In individualistic cultures, workers typically value their independence and are more likely to be inspired by perks and training offered by their employers.
What is individualistic cultures?Culture is one factor that can have an influence on how people think and behave. One factor that cross-cultural psychologists often study involves the differences and similarities between individualistic cultures and collectivist cultures.Individualistic cultures are those that stress the needs of the individual over the needs of the group as a whole. In this type of culture, people are seen as independent and autonomous. Social behavior tends to be dictated by the attitudes and preferences of individuals. Cultures in North America and Western Europe tend to be individualistic.To learn more about cultures refer to:
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If you are interviewed by more than one person, you should send a thank-you note to _____.
each person in the interview
each person you see in the building
the first person you are introduced to
the person who is obviously leading the interview
Answer:
option A is correct.
i.e.
each person in the interview.
Explanation:
Because thank-you letter provides a simple but effective way to express gratitude to all the individuals you met with.
Which of the following steps is NOT a factor to be considered before making your first investment?
A. Work to balance your budget.
B. Manage your credit card debt.
C. Have access to other sources of cash for emergency needs.
D. Save at least $10,000 to invest.
E. Start an emergency fund.
he step that is NOT a factor to be considered before making your first investment is D. Save at least $10,000 to invest.
While having savings is generally beneficial for financial stability and security, it is not a mandatory requirement before making your first investment. The other options, A, B, C, and E, are important factors to consider before diving into investments.
A. Work to balance your budget: Before investing, it is crucial to assess your income and expenses, ensuring that you have a balanced budget and sufficient funds to cover your living expenses.
B. Manage your credit card debt: It is advisable to address high-interest debt, such as credit card debt, before investing. Prioritizing debt management helps avoid financial strain and increases your available funds for investment purposes.
C. Have access to other sources of cash for emergency needs: Building an emergency fund is essential. Having readily available cash for unexpected expenses or emergencies ensures that you don't have to rely on investments or incur high-interest debt to cover unforeseen circumstances.
E. Start an emergency fund: Creating an emergency fund acts as a financial safety net. It provides peace of mind and protects your investments from potential liquidation during emergencies, allowing you to maintain a long-term investment strategy.
Remember, the specific amount of savings needed to start investing can vary depending on individual circumstances, risk tolerance, and investment goals. It's always wise to consult with a financial advisor to determine an appropriate investment plan based on your financial situation.
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A price floor is found ___________ the equilibrium point
A price floor is found above the equilibrium point.
In economics, the equilibrium point is the intersection of the supply and demand curves, where the quantity demanded by consumers is equal to the quantity supplied by producers. At the equilibrium point, the market price is also established.
A price floor is a government-imposed minimum price set above the equilibrium price, intended to protect producers from receiving a price lower than they are willing to accept. When the government sets a price floor, it creates a situation where the quantity supplied exceeds the quantity demanded, resulting in a surplus. The higher price discourages demand from consumers, while producers increase their production, resulting in an excess supply.
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in order to require banks to hold more money as opposed to lending it, the federal reserve can —
In order to require banks to hold more money as opposed to lending it, the federal reserve may expand the amount of money in circulation by reducing the reserve requirements for banks, allowing them to provide more loans. The Fed may reduce the amount of money in circulation by increasing the reserve requirements for banks, on the other hand.
What is a federal reserve?Generally, The United States of America's central banking system is called the Federal Reserve System. With the passage of the Federal Reserve Act on December 23, 1913, it was established in response to the need for centralized management of the monetary system to prevent financial crises after a string of financial panics.
The federal reserve may increase the quantity of money in circulation by lowering the reserve requirements for banks, enabling them to provide more loans, in order to force them to keep more money as opposed to lending it.
On the other side, the Fed may decrease the quantity of money in circulation by raising the reserve requirements for banks.
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Diane has a plan to improve her responsibility. In order to understand if she has met her goal, she must ______.
a.
Formulate a new goal
b.
Record her progress
c.
Accomplish harder tasks
d.
Ask others for their opinions
Answer:
b. Record her progress
Explanation:
Diane has set a goal to improve her responsibility. As per the guidelines of setting goals, one should be able to measure progress made in achieving their objectives.
The only way Diane can know if she is making progress in achieving her goals is to record every step taken. A step in the right direction indicates progress.
