for swifty corpotation sales revenue is 660000 variable expenses are 488400 and fixed expenses are 140000 swifty contribution margin ratio is

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Answer 1

Swifty corporation's contribution margin ratio, based on provided information, is 26%.

Given that the sales revenue of Swifty Corporation is $660,000, the variable expenses are $488,400, and the fixed expenses are $140,000. We are to determine the contribution margin ratio for Swifty Corporation.

The contribution margin ratio (CMR) is the ratio of the contribution margin to sales revenue. In other words, it's the percentage of sales revenue that's left over after paying for variable expenses that go towards covering fixed expenses and generating profit.

CMR = Contribution Margin / Sales Revenue

Let's determine the contribution margin for Swifty Corporation. The contribution margin (CM) is the amount of sales revenue that's left over after variable expenses have been deducted from sales revenue. In other words, it's the amount of sales revenue that's available to cover fixed expenses and generate profit.

CM = Sales Revenue - Variable Expenses

CM = $660,000 - $488,400

CM = $171,600

Now we can substitute the values of the contribution margin and sales revenue in the formula for the contribution margin ratio.

CMR = Contribution Margin / Sales Revenue

CMR = $171,600 / $660,000

CMR = 0.26 or 26%

Therefore, the contribution margin ratio for Swifty Corporation is 26%.

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probability proportional to size selection is used with ______ . multiple choice question. a) both monetary unit and classical b) variables sampling classical c)variables sampling only monetary d) unit sampling only

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The probability proportional to size selection is used with variables sampling only monetary.

What is probability proportional to size (PPS)? Probability proportional to size (PPS) is a method of sampling. In this technique, a weighted selection procedure is used. In other words, the probability of selecting an item is proportional to its size.

How do we use the probability proportional to size method of sampling? We use the probability proportional to size method of sampling to ensure that each item in a population has an equal chance of being selected. The probability of choosing an item is determined by its size or value.

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The price paid by buyers in a market will decrease if the government a. imposes a binding price floor in that market. b. increases a binding price ceiling in that market. c. increases a tax on the good sold in that market. d. decreases a binding price floor in that market.

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If the government increases a binding price ceiling in that market. The answer is OPTION B.

According to the Corporate Finance Institute, a binding price floor is when the government imposes a necessary price on an item or collection of goods at a price higher than equilibrium. The market for that good is constrained by that price since the government mandates that prices not fall below that level.

It is binding in nature for the government to set a price cap on a good that is below the market equilibrium price. As a result, there would be a scarcity in the market since there would be more demand than supply. The answer is OPTION B.

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ursula works within a large corporation. her job is to take ideas and turn them into profitable products for the business. ursula is a(n) a. social entrepreneur. b. reluctant entrepreneur. c. corporate refugee. d. intrapreneur.

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ursula is a(n) a Intrapreneur. (D)

An intrapreneur is someone who works within a large organization and works to innovate and take risks, similarly to an entrepreneur.

Ursula is an intrapreneur because she works within a large corporation and her job is to come up with innovative ideas and turn them into profitable products for the business.

Intrapreneurs have the opportunity to work with the resources of the company and apply the entrepreneurial spirit to their projects within the company.

They are also able to gain experience in the corporate environment. By utilizing her creativity and problem-solving skills, Ursula is an excellent example of an intrapreneur. (D)

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which of the following is an example of an employee acting unethically toward his or her employer? a. taking a 15-minute break b. taking a vacation c. working overtime d. taking unjustified sick leave

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The correct option is D: taking unjustified sick leave. Unjustified sick leave is when an employee is absent without any legitimate reason or without informing the employer.


What is employee behavior?

Employee behavior refers to an employee's activities, activities, and habits while on the job. Employees with good behavior typically work hard, are courteous to coworkers and management, follow company policies, and do not steal from the company.

A few examples of negative employee behavior include workplace theft, lying to management, stealing time from the company, and violation of company policies.

Taking unjustified sick leave is an example of an employee acting unethically towards his or her employer. An employee is given sick leave to recover from sickness, and if they take leave without any illness or reason, it is unethical. It not only causes a problem for the company, but it also sets a terrible example for other employees.

Unethical behavior may cost the company both financially and socially. It may also lead to decreased trust in the company, a decrease in customer satisfaction, and legal action.

