The wealth does the top 1 percent have in the USA is $11.1 million.
The term wealth in business is defined as an accumulation of valuable economic resources that can be measured in terms of either real goods or money value.
Here we need to identify the amount of wealth does the top 1 percent have in the USA.
Here we have to know that the minimum net worth of the top 1% is roughly $11.1 million.
The study said that a person would need to earn an average of $823,763 per year in order to join the top 1%.
That one is also said that the median salary for all workers in the United States in 2021 was $45,470.
Through the study we want to know that the widening gaps in wealth and income stem from a variety of factors, thus including the wealthiest' s increasing dominance of public and private equity, and tax breaks.
Therefore, here were 927 billionaires in the United States while China had more than 400 billionaires.
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Other debt should be included such as car loans, student loans and credit cards when considering BOTH the 20% and the 10% in the 20-10 rule.
The 10/20 rule is a budgeting method that can be used by just about anyone, even if it's only a general guideline rather than a binding decree
What's the 10 20 rule in finance?The 10/20 rule is a budgeting method that can be used by just about anyone, even if it's only a general guideline rather than a binding decree. The goal is to keep your overall debt to no more than 20% of your annual income and your monthly payments to no more than 10% of your net monthly income. According to the 20/10 rule, your monthly and annual consumer debt payments should each not exceed 10% of your monthly and annual take-home pay. This guideline might help you determine how much you should be spending on debt repayments and set a ceiling on how much new debt you will accept.To learn more about 10 20 rule refer to:
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How is thinking of new business ideas an important part of the entrepreneurial process?
Answer: Thinking of new ideas can improve your business.
Explanation: Due to some studies, a creative mind helps us figure out new ways of doing things. Many say that creativity helps or improves existing products. This can be highly effective for optimizing a business. Of course, we all know that there can be room for improvement, but it has to be the business owner or the entrepreneur to makes the change happens. I hope this helped!
NEED HELP ASAP PLEASE
Two train are 330 mile apart, and their peed differ by 24 mph. Find the peed of each train if they are traveling toward each other and will meet in 3 hour. Mph (maller value)
mph (larger value)
The speed of the first train is 100.5 mph and the speed of the second train is 76.5 mph.
Let's call the speed of the first train x and the speed of the second train y.
We know from the problem that:
x - y = 24 (the difference in speed between the two trains)
We also know that the two trains will meet in 3 hours, so we can use the distance formula:
distance = rate x time
330 = (x + y) x 3 (since they are traveling towards each other, their combined speed is the sum of their individual speeds)
Now we can use the first equation to substitute for y:
330 = (x + (x - 24)) x 3
330 = 4x - 72
402 = 4x
x = 100.5 mph
Now that we have the speed of the first train, we can use the first equation to find the speed of the second train:
x - y = 24
100.5 - y = 24
y = 76.5 mph
So the speed of the first train is 100.5 mph and the speed of the second train is 76.5 mph.
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Which one of the following questions involves a capital budgeting decision?
A. Multiple Choice How many shares of stock should the firm issue?
B. Should the firm purchase a new machine for the production line?
C. Should the firm borrow money to acquire new equipment?
D. How much inventory should the firm keep on hand?
E. How much money should be kept in the checking account?
The decision that whether the firm should purchase a new machinery or not is a capital budgeting decision.
The correct answer is option B.
A company takes a variety of financial decisions, such as those involving the capital budget, financing, dividends, and working capital management. Choosing long-term investments that appear as fixed assets on the balance sheet is a decision made in the capital budgeting process. A business making a capital budgeting choice is reviewing the feasible options when deciding whether to buy or lease a new machine. There are a number of ways to evaluate the investment, including the payback time approach, internal rate of return, profitability index, and net present value.
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The equation, a equal to 1,500 plus quantity 1 plus 0.06 over 2 end quantity all raised to the power of 2 times t, represents the amount of money earned on a compound interest savings account. what does the value 1,500 represent?
The value of 1500 in the given equation, which represents the amount of money earned on a compound interest savings account, is the principal amount.
The given equation given as a word problem can be mathematically expressed as
A = 1500(1+ 0.06/2)^2t
The amount of money A in a compound interest savings account is given by:
A = P(1+ r/n)^nt
Where P is the principal or initially invested amount, r is the annual rate of interest, n is the number of compounded period and t is the time in years.
The principal amount refers to the original sum of money put into an investment and borrowed in a loan. Hence comparing the two equations, the value of 1500 represents the principal amount.
