In this scenario the company collected $60,000 on its accounts receivable
Journal Entry Debit : Cash - $60,000
Credit: Accounts Receivable - $60,000
A journal entry is used to record a business transaction in the accounting records of a business. A journal entry is usually recorded in the general ledger; alternatively, it may be recorded in a subsidiary ledger that is then summarized and rolled forward into the general ledger.
The very first stage of the accounting cycle is journal entries. You should be aware that all journal entries in accounting use the double-accounting method. This means that there is always a debit entry and a credit entry for every recorded transaction because two accounts are impacted.
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What is a reason to pay more than the minimum payment due on your
credit statement each month?
Your credit utilization rate stays the same.
It takes more time to pay off a balance.
You save money on interest.
It hurts your creditworthiness.
Your credit utilization rate stays the same is a reason to pay more than the minimum payment due on your credit statement each month. The use of your credit card throughout a billing period is summarized in your credit card statement.
A credit card provider, such as Discover or American Express, will credit money to your account as a statement credit. Although it is taken out of your card balance, it won't contribute to your minimum payment. By login into your online credit card account and going to the statement information, you can access your credit card statement at any time.
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why does location matter?
answer: you need to know where your at
The purpose of all auditing procedures is to gather sufficient appropriate evidence for an auditor to form an opinion regarding the financial statements taken as a whole. In the table below, identify and describe means or techniques of gathering audit evidence used to evaluate a client's inventory balance.
Auditing procedures for evaluating a client's inventory balance typically involve the following techniques: Physical inventory observation, Inspection of documents, Confirmation with third parties, Analytical procedures and Test counts and cut-off testing.
1. Physical inventory observation: The auditor physically counts the inventory items to verify the existence and condition of the items, ensuring the reported quantities match with the actual items in stock.
2. Inspection of documents: The auditor reviews relevant documentation, such as purchase orders, invoices, and shipping records, to verify the accuracy of the inventory records.
3. Confirmation with third parties: If the client's inventory is held by third parties, such as warehouses, the auditor may request confirmations from these parties to verify the inventory's existence and quantity.
4. Analytical procedures: The auditor may analyze financial data related to inventory, such as inventory turnover ratios and gross profit margins, to identify any discrepancies or unusual trends that could indicate misstatement or mismanagement of inventory.
5. Test counts and cut-off testing: The auditor selects a sample of inventory items and performs test counts to ensure the accuracy of the client's inventory records. Cut-off testing involves verifying that transactions occurring near the end of the accounting period are recorded in the correct period. By utilizing these auditing techniques, auditors can gather sufficient appropriate evidence to form an opinion regarding the client's inventory balance in their financial statements.
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2 Ashley Laughlin files as single on her tax return and earned weekly gross pay of $625. She does not make any retirement plan contributions. Ashley entered $4000 on
line 4b of Form W-4 and did not enter any information in steps 2 & 3 of the form
Federal income tax withholding=?
To calculate Ashley's federal income tax withholding, we need to consider her gross pay, filing status, and the number of allowances she claimed on her W-4 form.
What is Ashley Federal income tax withholding?Since Ashley files as single on her tax return, we will use the 2023 tax brackets for single filers to calculate her federal income tax withholding.
Step 1: Calculate Ashley's taxable income
To calculate Ashley's taxable income, we need to subtract her standard deduction from her gross pay:
Gross pay = $625 per week x 52 weeks = $32,500
Standard deduction for single filers in 2023 = $12,950
Taxable income = Gross pay - Standard deduction = $32,500 - $12,950 = $19,550
Step 2: Determine Ashley's tax bracket
Using the 2023 tax brackets for single filers, we can determine that Ashley's taxable income falls into the 12% tax bracket.
Step 3: Calculate Ashley's federal income tax withholding
To calculate Ashley's federal income tax withholding, we will use the IRS's Percentage Method Tables for Income Tax Withholding. We will use Table 1, which corresponds to Weekly Payroll Period and Single Filing Status, for the year 2023.
According to Table 1, the amount of federal income tax to withhold from $625 of weekly gross pay for a single filer with one withholding allowance and claiming no adjustments or extra withholding is $54.
