A recognized and UK Ofqual-regulated qualification that is entirely online and competence-based is the Level four NVQ Diploma of Customer Service (RQF).
What is customer service?Customer care is the assistance you provide to your clients so they have a simple and pleasurable interaction with you, both prior to and after they purchase and utilize your goods or services. Providing outstanding customer service is crucial if you want to keep consumers and expand your clientele.
What qualities of good customer service?the fundamentals of outstanding customer service. Customers will have a positive opinion of you if you pay attention to them, recognize their needs, thank them, and foster an environment that is kind, helpful, and cheerful. A satisfied customer will likely make more purchases and return frequently.
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What does agile mean in job description?
An agile organisation is defined as "a fast-moving, adaptive, and strong corporation capable of rapid reactivity to unforeseen issues, events, and opportunities" by the Business Dictionary.
"The ability to inspect and adjust broadly is the main focus of enterprise agile. It involves making little wagers when operating at the executive level. It involves being able to integrate the business's sales and marketing activities with your capacity to create useful products and then sustainably support those items. A company that is agile has a structure, set of procedures, and capabilities that enable employees to react quickly to changing conditions.
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Choose the response that correctly describes a guaranteed payment.
A loan payment from the partnership to pay back a loan from a partner.
A loan payment from the partner to pay back a loan from a partnership.
A payment made to a partner from the profits of the partnership.
A payment made to a partner without regard to the income of the partnership.
Guaranteed payments to accomplices are paid to individuals from an organization as a trade-off for time contributed, administrations given, or capital made accessible. The installments are basically compensation for accomplices that is free of whether the organization is fruitful.
A guaranteed payment is a particular term in the Inward Income Code, which is characterized as installments to an accomplice (in an organization) or a part (in a restricted responsibility organization) in their accomplice or part limit with respect to administrations delivered to the association or restricted obligation regardless of the payment of the ...
Reliable installments are available to pay. They are treated as normal pay and independent work pay for charge purposes. For accomplices getting ensured installments, the installments will be recorded on their Timetable K-1 and included as pay on Time E of their structure 1040.
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Competition in the Craft Beer Industry in 2020* Overview Locally produced or regional craft beers caused a seismic shift in the U.S. beer industry during the early 2010s with the gains of the small, regional newcomers coming at the expense of such well-known brands as Budweiser, Miller, Coors, and Bud Light. Craft breweries, which by definition sold fewer than 6 million barrels (bbls) per year, expanded rapidly with the deregulation of intrastate alcohol distribution and retail laws and a change in consumer preferences toward unique and high-quality beers. The growing popularity of craft beers led to an approximate four percent annualized rate of growth in industry revenue between 2015 and 2020. Despite the continued growth in craft beer popularity, the overall beer industry remained flat in 2019 with total beer sales dropping by almost two percent in the United States. The craft beer industry, too, had begun to show signs of a slowdown going into 2020. Annual growth for the next five years was projected to be a little over two percent; approximately half of what it had been for the past five years. Part of the slowdown was due to shifting consumer trends away from beer and towards lower calorie alternatives, such as hard seltzers, or even abstaining from alcohol completely. Still, there did not seem to be a slowdown in the number of new craft brewers entering the market. In addition, consolidation continued. Led most notably by AB InBev’s acquisition of several craft breweries, Grupo Modelo, and its acquisition of SABMiller—macrobrewers were continuing to battle for the craft beer market share. Established craft brewers responded in kind, as Boston Beer Company Inc. acquired Dogfish Head Brewery. Yet, the most pressing threat to craft brewers may not have been competition, but the coronavirus (COVID-19). Beginning in early 2020, COVID-19 spread across the world, leading governments to restrict travel and to order citizens to remain at home to try to contain the spread of the virus. Within the United States, shutdowns had led to over 40 states experiencing record-setting unemployment rates.4 For the small, local craft brewers who relied on local bars, tasting events, and other intimate settings to drive awareness and revenue, COVID-19 and social distancing could be the biggest threat in 2020. In our experience, it is quite difficult to have an insightful and constructive class discussion of an assigned case unless students have conscientiously made use of pertinent core concepts and analytical tools in preparing substantive answers to a set of well-conceived study questions before they come to class. In our classes, we expect students to bring their notes to the study questions to use/refer to in responding to the questions that we pose. Moreover, students often find that a set of study questions is useful in helping them prepare oral team presentations and written case assignments—in addition to whatever directive question(s) you supply for these assignments. Hence, we urge that you provide students with assignment questions—either those we have provided or a set of your own questions—for all those aspects of a case that you believe are worthy of student analysis or that you plan to cover during your class discussion of the case.