Answer:
b. Record her progress
Explanation:
edge 2021
The prices for all kinds of fish sold in Eastville's downtown Old Market are much lower than the prices charged at uptown seafood stores. Old Market vendors buy fish of similar quality from the same wholesalers and at the same prices as uptown vendors do. Therefore, since Old Market fish vendors' businesses are as profitable as those uptown, the volume of the Old Market vendors' daily fish sales must, on average, be higher.
Which of the following, if true, most strengthens the argument given?
A. People who buy fish at Old Market stores generally have lower incomes than do those who buy fish from uptown seafood stores.
B. Some varieties of fish that are not available at Old Market stores can be found occasionally at uptown seafood stores.
C. Vendors at the old Market save on energy costs by keeping fish on ice instead of in refrigerated cases.
D. Many of the people who live in uptown Eastville prefer to buy fish from the neighborhood stores.
E. Fish vendors at the Old Market do not, on average, have lower overhead costs than uptown vendors do.
Answer:
The most correct answer is D
Suppose the ABC bank has excess reserves of $2,000 and checkable deposits of $40,000. If the reserve requirement is 20 percent, what is the size of the bank's actual reserves?
Multiple Choice
a. $10,000
b. $6,000
c. $42,000
d. $8,000
$10,000 is the size of the bank's actual reserves. The correct option is a.
What is the actual reserve ratio?The reserve ratio is the percentage of reservable liabilities that commercial banks must keep rather than lend or invest. This is a requirement set by the country's central bank, which is the Federal Reserve in the United States. It is also referred to as the cash reserve ratio.
Given
Excess Reserve =$2,000
Checkable Deposits =$40,000
Reserve Requirement =20%
Required to calculate the bank's actual reserves =?
the bank's actual reserves = 40,000 x 20% + 2,000 = $10,000
Excess reserves serve as a sort of safety net. Excess reserves provide additional protection for financial institutions in the event of a sudden loan loss or significant cash withdrawals by customers. This buffer improves the banking system's safety, especially during times of economic uncertainty.
Thus, the ideal selection is option a.
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what best describes the role of government in a free enterprise system?
Answer:
Allow individuals to operate their businesses in ways they think will maximize their profits.
Explanation:
The number of a country’s unemployment workers decreased from 5.3 million to 3.9 million last year. If the country’s population remained constant at 75 million, how did its unemployment rate change last year?
The country's unemployment rate decreased by 1.87% last year.
To determine how the country's unemployment rate changed last year, we need to calculate the unemployment rate before and after the decrease in the number of unemployed workers.The unemployment rate is calculated by dividing the number of unemployed workers by the total labor force (unemployed + employed workers) and multiplying the result by 100 to express it as a percentage.Before the decrease, the number of unemployed workers was 5.3 million. Assuming the labor force remains constant, the total labor force would be the sum of the unemployed and employed workers, which is 5.3 million + (75 million - 5.3 million) = 75 million.Therefore, the initial unemployment rate was (5.3 million / 75 million) * 100 = 7.07%.After the decrease, the number of unemployed workers became 3.9 million. The total labor force remains constant at 75 million.Therefore, the new unemployment rate is (3.9 million / 75 million) * 100 = 5.2%.The change in the unemployment rate can be calculated by subtracting the new rate from the initial rate: \(7.07% - 5.2% = 1.87%\).Hence, the country's unemployment rate decreased by 1.87% last year.For more questions on unemployment
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Just learned/registered to be a therapist! Let me know if you want to talk about anything, or just have conversations. I want everyone to know that I’m here and I know it’s hard to put your feelings on the internet but I want you to feel safe. Feel free to leave anything in the comments
Answer:
wow i totally need this
Explanation:
At Frank's company, the strength of the organizational structure is that the results are based on
the effectiveness of the managers, but its main weakness is costs can be increased due to a
decrease in efficiency. This is an example of which structure?
Osimple
O functional
O divisional
O matrix
Answer:
divisional
Explanation:
-A simple structure s a structure in which there is little specialization and there is a central authority that controls everything and has the power.
-Functional structure is a structure in which a company is divided in groups according to specialized activities. Because of this specialization, companies with this structure can increase productivity but the communication is rigid and the cooperation between departments is difficult.
-Divisional structure is a structure in which there are different divisions and each one concentrates on a specific product or service and has all the functions and resources for that. This structure can create inefficiencies because the specialized functions are separated but the results of one division don't affect the other ones.
-Matrix structure is a structure in which employees report to more than one manager and it is used in companies that have different lines to have more flexibility and increase productivity.
