True: Business innovation involves the products companies produce or the unique ways companies fill unmet consumer needs.
Business innovation is the process of developing original ideas, products, or processes to address organizational challenges or opportunities. Business innovation may occur in any of an organization's functions, including management, marketing, sales, service, and operations. Innovation can provide a competitive advantage to businesses in a variety of ways. It enables businesses to develop new or enhanced products, increase productivity and efficiency, and lower costs.
Business innovation can also enhance a company's relationship with customers, expand its market reach, develop its reputation for quality and reliability and meet consumer needs.
Therefore, business innovation is a critical driver of economic growth and productivity.
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after the petty cash fund is established, the petty cash account is not debited or credited again unless the amount of the fund is changed. true flase
False; after the petty cash fund is created, it is not necessary to debit or credit the account again unless the fund's size changes.
What occurs after a petty cash fund is created?The corporation has internal control over the money in the fund by designating one person as the fund's manager. to start a small cash fund. The petty cash custodian typically deposits the cash in a small, lockable box once the check is cashed. The fund is now prepared for distribution as required.
Is small change a debit or credit?The petty cash account is a current asset in financial accounting. As a result, the money is recorded as a typical debit balance.
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suppose you could produce one more (the fifth) widget at a marginal cost of $5. if you do produce that fifth widget, what will your average total cost be? has your average total cost increased or decreased? why?
The average cost increases as the value of the 5th widget are much more than the average. The extra $10 ( 20-10) uniformly increases by $2 for every widget.
Marginal cost = 40+20 = $60
Average cost for 5 items = 60/5 = $12
Marginal cost is the cost of producing one additional unit of a good or service. In other words, it is the increase in total cost that results from producing one more unit of output. Marginal cost is calculated by dividing the change in total cost by the change in quantity produced.
Marginal cost is an important concept in economics because it helps businesses make decisions about how much to produce. If the marginal cost of producing an additional unit is lower than the price the business can sell it for, it is profitable to produce more. However, if the marginal cost is higher than the price, it is not profitable to produce more and the business may choose to reduce production.
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Complete Question:
Suppose instead that you could produce one more (the fifth) widget at a marginal cost of $20. If you do produce that fifth widget, what will your average total cost be? Has your average total cost increased or decreased? Why?
what is the difference between income and expenses?
Income and expenses are two fundamental concepts in personal finance. Income refers to the money earned or received during a particular period, usually on a monthly or annual basis.
This includes wages, salaries, tips, bonuses, interest, dividends, and any other source of revenue. Income can be categorized as gross or net, depending on whether or not taxes and other deductions have been taken out.
Expenses, on the other hand, refer to the money spent during a particular period. Expenses can be fixed or variable, and they can be essential or discretionary. Fixed expenses are bills that must be paid regularly, such as rent, mortgage, car payments, and insurance premiums. Variable expenses are discretionary, meaning they can be adjusted and are not essential. Examples include groceries, entertainment, clothing, and travel.
The difference between income and expenses is known as net income or net cash flow. If income is greater than expenses, there is a surplus, which can be saved or invested. If expenses are greater than income, there is a deficit, which may lead to debt or financial hardship. Understanding and managing the difference between income and expenses is essential for maintaining financial stability and achieving long-term financial goals.
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which of the following may be a business or organizational customer?multiple choiceall of these examples may be business and organizational customers.a federal government agencya producer of goods and servicesa retailer
A federal government agencies, producers of goods and services, and retailers may be a business or organizational customer. The correct option is D. all of these examples may be business and organizational customers.
Business or organizational customers refer to entities that purchase goods and services from other businesses or organizations. Federal government agencies are a common example of business or organizational customers, as they purchase goods and services to meet the needs of their operations.
There are four major types of business or organizational customers. They include producers, intermediaries, government, and institutional markets.
Producers: These are firms that produce goods and services to sell to other businesses, government entities, and individuals.
Intermediaries: These are wholesalers, agents, brokers, or middlemen who connect businesses with producers to help with distribution.
Government: This market includes all levels of government, including local, state, and federal entities, who require goods and services to maintain operations.
Institutional: These are educational organizations, healthcare facilities, and nonprofit organizations that require goods and services for their operations.
In conclusion, federal government agencies, producers of goods and services, and retailers may be business or organizational customers.