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As a(n) , it‘s up to you to make choices about what you buy and use.
As a consumer, it‘s up to you to make choices about what you buy and use.
What are consumers?Generally, A consumer is a person or group that uses a product or service. In economic terms, a consumer is someone who buys goods and services for personal use.
Consumer demand drives the economy, as businesses aim to produce and sell products that consumers want to buy.
Consumers also play a role in shaping the market by making purchasing decisions based on factors such as price, quality, and brand.
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CQ
As a(n)_____ , it‘s up to you to make choices about what you buy and use.
Lucy recently asked the servers at her restaurant to only give straws to customers who request them. She thinks that about half of the customers will ask for straws but hopes that the rate will be less than half. She randomly selects 100 customers and finds that 43 of them ask for a straw. To determine if these data provide convincing evidence that the proportion of customers who will ask for a straw is less than 50%, 150 trials of a simulation are conducted. Lucy is testing the hypotheses: h0: p = 50% and ha: p < 50%, where p = the true proportion of customers who will ask for a straw. Based on the results of the simulation, the estimated p-value is 0. 733. Using a = 0. 10, what conclusion should lucy reach?.
Lucy should fail to reject H0 because the p-value is > 0.0733. There is no convincing evidence that she has less than 50% of her customers asking for straws.
The P-value is a measure of the strength of evidence against the null hypothesis (H0).
It represents the probability of getting an extreme or more extreme result than the observed one, given that the null hypothesis is true.
In this case, the null hypothesis is that 50% of customers request straws. The alternative hypothesis is that the percentage is less than 50%.
It is not possible to calculate a P-value based on the information provided. To calculate the p-value, know the specific results of 150 simulation trials and how those results compare to the observation that 43 out of 100 customers asked questions with a straw is needed.
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BCD Chemical Distributors has prepared a barrel of hazardous chemicals to be shipped to your employer. Select from the options to determine which items must be in place before it can be shipped. a. SDSPrice b. TagWarning c. LabelShipping d. Item Sheet
a. SDSPrice and b. TagWarning must be in place before it can be shipped.
After June 1, 2015, all hazardous substances supplied must be labeled with certain elements such as pictograms, signal phrases, and danger and preventive remarks.
However, producers, importers, and distributors may begin implementing the amended HCS's new labeling system before the June 1, 2015 effective date if they so desire.
Manufacturers, exporters, and distributors may continue to comply with the requirements of HazCom 1994 or the updated standard until the implementation date of June 1, 2015.
Distributors may export containers labeled by manufacturers or importers (but not by the distributor) in accordance with HazCom 1994 until December 1, 2015. Hence, before shipping the goods, it should contain label and price tag.
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a proof of the equality of debits and credits in a general ledger is called ?
Trial balance can be defined as a proof of the equality of debits and credits in a general ledger. There are several aspect that including in the trial balance, such as including assets, liabilities, equity, revenues, expenses, gains, and losses.
In economic and accounting, A trial balance generally can be described as a list of all the general ledger accounts contained in the ledger of a business. The name of each nominal ledger account and the value of that nominal ledger balance are including in the trial balance. Each nominal ledger account and the value of that nominal ledger balance will hold either a debit balance or a credit balance.
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HELP ME ASAP. Match the pitch deck component to its description.
Note that the Pitch Deck components and it's description are matched as follows:
Pitch deck component - Description
Milestones - Talk about the traction that a company gained, such as crowdfundingBusiness model - Discuss how a business how it makes money, and talk about some of the marketing strategiesVision and value proposition - A brief overview of a business that talks about the company's mission and the value providedProblem - Discuss what customer problem the or services solveCompetition - Discuss what the competition is doing and a company could improve upon what the competition is doing without being disrespectful toward the competing companiesNote: I believe that you have some errors in your description, so I will rephrase it to match with the components:Highlight key team members' expertise, and experience and how these qualities work together to contribute to the success and growth of the company.Specify how the investors' money will be used and why the funds are necessary for the company while using data to back up the information.What is a pitch deck?A pitch deck is often a 10-20 slide presentation aimed to provide a brief overview of your firm, business plan, and startup concept.
Pitch decks, also known as marketing decks, are typically used by companies attempting to persuade clients or investors to collaborate with them. They are brief presentations designed to assist someone to learn about your company fast.
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An essential quality of an overhead allocation base is that it must ______.be calculated using a predetermined overhead ratebe a cost associated with producing the firm's goodsvary with all overhead costsbe common to all the company's products and services
An essential quality of an overhead allocation base is that it must be common to all the company's products and services - The option B.
