D) Too much talking is one of the critical mistakes made in closing a sale. When a salesperson talks too much, they may end up overwhelming the customer with information or not allowing them to fully express their needs and concerns. This can make the customer feel unheard or unimportant, leading them to lose interest in the product or service being offered.
To avoid this mistake, salespeople should focus on active listening and engaging the customer in a two-way conversation. They should ask questions to understand the customer's needs and concerns and provide relevant information in a clear and concise manner. Additionally, they should allow the customer time to ask questions and provide feedback, which can help build trust and establish a positive relationship.
In summary, talking too much can be a major obstacle in closing a sale. By focusing on effective communication and active listening, salespeople can better understand and address the needs of their customers, leading to increased sales and customer satisfaction.
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8. The selection interview is designed to test an applicant's communication ability and motivation.
Overall, the selection interview is an important tool for assessing an applicant's suitability for a given role and ensuring that the right candidate is chosen for the job.
The selection interview is an essential part of the hiring process for most organizations. It is designed to evaluate an applicant's communication skills and motivation level, among other things. During the interview, the interviewer will ask questions that aim to assess the applicant's ability to communicate effectively, both verbally and non-verbally. This may include questions about the applicant's previous work experience, their educational background, and their overall career goals. Additionally, the interviewer may ask behavioral questions, such as how the applicant would handle a specific situation in the workplace. Through these questions, the interviewer can gain insights into the applicant's motivation level and determine whether they are a good fit for the organization. Overall, the selection interview is an important tool for assessing an applicant's suitability for a given role and ensuring that the right candidate is chosen for the job.
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Which of the following is a competitive advantage of a mass customization strategy?
Eliminating finished goods inventory
Dynamic sales volumes
Sustainability options
Forward integration
A competitive advantage of a mass customization strategy is the ability to eliminate finished goods inventory. This is because the customization process only produces products once the customer has placed an order, thus reducing the need for excess inventory to be stored. This not only saves on storage costs but also minimizes the risk of obsolete products or wasted resources.
Additionally, mass customization allows for dynamic sales volumes as customers are able to tailor products to their specific needs and preferences. This means that businesses can adapt to changes in demand more quickly and efficiently, without having to make large-scale changes to their production processes.
Sustainability options are also a competitive advantage of mass customization as it allows businesses to offer environmentally friendly options to customers. By producing only what is needed, companies can reduce waste and minimize their environmental impact.
Finally, forward integration can also be a competitive advantage of mass customization as businesses have greater control over their supply chain and can ensure that products are produced efficiently and to high quality standards. This can lead to cost savings and increased customer satisfaction.
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Tilde is working on a contract with the external penetration testing consultants. She does not want any executives to receive spear-phishing emails. Which rule of engagement would cover this limitation?
Answer:
"No-Phishing/Spear-Phishing" ruleExplanation:
The rule of engagement that would cover this limitation is the "No-Phishing/Spear-Phishing" rule. This rule typically prohibits the penetration testing consultants from attempting to phish or spear-phish any executives or employees of the client organization. This is important as it helps to protect sensitive data and prevent any potential security breaches. Tilde should ensure that this rule is clearly outlined and agreed upon by both parties before any testing begins. It is also recommended that she regularly communicates with the penetration testing consultants to ensure that they are adhering to the rules of engagement.
What is the NopPhishing/spear-phishing" rule?The "No-Phishing/Spear-Phishing" rule refers to the practice of not engaging in or falling victim to email scams that attempt to steal personal or sensitive information. Phishing typically involves a mass email sent to a large group of people, while Spear-Phishing is more targeted and personalized to the recipient. Following this rule means being skeptical of unsolicited emails, avoiding clicking on suspicious links or downloading attachments, and reporting any suspicious activity to the appropriate authorities. Protecting oneself and others from phishing attacks is crucial in preventing identity theft, financial fraud, and other cybersecurity risks.
next enter the journal entries and then compute the unadjusted balance for the bad debts expense account.
In order to compute the unadjusted balance for the bad debts expense account, you first need to enter the journal entries.