What are the strategically relevant components of the U.S. and global craft beer industry macro-environment?
What is competition like in the craft beer industry? Which of the five competitive forces is strongest? Which is weakest? What competitive forces seem to have the greatest effect on industry attractiveness and the potential profitability of new entrants?
What does your strategic group map of the craft beer industry look like? Which strategic groups do you think are in the best positions? The worst positions? What key factors may determine the success of a start-up or smaller, craft brewery?
What recommendations would you make to a smaller, craft brewery to improve its competitiveness in the market while mitigating any current and future risks?
Identify the strategic issues facing craft brewers in 2020. What effects may these issues have on the industry?
A strategic group map of the craft beer industry reveals several distinct strategic groups of competitors. These groups include the larger macrobrewers, the newly expanded craft breweries, and the smaller, independently owned craft breweries.
The larger macrobrewers are in the best position due to their vast resources and ability to acquire smaller craft breweries. The newly expanded craft breweries are in a good position as well due to their access to resources and name recognition.
The smaller, independently owned craft breweries, however, are in the weakest position due to their limited resources and lack of name recognition. To improve their competitiveness and mitigate risks, craft brewers should focus on diversifying their offerings, investing in marketing, and creating unique experiences for customers.
Diversifying offerings will allow craft brewers to reach a wider customer base, while investing in marketing will help to spread awareness of the brand. Lastly, creating unique customer experiences will help to build customer loyalty and foster brand loyalty.
In the face of the coronavirus pandemic, craft brewers face strategic issues such as declining sales, limited access to resources, and social distancing regulations. To successfully navigate these issues, craft brewers should focus on adapting their business models to the new environment, investing in technology to reach customers, and decreasing expenses.
By adapting their business models, craft brewers can offer new products and services to customers, while investing in technology will allow them to reach customers in an online setting. Decreasing expenses will help craft brewers remain financially viable and ensure their long-term profitability.
Overall, the craft beer industry is a highly competitive and rapidly growing market. In order to remain competitive and mitigate risks, craft brewers must focus on diversifying their offerings, investing in marketing, and creating unique customer experiences.
In the face of the COVID-19 pandemic, craft brewers must also focus on adapting their business models to the new environment, investing in technology to reach customers, and decreasing expenses. By taking these steps, craft brewers can remain competitive and ensure their long-term success.
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24. consider the following stock put options: time to exp. exercise price implied volatility option price 1. 1 yr 50 0.20 $10 2. 1 yr 50 0.25 $10 3. 2 yr 50 0.20 $10 4. 3 yr 50 0.25 $10 which put option is for the stock with the lowest stock price?
According to the question, option 1, which has a 1 year maturity and 0.2 volatility, has the put option with the lowest stock price.
How do stocks function?Investors acquire stock at a par value classified based on the market's current circumstances. If the price rises, cash by selling a company for a profit. Investors might well be selling at such a loss if the price falls.
Briefing :When comparing the years, the premium cost rises as the remaining years till maturity do as well. We must raise the stock spot price through order to maintain the put option premium. As a result, in the case of options 3 and 4, the stock's current price must be excessive.
Plans 1 , 2, which both have a maturity of one year, are comparable but differ in terms of premium price and volatility. The Black Scholes model predicts that the option premium will rise as volatility rises. The spot price of the stock needs to be high in order to maintain the risk premium of the Put with the rise in volatility. As a result, the stock price of option 2 must be greater than that of option 1.
Option 1, a 1 year mature option with 0.2 volatility, has the put option with the lowest stock price. Thus, it is revealed that the lowest stock price exists.
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How busy is a stock broker?
The workload of a stock broker can vary significantly depending on their specific job duties and the market conditions.
In general, stock brokers may work long and irregular hours, particularly when the market is volatile or there are important financial events taking place.
They may also be under pressure to meet sales quotas or goals. In addition to working with clients and executing trades, stock brokers may also be responsible for keeping up with financial news and market trends, preparing reports and presentations, and maintaining their professional licenses.
Some stock brokers may work for a firm and have a more structured schedule, while others may work as independent contractors and have more control over their workload.
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if the trust fund deposit is more than $10,000, a) the deposit may be placed in the pooled interest-bearing trust account if the parties to the transaction agree. b) the client may choose to have the deposit placed in a separate interest-bearing trust account or in a pooled interest-bearing trust account. c) the deposit may be placed in a separate interest-bearing trust account with interest paid to the client. d) the deposit must be placed in a separate non-interest bearing trust account.
