At the end of 2020, Payne Industries had a deferred tax asset account with a balance of $95 million attributable to a temporary book-tax difference of $380 million in a liability for estimated expenses. At the end of 2021, the temporary difference is $288 million. Payne has no other temporary differences and no valuation allowance for the deferred tax asset. Taxable income for 2021 is $684 million and the tax rate is 25%. Required: 1. Prepare the journal entry(s) to record Payne’s income taxes for 2021, assuming it is more likely than not that the deferred tax asset will be realized in full. 2. Prepare the journal entry(s) to record Payne’s income taxes for 2021, assuming it is more likely than not that only one-fourth of the deferred tax asset ultimately will be realized.
Answers
Answer:
See the explanation below.
Explanation:
1. Prepare the journal entry(s) to record Payne’s income taxes for 2021, assuming it is more likely than not that the deferred tax asset will be realized in full.
Details Dr ($'Million) Cr ($'Million)
Income tax expenses 194
Deferred Tax Assets 23
Income Tax Payable 171
To record income tax expense for 2021 and deferred tax assets reversed for temporary differences reversal
Note the calculations:
Amount credited to Deferred Tax Assets = ($380 - $288) * 25% = $23 million
Amount credited to Income Tax Payable = $684 * 25% = $171 million
2. Prepare the journal entry(s) to record Payne’s income taxes for 2021, assuming it is more likely than not that only one-fourth of the deferred tax asset ultimately will be realized.
Details Dr ($'Million) Cr ($'Million)
Income tax expenses 194
Deferred Tax Assets 23
Income Tax Payable 171
To record income tax expense for 2021 and deferred tax assets reversed for temporary differences reversal.
Income tax expenses 54
Valuation Allowance - Deferred Tax Assets 54
To record valuation allowance for deferred tax assets. .
Note the calculations:
Amount credited to Valuation Allowance - Deferred Tax Assets = ($288 * (3/4)) * 25% = $54 miillion.
Related Questions
The US Senate overwhelmingly passed the 2022 Defense Authorization Act. The $768 billion "Defense Authorization Act" not only exceeds the defense spending proposed by the Biden administration by $25 billion, but also increases the US defense budget by about 5% compared to last year.
Answers
The US Senate passed the 2022 Defense Authorization Act, a $768 billion bill that surpasses the Biden administration's defense spending proposal by $25 billion and represents a 5% increase in the US defense budget compared to the previous year.
1. The US Senate passed the 2022 Defense Authorization Act.
2. The Defense Authorization Act is a bill that determines the budget and expenditures for the US defense sector.
3. The total amount allocated for the Defense Authorization Act is $768 billion.
4. The defense spending proposed by the Biden administration was exceeded by $25 billion in this Act.
5. The Act represents a 5% increase in the US defense budget when compared to the previous year.
6. This increase in the defense budget indicates a commitment to strengthening the country's defense capabilities.
7. The Act was passed overwhelmingly, indicating strong support from the Senate.
8. The Defense Authorization Act is an essential piece of legislation that ensures the funding and resources necessary for the US military to carry out its operations effectively.
9. The Act covers various aspects of defense spending, including military personnel, equipment, research and development, and strategic initiatives.
10. By passing the Defense Authorization Act, the US Senate has demonstrated its commitment to national security and defense preparedness.
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Question 9 of 10
To pay down the principal on your student loan right away, you should:
Answers
To pay down the principal on your student loan right away, one should pay more than minimum amount expected to be paid with interest.
What is student loan?
An agreement whereby a college or university student borrows a bank's money to pay for their studies and then repays the loan once they have finished their studies and have begun working.
Reason
A loan payment that doesn't go toward the interest due on the loan but instead lowers the amount still owed on the loan.
What is principal loan?
The principal is the sum of money you initially promised to repay. The cost for borrowing the principal is interest. In general, any payment is made on a vehicle loan will be used to cover any outstanding fees first.