These entries typically involve recording any bad debts that have been identified during the accounting period. This may include writing off specific accounts as uncollectible or adjusting the estimated bad debts expense based on new information or changes in the business environment.
Once all of the relevant journal entries have been recorded, you can then calculate the unadjusted balance for the bad debts expense account by adding up all of the debits and subtracting all of the credits. This will give you a starting point for making any necessary adjustments or preparing the account for financial reporting purposes.
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digital interactive media are new, and so is the terminology used to describe and evaluate them. in this exercise you will demonstrate your comfort level with terms commonly used by new media advertisers.
Digital interactive media are relatively new, and as a result, there are many terms that are commonly used by new media advertisers like Impressions, Click-through rate, Cost per click , Conversion rate, Engagement, Reach, Retargeting etc.
Impressions: This refers to the number of times an ad is displayed to a user on a website or app.Click-through rate (CTR): This is the percentage of users who click on an ad after seeing it.Cost per click (CPC): This is the amount an advertiser pays for each click on their ad.Conversion rate: This is the percentage of users who take a desired action, such as making a purchase, after clicking on an ad.Engagement: This refers to the level of interaction a user has with an ad or piece of content, such as liking, sharing, or commenting. Reach: This is the number of unique users who see an ad or piece of content.Retargeting: This is a technique that involves showing ads to users who have previously interacted with a brand or visited a website.These are just a few examples of the many terms that are commonly used in the world of digital advertising. It's important for advertisers and marketers to be familiar with these terms in order to effectively evaluate and optimize their campaigns.
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what is a synonym for a centrally planned economic system?
a.)communist economy
b.)command economy
c.)specialized economy
d.)pure free market economy
A synonym for a centrally planned economic system is b.) command economy. In this type of economic system, the government has control over production, distribution, and pricing, rather than relying on market forces to determine these aspects.
The synonym for a centrally planned economic system is a command economy. This type of economic system is characterized by government control and direction of economic activities, with the goal of achieving specific economic and social outcomes. In a command economy, the government sets production targets, determines prices, and allocates resources according to its own priorities. This is in contrast to a pure free market economy, where economic decisions are made by individual consumers and producers based on supply and demand.The concept of a command economy is often associated with communist ideology, which emphasizes the collective ownership of the means of production and the distribution of goods and services according to need. However, not all command economies are strictly communist in nature. For example, some countries with mixed economies may use elements of central planning to regulate key industries or address specific economic challenges.In summary, a command economy is a synonym for a centrally planned economic system, in which the government controls and directs economic activities. This type of economic system is distinct from a pure free market economy, which is characterized by individual decision-making based on supply and demand.
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simone transferred 100 percent of her stock in purple company to plum corporation in a type a merger. in exchange, she received stock in plum with a fair market value of $532,500 plus $532,500 in cash. simone's tax basis in the purple stock was $287,000. what amount of gain does simone recognize in the exchange and what is her basis in the plum stock she receives?
Simone recognizes a gain of $778,000 in the exchange, but no recognized gain is reported, and her basis in the Plum stock she receives is $287,000.
To determine the amount of gain Simone recognizes in the exchange and her basis in the Plum stock she receives, we need to calculate the realized gain and the fair market value (FMV) of the stock received.
Realized Gain:
Realized gain is the difference between the amount realized from the exchange and Simone's tax basis in the Purple stock.
Amount realized = FMV of Plum stock + Cash received= $532,500 + $532,500= $1,065,000Realized gain = Amount realized - Tax basis in Purple stock
= $1,065,000 - $287,000= $778,000Recognized Gain:
Since Simone transferred 100 percent of her stock in Purple Company in a Type A merger, the exchange qualifies as a tax-free exchange under Section 368(a)(1)(A) of the Internal Revenue Code. Therefore, no recognized gain is reported on the exchange.
Basis in Plum Stock:
Simone's basis in the Plum stock she receives will be equal to her tax basis in the Purple stock.
Basis in Plum stock = Tax basis in Purple stock
= $287,000
Therefore, Simone recognizes a gain of $778,000 in the exchange, but no recognized gain is reported, and her basis in the Plum stock she receives is $287,000.
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What element is part of an emergency plan?