An allocation basis is used by cost accounting to assign overhead costs. An allocation base could be a measurement like the amount of occupied square footage, kWh consumed, or machine hours used. An entity allocates its overhead costs on the basis of an allocation base. An allocation basis is a measurement, such as the amount of square footage occupied, kilowatt hours consumed, or machine hours used. The main purpose of cost allocations is to apply overhead expenses to produced inventory, as specified by various accounting systems. Allocate service department expenditures to operating departments is the normal allocation procedure in a multi-department corporation. Assign operational department expenses to products and services, including any allocations from service departments.
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a method for managing pollution in which a limit is placed on emissions and businesses or countries can by and sell emissions allowances
A method for managing pollution in which a limit is placed on emissions and businesses or countries can by and sell emissions allowances is Cap and trade .
What does the term "cap and trade" mean?
A "cap" on maximum emissions is imposed under the cap-and-trade system, which reduces the total emissions from a number of emitters.
It is said to as a market-based approach that aims to lower total pollutant emissions and promote corporate investment in fossil fuel substitutes and energy efficiency.
What does "cap and trade system" mean?
A government regulation scheme known as "cap and trade" aims to reduce or "cap" the overall level of certain chemical pollutants, primarily carbon dioxide emissions, that arise from industrial activity.
The argument put up by cap and trade proponents is that it is a preferable option to a carbon tax.
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Wolfpack Construction has the following account balances at the end of the year.
Accounts Balances Equipment $26,000
Accounts payable 3,000
Salaries expense 33,000
Common stock 11,000
Land 18,000
Notes payable 20,000
Service revenue 39,000
Cash 6,000
Retained earnings ?
A financial institution's account balance is the sum of money it has on hand during the current accounting period.
$16,000 in retained earnings
$50k total assets
$50,000 in liabilities and equity overall.
How to find the calculation?When the balance from the prior month is added, it represents the net difference between the credits and debits that were recorded during any particular accounting cycle.
Making the necessary accounts in order to create a balance sheet
ANALYSIS SHEET
ASSETS
Cash 3,000
Land 18,000
Resources 26,000
Assets totaling $50,000
LIABILITIES
3,000 in Accounts Payable
20,000 in notes payable
23,000 in total liabilities
EQUITY FOR STOCKHOLDERS
11,000 Common Stock
16,000 in retained earnings
[(3,000+18,000+26,000)-(3,000+20,000+11,000]
27,000 total equity
$50,000 in liabilities and equity overall.
Consequently, the balance sheet contains:
$50k total assets
$50,000 in liabilities and equity overall.
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a is an amount that you agree to pay an employee regularly for a certain amount of work, regardless of the demand for your product or service.
Regardless of the level of demand for your good or service, you must nonetheless agree to pay a worker a salary on a consistent basis for a certain length of work.
What does a product mean exactly?A business is the term for the object that is being sold. Products can either be physical items or services. Any physical object, a digital image, or a robot might appear like it. Since each item has a price, every commodity has related costs. Market conditions, industry norms, and a certain marketing segment's characteristics mostly determine the potential payment amount.
Which of these four main product categories apply to you?The four categories of products include goods, goods in general, goods, and unconditional items. Depending on customer tastes, product characteristics, and pricing, several divisions have been made.
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M. Grove ha tray of paint for tudent in her art cla. Each tray ha 5 color. One of the color i purple. What fraction it the color in 20 tray i purple?
M. Grove has a tray of paint for the student in her art class. Each tray has 5 colors. One of the colors is purple. the fraction of 1/5 is the color in 20 trays of purple.
To calculate the fraction of purple paint in 20 trays, you must first determine how many colors are in each tray. Each tray has 5 colors, so if we multiply 5 by 20, we get 100, which is the total number of colors in 20 trays. Since one of the colors is purple, the fraction of purple paint in 20 trays is 1/5.
To determine the fraction of purple paint in 20 trays, we must first consider the total number of colors in those trays. By multiplying the number of colors in each tray (5) by the number of trays (20), we get 100, which is the total number of colors. Since one of those colors is purple, the fraction of purple paint in 20 trays is 1/5.
To calculate the fraction of purple paint in 20 trays, we must first determine the total number of colors in those trays, which we can do by multiplying the number of colors in each tray (5) by the number of trays (20). This gives us 100, the total number of colors. Since one of those colors is purple, we can use the fraction 1/5 to represent the fraction of purple paint in 20 trays.