Unethical employee behavior might have serious consequences for the company's reputation. Therefore, it is critical that companies keep a close eye on their employees' behavior and take corrective measures if necessary.

The correct option is D: taking unjustified sick leave.

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the distribution of prices for a certain car model is approximately normal with mean $21,800 and standard deviation $400. a random sample of 4 cars of the model will be selected.

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If we select a random sample of 4 cars of this model, then the mean of the sample will approximately follow a normal distribution with mean $21,800 and standard deviation $100.

Standard deviation is a statistical measure of the amount of variation or dispersion of a set of data points relative to its mean or average value. It provides a numerical representation of how spread out the data is from the mean, and is widely used in many fields, including economics, finance, engineering, and social sciences.

To calculate the standard deviation of a set of data points, you first calculate the mean of the data set. Then, for each data point, you calculate the difference between the data point and the mean, square it, and then calculate the average of these squared differences. Finally, you take the square root of this average to obtain the standard deviation.

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the net working capital of a firm will decrease if there is: group of answer choices an increase in inventory. a decrease in accounts receivable. an increase in the checking account balance. a decrease in fixed assets. a decrease in accounts payable.

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The net working capital of a firm will decrease if there is a decrease in accounts payable.

Net working capital is defined as the difference between a company's current assets (cash, accounts receivable, inventory) and its current liabilities (accounts payable). When accounts payable decrease, the company's total current liabilities decrease and thus, the net working capital is reduced.

To illustrate, if a company has $500 in cash, $200 in accounts receivable, and $100 in inventory, and its current liabilities are $300 in accounts payable, the company's net working capital would be $400 ($500 + $200 + $100 - $300).

If accounts payable decreased to $200, the net working capital would decrease to $300 ($500 + $200 + $100 - $200).

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isaac created the sycadoolee, a toy that makes a cool clicking sound when it is squeezed and released. people bought the product as quickly as he could produce it for about six months, and then sales dropped to nearly nothing. because it was very popular for only a short period, this is an example of a(n) product.

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What happened to Isaac above is an example of a fad product, which is a product that experiences a sudden surge in popularity followed by a rapid decline in demand.

A fad product is a product that is very popular for a short period of time, then falls out of popularity quickly. Fad products are often a product of mass culture or trends and are driven by the desire to be part of the latest trend.

The sycadoolee is an example of a fad product because it had a sudden surge in popularity when it was first introduced, with people buying it as quickly as Isaac could produce it for about six months. After that, sales dropped to almost nothing. This suggests that people had stopped being interested in it and were looking for something new and trendy.

Fad products are often popular for a short period of time because they lack any real staying power or lasting value. They are often based on novelty or are seen as a way to make a quick profit. Once people realize that there isn't much value or benefit to the product, they lose interest and look for something else. Fad products are often associated with the consumer goods industry, such as fashion, toys, and gadgets.

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risk is the risk that a borrower may prepay the mortgage in response to a decline in interest rates. a. reinvestment rate b. credit c. interest rate d. prepayment

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The risk that a borrower may prepay the mortgage in response to a decline in interest rates is called prepayment. The correct option is option d.

What is prepayment?

A prepayment is a cash payment made before the scheduled due date for a debt service obligation. Prepayments can be made in installments or in a lump sum, and they are frequently made in the form of mortgage payments. They are made by borrowers who want to reduce their outstanding debt sooner than anticipated or who want to decrease the amount of interest they will pay over time.

What is reinvestment rate?

The reinvestment rate is the amount of money that an investor can expect to earn on a particular investment in the future. The reinvestment rate is influenced by a variety of factors, including the interest rate on the investment, the type of investment, and the investor's risk tolerance.

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rico has been trying hard to get a certain building contract for his company. he talks to the government official who is managing the building contract allotment. rico promises the official a 'treat' if he directs the contract to rico's company. rico can be found guilty of . question 52 options: aiding and abetting money laundering bribery larceny embezzlement

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Rico promises the official a 'treat' if he directs the contract to Rico's company. Rico can be found guilty of bribery.

What is bribery?

Bribery is the act of offering, providing, or receiving any valuable thing with the aim of influencing or rewarding the action of any public officer or another person, whether or not the person being influenced or rewarded holds a public office or position.

Rico promised the government official managing the building contract allotment a "treat" in exchange for him directing the contract to Rico's company. This is an act of bribery. If found guilty, Rico would be charged with the offense of bribery.