Select one:
Contact authorities
Report the emergency
Have an evacuation plan
Establish a check-in time
An emergency plan should include all necessary steps and procedures that need to be taken during an emergency.
One of the most important elements of an emergency plan is to have an evacuation plan in place. This involves identifying emergency exits and routes, assigning roles and responsibilities to individuals or teams, and establishing a safe meeting place. Another key element is to report the emergency immediately to the relevant authorities, such as 911 or emergency services. It's also important to establish a check-in time, where all employees or individuals involved in the emergency must report back to the designated person or team to ensure everyone is accounted for. Contacting authorities is also a critical part of an emergency plan, as they can provide guidance and support during an emergency situation.
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If you have to start paying interest immediately on a student loan, you probably have a(n) _________ loan.
If you have to start paying interest immediately on a student loan, you probably have a unsubsidized loan. Unsubsidized loans are different from subsidized loans because they accrue interest while the borrower is still in school.
This means that the borrower is responsible for paying the interest that has accumulated on the loan while they are still in school, which is not the case for subsidized loans. Having to pay interest on a loan immediately can add up quickly and increase the overall cost of the loan. Borrowers should be aware of the type of loan they have and how interest will accrue on it. It is important to read and understand the terms and conditions of the loan agreement before signing on the dotted line. In summary, if you are required to pay interest on a student loan from the very beginning, it is likely that you have an unsubsidized loan. As with any loan, it is important to understand the terms and conditions and make sure you are aware of the interest that will accrue on the loan.
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A firm that adopts a _____, attempts to capture the greatest market share and develop long-term relationships by being the pioneer to enter the market with a good or service.
A firm that adopts a "first-mover strategy" attempts to capture the greatest market share and develop long-term relationships by being the pioneer to enter the market with a good or service.
A first mover is a service or product that, by being the first to market with a product or service, acquires a competitive advantage. Being the first usually allows a business to build significant brand awareness and customer loyalty before rivals enter the market. First-movers may benefit from a variety of benefits, thus the name "first-mover advantage." Become the market leader, particularly if there is no equivalent competition, are a few instances. Identify industry norms. Early on, establish your brand's identity and recognition.
Coca-Cola, or Coke, is a perfect illustration of a first mover that succeeds. John S. Pemberton created Coke in 1896. Coke was already selling a million gallons a year when Caleb Bradham created Pepsi-Cola thirteen years later.
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the journal entry to record reissuing treasury stock at a price below the cost of the treasury stock includes a blank . (check all that apply.) multiple select question. credit to treasury stock debit to cash credit to additional paid-in capital credit to common stock debit to additional paid-in capital
The journal entry to record reissuing treasury stock at a price below the cost of the treasury stock includes a debit to cash and a credit to treasury stock for the cost of the shares being reissued.
Additionally, any excess of the amount received over the cost of the shares reissued should be recorded as a credit to additional paid-in capital.
However, if the excess is not sufficient to cover the full amount of any previously recorded debit to additional paid-in capital, then the remaining amount should be recorded as a debit to additional paid-in capital. No credit or debit should be recorded to common stock.
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farrow company reports the following annual results. contribution margin income statement per unit annual total sales (460,000 units) $ 15.00 $ 6,900,000 variable costs direct materials 2.00 920,000 direct labor 4.00 1,840,000 overhead 2.50 1,150,000 contribution margin 6.50 2,990,000 fixed costs fixed overhead 2.00 920,000 fixed general and administrative 1.50 690,000 income $ 3.00 $ 1,380,000 the company receives a special offer for 46,000 units at $12 per unit. the additional sales would not affect its normal sales. variable costs per unit would be the same for the special offer as they are for the normal units. the special offer would require incremental fixed overhead of $184,000 and incremental fixed general and administrative costs of $198,000. (a) compute the income or loss for the special offer. (b) should the company accept or reject the special offer?
(a) Computation for the income or loss of the special offer.
Total contribution margin ($161,000) - Total incremental fixed costs ($382,000) = -$221,000
(b) The company would experience a loss of $221,000 for the special offer. Therefore, the company should reject the special offer.
