"Strategic objectives are the means of achieving the mission and vision, and should provide focus on decisions regarding which projects to select and how to prioritize them." This is true.
Strategic objectives are statements of purpose that aid in developing a broad vision, setting goals, and outlining actionable measures for a company to take in order to reach the intended result. A strategic goal is most effective when it can be measured by statistics or other visible data.
Businesses establish strategic objectives to advance their vision, harmonize their goals, and influence decisions that affect daily production at all organizational levels down to the lowest-paid workers.
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A business owner analyzes which supplies and equipment will be used on a regular basis and buys them in bulk.
Which element of business success is reflected by this scenario?
a. Management and leadership
b. Luck
c. Planning and organizing
d. Hard work
e. Type or paste question here
The planning and organizing element of business success is reflected in this scenario
Software known as business intelligence (BI) ingests corporate data and displays it in understandable ways such as reports, dashboards, charts, and graphs. Business customers can now access a variety of data types, including semi-structured and unstructured data, such as social media, as well as historical and current data from both internal and external sources. Users can examine this data to learn more about how the company is doing.
Business intelligence (BI) isn't just about creating reports, according to CIO magazine: "Although BI doesn't advise business users what to do or what will happen if they adopt a given course, BI is also not solely about generating reports. Instead, BI provides a means for individuals to analyze data in order to recognize trends and draw conclusions.
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refer to the diagram. at output level q: group of answer choices marginal product is falling. marginal product is negative. marginal product is rising. one cannot determine whether marginal product is falling or rising.
Refer to the diagram. At output level Q: marginal product is falling.
What transpires to the total product when the marginal product falls below zero?The total product is dropping when the marginal product is negative.
If marginal product is higher than average product, which of the following statements is accurate?Average product rises if marginal product is higher than average product. Average product does not change if marginal product is equal to average product.
Multiple-choice question: What happens to marginal product when total product grows at a growing rate?If a company is going to make anything, they wouldn't want to produce it when the marginal product is rising since by hiring more people, their cost per unit of production would go down.
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List the following documents in the order in which they are used when recording direct materials costs in job order cost accounting, with the first document on top.
A
time tickets
job cost sheets
Factory wages payable
B
Receiving reports
Materials ledger cards
Materials requisitions
job cost sheets
C
debit to Factory Overhead.
credit to Cost of Goods Sold.
D
1. Time Ticket
2. Factory overhead ledger
3. allocated to specific jobs through factory overhead
The direct materials in cost accounting can be listed in the order as below,
A – Factory wages payable, time tickets, job cost sheets
B – Material requisitions, materials ledger card, receiving reports, job cost sheets
C – debit to factory overhead, credit to cost of goods sold
D – allocated to specific jobs through factory overhead, time ticket, factory overhead ledger
The direct materials can be generally understood as the materials that are used in the production process, and are often subjected to incurring the fixed costs for the firm. Moreover, these materials are recorded in priority by the firms that follow job order methods of cost accounting.
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Figure 11-4 shows the cost and demand curves for a profit-maximizing firm in a perfectly competitive market, Refer to Figure 11-4. If the market price is $30 and the firm is producing output, what is the amount of the firm's profit or loss? A) loss of $1,080B) profit of $1,440C) profit of $1,300D) loss of $2.520
the amount of the firm's profit or loss is $2,520 If the market price is $30 and the firm is producing output.so answer is $2,520
What is market price, and how is it established?Demand and supply interact to determine market prices. A price that is in equilibrium has both supply and demand variables in balance. Prices have a propensity to return to this equilibrium unless some aspects of supply or demand alter. The market price is valid for a specific period of time, but the regular price is valid for an extended length of time. Market price is the price that is in effect on a specific day or at a specific moment. It is the end outcome of supply and demand in the market. On the other side, normal price is the outcome of long-term supply and demand.
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henry wants to establish a trust for his financially challenged adult daughter. he wants to contribute annually to the trust, but his daughter would receive only the trust income. the remainder would go to his grandchildren (her children) at her death. henry wants the daughter to receive all the earnings from the trust with no restrictions. he realizes that she will probably just squander the money she receives but wants to otherwise protect her from her creditors. which of the following trusts would you recommend henry establish for the benefit of his daughter?