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10. You recently sold 200 shares of Apple stock to your brother. The transfer was made through a broker, and the trade occurred on the NYSE. This is an example of:
Answers
Answer:
A secondary market transaction
Explanation:
Secondary market transaction: In this transaction, the transaction which is already issued to the public are sold by another investors.
In this type market, the investors buy and sell securities which are theirs . It is what most people typically think of as the "stock market," though stocks are also sold on the primary market when they are first issued.
So in the question, the transfer was made through a broker which implies it deals in the secondary market.
Primary market transaction: In this transaction, the company directly sells the new stocks, bonds, etc to the public for the first time.
Future market transaction: This is the transaction which occurs in the near future to buy some specific quantities at the future price.
May 1: Prepaid rent for three months, $1,800 May 5: Received and paid electricity bill, $50 May 9: Received cash for meals served to customers, $340 May 14: Paid cash for kitchen equipment, $2,900 May 23: Served a banquet on account, $1,560 May 31: Made the adjusting entry for rent (from May 1). May 31: Accrued salary expense, $2,700 May 31: Recorded depreciation for May on kitchen equipment, $570 If Sweet Catering had recorded transactions using the Cash 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.
Answers
If Sweet Catering had recorded transactions using the Cash method, the net income (loss) they would have recorded for May is ($4,410) instead of ($1,480) under the accrual method.
What is the difference between the cash method and the accrual method?The cash method records revenue and expenses when cash is received or payment is made.
On the other hand, the accrual method recognizes revenue and expenses for the period, whether cash is received/paid or not.
The accrual method records revenue when an invoice is raised and when a bill is received, unlike the cash method.
Transaction Analysis:May 1 Prepaid Rent $1,800 Cash $1,800
May 5 Electricity Expense $50 Cash $50
May 9 Cash $340 Service Revenue $340
May 14 Kitchen Equipment $2,900 Cash $2,900
May 23 Accounts Receivable $1,560 Service Revenue $1,560
May 31 Rent Expense $600 Prepaid Rent $600
May 31 Salary Expense $2,700 Salary Payable $2,700
May 31 Depreciation Expense $570 Accumulated Depreciation $570
Cash Method for Income Statement:Service revenue $340
Expenses:
Rent $1,800
Electricity 50
Kitchen equipment $2,900
Total cash expenses = $4,750
Net income (loss) = ($4,410)
Accrual Method for Income Statement:Service revenue $1,900
Expenses:
Rent $60
Electricity 50
Salary $2,700
Depreciation $570
Total expenses = $3,380
Net income (loss) = ($1,480)
For the purchase of kitchen equipment, the accrual method records depreciation expense for the month while the cash method records the full amount paid for kitchen equipment on May 14.
Thus, a higher net loss is recorded for May when Sweet Catering uses the Cash method than the Accrual method.
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David Davis, the CFO of Pharoah Automotive, Inc., is putting together this year's financial statements. He has gathered the following balance sheet information: The firm had a cash balance of $23,015, accounts payable of $163,257, common stock of $314,000, retained earnings of $512,159, inventory of $211,200, goodwill and other assets equal to $78,656, net plant and equipment of $711,800, and short-term notes payable of $21,115. It also had accounts receivable of $141,258 and other current assets of $11,223. How much long-term debt does Pharoah Automotive have
Answers
Answer:
$166,621
Explanation:
Long term debt refers to all the debt and loans that a company has to repay in a period of time longer than one year. All the debt payments that are due within one year are called current debt.
Assets:
cash balance of $23,015
accounts receivable of $141,258
inventory of $211,200
other current assets of $11,223
net plant and equipment of $711,800
goodwill and other assets equal to $78,656
Total assets = $1,177,152
Liabilities and stockholders' equity
accounts payable of $163,257
short-term notes payable of $21,115
common stock of $314,000
retained earnings of $512,159
Total liabilities and stockholders' equity = $1,010,531
Difference between assets and liabilities + equity = $1,177,152 - $1,010,531 = $166,621 that should correspond to long term debt.