(a) To compute the income or loss for the special offer, we need to calculate the contribution margin for the special offer units and subtract the incremental fixed costs.
Step 1: Calculate the contribution margin per unit for the special offer.
Sales price per unit: $12
Variable costs per unit: Direct materials ($2) + Direct labor ($4) + Overhead ($2.50) = $8.50
Contribution margin per unit for special offer: $12 - $8.50 = $3.50
Step 2: Calculate the total contribution margin for the special offer units.
Total contribution margin for special offer: 46,000 units * $3.50 per unit = $161,000
Step 3: Calculate the incremental fixed costs for the special offer.
Incremental fixed overhead: $184,000
Incremental fixed general and administrative costs: $198,000
Total incremental fixed costs: $184,000 + $198,000 = $382,000
Step 4: Compute the income or loss for the special offer.
Income or loss for special offer: Total contribution margin ($161,000) - Total incremental fixed costs ($382,000) = -$221,000
(b) Based on the income or loss computation, the company would experience a loss of $221,000 for the special offer. Therefore, the company should reject the special offer.
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In the current year, a hat shop sold hats for 10 dollars and they sold 2000 in a year. Last year the price for a hat was 12 dollars and they only sold 1500. The owner wants to know what does the price need to be if he needs to sell at least 1600 hats next year.
To determine what the price needs to be in order to sell at least 1600 hats next year, we can use the concept of elasticity of demand. Elasticity of demand is a measure of how much the quantity demanded changes in response to a change in price. If demand is elastic, then a small change in price will result in a large change in quantity demanded. If demand is inelastic, then a change in price will result in a small change in quantity demanded.
To calculate elasticity of demand, we can use the formula:
Elasticity of demand = % change in quantity demanded / % change in price
Let's use the data provided to calculate the elasticity of demand for the hat shop:
% change in quantity demanded = (2000 - 1500) / 1500 = 0.333 or 33.3%
% change in price = (12 - 10) / 12 = 0.167 or 16.7%
Elasticity of demand = 33.3% / 16.7% = 2
This means that demand for hats at the shop is elastic, and a decrease in price will result in a larger increase in quantity demanded.
Now we can use the following formula to determine the new price needed to sell at least 1600 hats:
New price = Old price x (New quantity demanded / Old quantity demanded) ^ (-1 / Elasticity of demand)
Plugging in the values we have:
New price = 10 x (1600 / 2000) ^ (-1 / 2) = 9.05 dollars
Therefore, the hat shop owner would need to sell hats at 9.05 dollars in order to sell at least 1600 hats next year, assuming demand remains elastic.
what is the market risk premium if the expected return on the market is 12.02 percent, the risk-free rate is 5.55 percent, and inflation is 3.04 percent?(round the value to 100th decimal and please enter the value only without converting it to a decimal format. if the answer is 8.55%, enter 8.55)
The market risk premium is 6.41%.
To calculate the market risk premium, we need to subtract the risk-free rate from the expected return on the market.
Market Risk Premium = Expected Return on Market - Risk-Free Rate
Market Risk Premium = 12.02% - 5.55% = 6.47%
However, we also need to adjust for inflation. To do so, we add 1 to the risk-free rate and divide it by 1 plus the inflation rate. Then we subtract 1 from the result and multiply it by the expected return on the market.
Market Risk Premium = (Expected Return on Market - [(1 + Risk-Free Rate)/(1 + Inflation Rate) - 1]) - Risk-Free Rate
Market Risk Premium = (12.02% - [(1 + 5.55%)/(1 + 3.04%) - 1]) - 5.55%
Market Risk Premium = (12.02% - [1.0584 - 1]) - 5.55%
Market Risk Premium = 12.02% - 1.0584 + 1 - 5.55%
Market Risk Premium = 6.41%
Therefore, the market risk premium is 6.41%.
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Subchapter S corporation will avoid double taxation only if which of the following applies?a) All the shareholders agree to be taxed as in a partnership.b) The corporation files Articles of Partnership in the state where it has its principal place of business.c) The corporation has no retained earningsd) All of the above are necessary to avoid double taxation.