The complete question is;
which of the following may be a business or organizational customer?
A. a federal government agency
B. a producer of goods and services
C. a retailer
D. all of these examples may be business and organizational customers.
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In which of the following countries will the national government have the greatest influence with respect to the nation's economy?A. ChinaB. CubaC. CanadaD. Chile
Among the given options, the country where the national government will have the greatest influence with respect to the nation's economy is Cuba.
Option A: China
China is a socialist market economy country, which means that the government plays a significant role in the nation's economy. The government of China has a great influence over economic planning, resource allocation, and market regulations. Thus, the national government will have the greatest influence with respect to the nation's economy in China.
Option B: Cuba
Cuba has a centrally planned economy, which means that the government controls all aspects of the nation's economy. The government controls everything from production to distribution and pricing, so it has the greatest influence over the economy.
Option C: Canada
Canada is a developed country with a mixed-market economy. The government of Canada plays a significant role in the nation's economy by providing public goods and services, ensuring fair competition, and regulating industries. However, the private sector is also an important part of the economy, and the government does not have complete control over it.
Option D: Chile
Chile is a market-oriented economy with a high level of economic freedom. The government has implemented various market-friendly policies and trade agreements to promote growth and development. The government regulates some industries and provides public goods and services, but it does not have complete control over the economy. Thus, the national government will have the least influence with respect to the nation's economy in Chile.
Therefore, the correct option is B. Cuba.
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what is the current trend in measuring the effectiveness of corporate ethics and compliance programs?
The current trend in measuring the effectiveness of corporate ethics and compliance programs is through the use of data analytics.
Data analytics involves the use of software and other tools to analyze large amounts of data to identify patterns, trends, and other insights that can be used to improve corporate ethics and compliance programs.
This can help identify areas of non-compliance and unethical behavior and can provide insights into the effectiveness of training programs and other initiatives aimed at improving corporate ethics and compliance.
Data analytics can also be used to identify areas where additional resources may be needed to improve the effectiveness of ethics and compliance programs.
It is an important tool for measuring the effectiveness of corporate ethics and compliance programs and is likely to become increasingly important as companies seek to improve their ethical performance in response to increasing stakeholder demands for transparency and accountability.
Therefore, the current trend in measuring the effectiveness of corporate ethics and compliance programs is through the use of data analytics.
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if sarah's current salary is 25,000 per year and she is due to get a 3% raise this year in addition to a 2% cost of living increase, how much will her salary be after these increases take effect?
Sarah's salary after the increase will be $26,250
Sarah's current salary is $25,000 per year. She is due to get a 3% raise this year in addition to a 2% cost of living increase. So the question is how much will her salary be after these increases take effect?
The total increase that Sarah will receive this year is:
3% + 2% = 5%
Her new salary will be:
$25,000 + (5/100 × $25,000)=$25,000 + $1,250 =$26,250So, her salary after the increase will be $26,250.
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green company sponsors a defined benefit pension plan. the pension formula is calculated based on the following formula: 1.5% x number of service years x final salary. the assumed discount rate is 5%. if an employee is expected to retire in 10 years with a final annual salary of $200,000, has earned 20 years of service, and is expected to receive an annual pension for 20 years, the current pbo rounded to the full dollar will be
As per the given pension, the current PBO rounded to the full dollar for the employee in question is $13,884.
In this case, the employee has 20 years of service and a final salary of $200,000, so the pension payment amount would be:
Pension payment amount = 1.5% x 20 x $200,000 = $60,000
To calculate the PV factor, we need to use the discount rate and the number of years until the pension payments begin. In this case, the employee is expected to retire in 10 years and receive pension payments for 20 years, so the total number of years is 30.
PV factor = 1 / (1 + discount rate)ⁿ
PV factor = 1 / (1 + 0.05)³⁰ = 0.2314
Finally, we can calculate the PBO by multiplying the pension payment amount by the PV factor:
PBO = $60,000 x 0.2314 = $13,884
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what is the most likely course of action that an auditor would take after determining that performing substantive tests on inventory will take less time than performing tests of controls?
The most likely course of action that an auditor would take after determining that performing substantive tests on inventory will take less time than performing tests of controls is to perform the substantive tests on inventory.
Substantive tests on inventory involve examining evidence directly related to inventory balances, such as evidence of physical counts, documents related to acquisitions, and records related to shipments and sales.