Since Ashley did not provide any information in Steps 2 and 3 of her W-4 form, we will assume that she claimed one withholding allowance. Therefore, her federal income tax withholding for one week would be:
Federal income tax withholding = $54 x 1 = $54
So Ashley's federal income tax withholding for one week would be $54. However, this is just an estimate and her actual tax liability may be different depending on her overall tax situation.
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A company borrows $10,000 at a nominal interest rate of 8% per year. How much interest will they owe after the first year?
help meh plsssssssssssssssssssssss
If a savings account has a nominal interest rate of 2% and compounds quarterly, what is the effective annual interest rate?
Answer:
To calculate the effective annual interest rate (EAR) from a nominal interest rate with quarterly compounding, you can use the following formula:
EAR = (1 + (r/n))^n - 1
Where:
r is the nominal interest rate (expressed as a decimal), which is 2% in this case (0.02).
n is the number of compounding periods per year, which is 4 (quarterly compounding).
Plugging in the values, we have:
EAR = (1 + (0.02/4)) - 1
= (1 + 0.005) ⁴- 1
= (1.005) 1
≈ 0.0202
Therefore, the effective annual interest rate for a savings account with a nominal interest rate of 2% and quarterly compounding is approximately 2.02%.
reviewing the recent experience of the US in global markets reveals that
Reviewing the recent experience of the US in global markets reveals that America's standing as a global leader has been challenged by the rise of new global economic powers, such as China and India. Despite this, the US remains the world's largest economy and has the world's reserve currency, the US dollar.
As such, it maintains significant influence in global markets.The US has also been engaged in numerous trade disputes, including with China and the European Union. Additionally, the US has recently pursued a policy of protectionism, which has included the imposition of tariffs on imported goods.
This has had both positive and negative impacts on the US economy and its standing in the global marketplace.The US has also recently renegotiated trade deals, such as the United States-Mexico-Canada Agreement (USMCA), which replaced the North American Free Trade Agreement (NAFTA).
The US has also withdrawn from the Trans-Pacific Partnership (TPP) and the Paris Climate Agreement, which have drawn criticism from other nations and has further impacted the US's standing in the global community.
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What is an observation quite different from the rest of the data called?
Answer:
2 words china
Explanation:
Leadership and Management Case Study
Laura is the Associate Director of a non-profit agency that provides assistance to children and families. She is the head of a department that focuses on evaluating the skill-building programs the agency provides to families. She reports directly to the agency leadership. As a whole, the agency has been cautious in hiring this year because of increased competition for federal grant funding. However, they have also suffered high staff turnover. Two directors have left, as well as three key research staff, and one staff person from the finance department.
Laura has a demanding schedule that requires frequent travel; however, she supervises two managers, who in turn are responsible for five staff members each. Both managers have been appointed within the last six months.
Manager 1: Kelly has a specific background in research. She manages staff who provide research support to another department that delivers behavioral health services to youth. Kelly supports her staff and is very organized; however, she often takes a very black and white view of issues. Upper level leadership values Kelly’s latest research on the therapeutic division’s services. Kelly is very motivated, driven, and expects the same from her staff.
Manager 2: Linda has a strong background in social science research and evaluation. She manages staff that work on different projects within the agency. She is known as problem solver and is extremely supportive of her staff. She is very organized and has a wealth of experience in evaluation of family services. Linda is very capable and can sometimes take on too much.
The managers are sensing that staff are becoming over-worked as everyone takes on increased responsibilities due to high staff turnover. Staff have also mentioned that Laura’s “glass half-empty” conversation style leaves them feeling dejected. In addition, Laura has not shared budgets with her managers, so they are having difficulty appropriately allocating work to staff. Laura said she has not received sufficient information from the finance department to complete the budgets. The finance department said they have sent her all the information they have available.
As staff become distressed, the managers are becoming frustrated. They feel like they are unable to advocate for their staff or problem solve without key information like the departmental budget.
Laura, the Associate Director of a non-profit agency, must balance her leadership and management skills to address staff turnover, workload issues, and communication problems. Steps such as open communication, providing necessary information and support, and prioritizing staff well-being can build staff confidence.
Laura can use her management skills to ensure that her managers have access to the necessary information and resources to properly allocate work to their staff. She can also use her leadership skills to improve communication with staff and create a more positive work environment.
A combination of both management and leadership skills would be ideal in this setting. To build staff confidence, Laura can implement measures such as regular feedback and recognition, providing training opportunities, involving staff in decision-making, and addressing their concerns and needs.