Rico can be found guilty of bribery if he promises a government official a "treat" if the official directs a certain building contract to Rico's company.

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what is usually the first step in cost-based pricing? group of answer choices designing a good product setting a price that covers costs plus a target profit testing the product concept with potential customers adding up the costs of making the product determining the marketing mix strategy

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The first step in cost-based pricing is adding up the costs of making the product.

This involves identifying all the direct and indirect costs associated with producing the product, including materials, labor, overheads, and other expenses. Once these costs have been determined, the company can set a price that covers costs plus a target profit.

Cost-based pricing is a pricing strategy that involves determining the cost of producing a product and then adding a markup to arrive at the selling price. This markup is designed to cover not only the cost of production but also the company's overheads and a target profit.

This approach assumes that the cost of production is the primary driver of the selling price of the product.The first step in cost-based pricing involves identifying all the costs associated with producing the product. These costs can be divided into two categories: direct costs and indirect costs.

Direct costs are those that can be traced directly to the production of the product, such as raw materials and labor. Indirect costs are those that cannot be traced directly to the production of the product, such as rent, utilities, and administrative expenses.

Once these costs have been identified, the company can add a markup to arrive at the selling price. The markup should be sufficient to cover all the costs associated with production as well as a target profit. This target profit should be based on the company's overall business objectives and financial goals.

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In preparing a company's statement of cash flows for the most recent year, the following information is available:Loss on the sale of equipment $14,000Purchase of equipment $225,000Proceeds from the sale of equipment $106,000Repayment of outstanding bonds $87,000Purchase of treasury stock $25,000Issuance of common stock $96,000Purchase of land $115,000Increase in accounts receivable during the year $33,000Decrease in accounts payable during the year $75,000Payment of cash dividends $35,000Net cash flows from investing activities for the year were:a) $234,000$234,000 of net cash used.b) $120,000$120,000 of net cash provided.c) $340,000$340,000 of net cash used.d) $259,000$259,000 of net cash used.e) $280,000$280,000 of net cash provided.

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The correct answer is d) $259,000 of net cash used.

The cash flows from investing activities for the year were: Loss on the sale of equipment ($14,000); Purchase of equipment ($225,000); Proceeds from the sale of equipment ($106,000); Repayment of outstanding bonds ($87,000); Purchase of treasury stock ($25,000); Issuance of common stock ($96,000); Purchase of land ($115,000).

The net cash flow from investing activities for the year is calculated by subtracting the total cash outflows from the total cash inflows, which is ($14,000 + $225,000 + $25,000 + $115,000) - ($106,000 + $87,000 + $96,000) = $259,000. Therefore, the net cash used from investing activities for the year is $259,000.

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Lacy is a single taxpayer. In 2022, her taxable income is $44,000. What is her tax liability in each of the following alternative situations? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates for reference. Note: Do not round intermediate calculations. Round your answer to 2 decimal places.
Required:
All of her income is salary from her employer.
Her $44,000 of taxable income includes $1,000 of qualified dividends.
Her $44,000 of taxable income includes $5,000 of qualified dividends

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If a single taxpayer has an ordinary taxable income of $44,000 then tax liability is $4,807.50 add 22% of the excess over $41,775. Salary income is taxed with ordinary tax rates.

In this case, $1,000 in qualifying dividends, which are taxed at a lower rate than regular income, is included in Lacy's $44,000 taxable income. Her tax obligation would be $8,164 based on the rates for capital gains and dividends.

Her taxable income of $44,000 includes $5,000 in eligible dividends.

Lacy's taxable income in this instance is $44,000, which also includes $5,000 in eligible dividends. Her tax obligation is $8,764 based on the Dividends and Capital Gains Tax Rates.

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mica wanted to demonstrate the increase in medical costs over the past ten years as compared with the increase in real income for the same period. the best visual aid to accomplish this would be a .

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The best visual aid to demonstrate the increase in medical costs over the past ten years as compared to the increase in real income for the same period would be a line graph.

A line graph is a useful tool for displaying trends over time, making it an ideal choice for showing the change in medical costs and real income over the past decade. The x-axis of the graph would represent time, while the y-axis would show the values of medical costs and real income. Two lines could be plotted on the graph, one showing the increase in medical costs over time, and the other showing the increase in real income. This would allow for a clear visual comparison of the two trends and help to demonstrate the difference between the two increases over time.