In the given case- Although a gift tax would apply in this situation (and the annual exclusion would not be available without Crummey powers), an irrevocable trust is still the best choice.
Spendthrift clauses would guarantee that while the assets were held in trust, they were safe from the daughter's creditors. A Section 2503(c) trust is used for minors, and a Section 2503(b) trust is primarily used for gifts to minors but only offers the annual exclusion from gift tax on contributions up to the amount of the income interest/life estate (not the remainder interest). In order to fulfill a support obligation—which Ronald does not have for an adult child—a support trust is used.To know more about Trust here
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"Design for production" takes into account the capabilities of the organization to produce or deliver a given product or service. True or False
True. "Design for production" takes into account the capabilities of the organization to produce or deliver a given product or service.
As mentioned in the above statement Design for production takes into account the capabilities of the organization to produce or deliver a given product or service. This means that the design of a product or service must be feasible and practical for the organization to manufacture or deliver. This includes factors such as the equipment, technology, and labor that the organization has available, as well as the cost and quality requirements of the product or service. By considering these factors during the design process, the organization can ensure that it can effectively and efficiently produce or deliver the product or service to meet customer needs and expectations.
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on december 31, year 1, rice, inc., authorized graf to operate as a franchisee for an initial franchise fee of $150,000. of this amount, $60,000 was received upon signing the agreement and the balance, represented by a note, is due in three annual payments of $30,000 each beginning december 31, year 2. the present value on december 31, year 1, of the three annual payments appropriately discounted is $72,000. according to the agreement, the nonrefundable down payment represents a fair measure of the services already performed by rice; however, substantial future services are required of rice. collectibility of the note is reasonably certain. in rice's december 31, year 1, balance sheet, unearned franchise fees from graf's franchise should be reported as
A. $132,000
B. $100,000
C. $90,000
D. $72,000
Earned: $60,000, Nonrefundable down payment represents a fair measure of the services already performed. Unearned: $72,000, Present value of 3 annual payments require substantial future services.
An upfront payment is an initial partial payment for the purchase of a major item or service, such as a vehicle or home. It is usually paid in cash or cash equivalent at the time the transaction is entered into. The balance of the payment is then financed by any loan.
A deposit has two purposes: it ensures that the lending institution has enough capital to generate funds for the loan in partial reserve banking systems and it recovers part of the loan balance in the event of a borrower default.
Hence the correct option is D
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Which of the following were resources and capabilities that helped Five Guys gain a competitive advantage and develop into a successful restaurant chain? (Check all that apply.)
-Focusing on such details as store layout and design
-Carefully choosing the supplier of the potatoes for their fries
Carefully choosing supplier of potatoes for their fries and focusing on such details as the store layout and design were resources and capabilities that helped the Five Guys gain a competitive advantage.
What is competitive advantage?A company needs a competitive advantage to deliver goods or services better or more reasonably than its rivals. These factors give the producing unit the ability to outperform its market rivals in terms of sales volume or profit margin. A company's competitive edge is attributed to factors like cost structure, branding, the quality of product offerings, the distribution system, intellectual property, and customer service, to name a few. When a business can create a good or service faster than its competitors, increasing profit margins, it has a comparative advantage. Rational customers will choose between any two offered perfect alternatives depending on price.
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which statement best explains why a large quantity of agricultural products are imported into the united states from chile
Cost of production is decreased by Chile's pricey labor.
The top exports of American agriculture are grains and feeds, soybeans, cattle products, tree nuts, fruits, vegetables, and other horticultural goods.
Which statement best describes how climate affects agricultural practices?Similar agricultural methods, such as the cultivation of wheat in China and the United States, are typically supported by midlatitude conditions.
What kind of farming refers to a procedure where crops are produced on a huge scale and sold to generate a higher profit?Commercial farming refers to agricultural practices where crops and animals are raised for profit. Farmers cultivate vast tracts of land with significant machinery utilization because they must produce a high volume of food.