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M. Grove has a tray of paint for the student in her art class. Each tray has 5 colors. One of the colors I purple. What fraction is the color in 20 trays of purple?
personal finance is 20% head knowledge about money. what‘s the other 80%?
The other 80% is managing money.
When it comes to personal finance, it's not just about understanding financial concepts and money management. It's also about having the right attitude and behaviors when it comes to your finances. That's why it's important to understand that personal finance is only 20% head knowledge.
The other 80% is about developing the right mindset and behaviors when it comes to managing money. Having a good attitude and the right actions when it comes to money can help you become financially secure and successful.
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What is a comparative answer?.
A comparative is the form of adjective or adverb used to compare two things.
Comparative Degree FormAdjective and adverb change form when used as a comparison. In the regular form, the changes in the forms of adjective and adverb follow a certain pattern. On the other hand, in the irregular form, the changes in the form of these words do not follow a certain pattern.
Adjectives and adverbs which consist of one syllable (one syllable) are added with the suffix (ending) –er. Usually there is a double consonant letter at the end of the word in the basic form with a pattern of letters at the end: consonant-vocal-consonant.
Examples of Comparative Adjectives big-bigger fat-fatter hard-harder hot-hotter smart-smarter quick-quicker Examples of Comparative Adverbs fast-faster hard-harder Examples of Comparative Degree Sentences I am Easier to forget a problem than she is. comparative adjective The student is quicker to learn English than her friend. comparative adjective He drove faster than I did.comparative adverb In order to pass the exam, she must study harder than ever. comparative adverbAdjectives that come from the past participle usually use the word more (more) or less (fewer) in front of it.
Example of Comparative Degrees
- bored-more bored
tired-more tired
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a business leader can cultivate a sense of community by
A business leader can cultivate a sense of community by having a communication style that is we-oriented, not me-oriented.
What is business leader?
Being in charge of making strategic decisions for the organization is what it means to be a business leader. A company leader is an inspiration to others, setting the tone for a positive corporate culture in the office.
What makes a successful company leader?
The ability of a company's management to define and achieve hard goals, act swiftly and decisively when necessary, outperform the competition, and motivate others to perform to their fullest potential is known as leadership in business.
Employee motivation, assisting others in seeing and believing in a vision, and fostering innovation are all skills that great leaders possess. All stakeholders, including investors, customers, and employees, desire a strong leader at the head.
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Explain whether it i acceptable for different economit to arrive at different concluion uing the ame data. A. It i not acceptable. There i only one truth to how economie function, and economit hould be able to dicern thi one truth. B. It i only acceptable when economit are making prediction about the future; economit hould reach the ame concluion in aeing the pat ince all information about the pat i available. C. It i acceptable. The main reaon for thi i that economic data relie on ample and imperfect data collection, and economit ue different tatitical method of accounting for thi. D. It i acceptable. The main reaon for thi i that ociety doe not know which economic theorie work bet and different chool of economic thought rely on different undertanding of behavior
It is acceptable for different economit to arrive at different concluion uing the ame data.The main reason for this is that economic data relies on sample and imperfect data collection, and economists use different statistical methods of accounting for this.
What do you mean by data collection?
Data collection is the process of gathering information from various sources to be used for research or analysis. It is a vital part of any research project and involves the collection of both quantitative and qualitative data. The data collected may include facts, opinions, observations, measurements, and other information. Data can be collected through surveys, interviews, focus groups, experiments, and other methods. Data collection is an important part of the research process as it helps to establish findings, identify trends, and make decisions. It is important to ensure that data is collected accurately and ethically to ensure its accuracy and validity.
So, The correct option is C.
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June juniper receives an invoice on june 15 for legal fees from an attorney as a result of stating the business. The invoice is in the amount of $1,200. The attorney has completed the work, but the invoice has not been paid. Record the journal entries associated with this transaction
The journal entries associated with this transaction would depend on the payment terms of the invoice. If the invoice is due upon receipt, then the journal entry would be a Debit to Accounts Payable for $1,200 and a Credit to Legal Fees for $1,200.
If the invoice is due in 30 days, then the journal entry would be a Debit to Accounts Payable for $1,200 and a Credit to Legal Fees Payable for $1,200.
Accounts Payable is a current liability account that tracks money owed to vendors and suppliers, while Legal Fees Payable is a current liability account that tracks money owed to attorneys for services rendered.