According to this information and the statement, the answer is that this is an example of divisional stucture because in this structure each division has its own resources and specialized functions and because of that the results are based on the effectiveness of the managers but as each division has its own specialized functions, this creates inefficiencies.
Question 6 of 10
A business must decide whether to open a new office in China. If it opens the
branch, it will increase its chances of selling a high volume of its products in
China. On the other hand, the business will have to spend a lot of money to
make the branch operational.
What would be an opportunity cost for the business if it chooses to open the
new branch in China?
A. The business would have to spend more money on each item it
produces.
B. The business would gain access to a large number of new
customers.
C. The business would have less money to open branches in other
countries.
D. The business would be forced to relocate all its workers to China.
Answer:
B. The business would gain access to a large number of new customers.
Explanation:
briefly describe the five criteria that measure the effectiveness of a performance management system.
Planning, monitoring, developing, rating, rewarding are the five criteria that measure the effectiveness of a performance management system.
The term "performance management system" can refer to a wide variety of approaches and tools used to assess and improve employee performance. There are some common elements of performance management systems.
These elements include setting goals, providing feedback, and offering opportunities for development. When used effectively, performance management systems can help organizations to improve employee productivity and engagement.
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Ghost Rider Corporation has bonds on the market with 19 years to maturity, a YTM of 6.4 percent, and a current price of $934. What must the percentage coupon rate be on the company’s bonds? Note: Corporate bonds pay semi-annual coupons.
(Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)
Ghost Rider Corporation has bonds on the market with 19 years to maturity. The percentage coupon rate on the company’s bonds is 6.73 percent.
The percentage coupon rate on the company’s bonds is 6.73 percent.
The bond's face value is not given, but it can be assumed that the bond's face value is $1000.
In other words, the bond will pay back $1000 when it matures in 19 years.
We can use this assumption to calculate the coupon rate.
Using the given information, we can calculate the semi-annual coupon payment as follows:
PV = 934N
= 19 × 2
= 38I/Y
= 6.4/2
= 3.2FV
= 1000PMT
Solving for PMT, we get:
PMT = 33.68
Therefore, the annual coupon payment will be:
33.68 × 2 = $67.36
And the coupon rate will be:
67.36/1000 = 0.06736 or 6.73%
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Click this link to view O*NET’s Skills section for Accountants. Note that common skills are listed toward the top and less common skills are listed toward the bottom. According to O*NET, what are some common skills needed by Accountants? Check all that apply. mathematics reading comprehension equipment maintenance quality control analysis active listening writing
Answer:
mathematics reading comprehensionanalysisExplanation:
Accountants work in the finance department of an organization. Their services are required in almost all sectors of the economy. Accountants revolve around keeping, updating, and interpreting financial records of a business.
Financial transactions are recorded and reported in numbers. Therefore accountants need to be good at mathematics. They require analytical skills to interpret and evaluate financial information. Accountants also need reading and communication skills to work well with other departments.
Answer:
mathematics
reading comprehension
active listening
writing
If average daily remittances are $6 million, and "extended disbursement float" adds two days to the disbursement schedule, how much should the firm be willing to pay for a cash management system if the firm earns 7% on excess funds
Answer:
$840,000
Explanation:
Calculation of how much should the firm be willing to pay for a cash management system
Using this formula
Annual return from cash management system = Average daily remittances × 2 days disbursement schedule× Percentage of excess funds
Let plug in the formula
Annual return from cash management system$6,000,000 × 2 days × 7%
Annual return from cash management system= $840,000
Therefore the firm be willing to pay the amount of $840,000 for thebcash management system if the firm earns 7% on excess funds.
If u receive the funds for a takeaway what are your plans for the next 12 months.
Answer:
Pay it all off and save up money
Explanation:
Answer:
i would donate some of the money to a charity
Explanation:
i. Rohit after doing his graduation has decided to run a retail shop as a source of livelihood.
ii. He procures the goods from the wholesalers according to the consumer's demand and
maintains a regular supply of goods to his customers.
[5]
TGIS-Raipur
4 / 5
iii. Customers are well satisfied with his services due to which his sales turnover is very high
and he is earning a good return on his capital employed.
iv. Seeing his Successful business, two other retailers have also opened their shops in the same
area giving him tough competition reducing his market share and margin of profits. But
Rohit knows, in spite of his best efforts put into the business, there is always the possibility
of inadequate profits or losses.
a. Identify the economic activity Rohit is engaged in.
b. Enlist the features of identified economic activity with reference to the underlined words
in each sentence given above.