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Maria invested $8,000 for one year at a simple annual interest rate of 6 percent and invested $10,000 for one year at an annual interest rate of 8 percent compounded semiannually. What is the total amount of interest that Mariaearned on the two investments?A. $880B. $1,088C. $1,253D. $1,280E. $1,296

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Maria invested $8,000 for one year at a simple annual interest rate of 6 percent and invested $10,000 for one year at an annual interest rate of 8 percent compounded semiannually.The total amount of interest that Maria earned on the two investments is $1,280.

Given that Maria invested $8,000 for one year at a simple annual interest rate of 6 percent. Maria invested $10,000 for one year at an annual interest rate of 8 percent compounded semiannually.To find the total interest earned, we will calculate the interest earned by both investments separately and then add them up.1) For the first investment of $8000 at a simple annual interest rate of 6 percent, the interest earned would be: Interest = P × r × t= 8000 × 6/100 × 1= $4802) For the second investment of $10000 at an annual interest rate of 8 percent compounded semiannually, the interest earned would be calculated using the formula:Amount (A) = P(1 + r/n)^(nt) where P = $10,000r = 8/100 = 0.08n = 2 (since interest is compounded semiannually)t = 1 year = 2 semiannual periods. Substituting the values in the formula,Amount (A) = 10000(1 + 0.08/2)^(2×1) = $10,816.65. Interest earned = Amount - Principal= $10,816.65 - $10,000= $816.65. Therefore, the total amount of interest that Maria earned on the two investments is:Total Interest = $480 + $816.65= $1,296.65≈ $1,280. Hence, the correct option is D. $1,280.

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what can be the advantage of currency undervaluation? group of answer choices increase export increase outward foreign direct investment protect domestic exporting firms protect domestic consumers by giving them more purchasing power over foreign goods and services

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Advantages of currency undervaluation include increased exports, increased outward foreign direct investment, protection of domestic exporting firms, and protection of domestic consumers by giving them more purchasing power over foreign goods and services.(A,B,C,D)

Currency undervaluation is when a country deliberately sets their exchange rate to make their currency less valuable compared to other currencies. This makes the country's exports cheaper compared to its competitors, boosting the country's export sector.

Furthermore, it can make the country's stock market and other investment opportunities more attractive to foreign investors, leading to increased outward foreign direct investment.

Domestic exporting firms are also protected as the lower currency rate increases the competitiveness of their products. Finally, domestic consumers can benefit from the undervalued currency as they can purchase more foreign goods and services with their money.(A,B,C,D)

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Complete question:

what can be the advantage of currency undervaluation? group of answer choices

A) increase export

B) increase outward foreign direct investment

C) protect domestic exporting firms

D) protect domestic consumers by giving them more purchasing power over foreign goods and services

A ______ is one between a manufacturer and a dealer, which assigns the dealer an exclusive territory, and the manufacturer agrees not to sell to other dealers in that territory in exchange for an agreement by the dealer that it will not operate outside the area assigned.
A. vertical territorial agreement
B. conglomerate territorial agreement
C. congeneric territorial agreement
D. tying territorial agreement
E. per se territorial agreement

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Answer:

B. conglomerate territorial agreement

A decline in the number of young people joining the workforce and an increase in the number of active employees who are postponing retirement are examples of _____ forces in the general environment.

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A decline in the number of young people joining the workforce and an increase in the number of active employees who are postponing retirement are examples of demographic forces in the general environment.

What is the general environment?

The general environment refers to the broad social, economic, and technological aspects of an organization's environment that impact its operations. Demographic, economic, political/legal, sociocultural, technological, and ecological/natural environmental elements make up the general environment. These external variables may have a significant impact on an organization's operations, marketing, and other decision-making procedures.

In this particular scenario, we are dealing with demographic forces, which are external environmental factors that are characterized by a population's demographic trends. Changes in population demographics have a significant impact on the demand for an organization's goods and services. Furthermore, demographics can have a significant impact on human resources, marketing, and other corporate operations.

Besides demographic forces, other environmental factors that an organization may face include economic, political/legal, sociocultural, technological, and ecological/natural environmental elements. These environmental factors are referred to as general environment forces in the business context.

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The university president believes that increasing student tuition by 5% will increase revenues. If the president is correct that revenues will increase, then the tuition increase will: A) reduce the number of students enrolling by less than 5%. B) reduce the number of students enrolling by more than 5%. C) reduce the number of students enrolling by exactly 5%. increase the number of students enrolling by 5%.