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--The given question is incomplete, the complete question is given
" Leadership and Management Case Study
Laura is the Associate Director of a non-profit agency that provides assistance to children and families. She is the head of a department that focuses on evaluating the skill-building programs the agency provides to families. She reports directly to the agency leadership. As a whole, the agency has been cautious in hiring this year because of increased competition for federal grant funding. However, they have also suffered high staff turnover. Two directors have left, as well as three key research staff, and one staff person from the finance department.
Laura has a demanding schedule that requires frequent travel; however, she supervises two managers, who in turn are responsible for five staff members each. Both managers have been appointed within the last six months.
Manager 1: Kelly has a specific background in research. She manages staff who provide research support to another department that delivers behavioral health services to youth. Kelly supports her staff and is very organized; however, she often takes a very black and white view of issues. Upper level leadership values Kelly’s latest research on the therapeutic division’s services. Kelly is very motivated, driven, and expects the same from her staff.
Manager 2: Linda has a strong background in social science research and evaluation. She manages staff that work on different projects within the agency. She is known as problem solver and is extremely supportive of her staff. She is very organized and has a wealth of experience in evaluation of family services. Linda is very capable and can sometimes take on too much.
The managers are sensing that staff are becoming over-worked as everyone takes on increased responsibilities due to high staff turnover. Staff have also mentioned that Laura’s “glass half-empty” conversation style leaves them feeling dejected. In addition, Laura has not shared budgets with her managers, so they are having difficulty appropriately allocating work to staff. Laura said she has not received sufficient information from the finance department to complete the budgets. The finance department said they have sent her all the information they have available.
As staff become distressed, the managers are becoming frustrated. They feel like they are unable to advocate for their staff or problem solve without key information like the departmental budget.
How can Laura most effectively use both management and leadership skills in her role as associate director? What combination of the two do you think would work best in this setting?
What steps could be taken to build staff confidence?"--
Identify whether each of the following is a debit or a credit in the country of
Freedonia’s BOP and indicate where the item would be classified (5 points)
a) Freedonian firms export $250 million worth of goods.
b) Freedonian citizen’s purchase $50 million worth of tickets on US Airways flights.
c) A Freedonian firm purchases a shoe factory in Mexico for $30 million.
d) Freedonia receives $5 million in foreign aid from the United States.
e) Freedonian citizens deposit $15 million in Citibank account in New York.
f) Freedonia imports $220 million worth of goods.
g) Freedonian firms borrow $45 million by issuing bonds in the United States
h) U.S. firms earn (and repatriate) $5 million in profits from operations in Freedonia.
i) The Freedonia central bank buys $10 million in U.S. Treasury bills.
This is also known as Balance of payment and it is the difference between all money flowing into the country in a particular period of time and the outflow of money to the rest of the world.
Freedonia’s BOP items can be seen above with their appropriate classifications.
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What is a reason that countries trade?
Answer:
Countries trade with each other when, on their own, they do not have the resources, or capacity to satisfy their own needs and wants. By developing and exploiting their domestic scarce resources, countries can produce a surplus, and trade this for the resources they need.
From the buyers point of view the best quality is
Answer:
Buyer's point of view of the best quality of a product is based on its differentiation and competition. Therefore the product that has the best quality is the one which satisfies buyer's needs when used.A product or service's inherent qualities are those that were designed to meet the needs, expectations, and requirements of its customers. Physical and functional traits like size, weight, capacity, speed, dependability, portability, taste, etc.
Why quality is important?Customers will look for alternatives if a company doesn't live up to their expectations. Customers must be satisfied in order to keep their loyalty and their willingness to purchase in the future.
Businesses can lower costs associated with product returns, defects, and losses through product quality control. Customers frequently purchase more from brands they are familiar with and trust. Assuring product quality will help customers become familiar with your brand, motivate them to purchase your goods, and boost your revenue.
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Assume that the accounts receivable (in millions) were $1,308 at the beginning of
1. Compute the accounts receivable turnover for Year 2 and Year 1. Round to two decima
Best Buy, Media Play,
Buy reported the following (in millions):
Sales
Accounts receivable at end of year
fiscal Year 1.
Year 2
$39,528
1,162
Year 1
$40,339
1,280
places.