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rex metal fabricators (rmf) buys scrap metal and produces components for buildings and other structures. the purchase contracts specify an average quality level of 90 percent. that is, 90 percent of the metal must be ready for use without further processing. metal that is not ready can be treated at extra cost by rmf, and this is more cost-effective than scrapping the metal and purchasing additional amounts. the cost of treating the metal requiring further processing is $80 per ton. rmf uses two suppliers: chopin yards and joe company. during the past year, the purchasing quality data were as follows: chopin yardsjoe companytotal total purchases (tons)1,5001,0002,500 average purchase price (per ton)$ 124.00$ 120.00$ 122.40 percentage requiring further processing2.07.54.2 required: assume that the average quality, measured by the percentage of metal purchases requiring further processing, and prices from the two companies will continue as in the past. what is the effective price for metal from the two companies when quality is considered? note: round your answers to 2 decimal places.
The effective price for metal from Chopin Yards and Joe Company, when quality is considered, is $125.72 and $128.32 per ton, respectively.
This is calculated by taking the average purchase price, adding the cost of treating metal requiring further processing, and then dividing by the total purchases. For Chopin Yards, the total is
$124.00 + ($80.00×2.0%)
= $125.72.
For Joe Company, the total is
$120.00 + ($80.00×7.5%)
= $128.32. Therefore, taking into account the quality level of 90 percent, the effective price for metal from Chopin Yards and Joe Company is $125.72 and $128.32 per ton, respectively.
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Symone sold shares of Naraghi Corporation stock to Aleena. The stock is listed on the NYSE. This trade occurred in which one of the following?
answer choices
O Primary, dealer market
O Secondary, dealer market
O Primary, auction market
O Secondary, auction market
O Secondary, OTC market
This trade took place on the secondary, auction market because the stock is listed on the NYSE.
What is the NYSE?The New York Stock Exchange, referred to by the initials NYSE, was established on May 17, 1792, in the United States of America. Furthermore, in accordance with the rules set by the Securities and Exchange Commission, the NYSE organizes secondary market stock and bond trading for the biggest and most reputable American corporations. With an average daily trading volume of $18.9 billion, the closing auction on the New York Stock Exchange is the day's biggest liquidity event for both institutional and individual participants. Large trades' market effect costs are reduced thanks to substantial liquidity and anonymity at the closure.
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Is copyright really even important if i'm not a business?
All original authorship on the website, including articles, artwork, photos, and other materials, is protected by copyright for small business websites. Although it is not necessary to register your copyright, doing so is advised. If you operate a creative firm, registering your copyright is especially crucial.
Any work that is an original production and not a duplication is subject to copyright, one of the basic categories of intellectual property.
It is vital to remember that copyright protects how an idea is conveyed, not the concept itself, such as if it is written down or recorded in another form of media.
Even though your work is automatically protected, others may still duplicate it for their own advantage. It's crucial to carefully analyze the justifications for maintaining control of your property because your copyright may be worth more than you realize.
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What is copyright protection and how does it work?
17. think of a scene from a popular movie that shows an entrepreneur bringing together the factors of production to produce a good or service. identify the movie, the good or service, and three specific factors of production that were required.
The animated movie Monster's Inc. makes extensive use of the four production factors: land, labor, capital, and the entrepreneur.
How would you characterize the elements?
Factors are the numbers that can divide an amount precisely. As a result, after division, there is no residue. Factors are the sums of numbers that you multiply to produce another number. A factor is consequently the divisor of another number.
verb phrasing There should be something considered. when making plans or decisions, to take into account a particular situation or piece of information.
A factor is a quantity that evenly divides another quantity. Alternatively, if two whole numbers are added and the outcome is a product, then the numbers we are adding are factors of the product because
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exercise 1-15 (algo) identifying effects of transactions using the accounting equation lo p1 ming chen started a business and had the following transactions in june. owner invested $59,000 cash in the company along with $26,000 of equipment in exchange for its common stock. the company paid $2,300 cash for rent of office space for the month. the company purchased $17,000 of additional equipment on credit (payment due within 30 days). the company completed work for a client and immediately collected $2,100 cash. the company completed work for a client and sent a bill for $7,600 to be received within 30 days. the company purchased additional equipment for $7,000 cash. the company paid an assistant $3,100 cash as wages for the month. the company collected $4,400 cash as a partial payment for the amount owed by the client in transaction e. the company paid $17,000 cash to settle the liability created in transaction c. the company paid $1,200 cash in dividends to the owner (sole shareholder).