These tests are necessary in order to determine the accuracy of the financial statement assertions related to inventory.
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which of the following are functions of money? multiple select question. hedge against inflation store of value unit of account medium of exchange
Answer:unit of account Median of exchange Store of value
Explanation:
The following are functions of money:
Hedge against inflation.Store of value.Unit of account.Medium of exchange.Money is defined as something that is accepted as a method of payment for goods, services, or debts, as well as a means of calculating the relative worth of things. In other words, money is used as a medium of exchange, a store of value, a unit of account, and a hedge against inflation. The characteristics of money are distinct, although they may overlap.
Hedge against inflation
When a country experiences inflation, the prices of goods and services increase, and the value of money decreases. Money is a useful hedge against inflation since it can maintain its value in the long run when inflation rates rise.Store of value:Money serves as a store of value since it can be saved for future purchases.
If an individual saves their money, it can be utilized in the future to purchase something of worth, and it will not lose its value. Money can be held in a variety of forms, including bank deposits, currency, and bonds.Unit of account:Money is employed as a unit of account to determine the worth of goods and services.It enables individuals to determine the cost of a good or service and allows for a common language for pricing.
Medium of exchange:One of the most critical functions of money is to act as a medium of exchange. Money can be used to buy goods and services. Rather than bartering or trading one good for another, cash can be exchanged for a good or service.
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examine the data on the chart, and select the production level where the average variable cost first begins to increase?
The extend in AVC after a sure point is indirectly associated to the law of diminishing marginal returns. The law states that at some point, the extra cost incurred to produce one extra unit is higher than the extra income (or returns) received. At that point, the AVC begins to increase.
How do you locate the average variable value from a table?Image end result for take a look at the data on the chart, and pick the production stage where the average variable price first starts offevolved to increase
Calculation of Average Variable Cost (Step by using Step)
Step 1: Calculate the complete variable cost. Step 2: Calculate the extent of output produced. Step 3: Calculate the average variable fee using the equation. AVC = VC/Q.
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Which of the following best describes the purpose of the expenditure multiplier?a. quantify the change in the size of the money supply that occurs as a result of a change in the reserve ratiob. quantify the change in the interest rate that will occur as a result of an increase deficit spendingc. quantify the change in aggregate demand (AD) that will occur as a result of a change in government spending, but not other components of AD
The purpose of the expenditure multiplier is (C) to quantify the change in aggregate demand (AD) that will occur as a result of a change in government spending, but not other components of AD.
The expenditure multiplier measures the impact of changes in government spending on the overall level of economic activity, as represented by changes in aggregate demand. Specifically, the multiplier captures the extent to which an initial change in government spending leads to additional changes in consumer spending, business investment, and net exports through a series of rounds of spending and income. This concept is an important tool in macroeconomics for analyzing the effects of fiscal policy on the economy.
Option a is incorrect because the expenditure multiplier is not concerned with changes in the money supply resulting from changes in the reserve ratio. Option b is incorrect because the expenditure multiplier is not focused on changes in interest rates resulting from an increase in deficit spending, but rather on changes in overall economic activity resulting from changes in government spending.
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to protect the competitive economic system by restricting the formation of monopolies, the government has passed and enforced rationing systems. antitrust laws. the imposition of taxes on certain goods. zoning laws.
To protect the competitive economic system by restricting the formation of monopolies, the government has passed and enforced b: antitrust laws.
Antitrust laws are regulations that aim to promote fair competition and prevent the formation of monopolies or cartels that can control the market and limit competition. These laws are designed to ensure that businesses compete fairly and that consumers have access to a variety of goods and services at competitive prices.
The government enforces antitrust laws by investigating and prosecuting violations, such as price-fixing, market allocation, and other anti-competitive practices that harm consumers and stifle competition.