The client may choose to have the deposit placed in a separate interest-bearing trust account or in a pooled interest-bearing trust account. Thus option B is correct.
What is a trust fund?A trust fund is a mechanism for real estate transactions that enables one to keep money and/or additional property together for distribution to the trust's beneficiary in the future. They are created with the guidance of a property-related lawyer to hold assets for another individual.
The deposit can be held in either a standalone interest-bearing deposit arrangement or a pooled market trust fund, at the contractor's discretion. The client has two options if the trustee's deposit exceeds $10,000: a separate ownership reserve fund for the specific client case in which the payment would be returned to the customer; or, provided the participants to the trade agreement, a pooling investment trust.
Therefore, option B is the correct option.
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Which type of sensor can be used to check the obstacles in front of the autonomous vehicles?
A obstacle detection system utilizes ultrasonic sensors mounted on the front or potentially back guards.
The parking obstacle detection framework cautions a driver about neighboring deterrents that are typically low to the ground (e.g., hydrant, bike, watch rail). It's fundamentally for sponsorship up or for slow moving while stopping.
A hindrance identification framework utilizes ultrasonic sensors mounted on the front or potentially back guards. These sensors can quantify the distance between your vehicle and close by obstructions straight around the front or back guard. The driver is alarmed by signals or the dashboard show. The blares become quicker as the vehicle draws nearer to the snag. A crash is inescapable when the blares become a consistent tone.
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with so many brands looking to extend their organic and paid reach on social media, it can be difficult to stand out in an already crowded space. what are some ways a brand like taco bell could reach its users using delightful, inbound content? select all that apply.
With so many brands looking to extend their organic and paid reach on social media, it can be difficult to stand out in an already crowded space. the ways a brand like taco bell could reach its users using delightful, inbound content are:
Repurpose user generated content to highlight your biggest advocates and fans. Use creative and animated GIFs to capture your audiences attention.Interact with your followers in real time.What is the usefulness of the Social media?Social media cn be decvribed as the interactive media technologies which help to facilitate the creation and sharing of information, ideas, interests, with this media the forms of expression through virtual communities and networks can be established
It should be noted that for brands to extend their organic and paid reach on social media it can Interact with their followers in real time.
Therefore, option A,B,C are correct.
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missing options:
Repurpose user generated content to highlight your biggest advocates and fans.
Use creative and animated GIFs to capture your audiences attention.
Interact with your followers in real time.
estimate the number of people online
which of the following is provided to a plaintiff if the eeoc decides not to sue on behalf of the plaintiff? select one: a. a right-to-sue letter b. a referral letter c. a reinstatement letter d. a termination of claim letter
The plaintiff would establish a priori case of discrimination, according to the information.
What is the purpose of termination?Terminating an employee's agreement with a corporation is referred to as "termination of employment." Any reason, including an employee's choice to quit the organization, could result in their termination. For a range of reasons, including such downsizing, subpar work performances, or redundancies, employers may decide to terminate employment.
What two types of termination are there?There are two different ways that an employee's employment can be terminated: first, by the employer, and second, by the employee voluntarily leaving. Employers have the right to fire an employee for legitimate and equitable reasons.
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What are the top 3 non-renewable resources?
Most non-renewable energy sources are fossil fuels: coal, petroleum, and natural gas.
What is non-renewable resources?Natural resources that cannot be easily replenished by natural means at a rate quick enough to keep up with use are considered non-renewable resources. Fossil fuels made of carbon are one instance. With the use of heat and pressure, the original biological substance transforms into a fuel like gas or oil. Oil, natural gas, coal, and nuclear energy are the four main categories of nonrenewable energy. Fossil fuels are a term that refers to coal, natural gas, and oil together. The term "fossil fuels" refers to the fossilized remains of plants and animals that were produced deep within the Earth over millions of years. Non-renewable resources are those that cannot be promptly replenished after being used up.To learn more about non-renewable energy refer to:
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What must be true for research questions to be considered effective?
Focused on a single topic or issue, every research question should be. The capacity to facilitate primary and/or secondary source research. Within the constraints of time and reality, it is feasible to respond.