2. Compute the days' sales in receivables at the end of Year 2 and Year 1. Use 365 dans
and round to one decimal place.
3.
What conclusions can be drawn from (1) and (2) regarding Best Buys
efficiency in collecting receivables?
4.
What assumption did we make about sales for the Best Buy ratio computa-
tions that might distort the ratios and therefore cause the ratios not to be comparable
for Year 2 and Year 1?
Answer:
hhhhhhhhhhhhhhhhggggggg
Match the given descriptions to the accurate accounting term.
source document
chart of accounts
trial balance
journal entry
customer invoice
a company uses it to capture financial transactions
that occur throughout the year
arrowRight
a company uses it to identify account disagreements
resulting from accounting errors
a company uses it to record its master list of all accounts
a company uses it to check if a financial transaction
actually occurred
a company uses it to track amounts it is owed by customers
- A company uses it to capture financial transactions that occur throughout the year - Source document
- A company uses it to identify account disagreements resulting from accounting errors - Trial balance
- A company uses it to record its master list of all accounts - Chart of accounts
- A company uses it to check if a financial transaction actually occurred - Journal entry
- A company uses it to track amounts it is owed by customers - Customer invoice
Here are the accurate accounting terms matched with the given descriptions:
Source document: A company uses it to capture financial transactions that occur throughout the year. Source documents are the original records that provide evidence of a transaction, such as invoices, receipts, purchase orders, and bank statements. They serve as a basis for recording entries in the accounting system.
Chart of accounts: A company uses it to record its master list of all accounts. The chart of accounts is a structured list of all the accounts used by an organization to classify and organize its financial transactions. It provides a systematic framework for recording and summarizing financial data.
Trial balance: A company uses it to check if a financial transaction actually occurred. A trial balance is a statement that lists the balances of all the accounts in the general ledger at a specific point in time. It serves as a preliminary check to ensure that debits equal credits and that the accounting equation (assets = liabilities + equity) is in balance.
Journal entry: A company uses it to identify account disagreements resulting from accounting errors. A journal entry is a record of a financial transaction in chronological order. It includes the accounts involved, the amounts debited or credited, and a brief description of the transaction.
Journal entries are used to initially record transactions before they are posted to the general ledger.
Customer invoice: A company uses it to track amounts it is owed by customers. A customer invoice is a document issued by a business to its customers, requesting payment for goods or services provided.
It itemizes the products or services, quantities, prices, and terms of payment. Customer invoices serve as a billing tool and facilitate the collection of receivables.
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The place where buyers and sellers interact is called a _____.
A. market segmentation
B. market share
C. market
D. target market
Answer:
Market
Explanation:
I had this question so I know hope this helps!
Answer: The other person was correct give them brainiest.
Explanation:
Local government officials would like to know if city residents are generally satisfied with the cleanliness of local
streets and recreation areas. To estimate the level of satisfaction, city officials appear on a local television morning
show, where residents are invited to share their satisfaction through an online poll. Which of the following
statements best describes the potential results from this poll?
Answer:
D. This is a voluntary response sample and is likely to underestimate the proportion of residents satisfied with the cleanliness of the area.
Explanation:
i took the quiz
This is a voluntary response sample and is likely to underestimate the proportion of residents satisfied with the cleanliness of the area.
What is survey ?A survey is a set of questions used in human subject research with the goal of gathering specific information from a certain population. Surveys can be carried out via the phone, by mail, online, at street corners, and even in shopping centers. Surveys are used to collect data or learn more in areas like demography and social research.
Survey research is frequently used to evaluate ideas, beliefs, and emotions. Surveys might have narrow, focused objectives or they can have broad, more general objectives. In addition to being utilized to satisfy the more practical requirements of the media, such as evaluating political candidates, public health officials, professional organizations, and advertising and marketing directors, surveys are frequently employed by psychologists and sociologists to evaluate behavior.
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which statement about 401(k) plans is true?
The fact that 401(k) plans are employer-sponsored is the accurate statement. These are the retired accounts that, in most cases, are sponsored by businesses.
Which of the following statements is true about a 401(k) plan?It is a retirement savings plan where the employee makes contributions to a retirement account and the employer, in some cases, matches some or all of those contributions. Benefits from a 401(k). Employee incentives including tax rebates and employer contributions are abundant with 401(k) plans.