If the invoice has not been paid, then the journal entry would be a Debit to Legal Fees Payable for $1,200 and a Credit to Cash for $1,200 when the invoice is paid.
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Alice has a charge card from national bank which uses the unpaid balance method of computing finance charges. The periodic rate is 1. 95%. Alice's previous balance is $1485. 23. She made teh minimum payment of 2% of the previous balance. She returned a pair of tennis shoes and a jacket for a credit of $68. 63 and $117. 47. She has new purchases of $49. 50, $65. 32, and $45. 10 for gasoline. She had a restaurant charges of $15. 89, $20. 22, and $52. 54. Her final charge was $156. 32 for auto repairs. Calculate the new balance.
Alice does have a charge card via National Bank that calculates finance charges based on the outstanding balance.The new balance would be $1590.16.
What do you mean by finance charges?
Finance charges are the additional fees charged by a lender for providing a loan or other type of financing to a borrower. Finance charges may include interest, late payment fees, over-the-limit fees, cash advance fees, check processing fees, and annual membership fees. Finance charges are typically set by the lender and may vary depending on the type of loan, the amount of the loan, the borrower's credit score, and the length of the loan. Finance charges are usually added to the balance of the loan and are usually due in full when the loan is paid off.
This is calculated by first subtracting the credit amount of $186.10 (68.63+117.47) from the previous balance of $1485.23. This gives a total of $1299.13. Next, the new purchases of $49.50, $65.32, and $45.10 for gasoline are added to the total, giving a new total of $1459.05. Finally, the restaurant charges of $15.89, $20.22, and $52.54, as well as the final charge of $156.32 for auto repairs are added to the total, giving a final balance of $1590.16.
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Alana and petra go to a used book sale, where every book is the same price. Alana buys books and petra buys books. They run into their friend angus, who really loves to read, and discover that he has bought books. Angus received a discount, but he still spent more than alana and petra combined. How much does one book cost?.
Once you understand the problem, formulate the equations to determine the unknowns. Let x be the price of the book. Alana & Petra's spending will be the same as Angus' spending.
5x + 4x +5 = 19x - 10
The left 5 is needed because Angus spends his $5 extra. Also, 10 on the right represents a $10 discount. solve the equation,
19x = 9x = 5+10
10x = 15
x = $1.5
So the price of this book is $1.50.
In manufacturing, research, retail, and accounting, a cost is a monetary value that is no longer available because it was used to produce something or provide a service.
In economics, an acquisition cost can be an acquisition cost.
In this case, the amount spent on the acquisition is considered the acquisition cost.
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Complete question:
Alana and petra go to a used book sale, where every book is the same price. Alana buys 5 books and Petra buys 4 books. They run into their friend Angus, who really loves to read, and discover that he has bought 19 books. Angus received a $10 discount, but he still spent $5 more than Alana and Petra combined. How much does one book cost?
Which one of the following business types is best suited to raising large amounts of capital? A. sole proprietorship B. limited liability company C. corporation D. general partnership E. limited partnership
The accompanying business types are the most ideal for raising a lot of capital C. corporation.
The corporation can raise capital much more effectively contrasted with different types of business possession. The portions of a company are exchanged the securities exchanges. Should the association require more capital, it can give more offers to people in general. The corporation offers the public an opportunity to claim the association in return for value.
In the stock markets, there are no limitations concerning who can purchase shares. Financial backers assess the business execution of an organization to choose if it merits purchasing its stocks. Corporations with a decent history in execution will have no issues in raising extra capital as their portions will be popular.
Hence option (C) is correct.
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There are 10 employees in a particular division of a company. Their salaries have a mean of $70,000, a median of $55,000, and a standard deviation &20,000. The largest number on the list is $100,000. By accident, this number is changed to $1,000,000.
The division's employees would earn an average salary of $870,000, and the median wage would be $650,000. To $450,000, the standard deviation would rise.
Descriptive statistics: what are they?
The theory of descriptive statistics is applied in this query. In the area of mathematics known as descriptive statistics, data sets are described, analyzed, and summarized using numerical data.
Metrics of central tendency (mean, median, and mode) and variability (standard deviation) are used.
The mean, median, and standard deviation of the salaries of the 10 workers in a specific department of a company are provided in this question. The biggest number on the list, $100,000, is then accidentally changed to $1,000,000.