A Medicare agent is in charge of giving a brief overview of unofficial marketing or sales events.
Based on Medicare and Medicaid services, a Medicare Agent is the only person allowed to give a brief introduction presentation of educational content at the start of a casual marketing/sales event. A Medicare agent is in charge of giving a brief overview of unofficial marketing or sales events. This concise introduction can include information regarding Medicare's insurance needs, etc. Thus, it may be said that in this instance, a Medicare agent actively participates in the marketing/sales event. Any quantity that can be measured and whose value fluctuates across the population is referred to as a variable. The mathematical makeup of a variable, or more specifically, the method by which a variable is measured, determines its level of measurement.
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An agent is authorized to act in place of the principal by a:
(a) purchase contract.
(b) multiple listing clause.
(c) listing agreement.
(d) power or attorney.
An agent is authorized to act in place of the principal by a: (d) power or attorney.
The principle, grantor, or giver of a power of attorney is the individual who gives another person (the agent) the right to act on their behalf. A power of attorney is a formal legal document that appoints someone with the authority to act in any capacity on behalf of the principal, either broadly or specifically. When the principle is not present due to illness or a disability, this written and signed authorization is typically used.
A power of attorney (POA) is a crucial legal document that enables a person to designate another person or entity to handle his or her finances, medical affairs, and property while he or she is away.
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the committee that is responsible for establishing the quality improvement priorities of the cancer program and for monitoring the effectiveness of quality improvement activities is the
The Commission on Cancer (CoC) is a group of professional organizations that supports cancer prevention, research, education, and monitoring of comprehensive quality care.
A hospital-based cancer registry's main objective is what?All cancer patients who have been identified and/or treated at a certain healthcare facility are included in hospital-based registries' database. The hospital's cancer registry is primarily concerned with enhancing patient care there.Members of the Commission on Cancer (CoC) organization work to create standards for patient care and the gathering of cancer data.The primary federal government organization responsible for cancer research and education is the National Cancer Institute (NCI).The Commission on Cancer (CoC) is a group of professional organizations that supports cancer prevention, research, education, and monitoring of comprehensive quality care. The CoC's aim is to improve the survival and quality of life for cancer patients through standard-setting.To learn more about Commission on Cancer (CoC) refer to:
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A customer owns 100 shares of ABC stock and owns 1 ABC Put option. The customer wishes to sell the stock by exercising the put, but wishes to retain a recently declared cash dividend. In order to receive the dividend, the customer could NOT exercise the put:
A. before the ex date
B. on the ex date or after
C. before the record date
D. on the record date or after
A. before the ex date, The client wants to keep a previously declared cash dividend yet sell the stock by executing the put. The customer CANNOT execute the put before the ex date in order to get the payout.
An individual or corporation that purchases products or services from another company is known as a customer. Customers are crucial to businesses because they generate income; without them, they would cease to exist. All companies compete with one another for clients by either aggressively marketing their goods. Because satisfied consumers are more inclined to recommend businesses that meet or surpass their expectations, the proverb "the customer is always right" is one that is frequently upheld by businesses. As a result, many businesses keep a careful eye on their client interactions in order to get input on how to enhance their product offerings. There are several methods to classify customers. Customers are often divided into internal and external categories.
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you work for a large company that has over 1,000 computers. each of these computes uses a wireless mouse and keyboard. therefore, your company goes through a lot of alkaline batteries. when these batteries can no longer power the intended device, you need to decide what to do with them. unless otherwise dictated by your local authorities, which of the following would be the easiest way to deal with these batteries?
These batteries can be put in the garbage, which is the simplest way to dispose of them.