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The university president believes that increasing student tuition by 5% will increase revenues. If the president is correct that revenues will increase, then the tuition increase will A) reduce the number of students enrolling by less than 5%.

What is tuition?

Tuition is a sum of money charged for teaching or instruction by a school, college, or university. The president of a university believes that increasing tuition fees by 5% would result in an increase in revenue.

The number of students enrolling at the university, on the other hand, may be impacted by the tuition increase.Increasing the tuition fee by 5% will make it more difficult for many students to afford to attend the university. However, if the increase in tuition fees causes an increase in revenue, the tuition increase will result in a reduction in the number of students enrolling by less than 5%.

As a result, we can conclude that if the university president is correct about the increase in revenue resulting from the increase in tuition fees, the tuition increase will result in a reduction in the number of students enrolling by less than 5%.Option A is correct.

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an accounting information system (ais) must include certain source documents in order to control purchasing and accounts payable. for a manufacturing organization, the best set of documents should include

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In an accounting information system (AIS), certain source documents must be included in order to control purchasing and accounts payable. For a manufacturing organization, the best set of documents would include the following purchase requisition, purchase order, and receiving report invoice.

1. Purchase requisition: The request for materials or goods that will be needed for production is known as a purchase requisition. It's normally generated by the purchasing department or a department that has been approved to make purchases.

2. Purchase order: The document that authorizes the supplier to deliver the goods and the terms under which the delivery will take place is known as a purchase order. It's generally sent to the vendor following the creation of the purchase requisition.

3. Receiving report: When products are delivered, a receiving report is created. It identifies the receipt of goods and serves as evidence that the goods were received in the proper condition and amount.4. Invoice:Finally, the vendor will send an invoice after the goods have been delivered. It includes the details of the order, as well as the total sum due for the products. This is utilized by the accounting department to record the bill in the accounting system.

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An example of innovative change is a department store deciding to adopt a new practice used by competitors by staying open 24 hours a day and requiring employees to work flexible schedules, a change that employees are likely to see as moderately threatening.T/F

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The statement is "true." An example of innovative change is a department store deciding to adopt a new practice used by competitors by staying open 24 hours a day and requiring employees to work flexible schedules, a change that employees are likely to see as moderately threatening.

Therefore if it is, Staying open 24 hours a day is an example of an innovative change, as it is a change from the status quo. The practice of requiring employees to work flexible schedules may be seen as moderately threatening, as it requires employees to alter their usual routines and schedules.

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Leo Technologies, a software firm, has appointed a team of five members to work on an important project. The project involves the development of a high security program for a client. For the project to be successful, the members need to collaborate. Which of the following steps should the members take to ensure collaboration in the team? The members should be very polite and not say anything critical. The members should provide and receive critical feedback. The members should resist putting forward unpopular ideas. The members should avoid entering into difficult conversations.

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"The members should provide and receive critical feedback" to ensure collaboration in the team. Thus, B is correct.

As it helps in identifying weaknesses and strengths, improving communication and making better decisions together.

In a team project, providing and receiving critical feedback is an essential component of effective collaboration. It encourages open communication and helps team members to identify potential areas of improvement.

By giving constructive criticism, team members can share their perspectives and highlight problems that need to be addressed. In turn, receiving feedback can help individuals to identify their strengths and weaknesses and improve their performance.

Moreover, the process of critical feedback helps to build trust, increase motivation, and foster a positive team culture. Thus, by prioritizing constructive criticism, the team can work together more efficiently and effectively to achieve the project goals.

Based on this explanation, B is correct.

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Which of the following is not one of the five questions that comprise the task of evaluating a company’s resources and competitive position?A) What are the company’s most profitable geographic market segments?B) How well is the company’s present strategy working?C) Are the company’s prices and costs competitive?D) Is the company competitively stronger or weaker than key rivals?E) What strategic issues and problems merit front-burner management attention?

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Option A) What are the company’s most profitable geographic market segments? is not one of the five questions that comprise the task of evaluating a company's resources and competitive position.

About Comprise the task of evaluating a company’s resources and competitive position Questions

The five questions that comprise the task of evaluating a company’s resources and competitive position are as follows:

How well is the company’s present strategy working?

Are the company’s prices and costs competitive?