The new mean must be calculated by adding the
The new standard deviation is calculated as:
New Standard Deviation = √[ ( ( (10 - 1) * 20,0002 ) + (1000002) ) / 10 ]
= √( ( (9 * 400,000,000) + 1,000,000,000 ) / 10 )
= √450,000,000
= $450,000
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Which tax is imposed on goods and services while crossing the border of the country?
Search yahoo finance and/or any other credible source(s) to find the most recent income statement and balance sheet of a major corporation, then perform a vertical financial analysis incorporating: debt ratio debt to equity ratio return on assets return on equity current ratio quick ratio inventory turnover days in inventory accounts receivable turnover accounts receivable cycle (in number of days) accounts payable turnover accounts payable cycle (in number of days) earnings per share (eps) price to earnings ratio (p/e) cash conversion cycle (ccc) working capital explain dupont identity. Apply it to your selected company. Interpret the components in dupont identity
Search Yahoo Finance and other trusted sources to find the latest income statements and balance sheets of large companies.
Provide these statements in a suitable format (financial report)
Conduct vertical financial analysis
Debt ratio
gearing
return on investment
return on equity
current ratio
fast relationship
Inventory turnover
Inventory days
accounts receivable
Accounts Receivable Cycle Days
Accounts payable Sales
Accounts Payable Cycle (days)
Earnings per share (EPS)
Price Earnings Ratio (P/E)
Cash Conversion Cycle (CCC) and
working capital
Describe the DuPont identity, apply it to selected companies, and interpret the components of the DuPont identity.
Provides detailed and concise descriptions and definitions. Be sure to submit your financial statements along with your vertical financial analysis.
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Which business risk is avoidable with proper precautions? a. Machine breakdown b. Economic recession c. Natural calamities d. Change in management.
Machine breakdown is a business risk which is avoidable with proper precautions.
What does a business risk definition look like?Any situation that compromises a company's ability to make profits at the desired levels is considered a risk in the business world. In the long run, risks may also jeopardize a company's sustainability.
What are business risks and how do they differ?Business risk refers to the likelihood that a company will incur losses in addition to gains or lower-than-anticipated profits. Numerous variables, such as sales volume, price per unit, input prices, competition, the state of the economy generally, and governmental laws, all have an impact on business risk.
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Lauren needed to get her computer fixed. She took it to the repair store. The technician at the store worked on the computer for 3. 75 hours and charged her $119 for parts. The total was $400. 25. Write and solve an equation which can be used to determine xx, the cost of the labor per hour.
The labor cost per hour is $75.
The equation looks like this:
3.75x + 119 = 400.25
x will be = 75
Duration time was 3.75 hours.
Parts cost is $119.
Total cost: $400.25
So, the hourly rate is x is $75.
So, when you create the formula, the total number of hours (multiplied by the cost per hour) is added to the cost of the part, and the sum of these two amounts is the total cost.
To solve this problem, we need to subtract the cost of each component from the total cost. This gives the following result:
3.75x = 281.25
Then divide 3.75 by each side as usual.
Hourly labor costs = $75
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Which of the following statements best describes the economic concept of scarcity?
The statement which best describes the economic concept of scarcity is People's wants can never be satisfied by the available resources.
The idea of scarcity is anchored in one of life's most fundamental truths: there are only so many resources in the world, and decisions must be made about how to distribute them. In that sense, anything from a pack of gum to a book of matches is limited since it required the use of resources that could have been used elsewhere.
As to how essential scarcity is to economics, scarce products are also referred to as economic goods. When it comes to economics, scarce products are those for which, at a price of zero, demand would outweigh supply.
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The complete question is:
Which of the following statements best describes the economic concept of scarcity?
a. Society is not employing all of its available resources in an efficient manner.
b. People's wants can never be satisfied by the available resources.
c. Scarcity afflicts only poor countries.
d. Too many frivolous goods and services are produced at the expense of socially desirable goods and services.
e. Production is efficient, but distribution is inefficient.
What does the free enterprise system allow?.
The key ingredient of the free enterprise system is the right of individuals to make their own choices in the purchase of goods, the selling of their products and their labor, and their participation in business structure.
In terms of economics, a free market is an economic system in which sellers and purchasers' expressions of supply and demand decide the pricing of products and services. According to models, these markets function without the involvement of the government or any other external authority.
The regulated market, in which the government intervenes in supply and demand through a variety of strategies like taxes or regulations, is contrasted by proponents of the free market as a normative ideal. Prices for products and services are exclusively determined by the bids and offers of the participants in an idealised free market economy.
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