In most of the places, the alkaline batteries produced after 1996 are made of comparatively non-hazardous materials and can be thrown directly into the garbage. Sending them to a hazardous waste collection is not necessary. There is no deadline by which alkaline batteries must have passed before being discarded.
Alkaline batteries can technically be recharged, but most manufacturers advise against doing so. Recharging an alkaline battery carries the risk of an explosion and, even if it is successful, results in a poor-quality battery.
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Isaac James has some call option in his account that he would like to exercise. He wants to know when the resulting purchase of the stock would settle.
A) trade date plus three business days
B) trade date plus one business day
C) trade date plus two business days
D) trade date
Option C is correct. He wants to know when the resulting stock purchase will be settled on the trading day plus two business days.
Call buyers can make a profit if the price of the underlying asset rises. A call option can be contrasted with a put his option, which gives the owner the right to sell the underlying asset at a specified price on or before the expiration date. A call is an option contract that gives the holder the right to purchase a specified amount of the underlying security at a specified price within a specified period of time.
The set price is known as the strike price and the set time at which the sale can be made is the maturity or maturity.
You pay a fee, called a premium, to purchase the call option. This fee per share for him is the maximum amount you could possibly lose on a call option.
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which of the following would be true if the actual rate of inflation were less than the expected rate of inflation?
People who borrowed funds at the nominal interest rate during this time period would lose would be true if the actual rate of inflation were less than the expected rate of inflation
The gradual loss of purchasing power is precisely what price increases, also referred to as inflation, represent. A proxy for the rate about which buying power erodes over time can be found in the average increased price of a variety of products and services. The increase in price, which is commonly expressed as a percentage, results in a unit of money essentially buying less. Inflation is comparable to deflation, which occurs when prices decline and purchasing power increases.
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Which of the following statements contains the most relevant information to include in a business report about the specific market share of computer manufacturers during a particular time frame:
A. In 2009, Hewett Packard shipped more computers than Dell or Apple.
B. In 2009, Hewett Packard held 29.1 percent of the market share, followed by Dell, which held 21.9
percent.
C. Hewett Packard, Dell, Acer, Toshiba, and Apple sold more computers in 2009 than other
computer manufacturers.
D. Apple Computers held the fifth highest share of the computer market in 2009.
The correct answer is B. In 2009, Hewett Packard held 29.1 percent of the market share, followed by Dell, which held 21.9 percent.
Yes, this statement contains the most relevant information to include in a business report about the specific market share of computer manufacturers during 2009. It provides specific market share values for two top manufacturers, which can be used to compare their performance and position in the market.
This statement provides the most relevant information for the specific market share of computer manufacturers in 2009, allowing for a comparison of the performance and position of Hewett Packard and Dell in the market.
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For the period ending December 31 of the current year, XYZ Inc. calculated an ending Account Balance of Inventory in the amount of $160,000. A Physical count of the merchandise inventory on hand was $159,000. As a result XYZ Inc. would On the Asset side of the Balance Sheet, XYZ Inc.
would _____ the account
______ by
_______
On the Liabilities / Shareholder Equity side of the
Balance Sheet, XYZ Inc. would
_____ the account
______ by
_______
The second entry records the cost of goods sold for the period, calculated as the beginning balance (unadjusted trial balance amount) + net purchases - ending.
What is the balance?
Balance number is the amount of money held in the financial account during the current accounting period. This is the net difference between credits and debits recorded during a given billing period and added to the balance carried over from the previous month. If you check your bank account balance online, you will see two different numbers; available balance and total balance. The balance has the following main purposes: The balance gives you current and easily accessible information about the current amount of money.
Account Balance provides with an easy way to track all transactions and manage deposits and withdrawals.
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when milo opened his auto body shop, his business plan included a(n) that showed the relationships among employees in his organization and the lines of authority and responsibility.
When Milo launched his car body shop, his business plan included an organizational chart that depicted the relationships among his employees as well as the lines of power and duty.
He also included a section on job descriptions, which detailed the duties and responsibilities of each employee. The plan further included a section on the company's vision, mission, and values, as well as a section on the company's financial goals. Finally, he provided a section on marketing, with a focus on the company's target audience and how they would be reached.