What are 401 K plans used for primarily?Employees can contribute a portion of their salaries to individual accounts through a qualified profit-sharing plan provision called a 401(k). The employee's taxable income does not include elective pay deferrals.
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Question:-
Which statement about 401(k) plans is true?
A. 401(k) plans are sponsored by employers.
B. Employees can contribute an unlimited amount of income to
401(k) plans.
C. Employees are not allowed to make contributions to 401(k) plans.
D. 401(k) plans provide only one option for investment
f Honduras is open to international trade in oranges without any restrictions, it will import
tons of oranges.
Suppose the Honduran government wants to reduce imports to exactly 100 tons of oranges to help domestic producers. A tariff of
$
per ton will achieve this.
A tariff set at this level would raise
$
in revenue for the Honduran government.
Suppose that Honduras is open to international trade in oranges without any restrictions, it will import an infinite amount of oranges. Therefore, the import of oranges can be limited through a tariff. The Honduran government wants to reduce imports to exactly 100 tons of oranges to help domestic producers.
A tariff of $720 per ton will achieve this. A tariff set at this level would raise $72,000 in revenue for the Honduran government.
Tariff: It is a tax imposed by a government on imported or exported goods. The main purpose of a tariff is to limit imports and protect domestic production and employment.
In this scenario, a tariff is imposed by the Honduran government to limit the import of oranges and help domestic producers. Therefore, if the tariff is set at $720 per ton, then it would reduce the imports of oranges to exactly 100 tons, which is the desired goal of the Honduran government.
Moreover, the tariff rate multiplied by the number of imports gives the amount of revenue raised by the Honduran government, which is $720 × 100 = $72,000. Thus, a tariff set at $720 per ton will raise $72,000 in revenue for the Honduran government.
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At what value should the land be recorded in clementine repair service records?
Answer: $369,500
Explanation:
The Cost concept of accounting calls for the recording of Assets at their cost.
Clementine Repair services offered to buy the land at $350,500 when it was priced at $388,500.
The seller countered with $369,500 and Clementine accepted this.
This means that Clementine bought the land for $369,500 which makes it the cost price.
They should therefore record it at $369,500.
Two European Courts are the Court of Justice of the European Union and the European Court of Copyrights.
False
True
What will produce more accurate results when giving a survey?
A. Using the word "frequently" in a question
B. Creating face-to-face interviews
C. Adding boxes to check for answers
D. Creating an open questions
Answer:
Option B; Creating face-to-face interviews
Explanation:
Research has shown that face-to-face interviews tend to produce more accurate results when giving a survey. So the correct answer is option B.
On January 1, 2018, Warren Corporation had 950,000 shares of common stock outstanding. On March 1, the corporation issued 150,000 new shares to raise additional capital. On July 1, the corporation declared and issued a 2-for-1 stock split. On October 1, the corporation purchased on the market 450,000 of its own outstanding shares and retired them.
Required:
Compute the weighted average number of shares to be used in computing earnings per share for 2018.
Answer:
1,670,833.33 stocks
Explanation:
date stock inc./dec. total stocks months stocks
Jan. 1 0 950,000 2 x 2 3,800,000
March 1 150,000 1,100,000 4 x 2 4,400,000
July 1 1,100,000 2,200,000 3 6,600,000
October 1 -450,000 1,750,000 3 5,250,000
total 20,050,000
weighted average stocks = 20,050,000 / 12 months = 1,670,833.33
When taxes are increased, disposable income , and hence consumption .
A. increases, increases
B. increases, decreases
C. decreases, increases
D. decreases, decreases
Its not C
and why is it right
Answer:
decreases; decreases
Explanation:
City Taxi Service purchased a new auto to use as a taxi on January 1, Year 1, for $23,700. In addition, City paid sales tax and title fees of $570 for the vehicle. The taxi is expected to have a five-year life and a salvage value of $6,360. Required a. Using the straight-line method, compute the depreciation expense for Year 1 and Year 2. (Round your answers to the nearest whole dollar amount.) b. Assume the auto was sold on January 1, Year 3, for $19,672. Determine the amount of gain or loss that would be recognized on the asset disposal. (Round the intermediate calculations to nearest whole dollar amount.)