What are the 7 elements of a marketing plan?; What are the 4 elements of a marketing plan?; What is a marketing plan plan?; What are the 5 elements of a marketing plan?
Answers
A marketing plan typically includes the following seven elements: Executive Summary, Market Analysis, Marketing Strategy, Marketing Mix, Marketing Budget, Implementation Plan, and Evaluation and Control.
Executive Summary: A concise overview of the marketing plan, highlighting key goals, strategies, and anticipated outcomes.
Market Analysis: An assessment of the target market, including demographics, customer needs, competitors, and market trends.
Marketing Strategy: A detailed outline of the marketing objectives, positioning, and tactics to reach the target market effectively.
Marketing Mix: The combination of product, price, promotion, and distribution strategies used to meet customer needs and achieve marketing goals.
Marketing Budget: A financial plan outlining the allocated resources for marketing activities, including advertising, research, and promotional campaigns.
Implementation Plan: A timeline and action plan detailing how marketing strategies and initiatives will be executed and monitored.
Evaluation and Control: Metrics and benchmarks to measure the effectiveness of marketing efforts, and processes to monitor and adjust strategies as needed.
Therefore, these elements collectively form a comprehensive marketing plan that guides the organization's marketing activities and helps achieve its business objectives.
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How does the marketing department help determine if a product is cost effective
A. By identifying competitors
B. By researching how much a customer is willing to pay for similar products
C. By researching the companies history
D. By determining a target markets age
Answers
IT¨ el A :) ok bye y love
Answer:
B
Explanation:
B makes sense out of all of them because you are researching your target audience for your business.
Outline how a caller’s experiences affect their view of an organisation
Answers
According to money measurement concept, which of the following will NOT E the books of accounts? a. search O b. Commission payable to a salesman. O c. Quality of the products O d. a and b Extra profits arising out of revaluation of assets O e. All the above Check
Answers
Answer: Commission payable to the salesman
Explanation: According to the money measurement concept, the commission payable to the salesman will be recorded in the books of accounts.
Quality control in business, extra profits made due to the introduction of a budgetary control system are qualitative in nature and cannot be recorded, as according to the money measurement concept, only those transactions which can be measured in terms of money are recorded in the books of accounts.
If the reserve requirement is 20% and commercial bankers decide to hold additional excess reserves equal to 5% of any newly acquired checkable deposits, then the effective monetary multiplier for the banking system will be
Answers
Answer: 4
Explanation:
Based on the information provided in the question, the effective monetary multiplier for the banking system will be calculated as:
= 1/Reserve ratio
= 1 / (20 + 5%)
=1/(0.20+0.05)
= 1/0.25
= 4
Therefore, the effective monetary multiplier for the banking system is 4.
Record the issuance of bonds with a face value of $670,000 for $615,000.
Answers
PLEASE HELP!!!!!!
Type the correct answer in the box.
Spell all words correctly.
George has to present the goals of information management to his team member. What is a goal of information management?
The goal of information management is to identify information requirements for various
levels.
Answers
The goal of information leadership is to identify the information needs of various management levels.
The appropriate and optimised capture, storage, retrieval, and use of information is referred to as information management (IM). It could be personal or organisational information management. IM for organisations refers to a cycle of organisational activity that includes the acquisition of data from one or more sources, the custodianship and distribution of that information to those who require it, and its eventual disposal via archiving or deletion.
This information organisation cycle involves a number of stakeholders, including those responsible for ensuring the quality, accessibility, and utility of acquired information; those responsible for its safe storage and disposal; and those who require it for decision making.
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Which of the following statements accurately describes how an event will impact supply? Choose 1 answer: Choose 1 answer: (Choice A) A An increase in costs of production will cause an increase in the supply curve (Choice B) B An increase in demand will cause an increase in supply (Choice C) C An increase in price will cause supply to increase (Choice D) D A decrease in price will cause supply to increase (Choice E) E A decrease in resource costs will cause an increase in the supply curve
Answers
The statement that accurately describes how an event will impact supply is option B An increase in demand will cause an increase in supply.
What happens when supply and demand both rise?If demand and supply both rise, more will be purchased by consumers and more will be produced by businesses. The impact on price will, however, depend on the relative amount of the two changes because consumers place a higher value on each unit while producers are willing to supply each unit at a lower price.
Therefore, With everything else remaining the same, an increase in demand will result in a rise in the equilibrium price and an increase in supply. Reduced demand will result in a drop in the equilibrium price and a reduction in supply.
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Firms will generally make-to-order when
Answers
Firms will generally make-to-order when the demand for goods is not stable.
What is Make to order?Make to order (MTO) is a production process that involves a customer ordering a specific products which is usually different from the general products.
The products may be customized and its usually done when a company has less demand or work.
Therefore, Firms will generally make-to-order when the demand for goods is not stable.
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Your friend John works producing dress shirts and dress pants. Currently John can work a maximum of 8 hours per day. With the equipment he has, and the current level of expertise, he can finish either 2 shirts or 8 pairs of pants in an hour. This is true when he is performing at full capacity. Meaning doing the best possible work.
1. What is the maximum number of shirts he can make in a day? (10 points)
2. What is the maximum number of pants he can make in a day? (10 points)
3. What is the opportunity cost of making one pair pants (in terms of the amount of shirts he won't be able to make)? As an example, when you give up $20 dollars in exchange for 40 pencils, you can say that the “cost” per pencil was $0.50, because $20/40 = $0.50. (15 points)
4. What is the opportunity cost of making one shirt (in terms of the amount of pants he won't be able to make)? (15 points)
5. John's friend Anne, can make 2 shirts or 10 pairs of pants in an hour. Who has a lower opportunity cost of making shirts? In other words, who has a comparative advantage in the production of shirts? Explain your rationale (15 points)
6. Imagine now, that John and Anne are the only shirt and pants producers in their small town, how would you suggest that they spend their time at work to achieve the highest production of shirts and pants for the town? Explain your rationale. (15 points)
7. Imagine now, that John completes a training that doubles his capacity to make both shirts and pants per hour. a) What is the maximum number of shirts he can make in a day? b) What is the maximum number of pants he can make in a day? (15 points)
8. In 250 words, explain the relationship between comparative advantage and specialization. Support your answer with an example. (5 points)
Answers
To answer the questions provided, we must understand the concept of opportunity cost and comparative advantage and take the data into consideration.
John can make 16 shirts in day, that is, 2 shirts per hour worked, working 8 hours.Working 8 hours a day, John can make 64 pairs of pants, that is, 8 pairs per hour worked.The opportunity cost would be 0.25.The opportunity cost would be 4.Both John and Anne can make the same amount of shirts in an hour, so no one has a comparative advantage for the production of shirts.It would be best for them if Anne focused on making pants, since she can make more pants than John per hour. John would then focus on making shirts.a) John will make 32 shirts in a day, working 8 hours per day. b) John will make 128 pants a day, working 8 hours per day.Comparative advantage refers to being able to produce something at a lower opportunity cost than your competitors. Specialization, that is, the production of one specific product, can increase comparative advantage.What is opportunity cost?In economics, opportunity cost is what we do not gain, that is, what we miss from making a choice over another. If John chooses to use an hour to make 2 shirts, the opportunity cost refers to the pants that he will not make in that same hour.
Comparative advantage is related to who has a lower opportunity cost. Notice how Anne can make more pants than John in an hour. If she chooses to make shirts, she will be losing more than John. Thus, it is better for her to focus on making pants. John, on the other hand, should specialize in shirts, since his opportunity cost is lower.
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During its first year of operations, Kingbird, Inc. had credit sales of $3,875,000, of which $440,000 remained uncollected at year-end. The credit manager estimates that $18,900 of these receivables will become uncollectible.(a)Prepare the journal entry to record the estimated uncollectibles. (Assume an unadjusted balance of zero in Allowance for Doubtful Accounts.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Answers
The credit manager estimates that $18,900 of these receivables will become uncollectible. The journal entry to record the estimated uncollectible is \(2.146065*10\).
Receivables, loans, or other debts with essentially zero prospect of being paid off are considered accounts uncollectible. A debt may become uncollectible for a variety of reasons, such as the debtor's bankruptcy, an inability to locate the debtor, the debtor's fraud, or a lack of adequate documents to support the existence of the debt. In California, the statute of limitations typically lasts four years for consumer debts resulting from written contracts. This covers debts from credit card, auto, personal, private student, and medical loans. For creditors, any quantity of uncollectible debt results in a loss.
Based on the given conditions, formulate:
18900*440000/3875000
Calculate
18900*440000/3875000
Reduce
\(756*88/31=66528/31=2.146065*10^{3}\)
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The following are effective means of internal cash controls except OA. using checks in pre-numbered sequence to help trace deposits back to the original document B. having signature cards for all employees so anyone can make deposits OC. paying by electronic funds transfer OD. sending checks for verification A
Answers
The following are effective means of internal cash controls except:(B) having signature cards for all employees so anyone can make deposits
What are internal cash controls?
The internal cash controls are mechanisms put in place by the company to ensure the safety of its cash and account balances, I mean so as to avoid fraud and collusion by employees to defraud the company, which means that having pre-numbered sequence for checks so as to be able to trace deposits made into bank account source document is an internal control procedure.
Besides, making payments through electronic means rather than by cash nips in the bud situation where large sum of money can be stolen, so also, the verification of checks to serve second level authorization that the checks were issued is an internal cash control step.
However, creating signature cards for all employees is a breach of internal control since giving cash or checks to all employees to make deposits means that everyone has access to the cash or checks where the responsibility is meant for selected few who can be trusted not divert funds or checks belonging to the company.
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quick please I need help
Answers
Answer:
Answer below
Explanation:
Income
Monthly income $60 ( the $15 per week * 4 the number of weeks in a month ).
Grandparents $30
Total income $90
Essential expenses ( fixed )
Bicycle tune up $20
Essential expenses ( variable )
New bike tire $5
Non-essential expenses
Game $50
Total expenses $75
Total savings $15
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Dawn, a grocery store manager, is packaging pasta salad for retail sale at the store. Which three of the following details should she include on the label? the ingredient list the storage guidelines the location of the distributor the date of product packaging the quantity of food
Answers
The three details which Dawn should include on the label for retail sale at the store include the following:
The ingredient list.The storage guidelines.The date of product packaging.What is a product label?A product label can be defined as a paper document that is designed and developed to provide specific information about the chemical elements, ingredient list, nutrients, storage guidelines, and other chemical compounds that are present in a product and its general use or function, including storage guidelines.
This ultimately implies that, a product label is a paper document which must be used by manufactures and store managers to specify the nutrients, ingredient list, chemical elements, storage guidelines, expiry date, and other compounds that were used to make a particular product.
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why does location matter?
Answers
answer: you need to know where your at
A promissory note can best be described as __________., a. an interest-bearing IOU, b. a guarantee of a line of credit, c. a commitment to lend money to someone, d. a government-backed bond
Answers
A promissory note can best be described as: a. an interest-bearing IOU.
What is promissory note?Promissory note can be defined as a written note that help to shows that a person who lend a money from another person promise to payback. The note contains a promise by the borrower to pay back the lender within a stipulated period of time.
A promissory note can tend to be described as IOU which full meaning is I OWE YOU which implies that a borrower is telling the lender that he/she owe the lender some certain amount of money which the borrower will have to payback.
A promissory note also contains the terms and conditions of the agreement and this terms and agreement includes the following :
The principal amountThe loan maturity dateThe interest etcTherefore we can conclude that the correct option is A.
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Using the expanded accounting equation, solve for the missing amount
Assets = $84,325
Liabilities = $2,560
Common Stock = ?
Dividends = $13,450
Revenues = $54,780
Expenses = $28,125
Answers
Answer:
The expanding accounting equation is:
Assets = Liabilities + Stockholders Equity
[Common Stock + Retained Earnings]
(Revenues - Expenses - Dividends)
Now, we replace the amounts in the formula
$84,325 = $2,560 + X
[ X + R ]
($54,780 - $28,125 - $13,450)
$84,325 = $2,560 + X
[ X + R ]
($54,780 - $28,125 - $13,450)
$84,325 = $2,560 + X
[ X + $13,205 ]
$84,325 = $2,560 + X
[ 68,560 + $13,205 ]
$84,325 = $2,560 + $81,765
Both sides are now equal to $84,325
Thus, Common Stock = $68,560
Strict liability offenses:
1 impose liability on a defendant for the act of third parties.
2 dispense with the requirement of proof of any criminal intent on the part of the defendant.
3 are so classified because the punishments imposed on violators are especially harsh in comparison to the punishments for other criminal offenses.
4 require proof of some form of mens rea.
Answers
Strict liability offenses dispense with the requirement of proof of any criminal intent on the part of the defendant. The correct answer is option 2.
In these cases, it is not necessary to demonstrate men's rea or a guilty mind. Instead, the mere act of committing the offense is sufficient to impose liability, regardless of the defendant's intent or awareness.
Strict liability offenses dispense with the requirement of proof of any criminal intent on the part of the defendant. This means that the defendant can be held liable for committing the offense even if they did not intend to do so. However, it is important to note that strict liability offenses do not impose liability on a defendant for the actions of third parties and require some form of men's rea.
Additionally, while punishments for strict liability offenses may be harsh, this is not the reason for their classification as such.
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A customer calls in to purchase a product, and you go through the first offer to try and up-sell. The customer tells you that if you try and sell them anything else besides the product they called about, they will hang up without it. There is still one more offer you are supposed to pitch.
Answers
Cross- selling is the best option you can apply in this scenario, in which you give the consumer a product that is in line with their needs, and then go for pitch of further products.
According to the question, when a consumer calls to order a product, you try to upsell by going through the initial offer. The client informs you that they will end the conversation if you try to sell them anything else but the goods they phoned about, this is the wrong way to go about it.
The right way-
Give him the merchandise when the consumer calls and requests it specifically. After presenting the goods, you utilize cross-selling to promote further products.
Hence, cross- selling can be utilized to pitch one more offer you are supposed to pitch.
What's Cross- selling?Cross-selling involves promoting the purchase of any item in addition to the main product. For instance, cross-selling can persuade a consumer who has already subscribed to your marketing tool to do so for your CRM.
Hence, Cross- selling is the way to pitch product in this scenario.
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Fill in the "description" column for the below table by mentioning if it is elastic, inelastic or unit
elastic.
Price
$2.0
$3.0
$4.0
$5.0
$6.0
$7.0
$8.0
$9.0
Quantity
20
18
16
14
12
10
8
6
Total Revenue
(Price x
Quantity)
$40
$54
$64
$70
$72
$70
$64
$54
Slope Point Elasticity Description
-2.00
$0.10
-0.20
-2.00 $0.17
-0.33
-2.00
$0.25
-0.50
-2.00
$0.36
-0.71
-2.00
$0.50
-1.00
-2.00 $0.70
-1.40
-2.00
$1.00
-2.00
-2.00
$1.50
-3.00
Answers
Answer:
Explanation:
Price Quantity Total Revenue Description
$2.0 20 $40 Elastic
$3.0 18 $54 Elastic
$4.0 16 $64 Elastic
$5.0 14 $70 Unit Elastic
$6.0 12 $72 Inelastic
$7.0 10 $70 Inelastic
$8.0 8 $64 Inelastic
$9.0 6 $54 Inelastic
The description for each value is as follows:
-2.00: Elastic
-0.20: Inelastic
-0.33: Inelastic
-0.50: Inelastic
-0.71: Inelastic
-1.00: Elastic
-1.40: Elastic
-2.00: Elastic
What defines the elasticity of the demand?To determine whether the demand is elastic, inelastic, or unit elastic, there is need to look at the absolute value of the slope of the point elasticity.
Price Qty Total Rev Slope Point Elast. Des.
$2.0 20 $40 -2.00 Elastic
$3.0 18 $54 -0.20 Inelastic
$4.0 16 $64 -0.33 Inelastic
$5.0 14 $70 -0.50 Inelastic
$6.0 12 $72 -0.71 Inelastic
$7.0 10 $70 -1.00 Elastic
$8.0 8 $64 -1.40 Elastic
$9.0 6 $54 -2.00 Elastic
Based on the given values, it is seen that when the absolute value of the slope of the point elasticity is less than 1, it indicates inelastic demand. When it is exactly 1, it represents unit elastic demand. And when it is greater than 1, it indicates elastic demand.
Therefore, the description for each value is as follows:
-2.00: Elastic
-0.20: Inelastic
-0.33: Inelastic
-0.50: Inelastic
-0.71: Inelastic
-1.00: Elastic
-1.40: Elastic
-2.00: Elastic
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What are loans to a company for a set amount of time. They earn interest and are considered low risk investments.
Answers
A bond is a loan to a company or government. It pays investors a fixed rate of return
The GFB has expanded into the United Kingdom and other western European countries. The company has discovered that there are many consumers from different places who seek the same things in their snack choices. This decision represents which aspects of why marketing is important?
Answers
The decision by GFB to expand based on shared consumer preferences represents the significance of market research, market segmentation, customer satisfaction, and market expansion in effective marketing strategies.
Marketing strategies refer to the overall plans and approaches that businesses or organizations develop and implement to promote their products, services, or brands, with the ultimate goal of reaching and influencing their target audience and achieving specific marketing objectives.
Marketing strategies encompass a wide range of activities and tactics designed to create awareness, demand, and drive customer engagement.
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6
Select the correct answer from each drop-down menu.
Complete the following statements.
A
entire amount at the end of the
allows consumers to make purchases at specific retailers using credit. Users of this type of card must pay the
Reset
Next
Answers
Complete the following statements.
A credit card allows consumers to make purchases at specific retailers using credit. Users of this type of card must pay the entire amount at the end of the billing cycle.
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Which of the following processes could be considered an acceptable method for generating ideas?
a. Conducting consumer research
b. Brainstorming within the firm
c. Researching competitors' products and services
d. Communicating with a firm's R&D department
Answers
Conducting consumer research, Brainstorming within the firm, Researching competitors' products and services and Communicating with a firm's R&D department are the correct answers.
Through the use of a list of ideas that members of the group voluntarily submit, brainstorming is a strategy for fostering collective creativity that aims to solve a particular problem. When a group of people gathers to brainstorming, inhibitions are dropped in order to provide fresh concepts and solutions for a particular area of interest. Thinkers are people.
A product is anything that can be supplied to a market to satiate the need or want of a client. In marketing, a product is an object, system, or service made accessible for consumer usage as of consumer demand. Products are sometimes referred to as merchandise in the retail sector, and they are purchased as raw materials and then sold as finished things in the manufacturing sector.
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Which statement best summarizes the law of demand?
A. Sellers only supply goods that are in high demand from buyers.
B. Buyers are more likely to buy a product that is supplied in large
quantities.
C. Sellers can easily substitute a product in high demand with
another product
D. Buyers are more interested in purchasing products as those
products decline in price.
Answers
The statement that best summarizes the law of demand is that buyers are more interested in purchasing products as those products decline in price. The correct option is d.
What is the law of demand?The law of demand, which is one of the most fundamental concepts in economics, works with the law of supply to explain how market economies allocate resources and determine the prices of goods and services that we observe in everyday transactions.
The law of demand states that the quantity purchased varies inversely with the price. In other words, the higher the price, the lower the quantity demanded. This occurs because of diminishing marginal utility. That is, consumers use the first units of an economic good they purchase to serve their most urgent needs first, and then they use each additional unit of the good to serve successively lower-valued ends.
The law of demand focuses on the unlimited wants of humans.
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