Answer:
the word is Benchmarking
Two towns, each with three members, are deciding whether to put on a fireworks display to celebrate the New Year. Fireworks cost $360. In each town, some people enjoy fireworks more than others. In the town of Bayport, each of the residents values the public good as follows:
Resident Value (Dollars)
Musashi 50
Rina 100
Sean 300
he total benefit of the fireworks display to the town of Bayport is $: ___________
Answer:
$450
Explanation:
The benefit an individual derives from an activity can be described as the total satisfaction or utility that individual derives from carrying out a particular activity. It is the value an individual derives from a particular activity
Benefit can be measured in dollars or in utils
the higher the value of the dollar or util, the higher the benefit the consumer derives from an activity
A rational person would weigh the cost of an activity to the benefit that would be derived from the activity. The individual would carry out the activity only if benefit outweigh the cost.
For example, in this question, the total benefit of fireworks display is 450. this is greater than the cost. So, the town would carry out the firework display
Total benefit is the sum of individual value individuals would derive from an activity.
total benefit = $50 + $100 + $300 = $450
Tuscany Company estimated the following costs at the beginning of a particular year: Overhead $5,340,000 Direct labor cost $890,000 Tuscany uses normal costing and applies overhead on the basis of direct labor cost. (Direct labor cost equals total direct labor hours worked multiplied by the wage rate.) The direct labor cost was $50,000 for the month of January. Determine the overhead applied for the month of January.
Answer: $300,000
Explanation:
As overhead is applied on the basis of direct labor cost, the overhead rate for the period is:
= Overhead / Direct labor cost * 100%
= 5,340,000 / 890,000 * 100%
= 600%
If direct labor cost is $50,000 then overhead applied will be:
= Direct labor cost * Overhead rate
= 50,000 * 600%
= $300,000
Ames Trading Co. has the following products in its ending inventory.Product Quantity Cost per Unit Market per UnitMountain bikes 11 $600 $550Skateboards 13 $350 $425Gliders 26 $800 $700Compute lower of cost or market for inventory applied separately to each product.
Answer:
Mountain Bikes
Market value is $550 and cost is $600.
Lower is market.
Inventory value is therefore:
= Quantity * Market
= 11 * 550
= $6,050
Skateboards
Market value is $425 and cost is $350.
Cost is lower.
Inventory value is:
= 13 * 350 cost
= $4,550
Gliders
Market value is $700 and cost is $800.
Inventory value is:
= 26 * 700 market value
= $18,200
Frank decides that a social media campaign is the best way for him to attract new business to Slice of Life Pizza. After Frank identifies his strategies and goals, the next step in the campaign is
Answer: identify your target audience
Explanation:
Since Frank has identified his strategies and goals, then the next step in the campaign will be to identify the target audience.
The target audience refers to the consumers that are likely to attract new business to Slice of Life Pizza. This is vital for Frank to be able to reach out to more customers and make profit.
Check all answers that apply. Based on the model output, we can say that both the size of the move (CuFt) and number of large furniture moved are important considerations when estimating the total number of labor hours required. We can make this claim because __________.'
Answer:
P-value for slope coefficient of the size of the mode CuFt is0.00
Explanation:
The slope coefficient is change in probability when all other independent variables are held constant. The output is 93.3 which is due to the variation in labor hours. These variations are due to large number of furniture moved in cubic feet.
Which of the following is a consumer right per the consumer bill of rights?
1. Right to know
2. Right to return
3. Right to profit
4. Right to sanity
Answer:
1. Right to know.
Explanation:
The Consumer Bill of Rights refers to certain rights that are given to customers in a business transaction. These set of rights are given to customers or consumers and are made so that consumers will have equal rights to be protected against any unfair or false claims.
Among the given set of rights, the right to know is a consumer right according to the bill of rights. This right is one of the four sets of original rights as set in the consumer bill of rights. The other three are the right to safety, to be heard, and to choose.
Thus, the correct answer is option 1.
The Paw Patrol Smartphone lets kids learn about colors, numbers, and music. It has four Paw Patrol characters for the game plus numbers and colors. Before developing the Smartphone, Paw Patrol researched the market to see if this Smartphone would face stiff competition. Which step of segmenting the market does this example represent
Answer:
Profiling and analysing segments
Explanation:
Segmentation is the division of people into certain groups based on shared characteristics.
For example, In demographic segmentation, people are placed into groups based on age, gender, ethnicity and other demographic factors
Stages of segmenting a market
Selecting a product category to study - the product whose market would be segmented is chosen Choosing a basis for segmentation Selecting segmentation descriptors Profiling and analyzing segmentsIn the Hausser Food Products case, which type of organizational structure might have prevented the Florida sales team from withholding information from other sales teams?
Answer: Functional structure.
Explanation:
In the Hausser Food Products case, the type of organizational structure that might have prevented the Florida sales team from withholding information from other sales teams is the Functional structure.
The functional structure refers to the structure whereby employees in an organization are grouped based on their specialized skills, knowledge or roles that they perform.
In this type of structure, there are different departments such as the sales department, finance department, customers services department etc. The specialized unit typically report to higher management as it's hierarchical.
Job applicants generally face two kinds of interviews: screening interviews and hiring interviews.
a. True
b. False
Answer:
A) true
Explanation:
screening interview can be regarded as event that is been carried out during hiring process, which gives the recruiter opportunity to gauges the suitability of a job applicant as regards the occupation , these will allow the
recruiter to decided if the applicant name will be short listed, and it's regarded as the first interview for a candidate applying for a job.
Hiring interviews can be regarded efficient as well as effective hiring process which involves step-by-step process that will be followed in hiring a new employee, here whereby an organization will identifies its talent needs, then carry out recruitment as regards its talent pool and at the end most qualified candidates is been hired, their are different hiring processes for different company.
It should be noted that the Job applicants generally face two kinds of interviews: screening interviews and hiring interviews.
Since the Troy Division also sustained an operating loss in the prior year, Rice's president is considering the elimination of this division. Troy Division's traceable fixed costs could be avoided if the division were eliminated. The total common corporate costs would be unaffected by the decision. If the Troy Division had been eliminated at the beginning of last year, Rice Corporation's operating income for last year would have been:
Answer:
c. $30,000 lower
Explanation:
Missing word "Rice Corporation currently operates two divisions which had operating results last year as follows:
West Division Troy Division
Sales $600,000 $300,000
Variable costs 310,000 200,000
Contribution margin 290,000 100,000
Traceable fixed costs 110,000 70,000
Allocated common corporate costs 90,000 45,000
Net operating income (loss) $ 90,000 ($15,000)
Options are: a. $15,000 higher, b. $45,000 lower, c. $30,000 lower, d. $60,000 higher"
Particulars Amount
Contribution margin $100,000
Less: Traceable fixed costs $70,000
Segment margin of Troy Division $30,000
The operating income would been $30,000 less without the segment margin contributed by the Troy Division. Hence, If the Troy Division had been eliminated at the beginning of last year, Rice Corporation's operating income for last year would have been $30,000 lower.
Cumberland Co. sells $1,114 of merchandise to Hancock Co. for cash. Cumberland paid $779 for the merchandise. Under a perpetual inventory system, which of the following is the correct journal entry(is)?
a. debit Cash, $1.084 credit Merchandise Inventory: $722
b. debit Cash. $1,084. credit Sales. $1.084 and debit Cost of Merchandise Sold. 722credit Merchandise Inventory: 5722
c. debit Accounts Receivable. $1,084, credit Sales. $1,084, and debit Cost of Merchandise Sold, 5722 credit Merchandise Inventory, 5722
d. debit Cash 5722: credit Sales. $722
Answer:
Debit Cash $1,114
Credit Sales $1,114
Debit Cost of merchandise sold $779
Credit Merchandise inventory $779
Explanation:
Based on the information given the correct journal entry(is):
Debit Cash $1,114
Credit Sales $1,114
Debit Cost of merchandise sold $779
Credit Merchandise inventory $779
Suppose that the airline industry is in long-run equilibrium when the price of gasoline increases, raising the cost of operating airplanes. In the long run, the number of airlines in business should:________a. remain constant with lower profits.b. increase.c. decrease.d. remain constant with constant profits.
Answer: c. decrease.
Explanation:
If the cost of operating airplanes increases on account of gasoline prices rising, it means that running an airline service would be more expensive.
In the long-run, there is zero economic profit as companies keep entering and exiting the market. If costs increase as they have done here, there will be an economic loss. Several firms will therefore exit in order to avoid these costs which would lead to the number of airlines decreasing.
When they decrease, prices will then go up till the economic profit is zero once more.
g A foreign factory has offered to supply with ready-made baskets for a price of $12 per basket. Assume that fixed costs are unavoidable, but that could use the vacated production facilities to earn an additional $8500 of profit per month. If Fruit Basket Company decides to outsource, monthly operating income will increase by ________.
Answer:
The answer is "$5500".
Explanation:
Analysis Differential:
Make Buy
Cost of variable [tex]800\times 7 \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ = 5600[/tex]
Fixed- cost [tex]16000\ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ 16000[/tex]
Purchasing cost [tex]800\times 12\ = 9600[/tex]
Cost of opportunity [tex]\ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ 9500[/tex]
Total relevant cost [tex]31100 \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ 25600[/tex]
Increasing operating income [tex]= 31100-25600 = 5500[/tex]
The two-country, multi-product model differs from the two-country, two-product model in that, in the former:__________
A) the relative wage ratio will determine the pattern of trade ( which good is exported by which country).
B) which country will export which product is determined entirely by labor productivity data.
C) full specialization is likely to hold in equilibrium.
D) none of the goods are potentially nontraded.
E) domestic relative prices are not relevant.
Answer: The relative wage ratio will determine the pattern of trade ( which good is exported by which country
Explanation:
A two-country, two-product world, explains two countries that trade with each other such that one has a comparative advantage over the other in the production of a good while the other country has a comparative advantage in the production of the other product.
The two-country, multi-product model differs from the two-country, two-product model in that, in the former the relative wage ratio will determine the pattern of trade ( which good is exported by which country).
Therefore, the correct option is A.
People often become entrepreneurs because they want to be their own boss and be in control of most or all of the major decisions related to their business. How might this relate to potential financial success
Answer:
The proper explanation about the possible potential success depending on the state of mind of every entrepreneur is below.
Explanation:
First of all, most of the entrepreneurs tend to have the attitude of wanting to reach their goals no matter what, they are of strong emotional intelligence due to the fact that decide to be brave enough to follow their dreams and have the courage of risking their savings in order to gain success so therefore that they try to control everything in the meaning of expenses as well as try to learn what they need with the purpose of obtaning more benefits and loses in their work and business. So that is why that with their state of mind their might reach better results financially because their are all the time looking for constant improvement.
The price elasticity of demand for a popular sporting event is 1.5. If the price of a ticket to this event increases by 10%, the quantity of tickets demanded will decrease by
Answer: Quantity demanded will decrease by 15%
Explanation:
The price elasticity of demand shows how much the quantity demanded of a good or service will change in response to a change in the price of the good.
Price elasticity of demand = Percentage change in quantity / Percentage change in price
1.5 = % change in quantity demanded / 10%
% change in quantity demanded = 1.5 * 10%
% change in quantity demanded = 15%
Quantity demanded will decrease by 15%
Margas Framing's cost formula for its supplies cost is $2,240 per month plus $6 per frame. For the month of May, the company planned for activity of 808 frames, but the actual level of activity was 810 frames. The actual supplies cost for the month was $7,090. The supplies cost in the flexible budget for May would be closest to:_____.a. $7,106.
b. $7,088.
c. $7,100.
d. $7,090.
Answer: c. $7,100
Explanation:
Supplies cost according to the flexible budget is to be calculated based on the actual level of activity.
