makes up interest due for the amount relevant to the reporting period.
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Consider a project that costs $250 now and is expected to generate $98 in net revenues at the end of each of the next three years. If the MARR is 5%, the future worth of this project is __________. A. $18.24 B. $19.54 C. $22.33 D. $18.29
(B.) $19.54, Consider a $250 project that will yield $98 in net revenues at the conclusion of each of the next three years. The future value of this project is $19.54 if the MARR is 5%.
Net revenue is the amount of money a business makes in a particular time after subtracting any discounts or concessions offered to customers. Particularly in the retail and wholesale industries, many companies provide discounts on purchases to entice clients to acquire their goods or services. The difference between a company's gross revenue and all of its costs, including fixed costs, is known as net revenue or net income. Because gross revenue only gives you a partial image of your company's total picture, it's critical to understand the differences between the two. Budgeting cannot be done with the gross sales of your business.
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What three questions must a society answer when it is trying to determine what type of economic system it wants?
In order to address the three fundamental economic problems of what, how, and for whom to create, every society, independent of its political form, must develop an economic system.
The social science of economics deals with the creation, exchange, and consumption of products and services. Economics is the study of how economies work as well as the behavior and interactions of economic actors. The study of microeconomics focuses on what are thought to be the fundamental components of the economy, such as the interactions that result from market and agent activity. Individual agents can represent a variety of clients, including homes, companies, buyers, and sellers. The study of the economy as a coexisting system of production, consumption, saving, and investment is known as macroeconomics. Additionally, it looks at the elements that have an impact on this system, including the use of labor, capital, and natural resources, currency inflation, economic expansion, and public policies .
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