Is the company competitively stronger or weaker than key rivals?

What are the company’s resource strengths and weaknesses and its external opportunities and threats

Hence, option A) What are the company’s most profitable geographic market segments? is not one of the five questions that comprise the task of evaluating a company's resources and competitive position.

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Which of the following would not lead to a shift in the demand curve for bananas?a. an increase in the price of orangesb. a decrease in incomes for consumersc. a decrease in the price of bananasd. an increased preference for bananas

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Answer: Option A is the correct answer. The following would not lead to a shift in the demand curve for bananas: an increase in the price of oranges

Explanation: Shifts in demand curves can occur as a result of a variety of factors, including changes in consumer income, preferences, and the prices of related goods. A shift occurs when there is a change in the quantity demanded at each price, resulting in a new demand curve.

In this case, an increase in the price of oranges would not lead to a shift in the demand curve for bananas. This is because oranges and bananas are not considered complementary goods that are usually used together. As a result, a change in the price of oranges would not have a direct impact on the number of bananas demanded by consumers. Thus, option A is the correct answer.

A shift in the demand curve for bananas can occur as a result of the following factors: a decrease in incomes for consumers and an increased preference for bananas decrease in the price of bananas.

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during thegrowth stage of the product life cycle, sales begin to rise, as do profits, as companies begin to take advantag e of economies of scale in purchasing, manufacturing, and distribution. (true or false)

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It is true that during the growth stage of the product life cycle, sales begin to rise as companies begin to take advantage of economies of scale in purchasing, manufacturing, and distribution because they want to expand their distribution channels and consider new markets to maximize sales and profits.

What is the product life cycle?

The product life cycle is a marketing concept that explains the stages a new product goes through during its time on the market. These four stages are: introduction, growth, maturity, and decline.

During the growth stage of the product life cycle, sales and profits begin to rise as a result of a variety of factors. Companies may begin to take advantage of economies of scale in purchasing, manufacturing, and distribution. Economies of scale are a cost-saving concept in which the cost of producing or providing a product or service decreases as the volume of production or output rises.

During the growth stage of the product life cycle, sales increase as the product becomes more well-known, sales channels expand, and consumer demand grows. This stage is characterized by an increase in advertising and promotion expenditures to encourage more people to purchase the product. During the growth stage, companies may also expand their distribution channels and consider new markets to maximize sales and profits.

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A _____ orientation assumes customers resist buying items that are not essential.It also assumes people will buy more goods and services if aggressive marketing techniques are used.
A) sales
B) production
C) marketing
D) customer
E) marketplace

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A sales orientation assumes customers resist buying items that are not essential. It also assumes people will buy more goods and services if aggressive marketing techniques are used. The correct answer is option A).

What is a Sales Orientation?

A sales orientation is a business approach in which an organization emphasizes the promotion of high volumes of low-cost goods and services. In this marketing philosophy, the goal of the business is to persuade as many customers as possible to buy their products, rather than focusing on the needs and wants of the customers.

Below are the features of sales orientation: It focuses on production in large quantities and standardization. Pricing decisions are based on cost information, and goods are sold at the highest possible price that consumers will pay. Promotional campaigns aim to persuade customers to purchase the company's products.

Sales representatives use aggressive selling techniques to persuade people to buy. The production process is optimized to reduce costs and increase productivity. A focus on the selling process rather than the buying process is a key feature of a sales orientation. The correct answer is option A).

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Jim recently joined the Austin Barter Club, an organization that facilitates the exchange of services between its members. This year Jim provided lawn-mowing services to other club members. Jim received the following from the barter club. Determine the amount, if any, Jim should include in his gross income in each of the following situations:
a- Jim received $283 of car repair services from another member of the club.
b. Jim received a $555 credit that gave him the option of receiving a season pass at a local ski resort from another member of the club. However, he forgot to request the pass by the end of the ski season and his credit expired.
c. Jim received a $460 credit that can only be applied for goods or services from club members next year.

Answers

a. The amount Jim should include in his gross income is $283. This is because bartering is taxable, and the fair market value of the goods or services exchanged is included in the income. In this case, Jim received $283 worth of car repair services from another club member, so he should include this amount in his gross income.

b. Jim should include $555 in his gross income. Although he did not receive the ski pass, he received a credit that had a value of $555, which he could have used to purchase other goods or services from club members. Since the credit was not used, it is still considered taxable income.

c. Jim should include $460 in his gross income. The credit that he received is only applicable for goods or services from club members next year, but it still has a value of $460. Therefore, it is considered taxable income for the year in which it was received.

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To comply with the regulations regarding customer identification programs, the minimum identifying information that must be obtained from each customer before opening an account includes:
I-name.
II-verbal assurance that the customer is of legal age.
III- a street address, unless the primary mailing address is a post office box located in the state of residence.
IV-a taxpayer identification number.
A)I and IV.
B)III and IV.
C)II and III.
D)I and II.

Answers

The minimum identifying information that must be obtained  when opening an account includes: name and a taxpayer identification number. (option A: I and IV)

The minimum identifying information that must be obtained from each customer before opening an account includes:

I - Name

III - A street address, unless the primary mailing address is a post office box located in the state of residence.

IV - A taxpayer identification number.

Therefore, the correct option is A) I and IV.

Verbal assurance that the customer is of legal age (option II) and a street address if the primary mailing address is a post office box located in the state of residence (option III) are not sufficient on their own to meet the regulations regarding customer identification programs.

A taxpayer identification number (TIN) is necessary for customer identification programs to help ensure compliance with various laws and regulations, including tax laws and anti-money laundering laws.

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on april 25, foreman electric installs wiring in a new home for $3,500 on account. however, on april 27, foreman’s electrical work does not pass inspection, and foreman grants the customer an allowance of $600 because of the problem. the customer makes full payment of the balance owed, excluding the allowance, on april 30.1. Record the Journal entries for the above information2. calculate net revenue associated with these transactions

Answers


On April 25, Foreman Electric installs wiring in a new home for $3,500 on account.

On the same day, a journal entry of Debit Accounts Receivable and Credit Service Revenue is recorded. On April 27, Foreman’s electrical work does not pass inspection and Foreman grants the customer an allowance of $600 because of the problem. This is recorded as a Debit Allowance for Uncollectible Accounts and Credit Accounts Receivable. On April 30, the customer makes full payment of the balance owed, excluding the allowance, and a journal entry of Debit Cash and Credit Accounts Receivable is recorded. The net revenue associated with these transactions is $2,900 ($3,500 less $600).

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Which of the following would be effective methods of implementing the new strategy for your business fraternity? Check all that apply.
_Create a strategic plan that outlines the steps necessary to achieve the goals. Present the plan at the next chapter meeting.
_Announce a new project at the chapter meeting and act as project manager for the activity.
_Invite leadership from local companies to attend your weekly meetings to speak about and provide training on various business topics.
_Ask chapter members to volunteer as project managers and task them with soliciting project opportunities from local businesses.
_Announce the new strategy to the chapter at your weekly meeting. If members are receptive, step back and allow members to seek out projects to work on.

Answers

Make a strategic strategy outlining the steps required to accomplish the goals. At the following chapter meeting, present the plan. Ask local business leaders to speak at your weekly meetings and offer training on various business themes.

What is the strategy's technique?

Almost identical to the phrase "tactic," strategy. Example Example A) What strategies do you employ. A technique is a way or aptitude for completing a certain task.

What does it mean to carry out a plan?

The implementation of a strategic plan created by a company or organisation in an effort to fulfil organisational goals is referred to as strategy execution. It includes regular structures, operational goals, and processes that position people in charge of particular responsibilities in an organisation for success.

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the open purchase order file in the purchasing department is used to determine a. the orders that have not been received b. the quantity of items received c. the best vendor for a specific item d. the quality of items a vendor ships

Answers

The open purchase order file in the purchasing department is used to determine the orders that have not been received. Therefore, option (a) is the correct answer.

What is an open purchase order file?

An open purchase order file is a document that allows businesses to keep track of orders that have not yet been completed or received. This document provides information about purchases that have been made but have not yet been fulfilled by vendors. The open purchase order file in the purchasing department is used to determine the orders that have not been received.

The open purchase order file has several advantages for businesses. Some of them are as follows:

It enables businesses to maintain a clear and accurate record of all outstanding purchase orders.It ensures that orders are placed, processed, and fulfilled in a timely and efficient manner.It helps businesses to identify any issues or discrepancies with suppliers before they become major problems.It provides businesses with a detailed history of all transactions related to their purchasing process.It enables businesses to make informed decisions about which vendors to work with based on their performance and reliability.

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