An answer to a research question is what the term "research question" refers to. Both quantitative and qualitative research must include the selection of a study question. Data gathering and analysis will be necessary for the investigation, and the methodologies used to do so will differ greatly. In order to further knowledge on a crucial subject, good research questions are typically focused and precise. Choosing between a qualitative, quantitative, or hybrid study is the first step in developing a research question. The formation of the research question during the study process as well as other elements, such as project finance, may be influenced. The FINER or PICOT approaches are just two examples of the many variations on criteria selection for creating a research topic that are suggested in the literature.
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Why is Adam Smith called the father of economics?
As a result of Adam Smith's beliefs on capitalism, free markets, and supply and demand, he is referred to as the "father of economics."
Why is Adam Smith called the father of economics?The "invisible hand" and the division of labor, two of Adam Smith's most famous concepts, are now accepted economic tenets. In contemporary economic theory, his economic views are still relevant in the twenty-first century. Smith was a supporter of the idea that the labor of the underprivileged is a crucial indicator of how well an economy is doing, but he was also recognized for being concerned about inequality in general.
The Wealth of Nations was a major source of inspiration for Karl Marx, a political economist and social philosopher who considerably expanded on Adam Smith's works. Marx, on the other hand, thought that capitalism resulted in citizen greed and inequality and would finally lead to its own collapse, whereas Smith thought capitalism was the best system for economic expansion.
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What are 2 agile frameworks that can be used for managing projects?
The most popular frameworks and practices are Scrum, Kanban, etc.
Agile is a broad term for software development that emphasises how critical quick, frequent iterations are to ensuring client satisfaction. As a result, an agile framework is a software development process that is built on the agile mentality articulated in the Agile Manifesto. An agile framework incorporates all components of continuous development, including seamless development, validation, integration, and others. Agile frameworks have fewer rules and conventions because they are less strict than traditional development approaches. Scrum is an iterative project management framework that employs a collection of values, principles, and practises to assist teams in organising and managing their work.
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What are the 3 steps in sprint?
Choose a starting position ("ready"), Find your balance ("set") and Take off ("go!"). these are the three steps in sprint.
Scrum is a project management framework that was initially developed for the software development industry, while it has since been used to various industries such as research, sales, marketing, and cutting-edge technology. It is intended for groups with 10 or fewer individuals that divide their work into tasks that can be finished in time-limited sprints. Each sprint lasts no more than one month and is often two weeks long. In time-boxed daily sessions of 15 minutes or less, known as daily scrums, the scrum team evaluates progress. The team has two more meetings at the conclusion of the sprint: a sprint review to show stakeholders the work completed and solicit input, and a sprint retrospective to allow the team to reflect and get better.
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which is a tax-free savings account that can only used for educational expenses? federal grants merit-based scholarships a 529 plan merit-based scholarshipswhich is a tax-free savings account that can only used for educational expenses? federal grants merit-based scholarships a 529 plan merit-based scholarships
Coverdell Education Savings Account is a tax-free savings account that can only be used for educational expenses.
How does a savings account for schooling operate?Using this instance: Earnings on accounts may increase tax-deferred. When utilized for eligible educational expenditures, withdrawals are tax-free. For the same beneficiary, contributions can be made to both an ESA and a 529 plan in the same calendar year.
What distinguishes a 529 plan from an educational savings account?A tax-deferred trust called a Coverdell education savings account helps families pay for college costs. A 529 plan is a tax-advantaged investment vehicle that can be used to cover qualified educational expenses, such as those associated with apprenticeships, K–12 schooling, and college.
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Answer:A Coverdell education savings account (Coverdell ESA) is a trust or custodial account set up in the United States solely for paying qualified education expenses for the designated beneficiary of the account.
Explanation: i hope this helps
Did industrialization affect the economy?
Drove the development of American cities and a quickly booming market economy. It also influenced the growth of a sizable working class in American culture .
How can you say class?class. a collection of individuals with comparable social, economic, or professional standing. The concept of class often connotes a political and economic hierarchy, where members of lower classes typically have less position, privilege, prestige, and power.
What group does a person belong to?Social class, commonly known as class, refers to a group of people who have the same socioeconomic level. The idea of class, which refers to a group of people who share comparable economic conditions, is significant in social theory and has been utilized extensively in censuses and studies of income equality.
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What are the three factors the 3 E's of sustainability?
The three E's of sustainability provide a framework for analyzing how decisions and actions will affect the environment, economy, and society. It is comparable to the three Ps of sustainability, which similarly takes into account these three elements.
The environment is the term used to describe how decisions and activities affect the environment and how natural resources are used. It entails thinking about how actions will affect the environment and if they will be sustainable in the long run.