Answer:
b
Explanation:
just had the same question
Answer:
a-business is the economic activity
b-features are
profit earning- as it js essential for survival growth and expansion of business
dealings in goods and services on a regular basis - and not merely one single transactions of sale or purchase
The final closing entry to be journalized is typically the entry that closes the?
The final closing entry to be journalized is typically the entry that closes the temporary accounts, such as revenues, expenses, and dividends.
The final closing entry to be journalized typically closes the temporary accounts, such as revenue, expense, and income summary accounts. This entry is made at the end of the accounting period to transfer the balances of these temporary accounts to the permanent accounts, such as retained earnings or owner's equity.
By closing the temporary accounts, the balances are reset to zero, and the company starts the new accounting period with a clean slate. The closing entry ensures that the revenue and expense accounts reflect the correct net income or net loss for the period and prepares the accounts for the next accounting cycle.
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Which of the following is a benefit of EFT
A. Limited access
B. Accessibility
C. Difficulty
D. Cost
Answer:
cost hope this helps and maybe brainliest
southern corporation has a capital structure of 40% debt and 60% common equity. this capital structure is expected not to change. the firm's tax rate is 34%. the firm can issue the following securities to finance capital investments: debt: capital can be raised through bank loans at a pretax cost of 8.5%. also, bonds can be issued at a pretax cost of 10%. common stock: retained earnings will be available for investment. in addition, new common stock can be issued at the market price of $59. flotation costs will be $3 per share. the recent common stock dividend was $3.15. dividends are expected to grow at 7% in the future. what is the cost of capital if the firm uses bonds and issues new common stock? group of answer choices
To calculate the cost of capital for Southern Corporation when using both bonds and new common stock. Therefore, the weighted average cost of capital for Southern Corporation when using bonds and issuing new common stock is 9.4%.
We need to calculate the weighted average cost of capital (WACC) based on the proportions of debt and equity.
First, let's calculate the cost of debt: Cost of debt = 10% x (1 - 0.34) = 6.6%
Next, let's calculate the cost of new common stock: Cost of new common stock = (Dividend / Net proceeds) + Growth rate
\(Dividend = $3.15 x (1 + 0.07) = $3.37\)
\(Net proceeds = $59 - $3 = $56\)
\(Cost of new common stock = ($3.37 / $56) + 0.07 = 0.1311 or 13.11%\)
Now, we need to calculate the weighted average cost of capital using the proportions of debt and equity in the company's capital structure:
WACC = (Proportion of debt x Cost of debt) + (Proportion of equity x Cost of new common stock) Proportion of debt = 0.4; Proportion of equity = 0.6
\(WACC = (0.4 x 0.066) + (0.6 x 0.1311) = 0.094 or 9.4%\)
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Given that bearclaws chooses the profit-maximizing price and quantity, what profit level will it obtain? a. $980. B. $490. C. $700. D. $280
Given that bearclaws chooses the profit-maximizing price and quantity, yhe profit level will it obtain is D. $280
How to calculate the amountA monopoly maximizes its profit at the quantity where marginal revenue (MR) = marginal cost (MC). As shown in the diagram, the MR curve intersects the MC curve at Q* = 70. The total revenue is calculated as follows: TR = P × Q. At Q* = 70, the price that Bearclaws can charge is P = $14.
Hence, the total revenue at the quantity where Bearclaw maximizes profit is given by: TR = 14 × 70
= $980.
The total cost is calculated as follows: TC = ATC × Q. At Q* = 70, we can see on the diagram that it is where average total cost (ATC) = $10 (draw a straight line from ATC curve at Q = 70 to the P axis to see this value). Hence, the total cost at the quantity where Bearclaw maximizes profit is given by: TC = 10 × 70 = $700.
The profit is calculated as follows:
Profit = TR - TC = 980 - 700
= $280.
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since the two workers only service one customer at a time, they are in fact working like a single worker. what percentage of the time is this single team of workers busy?
Utilization rate is equal to 100% times the ratio of service time to idle time. Since only one customer is being served at a time by the two employees, their service time is equal to that of one customer.
What percentage of the time is this single team of workers busy?Utilization rate is equal to 100% times the ratio of service time to idle time. Since only one customer is being served at a time by the two employees, their service time is equal to that of one customer. Let's assume that it takes 10 minutes on average to serve one client. The waiting period for a customer, which is also 10 minutes, is the idle time for both employees. As a result, it takes 20 minutes to serve one customer in total. The formula allows us to determine the utilisation rate as follows: Utilization rate equals (10/(10+10)) x 100%, which equals 50%. Accordingly, the one team of employees is busy 50% of the time. The formula below can be used to determine the percentage of time that a single team of workers is busy, assuming that the two employees serve the customer alternately.