The cost is:
= Fixed cost + (Variable cost * actual level of activity)
= 2,240 + (6 * 810)
= 2,240 + 4,860
= $7,100
what is Overconfident in econimics?
Answer:
< Bestiary of Behavioral Economics. Overconfidence is a common tendency to overestimate one's ability to predict and control future outcomes. It is recognized in psychology as well as economics and has been blamed for countless counterintuitive economic outcomes.
Over the first four years of the company's life, the company earned the following net income (loss): S $3,000; $6,000, and ($2,000). If the company's ending retained earnings is $10,000 after year 4, what is the average amount of dividends paid per year?
a) 6,000;
b) $ 0
c) $7,000.
d) $750
e) $3,000.
Answer:
The answer is D.
Explanation:
Total earnings in 4 years
= 6000 + 3000 + 6000 - 2000
= $13,000
Ending retained earnings after 4 years
= $10,000
Total amount paid out as dividend in 4 years
= $13,000 - 10,000
= $3,000
Average amount of dividends paid per year
= $3,000/4
= $750
The current account balance equals _______. A. net exports plus net foreign investment in the United States B. exports minus imports plus net interest and net transfers C. the capital and financial account balance minus the official settlements account balance D. net exports plus the official settlements balance
Answer:
a
Explanation:
the current account of a country measures the value of the trade balance, transfers and the net income
the component of the current account includes
trade balance - it measures the value of the import and export of goods and services of a country.
net income - measures the value of the income received by a country's residents less the income paid to foreigners
transfers - it includes income sent home by a country's citizens working outside the country
Current account = net export + net income + net transfers
Find the lump sum deposited today that will yield the same total amount as this yearly payment (made at the end of each year for 20 years at the given interest rate, compounded annually).
Answer:
$129,108.10
Explanation:
Missing word "$9500 at 4%"
Present Value of the amount to be deposited P = ?
Annual Year end payment A = $9,500
Rate of interest r = 4% compounded annually
Period of payment n = 20 years
P = A * [1- (1/(1+r)^n)] / r
P = $9500 * [1 - (1/(1+0.04)^20)] / 0.04
P = $9500 * [1-(1/(1.04)^20)] / 0.04
P = $9500 * [1 - (1/2.191123143)] / 0.04
P = $9500 [1 - 0.45638695] / 0.04
P = $9500 * 0.5436131 / 0.04
P = $9500 * 13.590326
P = $129,108.1003
P = $129,108.10
So, the lump sum deposited today is $129,108.10.
Your income is $10,000 over the cutoff for the next lowest tax bracket. Your average tax rate is 10%. Your marginal tax rate is 25%. You contribute $3,000 to a traditional IRA and your contribution is fully deductible, should you decide to go that way. You decide, in fact, to make this a traditional IRA. How much did your contribution actually cost you, in after-tax dollars
Answer:
"$2,250" is the appropriate answer.
Explanation:
Given values are:
Before tax cost,
= $3000
Marginal tax rate,
= 25%
or,
= 0.25
The after tax cost of contribution will be:
= [tex]Before \ tax \ cost\times (1-Marginal \ tax \ rate)[/tex]
By putting the values, we get
= [tex]3000(1-25 \ percent)[/tex]
= [tex]3000(1-0.25)[/tex]
= [tex]3000\times 0.75[/tex]
= [tex]2250[/tex] ($)
A borrower obtains an ARM with a start rate of 2%. The ARM has an initial cap of 1%, a periodic cap of 2%, and a lifetime cap of 4%. Assume that the ARM will adjust three times, and that at each adjustment, the rate will increase by the maximum amount possible. What is the maximum amount that the interest rate can reach
Answer:
6%
Explanation:
The computation of the maximum amount that the interest rate can reach is shown below:
Since the arm rate is increased from 2% to 3% at the first adjustment
Now at the second adjustment, it increased from 3% to 5%
At the third adjustment, it increased from 5% to 7%
So here the interest rate should be
= 2% + 4%
= 6%
Also it can never be more than 6%
Company X has a P/E ratio of 10 and a stock price of $50 per share. Calculate earnings per share of the company.A) $5 per share.B) $ per share.C) $0. per share.D) $6 per share.
Answer:
A) $5 per share
Explanation:
Calculation to determine the earnings per share of the company.
Using this formula
EPS=Stock price/P/E ratio
Let plug in the formula
EPS = 50/10
EPS= $5 per share
Therefore the earnings per share of the company will be $5 per share
Consider the following information: Total current assets $78,632 Deferred income taxes $3,210 Inventories $9,823 Prepaid expenses $1,050 Other assets $3,890 Total current liabilities $32,043 What is the quick ratio? 2.15 2.45 2.32 2.24
Answer:
2.15
Explanation:
Klingon Widgets, Inc., purchased new cloaking machinery four years ago for $8 million. The machinery can be sold to the Romulans today for $7.3 million. Klingonâs current balance sheet shows net fixed assets of $6 million, current liabilities of $760,000, and net working capital of $219,000. If all the current assets were liquidated today, the company would receive $1.01 million cash.
1. What is the book value of Klingonâs total assets today? (Enter your answer in dollars, not millions of dollars, e.g., 1,234,567.)
2. What is the sum of net working capital and the market value of fixed assets? (Enter your answer in dollars, not millions of dollars, e.g., 1,234,567.)
Answer:
Net working capital = Current assets - Current liabilities
$219,000 = Current assets - $760,000
Current assets = $219,000 + $760,000
Current assets = $979,000
1. Total assets = Current assets + Net fixed assets
Total assets = $979,000 + $6,000,000
Total assets = $6,979,000
So, the book value of Klingonâs total assets today is $6,979,000.
2. Sum of net working capital and the market value of fixed assets:
= Market value of current assets + Market value of fixed assets
= $1,010,000 + $7,300,000
= $8,310,000
Beta Company reported the following operating data for its baking division for the year: Sales $560,000 Contribution margin 308,000 Direct fixed costs 47,000 Average operating assets 230,000 How much is controllable margin for the year
Answer: $261000
Explanation:
Based on the information given in the question, the controllable margin for the year will be calculated thus:
Contribution margin = $308000
Less: Direct fixed cost = $47000
Controllable margin = $261000
Therefore, the controllable margin is $261000.
Phillips Corporation's fiscal year ends on November 30. The following accounts are found in its job order cost accounting system for the first month of the new fiscal year.
Other data:
1. On December 1, two jobs were in process: Job No. 154 and Job No. 155. These jobs had combined direct materials costs of $9,950 and direct labor costs of $15,200. Overhead was applied at a rate that was 75% of direct labor cost.
2. During December, Job Nos. 156, 157, and 158 were started. On December 31, Job No. 158 was unfinished. This job had charges for direct materials $4,400 and direct labor $5,200, plus manufacturing overhead. All jobs, except for Job No. 158, were completed in December.
3. On December 1, Job No. 153 was in the finished goods warehouse. It had a total cost of $5,500. On December 31, Job No. 157 was the only job finished that was not sold. It had a cost of $4,300.
4. Manufacturing overhead was $1,145 underapplied in December.
List the letters (a) through (m) and indicate the amount pertaining to each letter. Raw Materials Inventory Dec. 1 Beginning balance
a. Dec. 31 Requisitions 18,950 31 Purchases 18,025 Dec. 31 Ending balance 8,125 Work in Process Inventory Dec. 1 Beginning balance (Entry field with correct answer)
b. Dec. 31 Jobs completed (Entry field with incorrect answer) (f) 31 Direct materials (Entry field with correct answer)
c. 31 Direct labor 9,100 31 Overhead (Entry field with correct answer)
d. Dec. 31 Ending balance (Entry field with correct answer)
e. Finished Goods Inventory Dec. 1 Beginning balance (Entry field with correct answer)
f. Dec. 31 Cost of goods sold (Entry field with incorrect answer) (i) 31 Completed jobs (Entry field with incorrect answer)
g. Dec. 31 Ending balance (Entry field with correct answer)
h. Factory Labor Dec. 31 Factory wages 12,225 Dec. 31 Wages assigned (Entry field with correct answer)
i. Manufacturing Overhead Dec. 31 Indirect materials 3,300 Dec. 31 Overhead applied (Entry field with correct answer)
j. 31 Indirect labor (Entry field with correct answer)
k. 31 Other overhead 1,545
Answer:
Phillips Corporation
a = 9,050 beginning balance Raw Materials
b = 36,660 beginning balance WIP
c = 15,650 direct materials
d = 6,825 Overhead applied
e = 13,500 Ending balance WIP
f = 5,500 beginning balance Finished Goods
g = 54,625 Completed jobs
h = 4,300 ending balance Finished Goods
i = 9,100 wages assigned
j = d
k = 3,125 indirect labor
l = 1,145 Underapplied overhead
m = 55,825 cost of goods sold
Explanation:
a) Data and Analysis:
1. Jobs in process:
Job No. 154 and Job No. 155
Combined direct materials costs $9,950
Combined direct labor costs 15,200
Overhead applied (75%) 11,400
Total work in process, beginning $36,550
2. Jobs started in December:
Job Nos. 156, 157, and 158
Direct materials $4,400
Direct labor 5,200
Overhead applied (75%) 3,900
Total work in process $13,500
Beginning work in process = $36,550
Ending work in process = $13,500
Beginning Finished Goods Inventory: Job 153 $5,500
Ending Finished Goods Inventory: Job 157 $4,300
Raw Materials Inventory
Dec. 1 Beginning balance 9,050 (a)
Dec. 31 Requisitions 18,950
Dec. 31 Purchases 18,025
Dec. 31 Ending balance 8,125
Total 27,075 27,075
a = $9,050 (27,075 - $18,025)
Work in Process Inventory
Dec. 1 Beginning balance $36,550 b.
Dec. 31 Jobs completed 54,625 (g)
Dec. 31 Direct materials 15,650 c.
Dec. 31 Direct labor 9,100
Dec. 31 Overhead 6,825 d.
Dec. 31 Ending balance 13,500 e.
Finished Goods Inventory
Dec. 1 Beginning balance 5,500 f
Dec. 31 Cost of goods sold 55,825 (m)
Dec. 31 Completed jobs 54,625 g.
g. Dec. 31 Ending balance 4,300 h
Factory Labor
Dec. 31 Factory wages 12,225
Dec. 31 Wages assigned 9,100
Dec. 31 Overhead 3,125
Manufacturing Overhead
Dec. 31 Indirect materials 3,300
Dec. 31 Overhead applied 6,825 d.
Dec. 31 Indirect labor 3,125 k.
Dec. 31 Other overhead 1,545
Dec. 31 Underapplied overhead 1,145
The ABC Corporation makes collections on sales according to the following schedule: 45% in month of sale 50% in month following sale 5% in second month following sale The following sales have been budgeted: Sales April $ 160,000 May $ 180,000 June $ 170,000 Budgeted cash collections in June would be:
Answer: $170500
Explanation:
Based on the information given in the question, the budgeted cash collections in June would be calculated thus:
= (45% × $160000) + (50% × $180000) + (5% × $170000)
= $72000 + $90000 + $8500
= $170500
Therefore, the budgeted cash collections in June would be $170500
Inez is applying to renew her loan originator license. She has completed the application, provided proof that she has satisfied the continuing education requirement, and paid the renewal fee. What other requirement for license renewal must Inez meet
Answer: She must continue to meet the minimum standards for license issuance.
Explanation:
Since Inez has completed the application, and also provided proof that she has satisfied the continuing education requirement, as well as paying for the renewal fee when she's applying to renew her loan originator license, it's also vital that she must continue to meet the minimum standards for license issuance.
The standards for license insurance should be met if not, she may not be able to renew her loan originator license. It should be hired that the provision of proof of continuing employment and a proof that she has no pending disciplinary issues from the previous licensing period isn't required in this case.