A typical business organizational chart may look like this:
CEO
|
|--CFO
|
|--COO
|
|--VP of Operations
|
|--VP of Marketing
|
|--VP of Human Resources
|
|--Controller
|
|--Director of IT
|
|--Director of Sales
|
|--Director of Product Development
|
|--Director of Customer Service
|
|--Manager of Finance
|
|--Manager of Logistics
|
|--Manager of Human Resources
|
|--Manager of IT
|
|--Manager of Sales
|
|--Manager of Product Development
|
|--Manager of Customer Service
|
|--Team Leaders
|
|--Project Managers
|
|--Analysts
|
|--Engineers
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if a firm in a competitive industry is facing an increase in the cost of heating fuel, a variable input, this firm will find that
If a firm in a competitive industry is facing an increase in the cost of heating fuel, this firm will find that there is an upward shift in its marginal cost, average variable cost, and average total cost curves.
Whenever there is a situation of increase in the costs, then the demand for the goods is usually decreased. This decrease in demand is graphically represented with a leftward shift in the demand curve, whereas, the cost curves of a producing firm are supposed to go up, and as a result, input and cost curves shift upwards.
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refer to the above table. when the child purchases the utility-maximizing combination of chooclates and hard candies, total utility will be: group of answer choices 840 940 470 620 740
when the child purchases the utility-maximizing combination of chocolates and hard candies, total utility will be 620.
given data:
pocket money of child = $1
cost of chocolates = 10 cents
cost of hard candies = 20 cents
For the child to consume utility maximizing combinations has to satisify the following condition:
MUc/Pc = MUh/Ph
MUc = Marginal utility of chocolate
MUh = Marginal utility of hand candy
Pc= Price of chocolate
Ph= Price of hand candy
Budget of child = (quantity of chocolate * Price of chocolate + Quantity of hand candy* price of hand candy)
Budget of child = (2*10 + 4*20)
=100
Budget of child =(4*10+ 3*20)
= 100
Budget of child = (6*10+ 2*20)
=100
MUc/Pc = MUh/Ph
MUc at 2 units of chocolate = 50 Price of chocolate =$10
MUh at 4 units of hand candy = 100 Price of hand candy = $20
50/10=100/20
5=5
but MUc/Pc = MUh/Ph is not equal
therefore total utility is 60+ 50+150+140+120+100 =620
the complete question is:
A child is given $1 of pocket money to be spent on either hard candies or chocolates. Chocolates cost 10 cents and hard candies 20 cents each. The marginal utilities derived from each product are as follows:
Number of Items MU of MU of
Chocolates Candies
1 60 150
2 50 140
3 40 120
4 30 100
5 20 80
6 10 70
7 5 50
8 0 20
refer to the above table. when the child purchases the utility-maximizing combination of chocolates and hard candies, total utility will be: group of answer choices
840
940
470
620
740
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sampa video, inc. was the second largest chain of videocassette rental stores in the greater boston area, operating 30 wholly owned outlets. begun in 1988 as a small store in harvard square catering mostly to students, the company grew rapidly, primarily due to its reputation for customer service and an extensive selection of foreign and independent movies. these differentiating factors allowed sampa video to compete directly with the leader in the industry, blockbuster video. but unlike the larger rival, sampa had no ambitions to grow outside of its boston territory. exhibit 1 contains summary financial information on the company as of their latest fiscal year-end.
The main products of this company are videos, DVDs, and CDs
What is the project’s worth?The initial stage in this procedure will be to estimate the worth of a company’s equity. There must be a calculation to establish cash flow present value in order to arrive at the stated worth. Because the business is wholly equity-financed, the project is believed to have no value in this situation. The computations are based on income from 2002 to 2006, and the steady growth of free payments after 2005 of 6% is also taken into account. The free income are determined and restricted, and the organization is valued at $1,228,485.
Sampa Videos is considering another initiative to build another site to enhance its availability by giving clients the option to organize recordings. In order for Sampa Inc.