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Denver, incorporated, has sales of $28 million, total assets of $26.5 million, and total
debt of $7.3 million. assume the profit margin is 7 percent.
a. what is the company's net income? (do not round intermediate calculations and
enter your answer in dollars, not millions of dollars, e.g., 1,234,567.)
b. what is the company's roa? (do not round intermediate calculations and enter your
answer as a percent rounded to 2 decimal places, e.g., 32.16.)
c. what is the company's roe? (do not round intermediate calculations and enter your
answer as a percent rounded to 2 decimal places, e.g., 32.16.)
a. net income
$
2
b. roa
c. roe
st
%
%
When a company has a high financial leverage and a high hazard level, it has assumed a lot of risk.
What does "sales" signify in business?Sales in general company operations refer to any exchanges of money or value for the right to own an item or get a service. Sales, in the context of accounting, refers to the income generated by a corporation via the sale of either goods or services (net sales).
By sales, what do you mean?Describe sales. A sale is a transaction that involves exchanging products or services for a certain sum of money. In other sense, any action that entails giving the buyer ownership of a thing or commodity in return for a
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Prompt
What is division of labor?
Answer:
Division of labor is the idea that a large production-related task can be completed more efficiently by breaking it into smaller tasks and having each task completed by a specialist
Explanation:
Division of labor is the idea that a large production-related task can be completed more efficiently by breaking it into smaller tasks and having each task completed by a specialist
is
correct
transactions for fixed assets, including sale the following transactions and adjusting entries were completed by robinson furniture co. during a three-year period. all are related to the use of delivery equipment. the double-declining-balance method of depreciation is used. year 1 jan. 8. purchased a used delivery truck for $24,000, paying cash. mar. 7. paid garage $900 for changing the oil, replacing the oil filter, and tuning the engine on the delivery truck. dec. 31. recorded depreciation on the truck for the fiscal year. the estimated useful life of the truck is four years, with a residual value of $4,000 for the truck. year 2 jan. 9. purchased a new truck for $50,000, paying cash. feb. 28. paid garage $250 to tune the engine and make other minor repairs on the used truck. apr. 30. sold the used truck for $9,500. (record depreciation to date in year 2 for the truck.) dec. 31. record depreciation for the new truck. it has an estimated residual value of $12,000 and an estimated life of eight years. year 3 sept. 1. purchased a new truck for $58,500, paying cash. sept. 4. sold the truck purchased january 9, year 2, for $36,000. (record depreciation to date for year 3 for the truck.) dec. 31. recorded depreciation on the remaining truck. it has an estimated residual value of $16,000 and an estimated useful life of 10 years. required: journalize the transactions and the adjusting entries. if an amount box does not require an entry, leave it blank. do not round intermediate calculations. year 1, jan. 8 delivery truck delivery truck 24,000 delivery truck cash cash cash 24,000 mar. 7 truck repair and maintenance expense truck repair and maintenance expense 900 truck repair and maintenance expense cash cash cash 900 dec. 31 depreciation expense-delivery truck depreciation expense-delivery truck depreciation expense-delivery truck accumulated depreciation-delivery truck accumulated depreciation-delivery truck accumulated depreciation-delivery truck year 2, jan. 9 delivery truck delivery truck 50,000 delivery truck cash cash cash 50,000 feb. 28 truck repair and maintenance expense truck repair and maintenance expense 250 truck repair and maintenance expense cash cash cash 250 apr. 30 deprec. depreciation expense-delivery truck depreciation expense-delivery truck depreciation expense-delivery truck accumulated depreciation-delivery truck accumulated depreciation-delivery truck accumulated depreciation-delivery truck apr. 30 sale accumulated depreciation-delivery truck accumulated depreciation-delivery truck accumulated depreciation-delivery truck cash cash 9,500 cash loss on sale of delivery truck loss on sale of delivery truck loss on sale of delivery truck delivery truck delivery truck delivery truck dec. 31 depreciation expense-delivery truck depreciation expense-delivery truck depreciation expense-delivery truck accumulated depreciation-delivery truck accumulated depreciation-delivery truck accumulated depreciation-delivery truck year 3, sept. 1 delivery truck delivery truck 58,500 delivery truck cash cash cash 58,500 sept. 4 deprec. depreciation expense-delivery truck depreciation expense-delivery truck depreciation expense-delivery truck accumulated depreciation-delivery truck accumulated depreciation-delivery truck accumulated depreciation-delivery truck sept. 4 sale cash cash cash accumulated depreciation-delivery truck accumulated depreciation-delivery truck accumulated depreciation-delivery truck delivery truck delivery truck delivery truck gain on sale of delivery truck gain on sale of delivery truck gain on sale of delivery truck dec. 31 depreciation expense-delivery truck depreciation expense-delivery truck depreciation expense-delivery truck accumulated depreciation-delivery truck accumulated depreciation-delivery truck accumulated depreciation-delivery truck
Regarding the utilisation of delivery equipment, Robinson Furniture Co. executed the following transactions: bought a used truck, paid for maintenance and repairs, recorded depreciation, bought a new truck, sold the used truck.
What is the adjusting entry for fixed asset depreciation?To represent the expense in the income statement and the decline in the fixed asset's value on the balance sheet, an adjusting entry for depreciation expense is a journal entry made at the end of the period.
How should depreciation be entered as an adjustment entry?Debiting the Depreciation Expense account and crediting the Accumulated Depreciation account is the fundamental journal entry for depreciation (which appears in the balance sheet as a contra account that reduces the amount of fixed assets).
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if a check is sent at the end of the year and cashed after the first of the year which year is income taxxedTRUE OR FALSE
if a check is sent at the end of the year and cashed after the first of the year current year is income taxed.
Because that is your typical payday, you pay employees for work completed in the final week of December 2020 on January 4, 2021. Paycheck tax years are significant because they have an impact on employees' taxable income, which is displayed in employee gross pay on the W-2 forms for each year.
Even though the task was completed and the compensation was obtained in a separate year, the payout date applies (but read the exception below). This is due to the fact that the employees received their paycheck in January but not in December.
Taxation of the gross pay begins in 2021, not 2020. If you pay employees for this job on the final day of December, their paycheck is due on December 31, 2020, which means they will be paid on that date.
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Insurance sales, tax preparation, personal financial advising, and investment fund management are careers in which workers can be self-employed. Which careers have the highest and lowest self-employment rates?
Insurance sales has the highest rates, and tax preparation has the lowest rates.
Personal financial advising has the highest rates, and investment fund management has the lowest rates.
Investment fund management has the highest rates, and insurance sales has the lowest rates.
Tax preparation has the highest rates, and personal financial advising has the lowest rates.
Answer:
Its B got it right on the test
Explanation:
The careers that have the highest and lowest employment rates are the personal financial advising a the has the investment fund management. Hence the option B is correct.
Want is an insurance sale?An insurance sale is a type of sale that is done by the salesman who is an employee of the insurance company and his job is to advise to sell the insurance policies and thus is responsible for the point of financial advisory. It is thus necessary to rely on the advice of the salesman.
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Ramon has been appointed the manager of a retail store. He wants to bring the store into the modern era and direct its future by utilizing the latest trends in visual merchandising. What can Ramon do to achieve this?
Answer:quit school and beco
Explanation:
Answer:
C. install mannequin robots to display clothes
Explanation:
Among the offered answers, a truly avantgarde, modern approach is to implement robot mannequins in the store. With this tactic, customers would be incentivized to approach this innovative customer journey. Through pioneering this technique, Ramon's company would get a competitive advantage through visual merchandising.
The Haul-it Cartage Company purchased a new truck at a cost of $36,000 on July 1, 1996 . The truck is estimated to have a useful life of 6 years and Hault Cartage Company does not expect to recelve anything when it disposes of the truck at the end of 6 years. How much depreciation expense should have been recorded for the truck during the year ended December 31,1996? Mutiple Cholice 53.500 None of the other alternatives are correct $4000 53.000 56,000
Among the options provided, the correct answer is not listed. The correct answer should be $6,000.
The depreciation expense for the truck during the year ended December 31, 1996 should be calculated using the straight-line method.
To calculate the annual depreciation expense, we need to know the cost of the truck and its useful life. The cost of the truck is given as $36,000 and its useful life is 6 years.To calculate the depreciation expense per year, we divide the cost of the truck by its useful life:
Depreciation expense per year = Cost of truck / Useful life
Depreciation expense per year = $36,000 / 6 years
Depreciation expense per year = $6,000
Therefore, the depreciation expense that should have been recorded for the truck during the year ended December 31, 1996 is $6,000.
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