Answer: See explanation
Explanation:
Note that the depreciable cost was calculated as $17910 and the depreciation per year was:
= $17910/5
= $3582
Also, the book value of the taxi was calculated as:
= Cost - Accumulated depreciation
= $24270 - ($3582 × 2)
= $24270 - $7164
= $17106
Check the attachment for further explanation.
Explain major theories discussed in Microeconomics by Austan Goolsbee
The major theories discussed in Microeconomics by Austan Goolsbee are The law of demand, The principle of comparative advantage, and so on.
A well-known economist who has significantly advanced the study of macroeconomics is Austan Goolsbee.
A fundamental principle known as the law of demand states that there is an inverse relationship between a commodity's price and demand. This implies that as a good's price decreases, consumers will be eager to buy more of it.
According to the comparative advantage principle, in order to benefit, nations should specialize in producing the goods and services in which they have a comparative advantage.
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6b. Based on the video, how does Starbucks view ... Based on the video, how does Starbucks view its customers in South Africa? Multiple Choice O Starbucks recognizes that tea is the preferred beverage and has adapted its product line accordingly. O Starbucks is focusing on mass production of standardized output in order to better reach its customers in South Africa. O Starbucks believes experience curve effects and economies of scale are critical to success in South Africa. O Starbucks believes its customers in South Africa will have similar tastes and preferences as those in the United States. O Starbucks believes its customers in South Africa will be strong consumers of its products, but only if lower prices options are available.
The way that Starbucks view its customers in South Africa is: Starbucks believes its customers in South Africa will have similar tastes and preferences as those in the United States. Option D
What is meant by tastes and preferences?The tastes and preferences of the consumers are a significant role in determining the demand for a good. A good whose demand is high and whose demand curve is located at a higher level is one for which consumers have more tastes and preferences.
The preferences of consumers are rather simple. Buyers purchase more of a good if they like it more. They buy fewer items if they no longer enjoy them. Increased Preferences: As consumer preferences rise, demand rises and the demand curve shifts to the right.
Analyzing consumer preferences is a key step in figuring out how to maximize consumer happiness when spending money. As a result of their capacity to fulfill human needs, goods are desired.
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In a recent presentation by the management of Seas Inc., the presenters conducted a discussion with a pictorial chart on the cumulative units of production of the company and its correlation with the cost per unit of the product. Which of the following charts did the presenters of Seas discuss?
Question 9 options:
The learning curve
The experience curve
The scale curve
The value curve
The poor utility of media research for enhancing education has been the subject of numerous gloomy analyses over the last 10 years.
What does "consumption chain" mean in entrepreneurship?The consumption chain refers to this connection life cycle. A business might find possibilities to position and sell its products in ways that neither it nor its rivals would have anticipated by thinking imaginatively about the full experience a consumer has with a product or service.
What kinds of things serve as points of differentiation?Since they put their customers and employees first, some grocery stores, for instance, have a reputation for being terrific places to work and shop. Customers are aware that even though these stores' products are ubiquitous, doing business with them benefits the community, producers, and workers. They take a business-oriented attitude.
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Which type of behaviors accounts for most of the differences in both employee commitment and job performance?
A. Narcissistic behaviors
B. Change-oriented behaviors
C. Relationship-oriented behaviors
D. Emotional behaviors
E. Task-oriented behaviors
Answer:
Relationship-oriented behaviors
Explanation:
I did the assignment
Employee commitment is associated with the enhanced performance of the organization. Employee commitment has been linked to increased job satisfaction, motivation, and participation.
The business must place a greater emphasis on increasing employee dedication to superior efficiency.
The correct option is C. Relationship-oriented behaviors.
This is the correct option because the staff is offered task-oriented behavior in order to get things done and guarantee that corporate goals are reached. Showing care for employee sentiments and treating employees with respect are examples of people-oriented leader behavior.
People-oriented leaders sincerely care about their workers' well-being, and they show it through their personal behavior.
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What is the definition of science
Answer:
the intellectual and practical activity encompassing the systematic study of the structure and behaviour of the physical and natural world through observation and experiment.
"the world of science and technology"
Science is a systematic enterprise that builds and organizes knowledge in the form of testable explanations and predictions about the universe. The earliest roots of science can be traced to Ancient Egypt and Mesopotamia in around 3500 to 3000 BCE.
Explanation: