The only way to decrease your lifestyle budget is by completely eliminating an item.

True
False

Answers

Answer 1

Answer:

False

Explanation:

A budget is a financial plan used for the estimation of revenue and expenditures of an individual, organization or government for a specified period of time, often one year. Budgets are usually compiled, analyzed and re-evaluated on periodic basis.

The first step of the budgeting process is to prepare a list of each type of income and expense that will be part of the budget.

A lifestyle can be defined as the way and manner an individual chooses to live his or her life. Similarly, a lifestyle budget comprises the cost of goods and services an individual has chosen to spend his or her money on.

Basically, completely eliminating an item isn't the only way to decrease a lifestyle budget because there could be similar items that even cost way more than the eliminated item.

Some of the benefits of having a budget is that it aids in setting goals, earmarking revenues and resources, measuring outcomes and planning against contingencies.

Answer 2

Answer:

False

Explanation:

The only way to decrease your lifestyle budget is by completely eliminating an item.

True

False


Related Questions

g If closing costs of $1,200 are associated with the refinance of a mortgage that would reduce the monthly payment from $1,020 to $949 refinance, it would take approximately ____ months to cover these costs. (Round your answer to the nearest full month.)

Answers

Answer: 17 months

Explanation:

The number of months it would take to cover these costs is found by:

= Total closing costs/ Saving per month

Savings per month:

= Old monthly payment - New monthly payment

= 1,020 - 949

= $71

Number of months it would take = 1,200 / 71

= 16.90

= 17 months

g If the economy experiences economic contraction, the government can combat this with an Group of answer choices increase in government purchases increase in marginal tax rates increase in autonomous taxes increase in real interest rates

Answers

Answer:

increase in government purchases

Explanation:

If there is a contraction in the economy, the government should conduct expansionary policies to increase money supply.

Discretionary fiscal policies are deliberate steps taken by the government to stimulate the economy in order to cause the economy to move to full employment and price stability more quickly than it might otherwise.

Discretionary fiscal policies can either be expansionary or contractionary

Expansionary fiscal policy is when the government increases the money supply in the economy either by increasing spending or cutting taxes.

Contractionary fiscal policies is when the government reduces the money supply in the economy either by reducing spending or increasing taxes

Wilturner Company incurs $90,000 of labor related directly to the product in the Assembly Department, and $39,000 of labor related to the Assembly Department as a whole, and $26,000 of labor for services that help production in both the Assembly and Finishing departments. The amount of direct labor and factory overhead respectively are:

Answers

Answer:

Direct labor = $90,000

Factory overhead = $65,000

Explanation:

i. Cost of direct labor of $90,000 will be assigned to Work-in process for the period as direct costs.

ii. Cost of indirect labor of $39,000 and cost of labor services of $26,000 are assigned to manufacturing or factory overheads as indirect costs that total of $65,000 ($39,000 + $26,000).

JG Asset Services is recommending that you invest $1,500 in a 5-year certificate of deposit (CD) that pays 3.5% interest, compounded annually. How much will you have when the CD matures

Answers

Answer: $1781.54

Explanation:

Since the person invest $1,500 in a 5-year certificate of deposit (CD) that pays 3.5% interest, compounded annually, then the amount that the person will have when the CD matures will be:

= PV(1 + r)^n

= 1500 × (1+3.5%)^5

= 1500 × (1.035)^5

= 1500 × 1.18769

= 1781.54

Therefore, the person will have $1781.54 when the CD matures.

MC Qu. 141 Comet Company accumulated... Comet Company accumulated the following account information for the year: Beginning raw materials inventory$6,700 Indirect materials cost 2,700 Indirect labor cost 5,700 Maintenance of factory equipment 3,500 Direct labor cost 7,700 Using the above information, total factory overhead costs would be:

Answers

Answer:

the total factory overhead cost is $11,900

Explanation:

The computation of the total factory overhead cost is shown below:

= Indirect materials cost + Indirect labor cost + Maintenance of factory equipment

= $2,700 + $5,700 + $3,500

= $11,900

Hence the total factory overhead cost is $11,900

The same should be considered and relevant

[The following information applies to the questions displayed below.]

Following are the transactions of a new company called Pose-for-Pics.


August 1 M. Harris, the owner, invested $9,000 cash and $38,700 of photography equipment in the company.
August 2 The company paid $2,300 cash for an insurance policy covering the next 24 months.
August 5 The company purchased supplies for $1,710 cash.
August 20 The company received $2,650 cash from taking photos for customers.
August 31 The company paid $870 cash for August utilities.
Analyze each transaction above by showing its effects on the accounting equation—specifically, identify the accounts and amounts (including + or −) for each transaction. Use the following partial chart of accounts: Cash; Supplies; Prepaid Insurance; Equipment; M. Harris, Capital; Services Revenue; and Utilities Expense.

Answers

Answer:

Pose-for-Pics

Effects on the accounting equation:

            Assets                                                 = Liabilities + Equity

Aug 1   Cash +$9,000 Equipment +$38,700 =  M. Harris, Capital +$47,700

Aug 2  Cash  -$2,300 Prepaid Insurance +$2,300

Aug 5  Cash    -$1,710 Supplies +$1,710

Aug 20 Cash +$2,650                                        = Revenue +$2,650

Aug 31  Cash  -$870                                            = Utilities Expense -870

Total assets   $49,480                                        = Total equity $49,480                                                                                    

Explanation:

a) Data and Analysis based on the accounting equation:

August 1 Cash $9,000 Equipment $38,700 M. Harris, Capital $47,700

August 2 Prepaid Insurance $2,300 Cash ($2,300)

August 5 Supplies $1,710 Cash ($1,710)  

August 20 Cash $2,650 Service Revenue $2,650

August 31 Utilities ($870) Cash ($870)

What's the meaning of the symbol S3?

A. One three-way switch
B. A single switch mounted at 3'0"
C. Three single-pole switches
D. a triple-pole switch

Answers

The answer is A

One three-way switch

Adams Manufacturing allocates overhead to production on the basis of direct labor costs. At the beginning of the year, Adams estimated total overhead of $385,900; materials of $417,000 and direct labor of $227,000. During the year Adams incurred $408,900 in materials costs, $403,400 in overhead costs and $231,000 in direct labor costs. Compute the amount of under- or overapplied overhead for the year.

Answers

Answer:

$364,980

Explanation:

Computation for the amount of under- or overapplied overhead for the year.

First step is to calculate the

Predetermined Overhead using this formula

Predetermined Overhead rate = Estimated overhead/direct labor estimated

Let plug in the formula

Predetermined Overhead rate= 358,900/227,000

Predetermined Overhead rate= 158% of direct labor cost

Now let determine the Overhead applied

Overhead applied = $231,000*158%

Overhead applied= $364,980

Therefore the amount of under- or overapplied overhead for the year is $364,980

In general, increasing price above the market equilibrium price will _______ consumer surplus and ________ producer surplus. Total surplus will _______. Reducing price below market equilibrium will ________ consumer surplus and _______ producer surplus. Total surplus will _______. Thus regulators _______ increase benefits to one group or the other, but the market ______ be efficient.
The tax incidence is the:_____
a. average tax burden borne by buyers and sellers.
b. actual tax burden borne by buyers and sellers.
c. absolute tax burden borne by buyers and sellers.
d. relative tax burden borne by buyers and sellers.

Answers

I say it have to be letter a
C I’m not sure if thts it but yea

2. If management adopts Bo's suggestion of reducing U-Scream Ice Cream's charitable donations until profits stabilize, the company will essentially reduce its ___________.

Answers

Answer:

Corporate philanthropy

Explanation:

Corporation

This is simply known as an organization that is owned by individuals, called shareholders, so it had an large amount of money available.

Corporate Philanthropy

This is simply known as corporation involvement in giving or making a direct contribution to a charity or cause The contributions may be in different forms such as:

a. Cash,

b. Grants

c. Donations

d. In-kind services etc.

Usually, corporations often chooses a cause that fits with the corporation

There are various options for giving to philanthropy. Reduction in U-Scream Ice Cream's charitable donations can lead to a corresponding decline in charitable philanthropies by organizations.

During January, its first month of operations, Dieker Company accumulated the following manufacturing costs:

Raw materials $4,500 on account, factory labor $8,100 of which $5,300 relates to factory wages payable and $2,800 relates to payroll taxes payable, and factory utilities payable $2,700.

Required:
Prepare journal entries for each type of manufacturing cost.

Answers

Answer:

Date         Account titles and Explanations         Debit       Credit

31-Jan      Raw materials inventory                       $4,500

                       Accounts payable                                           $4,500

31-Jan      Work in process inventory                    $8,100

                       Factory wages payable                                   $5,300

                       Payroll taxes payable                                      $2,800

31-Jan      Manufacturing overhead                       $2,700

                      Factory utilities payable                                    $2,700

Franchises are attractive to business owners because

they have a proven business model.
they are typically inexpensive to buy.
they get to keep all profits.
they come with very little risk.

Answers

A. they have a proven business model.

Franchises are attractive to business owners because they have a proven business model. The correct option is A.

Why are franchises attractive?

Franchises give larger companies the ability to expand and spread out while also allowing entrepreneurs and small business owners the chance to manage their own operations with the assistance and support of a larger organization with a track record of success. Franchising is a seductive strategy for achieving commercial success.

In a franchise, the business owner (the franchisor) sells the right to use its brand, goods, and operational procedures to the franchisee (the person who wants to open a new location) in exchange for a fee.

The fact that the franchisor has previously created and put the business model through testing is one of the key advantages of owning a franchise. As opposed to starting a new company from scratch, the franchisee can take advantage of the franchisor's knowledge and expertise, which lowers the risk of failure.

Thus, the ideal selection is option A.

Learn more about franchises here:

https://brainly.com/question/29376853

#SPJ5

If Sweet Catering had recorded transactions using the Accrual method, how much net income (loss) would they have recorded for the month of May? If there is a loss, enter it with parentheses or a negative sign.May 1: Prepaid rent for three months, $2,100May 5: Received and paid electricity bill, $70May 9: Received cash for meals served to customers, $1,530May 14: Paid cash for kitchen equipment, $3,780May 23: Served a banquet on account, $1,780May 31: Made the adjusting entry for rent (from May 1).May 31: Accrued salary expense, $3,260May 31: Recorded depreciation for May on kitchen equipment, $670

Answers

Answer:

Net loss -$1,390

Explanation:

The computation of the net income is given below:

Service revenue    

On cash $1,530

ON credit $1,780

Service revenue $3,310

Less: Expense    

Utilities expense  -$70

Rent expense  -$700

Salaries expenses  -$3,260  

Depreciation expense -$670

Total expenses -$4,700

Net loss -$1,390

Company manufactures luggage sets. sells its luggage sets to department stores. expects to sell luggage sets for each in and luggage sets for each in . All sales are cash only. Prepare the sales budget for January and February.

Answers

Complete Question:

Yem Company manufactures luggage sets. Yem sells its luggage sets to department stores. Yem expects to sell 1,600 luggage sets for $260 each in January and 1,700 luggage sets for $260 each in February. All sales are cash only. Prepare the sales budget for January and February

Answer:

Yem Company

Yem Company

Sales Budget

Two Months Ended January 31 and February 28

                                                              January      February

Budgeted luggage sets to be sold         1,600            1,700

Sales price per set                                  $260            $260

Total sales                                        $416,000     $442,000

Explanation:

a) Data and Calculations:

Expected sales units in January = 1,600 luggage sets

Selling price for January sales = $260 each

Expected sale units in February =  1,700 luggage sets

Selling price for February sales = $260 each

Inductive reasoning starts with a general truth and uses facts to draw specific conclusions.
True or false

Answers

The answer is false your welcome

Stephanie wanted to save for her daughter's education. Tuition costs $10,000 per year in today's dollars. Her daughter was born today and will go to school starting at age 18. She will go to school for 4 years. Stephanie can earn 12% on her investments and tuition inflation is 6%. How much must Stephanie save at the beginning of each year if she wants to make her last savings payment at the beginning of her daughter's first year of college

Answers

Answer:

The amount that Stephanie must save at the beginning of each year if she wants to make her last savings payment at the beginning of her daughter's first year of college is:

= $6,428.46.

Explanation:

a) Data and Calculations:

Tuition costs per year in today's dollars = $10,000

Total tuition costs for 4 years in today's dollars = $40,000

Number of periods to save = 18 years

Interest rate on investments = 12%

Tuition inflation rate = 6%

Stephanie needs to save $6,428.46 at the beginning of each year, calculated as follows from an online financial calculator:

N (# of periods)  18

I/Y (Interest per year)  18

PV (Present Value)  40000

FV (Future Value)  0

Results

PMT = $6,428.46

Sum of all periodic payments = $115,712.21

Total Interest = $75,712.21

Please answer the following questions.
Porter Co. is analyzing two projects for the future. Assume that only one project can be selected.
Project X Project Y
Cost of machine $68,000 $60,000
Net cash flow:
Year 1 24,000 4,000
Year 2 24,000 26,000
Year 3 24,000 26,000
Year 4 0 20,000
The payback period in years for Project X is:_______
a. 2.00.
b. 3.83.
c. 3.50.
d. 2.83.
e. 4.00.

Answers

Answer: d. 2.83 years

Explanation:

The Payback period of an investment is the time it would take for the positive cash inflows to pay off the investment amount put into the project.

When the cashflow is constant, the payback period is calculated as:

= Investment in project X / Annual Cash inflow for project X

= 68,000/24,000

= 2.83 years

After learning about inflation and some of its history, what would be the inflation target that is most advisable for an economy?

Answers

Answer:

1-2%

Explanation:

In simple words, every nation in the world have some kind of central authority that works to control and keep the inflation as low as possible. However, too low inflation can also lead to recession which brings problems way worse than inflation.

Thus, keeping in mind about all the information we have studied, it is advisable to keep inflation at 1% or 2% band, so that economy can grow moderately along with no price pressure on consumers.

3. Which of the following is NOT a factor of production?
a. land
d. entrepreneurship
b. output
e. capital
c. inputs

Answers

Answer:

Output.

Explanation:

because it is an effect of production but not a factor.

Output in I think this is right

what does it mean to be "in the red"

Answers

Answer:

The expression "in the red" is used to describe a business that has negative earnings. This is in contrast to the phrase "in the black" which refers to businesses that are profitable and financially solvent. ... Before the use of computers, accountants recorded income in black ink and expenses in red ink.

Explanation:

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Assume you have 1000 shares of Microsoft, and they want to buy back their shares, would you sell your shares to them? OR you would wait for the divided? Furthermore, WHY Microsoft is repurchasing their shares? Likewise, if you have PKR 1 million, to diversify risk, how you would make different portfolios for this amount?

Answers

Answer:

no, i wouldn't

Explanation:

most likely the stock market is doing well and they want to keep the money, so thats why they'd buy them back. they want to keep the money for themselves.

Adjusting Entry for Supplies The balance in the supplies account, before adjustment at the end of the year, is $1,654. Journalize the adjusting entry required if the amount of supplies on hand at the end of the year is $777.

Answers

Answer:

The adjustment is:

= Balance in supplies account - Supplies on hand

= 1,654 - 777

= $877

This amount will be sent to the Supplies expense account to show that it was incurred as an expense during the period but was not accounted for. Expenses are debited when they increase.

Date                      Account Title                                        Debit                Credit

XX-XX-XXXX       Supplies expense                               $877

                             Supplies                                                                         $877

Kluber, Inc. had net income of $917,000 based on variable costing. Beginning and ending inventories were 56,700 units and 55,400 units, respectively. Assume the fixed overhead per unit was $2.10 for both the beginning and ending inventory. What is net income under absorption costing

Answers

Answer:

The answer is "[tex]\$235,410[/tex]".

Explanation:

Variable cost net income [tex]=\$917,000[/tex]

Less: Fixed overhead start  [tex]56,700\times \$2.10=\$119,070[/tex]

Add: Fixed overhead termination  [tex]55,400\times $2.10=\$11,6340[/tex]

Net revenue at cost of absorption [tex]=\$235,410[/tex]

My husband and I have been married for four years. When we graduated from college we were able to find entry level positions in California, but things were difficult because it is very expensive to live in California. After two years of marriage we decided to move to Omaha, Nebraska, believing that we could earn California wages without paying California housing prices. We bought a 900 square-foot condo for $317,000. We love the place and it's in a great neighborhood, but we have to be honest with ourselves that we may have made a mistake. Buying the condo took our savings, and that meant we had to take out a student loan for my husband's graduate school. He works in education, and with a $42,000 salary, it infuriates us that his graduate schooling nearly costs us what he makes in a year. Although we carry no credit card debt and continue to drive our very old cars, it worries me that when it comes time to pay back student loans, we are going to still be very tight and only be paying near the minimum credit card payment. My husband's career goal is to work in school administration, which pays more that what a classroom teacher makes. But it could take several years for that to happen, and we will need to sit tight until then. I am grateful that we have, for the most part, lived within our means and have made an effort to save a small amount of money. But if either of us loses our job, we could be in the same boat a lot of people are in. I hope this economy turns around so I can stop losing sleep about it! Based on the above scenario, describe one problem the couple above is facing and one possible solution to the problem

Answers

Answer:

I think there is no answer as pre my opinion and watch for other answer

An analyst forecasts dividends over the next three years for ABC Company of $1.25, $2.00, and $2.50 respectively. He also expects that the dividend will grow at a constant rate of 3% forever after the third year. If the required rate of return is 12%, ABC stock price is closest to:

Answers

Answer:

$24.85

Explanation:

The stock price of the abc is given below:

Value of Stock after Year 3 = (Forecasted Dividend for Year 3 × Growth Rate) ÷ (Required Rate of Return - Growth Rate of Dividend)

 = (2.5 × 1.03) ÷ (0.12-0.03)

= 28.61

Now  

Current Stock Price = PV of all Future Dividends and Present Value of Stock after Year 3

 =(1.25 ÷ 1.12) + (2 ÷ 1.12^2) + (2.5 ÷ 1.12^3) + (28.61 ÷ 1.12^3)

 = 1.1161 + 1.5944 + 1.7795 + 20.3640

= $24.85

Adams Company recorded the following journal entry on March​ 2, 2018. Cash Unearned Revenue From the journal entry​ above, identify the transaction on March​ 2, 2018. A. Adams paid for services to be received at a later date. B. Adams received for services to be performed in a later period. C. Adams sold goods for cash. D. Adams purchased goods worth and signed a oneyear note for the same amount.

Answers

Answer: B. Adams received for services to be performed in a later period.

Explanation:

Unearned revenue represents cash paid by a customer for services that have not yet been done or goods that have not yet been delivered.

It is credited because it represents a liability as the company owes the customer the services or goods they paid for.

Adams here received cash for services that have not yet been performed which is why it was sent to the unearned revenue account and debited to cash to show that cash was received.

Justin, an employee of Widget Corp., is hesitant to leave the company because he thinks that he will lose a great deal of his investments in time, effort, and benefits. In the context of organizational commitments, it is evident that Justin experiences _____. Group of answer choices normative commitment conjoint commitment affective commitment continuance commitment

Answers

Answer:

Continuance commitment

Explanation:

Organizational Commitment

This is commonly defined as employee desire or will to remain a member of the organization. It is said to influences whether an employee stays a member of the organization (is retained) or leaves to pursue another job (turns over).

Continuance Commitment

This is a type of commitment that is said to occur only when there is a profit associated with staying and a cost associated with leaving. This usually create a more passive form of loyalty. continuance commitment increases in terms of the total amount of investment (in terms of time, effort, energy, etc.) an employee has made in mastering his work role or fulfilling his organizational duties or lack of employment alternatives etc.

The part can be purchased from an outside supplier at $20 per unit. If the part is purchased from the outside supplier, two thirds of the total fixed costs incurred in producing the part can be eliminated. The annual increase or decrease on the company's operating incomes as a result of buying the part from the outside supplier would be:

Answers

Answer:

$2,000 Decrease

Explanation:

Calculation to determine what The annual increase or decrease on the company's operating incomes as a result of buying the part from the outside supplier would be:

First step is to calculate C saving from not producing parts

C saving from not producing parts = $12 + (2/3 x $9)

C saving from not producing parts = $18

Now let determine The annual increase or decrease on the company's operating incomes

purchase price = $20

Annual increase or decrease =($20-$18) x 1,000

Annual increase or decrease =$2 more per unit x 1,000

Annual increase or decrease = $2,000 decrease

Therefore The annual increase or decrease on the company's operating incomes as a result of buying the part from the outside supplier would be:$2,000 Decrease

If the risk-free rate is 7.0%, the market risk premium is 9.0%, and the expected return on Security J is 23.8%, what is the beta for Security J

Answers

Answer:

the beta for Security J is 1.87

Explanation:

The computation of the beta is given below

As we know that

Expected return = risk free rate of return + beta ×market risk premium

23.8% = 7.0% + beta × 9.0%

So, the beta is

= (23.8% - 7.0%) ÷ 9.0%

= 1.87

Hence, the beta for Security J is 1.87

Liquidity is _________. Question 10 options: equal to the market value of a firm's total assets minus its total liabilities generally most associated with intangible assets a measure of the use of debt in a firm's capital structure valuable to a firm even though liquid assets tend to be less profitable to own equal to current assets minus current liabilities

Answers

Answer:

valuable to a firm even though liquid assets tend to be less profitable to own

Explanation:

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