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the 3.5% of the sales price that must be provided by the borrower as a down payment on an fha loan may come from any of the following sources except
Depending on your credit score, you will need to put down either 3.5 percent or 10 percent for an FHA loan. 3.5% for anyone with a credit score of at least 580.
What Cannot be used for a down payment?Money that cannot be attributed to a specific source, seller-provided down payment assistance, pink slip loans, payday loans, credit card cash advances, and other lending products categorised as "non-collateralized loans" are among the sources that are forbidden.The buying price of the home determines the minimum amount you require for a down payment. You must get mortgage loan insurance if the down payment on your house is less than 20%. A greater down payment can be required by your lender if you're self-employed or have a bad credit history.However, you MAY be able to receive down payment assistance from a friend, relative, employer, or other third party that complies with FHA guidelines. Any assistance with a down payment you receive from one of these sources.To learn more about credit refer to:
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which of the following would you not expect to find in a company attempting to implement lean/just-in-time production?
Companies looking to implement lean/just-in-time manufacturing cannot expect post-production inspection of each part.
High quality is an important tool for reducing waste. Reducing errors reduces wasted material and capacity, and the need for safety stock. Reduce costs and eliminate process waste. Reduce costs and make people think before they act. Lean is defined as a set of management practices designed to eliminate waste and improve efficiency and effectiveness. A core principle of Lean is to reduce and eliminate non-value added activities and waste.
The five main obstacles to implementing Lean in small businesses are: Insufficient management time to support Lean. You don't understand the potential benefits of applying lean. Underestimate employee attitudes/resistance to change.
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When working with culturally diverse clients, it is essential to remember that there are more _____________ differences than _____________ differences.
It is crucial to keep in mind that there are more disparities within groups than there are between groups while working with customers from varied cultural backgrounds.
How can you encourage civil discourse while working with people who have different backgrounds, identities, or points of view?Ensure that the subjects of your conversations do not offend cultural sensibilities. Obtain viewpoints from people with a range of experiences. Diverse perspectives not only show respect, but they are also advantageous to business. bringing together different groups to promote innovation.
Why is it important to consider how social and cultural diversity affects difficulties like poor communication?Consider the potential impact of social and cultural diversity on situations where problems or misunderstandings develop. Misunderstandings and conflicts arise between customers and staff as well as between employees and coworkers for a variety of reasons, including usually just because people are different.
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Assume that a country's economy is in short-run equilibrium and the actual unemployment rate is lower than the natural rate of unemployment.
A. Using a correctly labeled graph of the long-run aggregate supply curve, short-run aggregate supply curve, and aggregate demand curve, show each of the following:
i. Current price level, labeled P1, and current output level, labeled Y1
ii. The full employment output level, labeled Yf
B. What open market operation can the country's central bank use to move the economy toward its long run equilibrium?
C. Use a correctly labeled money market graph to show how the country's central bank action to move the economy toward its long-run equilibrium affects the equilibrium nominal interest rate in the short run.
D. Based on the interest rate change from Part C, will each of the following increase, decrease, or remain the same in the short run?
i. Real output. Explain.
ii. Natural rate of unemployment
E. Assume instead that the central bank does not pursue the monetary policy action from Part B and there was no other government intervention. Will each of the following increase, decrease, or remain the same in the long run?
i. Short run aggregate supply. Explain.
ii. Employment
The short-run aggregate supply curve (SRAS) gives us an idea of how all firms in the economy react to price stability. When prices stagnate, the SRAS curve slopes.
On the one hand, it represents the short-term relationship between price levels and services provided. Total supply increases in the short term because at least one price is not flexible. Second, the SRAS also shows that there is a short-term trade-off between inflation and unemployment. High inflation leads to lower unemployment in the short run because higher inflation leads to more output.The SRAS curve shows a positive relationship between price level and output.
Although SRAS may look very similar to the supply curve of a product market, there are some key differences that distinguish SRAS from 'supply'. In a market model, supply is increased by the profit motive of individual firms.
When companies get higher prices, they make more profit by selling more, so supply increases as prices rise. There are two reasons why the SRAS curve is rising.
Hard input prices (such as wages) and hard output prices (also called "menu costs").
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