The economy is the phrase used to describe the financial costs and advantages of decisions made and the potential effects these have on the long-term profitability and viability of a company or organization.
Equity refers to whether or not activities and policies have a positive or negative social and human impact on all individuals.
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Which tool that will help monitor the ongoing performance of the platform?
As a result, Accenture MyConcerto Platform Enterprise is the greatest solution a customer can utilize to keep track of the platform's continuing performance.
What makes IT a platform?
For a retail client data experience, which enterprise platform procedure communicates with vendors and oversees the complete supply chain?
Which enterprise platform procedure controls the whole supply chain for a retail client and engages with vendors? AI The best response is procurement.What are the four key jobs a platform company performs?
The platform business model's four functions. You must first get people to sign up, then help them by pairing them up, offering the technology to streamline the transaction, and setting the rules that govern the network in order to foster trust and preserve quality.
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heidi is hired to work in the human resource department of a large firm. her job involves researching applicants' online presence to see if they have posted anything unsavory. she is shocked to see photos of applicants making obscene gestures in unprofessional clothing. what is the most important lesson this scenario illustrates?
People must take caution when posting things online out of consideration for other people and for their own future selves.
The applicants are who?An applicant is a person who submits an application for a position of employment at a particular employer's facilities through to the hiring process, which is typically established by the employer. For the position they wish to achieve, applicants frequently submit their resumes, complete forms, and undergo several rounds of interviews.
Who is a candidate vs an applicant?Applicants are potential employees that apply for a certain position at your business. Candidates are talent pipeline applicants who may apply for multiple positions.
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What are the 4 most common types of credit?
Four Typical Credit Forms
Continual Credit.Credit Cards.Credit in installments.Credit for non-installation or services.What type of credit is utilized most frequently?Installment loans and revolving credit are the two most common types. Installment loans are sums of money you're provided for a specific purpose, fixed at a certain amount. Even after you've finished paying off a revolving credit line, you can still use it.
What kind of credit are the most fundamental?The three main forms of credit are revolving credit, installment credit, and open credit. Borrowing money to pay for goods or services can be done via credit. The Lender expects to receive the payment and additional funds after a defined length of time (referred to as interest).
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Describe two real or made up situations in the workplace when you would need writing skills. (1-2 sentences. 2.0 points)
Answer:
In the workplace, correct writing and grammar is necessary for writing emails to coworkers or executives for any business situation. Additionally, writing skills are essential because it helps others understand current events or reports; for instance, a doctor correctly writes instructions on taking a prescription to a patient on when to take a medication.
What was the HMS Beagle and why is it important in the story of evolution?
Darwin developed his idea of "evolution by natural selection" while traveling on the HMS Beagle, that was home to a wide range of different animal and plant species.
What is the basic component of evolution?Of biology, evolutionary is the alteration in a species' traits over a number of generations and depends on the method of biological evolution.
What are some examples of evolution?Changes in heritable traits—an organism's inherited characteristics—are the means through which creatures evolve. For instance, eye color in people is a heritable feature, therefore a person may get the "brown-eye trait" from one of their parents.
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What type of account is best for earning interest?
There are several types of accounts that can be used for earning interest, and the best choice for you will depend on your financial goals and risk tolerance.
Here are a few options to consider:
Savings accounts: Savings accounts are a safe and relatively low-risk option for earning interest. These accounts are offered by banks and credit unions, and typically offer a relatively low-interest rate, but also offer the security of FDIC or NCUA insurance.Certificates of deposit (CDs): CDs are a type of deposit account that generally offer a higher interest rate than savings accounts, but also require you to commit to leaving your money on deposit for a set period of time, such as six months or a year.Money market accounts: Money market accounts are similar to savings accounts but may offer a slightly higher interest rate in exchange for a higher minimum balance requirement.Online high-yield savings accounts: Online high-yield savings accounts are offered by some online banks and can offer higher interest rates than traditional savings accounts. These accounts are FDIC-insured and generally have a low minimum balance requirement, but may not offer the same level of access to your funds as a traditional savings account.It's important to carefully consider the terms and conditions of any account you are considering, as well as the potential risks and rewards. It may also be helpful to shop around and compare rates from different financial institutions to find the best option for your needs.
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Whats the definition agile?
Agile is a notable improvement technique and the methodology of decision for the majority improvement groups, particularly those attempting to establish a climate of constant conveyance.
At the point when we consider Agile, we frequently consider elevated degrees of coordinated effort and adaptability well as an iterative climate in which necessities advance close by evolving needs. Therefore, we additionally will generally conceptualize Agile as a methodology that helps advancement groups across different enterprises convey new elements quicker.
There are many benefits of Agile methodology for project management. Agile techniques can assist groups with overseeing work all the more proficiently and accomplish the work all the more successfully while conveying the greatest item inside the requirements of the financial plan.
Significant advantages of visual project management for Agile include:
Perceivability of venture subtleties
Expanded group proficiency
Capacity to adjust to changes
Capacity to scale
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In the united states, the average household in the top quintile (of total money income) contains fewer persons than the average household in the bottom quintile.
a. True
b. False
False. The average household in the top quintile (of total money income) contains more persons than the average household in the bottom quintile.
According to the United States Census Bureau, the average household in the top quintile had 3.17 persons in 2018, while the average household in the bottom quintile had 2.82 persons. This is attributed to increased family sizes among lower-income households.
The amount of money, property, and other transfers of value obtained over a predetermined period of time in return for services or goods are often referred to as "income." Income is defined in accordance with the context in which the word is employed; there is no single, universal definition.
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A calendar year-end reporting period is defined as a (December/January/March) 31st, (1/3/12)-month period which ends on
A calendar year-end reporting period is defined as a 12 month period which ends on December 31st
What is a reporting period?The time frame for which a business reports its financial performance and financial situation is known as a reporting period.
A business has the option of using a 12-month fiscal year or the customary 12-month calendar year.
The last day of the final month of a reporting period is referred to as the reporting period end date.
A reporting or accounting period frequently lasts for a full year. For various company responsibilities, there could be numerous accounting periods.
Using a calendar year reporting period this counts from 1st January to 31st December
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What are the 5 basic types of accounts?
The financial actions of a particular asset, liability, equity, revenue, or expense are tracked by an account, which is a record in an accounting system.
What is accounts?The financial actions of a particular asset, liability, equity, revenue, or expense are tracked by an account, which is a record in an accounting system. Throughout the accounting period, these records grow and shrink as business events take place.
An account is a representation of assets, obligations, income, expenses, and equity that is represented by a specific ledger page and whose value changes are chronologically recorded with debit and credit entries. These entries, also known as posts, are added to a book of final entries, also known as a ledger.
The following are the top five account classifications:
Assets.Liabilities.Expenses.Revenue (Income) Equity.To learn more about accounts refer to:
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What is another word for inelastic?
Answer:
inextensible, inductile, or rigid
Explanation:
When a business issues common stock What does it give to its owners?
When a business issues common stock. It will give stock certificate to its owners.
About stock certificateIn company law, a stock certificate (also known as a share certificate ) is a legal document certifying the ownership of a certain number of stock or shares in a company. Historically, a certificate may have been required to prove rights to dividends, with a notarized payment receipt on the back; and originals may need to be provided to carry out shareholdings. Over time, these functions have been rendered redundant by statutory schemes to streamline the administrative burden on companies.
For example, most shares are now required to be used in companies to pay dividends to holders of record at the relevant time without the need to present a letter as proof of title and certificates are no longer required to be made with rights. shareholding. In recent times, the issue of paper certificates can be eliminated, at least in some circumstances, and companies now provide a statement of ownership. as a substitute for share certificates for each area of shares owned.
Most now require companies to keep records of ownership or transfer of share ownership, and do not allow share certificates to be issued to the bearer.
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Are there price controls in a free market?
In a free market, price controls are typically required by the government. They are typically used as a direct economic intervention technique to control the affordability of particular commodities and services, such as rent, gas, and food.
Governments impose and enforce price controls, which are limitations on the prices that can be charged in a market for products and services. Implementing such controls can be done with the intention of containing inflation and keeping prices affordable for consumers even when there are shortages of specific items, or it can be done to attempt and raise wages to the level of a living wage. The two main types of price control are a price ceiling, which sets the highest price that can be charged, and a price floor, which sets the lowest price that can be charged. Rent control is a well-known illustration of a price cap since it restricts the amount of rent increases that landlords are allowed to impose by law. Minimum wage is a commonly utilized pricing floor (wages are the price of labor). In the past, price restrictions were frequently used as a component of a larger incomes policy plan that included included wage controls and other regulatory components. Governments frequently utilize price restrictions, but Western economists generally concur that these measures do not achieve their intended goals. Instead, many economists advise against using price controls altogether. For instance, in the early 1990s, nearly three-quarters of a sample of 1,350 American economists disagreed with the claim that "wage-price limits constitute a desirable policy tool in the control of inflation."
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