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which of the following statements is true for a company that maintains beginning and ending work in process and finished goods inventories? multiple choice if the company closes its underapplied overhead entirely to cost of goods sold it will cause net operating income to be lower than the net operating income reported if the company had closed its underapplied overhead proportionally to work in process, finished goods, and cost of goods sold. if the company closes its underapplied overhead entirely to cost of goods sold it will cause net operating income to be higher than the net operating income reported if the company had closed its underapplied overhead proportionally to work in process, finished goods, and cost of goods sold. if the company closes its underapplied overhead entirely to cost of goods sold it will cause net operating income to be the same as the net operating income reported if the company had closed its underapplied overhead proportionally to work in process, finished goods, and cost of goods sold. if the company closes its underapplied overhead entirely to cost of goods sold it will cause the gross margin to be higher than the gross margin reported if the company had closed its underapplied overhead proportionally to work in process, finished goods, and cost of goods sold.
if the company closes its underapplied overhead entirely to cost of goods sold it will cause net operating income to be higher than the net operating income reported if the company had closed its underapplied overhead proportionally to work in process, finished goods, and cost of goods sold.
When a company closes its underapplied overhead entirely to cost of goods sold, it reduces the cost of goods sold and thus increases the net operating income as compared to when the overhead was closed proportionally to work in process, FINISHED GOODS INVENTORIES, and cost of goods sold.
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which of the following generic competitive strategies would a producer of commodity such as steel most likely pursue? broad low cost exclusive dealing broad differentiation horizontal integration focus differentiation
A producer of a commodity such as steel would most likely pursue the broad low-cost generic competitive strategy.
Generic competitive strategies refer to the strategic decisions of an organization in order to achieve a competitive advantage over its rivals. Organizations utilize generic competitive strategies to build a sustainable competitive advantage by exploiting the weaknesses of their competitors in order to boost their market position.
The four most commonly utilized generic competitive strategies are: Cost leadership Broad differentiation Narrow focus Cost leadership and differentiation. The choice of generic strategy is determined by the industry's structural characteristics such as the industry life cycle stage, the level of product differentiation, the intensity of competition, the firm's resources, and the firm's position within the industry. The most appropriate strategy for a commodity producer like steel would be cost leadership.
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lily's pastries produces cupcakes, which sell for $5.00 each. during the current month, lily produced, but only sold 2200 cupcakes. the variable cost per cupcake was $3.10 and the sales commission per cupcake was $0.70. total fixed manufacturing costs were $1900 and total fixed marketing and administrative costs were $1100. what is the product cost per cupcake under absorption costing?
The product cost per cupcake under absorption costing is $4.90. To calculate this, you need to know the total variable costs, which is the variable cost per cupcake ($3.10) multiplied by the number of cupcakes produced and sold (2200), plus the total fixed costs ($1900 + $1100). This equals $5800. Divide this by the number of cupcakes produced and sold (2200) to get the product cost per cupcake, which is $4.90.
Under absorption costing, the product cost per cupcake can be calculated by adding the variable cost, sales commission, and fixed manufacturing costs. Therefore, the product cost per cupcake under absorption costing is $5.30.
Absorption costing is a technique that is used to account for all of the costs that are involved in the production of a good or service. This technique is used to determine the total cost of a product, including both fixed and variable costs. In general, absorption costing is used by companies that produce goods, rather than those that provide services.
The product cost is the total cost of producing a good or service. This includes both the variable and fixed costs that are associated with production. The product cost is the cost of producing a good or service, including all of the costs that are incurred during the production process.
The costs included in product cost under absorption costing are variable cost, sales commission, and fixed manufacturing costs. The fixed marketing and administrative costs are not included in the product cost under absorption costing.
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rachel johnson has net monthly income of $2,500. she has a monthly auto loan payment of $275, a student loan payment of $150, and a credit card minimum payment of $50. what is her debt-payments-to-income ratio?
Rachel Johnson's debt-payments-to-income ratio is 19%. The total amount of debt payments is $475.
Rachel Johnson's debt-payments-to-income ratio can be calculated as follows: Firstly, calculate the total amount of debt payments that Rachel Johnson makes each month. This includes her monthly auto loan payment of $275, student loan payment of $150, and a credit card minimum payment of $50.The total amount of debt payments is $275 + $150 + $50 = $475.
Secondly, divide the total amount of debt payments by Rachel Johnson's net monthly income. The result of this division will give her debt-payments-to-income ratio. The debt-payments-to-income ratio for Rachel Johnson can be calculated as: Debt-payments-to-income ratio = Total amount of debt payments / Net monthly income= $475 / $2,500= 0.19 or 19%. Therefore, Rachel Johnson's debt-payments-to-income ratio is 19%.
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