Answer:
Application
Explanation:
In the insurance process, the application is considered to be the basic source of information for the insurer, it is a form in which the individual applying for coverage, must fill and submit them accordingly. The information gotten from the application is then used by the insurer to perform the underwriting process. It is often attached as part of the insurance contract.
Hence, in this case, the correct answer is referred to as APPLICATION
An insurance premium of $1,500 is paid for insurance coverage for the following year. The payment is recorded as an expense in the month of purchase. This violates the __________ principle of accounting.
Answer:
Matching principle
Explanation:
The matching principle in accounting states that the income for a period should be matched together to the expenses incurred to generate them.
For example, the insurance premium paid for was meant to cover the following year consumption, hence it is a prepaid expense and should be recognized and treated as an asset at the end of the current year.
Further more, such asset would later be recognized as an expense in the following year when the insurance service would have been consumed.
This violates the matching principle of accounting.
Sweetmeats Inc., a deli, produces its own grains, such as corn, wheat, rice, and oats. The employees create different types of breads without having to buy the grains from other sources. This has helped them sell their bread items to customers at much lower prices than other neighboring delis. This scenario best illustrates a(n) ________.
Answer:
Cost advantage.
Explanation:
In this scenario, Sweetmeats Inc., a deli, produces its own grains, such as corn, wheat, rice, and oats. The employees create different types of breads without having to buy the grains from other sources. This has helped them sell their bread items to customers at much lower prices than other neighboring delis. This scenario best illustrates a cost advantage.
Cost advantage can be defined as the factors, benefits or edge which an organization has to produce its goods and services at a cheaper rate and better quality, over its competitors or rivals in the same industry. Some of these factors include availability of raw materials, branding, skillful workforce, intellectual property, quality distribution channels, favorable location, great customer services, superior technology, etc.
The cost advantage is simply known as a type of an advantage that the firm has over competitors usually in terms of costs. The scenario above is called cost advantage.
Firms do reduce cost so that they can have a great advantage over competitors who have higher costs and so the prices of their products and services will then be higher.
There are a lot of factors to consider when reducing the cost of a firm. They include Distribution, technology, volume and scale of the company, raw material etc.
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The _____ perspective on management consists of the systems, contingency, and quality-management viewpoints
Answer:
Contemporary
Explanation:
Why is transportation infrastructure mostly provided by the state and federal governments rather than the private sector in the United States?
A
It is vital to the nation's economic growth and must be controlled by the public sector.
B
It is not in demand and therefore offers no financial incentives for private firms to produce it.
C
It is too expensive for private firms to produce and therefore must be funded by the government.
D
It is needed by all people and may not be affordable if produced by the private sector.
Quickly...............................................................
Answer:
The correct answer is the option D: It is needed by all people and may not be affordable ir produced by the private sector.
Explanation:
To begin with, when it comes to terms of public goods it is necessary to understand that the private sector can not given them due to the fact that it will not be profitable for them or in the other case if it were then the majority of the population will not be able to achieve them, so therefore that when it comes to transport infrastructure the government pays for them because there is not private company that will be pleased to provide that service and moreover, it is something needed by all people so that means that can not be excludable because of the high need of use in order to increase the economy of the nation.
Which of the following statement is correct?A. Partnerships and proprietorships generally have a tax advantage over corporations.B. A disadvantage of the corporate form of organization is that corporate stockholders are more exposed to personal liabilities in the event of bankruptcy than are investors in a typical partnership.C. If a corporation elects to be taxed as an S corporation, then both it and its stockholders can avoid all Federal taxes. This provision was put into the Federal Tax Code in order to encourage the formation of small businesses.D. Organizing as a corporation makes it harder for the firm to raise capital.E. One disadvantage of forming a corporation rather than a partnership is that this makes it more difficult for the firm's investors to transfer their ownership interests.
Answer: The answer to this would be "A" Partnerships and proprietorships generally have a tax advantage over corporations. I hope this helps
A bottling company sent a purchase order to a wholesaler that stated, "Ship 100,000 empty plastic bottles at the posted price." Two days after receipt of this purchase order, the wholesaler shipped the bottles, and the bottling company accepted delivery of them. A week after the bottles were delivered, the bottling company received the wholesaler's acknowledgement form, which included a provision disclaiming consequential damages. After using the bottles for two months, the bottling company discovered a defect in the bottles that caused its products to leak from them. The bottling company recalled 10,000 of the bottles containing its product, incurring lost profits of $40,000. Assuming all appropriate defenses are seasonably raised, will the bottling company succeed in recovering $40,000 in consequential damages from the wholesaler?
Answer:
The bottling company will probably succeed in recovering consequential damages because the original contract didn't include the seller's acknowledgement form. It was sent after the contract had been formed, and therefore, they cannot change the original contract unless the other party accepts that change. E.g. if you buy a car, the seller of the car cannot notify you one week after you purchased the car telling you that the car probably had a defect but they wouldn't responsible for it.
A 4 percent increase in the price of beer will cause a 1 percent decline in the quantity of beer demanded. The demand for beer is:
Answer:
The demand for beer is inelastic
Explanation:
Price Elasticity of Demand (PED) is the measure of responsiveness of the demand of a consumer to a product to a change in the price of the product. The formula is percentage change in quantity demanded divided by percentage change in price.
A PED of greater than 1 is elastic, meaning that the demand for a product is sensitive to the very small change in price.
A PED of less than 1 is said to be inelastic, which implies that there is no significant change in the quantity demanded when the price changes. In our example, the PED is inelastic because:
[tex]PED = \frac{\%\ change\ in\ demand}{\%\ change\ in\ price}\\ PED =\frac{1}{4} \\PED = 0.25[/tex]
since 0.25 is less than 1, PED is inelastic
Finally, if the ratio of the percentage changes in both quantities demanded and price equals 1, it is said to be unit elastic. This means that there is a proportionate change in quantity demanded with a change in price.
The _____ perspective on management consists of the systems, contingency, and quality-management viewpoints.
Answer:
the contemporary perspective
Explanation:
contemporary perspective in management can be described as the ways in which operations are been organized, lead in order to achieve some common goals in the organization.
It should be noted that Contemporary perspective on management consists of the systems, contingency, and quality-management viewpoints.
Roberts Corp. sells its products with a 2-year warranty. Estimated total warranty cost relating to sales for the year ended December 31, 2017, is $210,000. One-third of these estimated costs are expected to be incurred during 2018 with two-thirds expected to be incurred during 2019. Indicate the amount and classification of the estimated warranty cost on the balance sheet at 12/31/2017.
Answer:
Current liability of $70,000
Long-term liability of $140,000
Explanation:
Based on the information given we were told that the corporation had Estimated total warranty cost which was relating to sales for the end of the year in 2017 which was the amount of $210,000 in which (1/3) One-third of the estimated costs are to be incurred during the year 2018 while (2/3) two-thirds is expected to be incurred during the year 2019 this means that the amount as well as the classification of the estimated warranty cost on the balance sheet at 12/31/2017 will be:
Current liability of $70,000
(1/3×$210,000)
Long-term liability of $140,000
(2/3×$210,000)
An investor purchases a PQR convertible bond at 98 on June 18, 1994. The bond is convertible at $25, and on June 19, 1995, when the common stock is trading at $26 per share, the investor converts his bond into the stock. For tax purposes, these transactions will result in
Answer:
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During Year 2, Chico Company earned $3,200 of cash revenue, paid $1,350 of cash expenses, and paid a $850 cash dividend to its stockholders. Based on this information alone, which of the following statements is not true?A) Total assets increased by S1000 B) Cashow to coating activities was $1,000 C) Net income amounted to $1850D) Cashow from operating acties was $1850
Answer:
B) Cash inflow from operating activities was $1,000.
Explanation:
The first statement is true because we notice the Total assets actually increased by $1,000 when we subtract Cash Revenue - Cash Expenses ($3200 - $1350 - $850 =$1000. The same is true for all the other options except for option B because the cash inflow from operating activities wasn't mentioned.
Because of their relatively small national economies, which of the following is most likely considered to be the most important factor for Belgium, Korea, and Canada to take full advantage of specialization?A. division of labourB. international tradeC. economies of scaleD. command economy
Answer:
B. international trade
Explanation:
Belgium, Korea and Canada all three are very small economies. In order to take the full advantage of specialisation, these economies has to focus on international trade.
As international trade not only provides for worldwide reach but, also demands for better quality. International standards are to be met. When the economy reaches on the standard where it fulfils the international standards then it reaches the maximum level of specialisation.
As the product is accepted globally and in the international market. After that all other countries recognise it as a specialised country for that specific product.
What type of copayment is it when the insurance policy requires a copayment of $20 on all care transactions
Answer:
flat rate copay
Explanation:
Copay is generally a fixed amount or a fixed percentage of the medical expense that an insured must pay in order to receive medical attention or services. For example, every time I go to a doctor I pay $40, but if I need other specialized services it ranges from $80 - $120. In this case, this copay is fixed (always $20), so it is considered a flat rate copay.
The difference between the cost of a product or service and the selling price of that product or service is called
Answer:
rate
Explanation:
it's called at rate
When Gino is credited with being a manager who understands his employees and himself, and who works well with all the members of his team, which essential managerial skill is being described?
Answer:
human skill
Explanation:
Human skill is a combination of the talent, knowledge, skills, abilities of an individual that give some productive output to the business organization
Since in the question it is mentioned that Gino is credited for a manager as he understand his employees and work well with the team members
So this represents the human skill as it also judge the behavior of a person whether he or she behaving ethical or not
What is speculative risk?
Answer:
A speculative risk is uncertain degree of gain or loss. Every speculative risk are made as conscious choices and are not just a result of uncontrollable circumstances.
Explanation:
It's basically a conscious choice you made!
Answer:
A voluntary risk that will either result in a profit or loss
Explanation:
A company borrowed $150,000 at an interest rate of 9% compounded annually over six years. the loan will be repaid in installments at the end of each year, according to the accompanying repayment schedule. what will be the size of the last payment (x) that will pay off the loan?
Answer:
French Loan Schedule $33,437.97
German Loan Schedule $27,250
Explanation:
As there is no information attached about the kind of loan schedule I'm ghoing to resumethe work for the two possible options:
French Loan (equal payment across year)
This will be an annuity of 6 year at 9% interest:
[tex]PV \div \frac{1-(1+r)^{-time} }{rate} = C\\[/tex]
PV 150,000.00
time 6
rate 0.09
[tex]150000 \div \frac{1-(1+0.09)^{-6} }{0.09} = C\\[/tex]
C $ 33,437.967
German Loan (equal amortization across the loan-life)
$150,000 / 6 = 25,000 amorization per year
Last year payment will be the 25,000 plus the interest accrued during this time:
25,000 x ( 1+ 0.09) = $27,250
----------------------------------
If the question what about different principal payment across times then, there do another question an attach that information.
Macro equilibrium in the income-expenditure model occurs where aggregate expenditure is equal to national income; this occurs where the aggregate expenditure schedule crosses the ________.
Answer:
45 degree line
Explanation:
In the equilibrium in income and expenditure model, expenditure equals national income when the expenditure crosses the 45 degree line. This means that in income and expenditure being at equilibrium, it means that there is no shift, change, deviation from the outcome.
Expenditure below and above 45 degree is not in equilibrium as that means that government income is either less than or greater than the expenditure respectively.
Cheers
Miller's office building with an adjusted basis of $625,000 and a fair market value of $885,000 is condemned on December 30, 2019. Miller is a calendar year taxpayer. He receives a condemnation award of $850,000 on March 1, 2020. He builds a new office building at a cost of $830,000, which is completed and paid for on December 31, 2022. What is Miller's recognized gain on receipt of the condemnation award and basis for the new office building assuming his objective is to minimize gain recognition
Answer:
1a. Recognized Gain $20,000
1b. Basis $625,000
Explanation:
1a. Calculation for Miller's recognized gain using this formula
Miller's recognized gain =Condemnation award-Costs of building a new office
Let plug in the formula
Miller's recognized gain=$850,000-$830,000
Miller's recognized gain=$20,000
Therefore Miller's recognized gain will be $20,000
1b.Miller's basis
Based on the information given we were told that Miller's office building had an adjusted basis of the amount of $625,000 which simply means that Miller's BASIS for the new office BUILDING will be the amount of $625,000
Therefore the Basis is $625,000
A corporation is a distinct ______ entity and as such can have a name and take advantage of the legal powers of natural persons
Answer:
Legal
Explanation:
A corporation is a business that is owned by shareholders. The corporation is a separate legal entity and so it can sue and be sued, pay taxes and own assets.
Advantages of a corporation include :
they have unlimited liabilitiesthey have unlimited life. the business doesn't end even after the death of the owners unlike a sole proprietorshipthey have more access to capitalDisadvantages of a corporation include :
high cost of setting up
Earnings to shareholders are taxed twice
The _____ is an international trade agreement that has taken bold steps to lower tariffs and promote free trade worldwide.
Answer: b. General Agreement on Tariffs and Trade
Explanation:
The General Agreement on Tariffs and Trade (GATT) is a historic agreement that aimed to improve free trade across the world by lowering or eliminating tariffs.
Signed in 1947, GATT was agreed to by over 100 countries around the world and is still in effect today as the founding charter for the World Trade Organization (WTO).
GATT and the WTO can claim success because when GATT was originally signed in 1947, the average tariff between member nations was 22% but by 1999 this had dropped to 5%.
Under which nonforfeiture option does the company pay the surrender value and have no further obligations to the policyowner?
Answer: cash surrender
Explanation:
Cash surrender is the nonforfeiture option whereby the company pays the surrender value and have no further obligations to the policyowner.
The cash surrender value is the amount of money that is been paid by an insurance company to an annuity contract owner or policyholder in case there's contract termination before maturity. It should be noted that the contract is over once cash surrender value is being paid.
Accounting is an information and measurement system that identifies, records, and communicates relevant, reliable, and comparable information about an organization's business activities. Select the aspect of accounting associated with this activity Aspects of Accounting Activities.1. Analyzing and interpreting reports.2. Presenting financial information.3. Keeping a log of service costs.4. Measuring the costs of a product.5. Preparing financial statements.6. Seeing revenues generated from a service. 7. Observing employee tasks behind a product.8. Registering cash sales of products sold.
Answer:
Accounting Activities Aspect of Accounting Activities
1. Analyzing and interpreting reports Communicating
2. Presenting financial information Communicating
3. Keeping a log of service costs Recording
4. Measuring the costs of a product Recording
5. Preparing financial statements Communicating
6. Seeing revenues generated from Identifying
a service
7. Observing employee tasks behind Identifying
a product.
8. Registering cash sales of products Recording
sold.
why do your feet stink
Answer:
feet become smelly if sweat soaks into shoes and they don't dry before you wear them again. Bacteria on the skin break down sweat as it comes from the pores.
The acme global corporation needed to hire 30 new advertising sales agents. the applicant pool consisted of 100 african-american males and 100 white males. of the 200 applicants, acme global hired 10 of the african-american males and 20 of the white males. is there evidence of disparate impact?
Answer:
Yes, because it doesn't comply with the four-fifths rule.
Explanation:
First we must establish the selection rate for both groups:
whites = 20 / 100 = 20% selectedAfrican American = 10 / 100 = 10% selectedthe four-fifths rule establishes that at least 20% x 4/5 = 16% of all African American candidates should have been selected, but only 10% were selected.
In which type of economy are the largest variety of goods and services produced? A. market B. command C. traditional D. demand
Answer:
A. Market
Explanation:
An economy can be defined as an inter-related process of production between producers (manufacturers), distributors and consumers of goods and services, which primarily determines how scarce resources are used or allocated in a specific country. There are four (4) main types of economy and these are;
1. Traditional economy.
2. Mixed economy.
3. Command economy.
4. Market economy.
A type of economy in which the largest variety of goods and services are produced is a market economy because their prices are mainly determined or dependent on supply and demand.
This ultimately implies that, both supply and demand influence economic decisions such as what goods are to be produced, how many should be produced, what price should they be sold, distribution method to be used, who buys the goods etc.
Hence, a market economy is relatively free of government intervention, as well as government interference with profits and the factors of production such as land, labor, capital etc.
Dan bought a hotel for $2,600,000 in january 2011. in may 2015, he died and left the hotel to ed. while dan owned the hotel, he deducted $289,000 of cost recovery. the fair market value in may 2015 was $2,800,000. the fair market value six months later was $2,850,000.
a. what is the basis of the property to ed?
Answer:
$2,800,000
Explanation:
Given that
Purchased a hotel for $2,600,000
The Deducted amount is $289,000
Fair market value in may 2015 is $2,800,000
Six months later, its value is $2,850,000
Based on the above information,
The computation of the basis of the property to ed is shown below:
It should be equivalent to the fair market value i.e. $2,800,000 and hence, the same is to be considered
All other values should be ignored
Which business structures offer business owners Martin and Teresa the most shared control over the business? A : general partnership, limited liability partnership, sole proprietorship B : S-corporation, limited liability partnership, sole proprietorship C : general partnership, limited liability partnership, limited liability corporation D : general partnership, sole proprietorship, S-corporation
Answer:
C : general partnership, limited liability partnership, limited liability corporation
Explanation:
In general partnership there is no outsider allowed and needed unlike the bigger organisation structure like listed entities. As only the partners with capital as decided in the memorandum are the owners of business.
In limited liability partnerships also the owners are benefited by having a limited liability as this structure provides for some extra benefit of limiting the liability. Also this structure ensures that there are few members and that only the members have control over the business.
A limited liability corporation is a mix of proprietorship, and limited liability partnership, as in this the liabilities are limited but the ownership remains in tact with the partners.
Thus, all these forms are suitable for maximum ownership.
Answer:
A : general partnership, limited liability partnership
Explanation:
Which of the following questions would be permissible to ask during an interview with a candidate who is in a wheelchair?
Answer:
A
Explanation:
This seems the most reasonable depending on the interview....if it was for a job then you might need something that is not done with your legs
Questions that would be permissible to ask during an interview with a candidate who is in a wheelchair is:
Does your disability affect you in any other way besides being unable to walk?
When conducting an interview with a candidate who is in a wheelchair, it is essential to adhere to anti-discrimination laws and treat the candidate with respect.
Asking questions such as
Did you become disabled on the job?This job involves making photocopies. How would you perform that task?We like 90 percent or better attendance. Do you have to visit the doctor a lot because of your disability?These questions are irrelevant to the job and not morally correct, asking about medical conditions or visits is not permissible as it related to the candidate's disability, which is protected information.
Questions like,
Does your disability affect you in any other way besides being unable to walk?Is relevant to understand the potential candidate may need to perform the job effectively.
During an interview the main focus must be the Qualifications, Experience, and skills of a candidate relevant for the job position instead of their disabilities.
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Financial accounting is the process of identifying, measuring, and communicating financial information about an economic entity to various user groups within the political, social, legal and economic environment. The four major elements of financial accounting are: (Select four that best describe the major elements.) A. Rules-based standards - standards consistent with specific, prescriptive rules. B. Economic entities - An economic entity is an organization or unit whose activities are separate from its owners and other entities. Economic entities can be corporations
Answer:
B. Economic entities - An economic entity is an organization or unit whose activities are separate from its owners and other entities. Economic entities can be corporations
Explanation:
The above is among the right answer to the question asked.