The correct answer is a) All the shareholders agree to be taxed as in a partnership.
To avoid double taxation, a Subchapter S corporation must elect to be taxed as a pass-through entity, which means that the company's income is passed through to the shareholders and taxed on their individual tax returns.
This is only possible if all shareholders agree to be taxed as in a partnership, and the corporation meets other eligibility requirements.
Filing Articles of Partnership or having no retained earnings are not necessary for avoiding double taxation as a Subchapter S corporation.
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a good way to describe (monopolistic/oligopolistic) competition is that it mixes a small amount of monopoly power with a large amount of competition, while (monopoly/oligopoly) blends a large amount of monopoly power with a small amount of competition through entry and considerable rivalry among firms.
Monopolistic competition mixes a small amount of monopoly power with a large amount of competition, while oligopoly blends a large amount of monopoly power, a small amount of competition through entry, and considerable rivalry among firms.
Monopolistic competition is a market structure that combines elements of both monopoly and perfect competition. In a monopolistically competitive market, there are many firms selling products that are similar but not identical.
Each firm has some degree of market power due to its unique product differentiation, advertising, and branding efforts. However, there are also low barriers to entry, which means that new firms can enter the market and compete with existing firms.
On the other hand, an oligopolistic market structure is characterized by a small number of firms that dominate the market. These firms may compete aggressively with one another, but they also have significant market power due to the barriers to entry.
These barriers may include high start-up costs, government regulations, or control over essential resources.
In summary, monopolistic competition mixes a small amount of monopoly power with a large amount of competition, while oligopoly blends a large amount of monopoly power, a small amount of competition through entry, and considerable rivalry among firms.
Both market structures have important implications for pricing, output, and competition within the market.
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Total doubtful accounts at the end of the year are estimated to be $27,000 based on an aging of accounts receivable. If the balance in the Allowance for Doubtful Accounts is a $8,200 debit before adjustment, what is current year’s Bad Debt Expense?
Multiple Choice
a.$8,200.
b.$18,800.
c.$35,200.
d.$27,000.
For the organizational pattern, the best choice for this situation would be the direct approach, as it is important to address the main message and issue upfront, without wasting time or appearing evasive.
For the delivery style, it is recommended to use a calm and controlled approach to avoid escalating any hostility in the audience.
For the supporting material, it is best to include objective data and expert opinions to support the message and convey a sense of credibility. It is not advisable to use humor or startling visuals, as they may detract from the seriousness of the message and further agitate the audience.
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Long-Term Solvency Analysis
The following information was taken from Celebrate Company's balance sheet:
Fixed assets (net) $358,800
Long-term liabilities 299,000
Total liabilities 1,255,800
Total stockholders' equity 1,046,500
Determine the company's (a) ratio of fixed assets to long-term liabilities and (b) ratio of liabilities to stockholders' equity. If required, round your answers to one decimal place.
a. Ratio of fixed assets to long-term liabilities ?
b. Ratio of liabilities to stockholders' equity ?
a. The ratio of fixed assets to long-term liabilities for Celebrate Company is 1.20. b. The ratio of liabilities to stockholders' equity for Celebrate Company is 1.20.
This is calculated by dividing the net fixed assets ($358,800) by the long-term liabilities ($299,000):
Ratio of Fixed Assets to Long-Term Liabilities = Net Fixed Assets / Long-Term Liabilities = $358,800 / $299,000 = 1.20
This ratio shows how much of the long-term liabilities are covered by the fixed assets of the company. A ratio above 1.0 indicates that the company has more fixed assets than long-term liabilities, which can be a positive sign for investors.
b. The ratio of liabilities to stockholders' equity for Celebrate Company is 1.20. This is calculated by dividing the total liabilities ($1,255,800) by the total stockholders' equity ($1,046,500):
Ratio of Liabilities to Stockholders' Equity = Total Liabilities / Total Stockholders' Equity = $1,255,800 / $1,046,500 = 1.20
This ratio measures the extent to which the company is financed by debt compared to equity. A ratio above 1.0 indicates that the company has more liabilities than equity, which can be a concern for investors as it may indicate that the company is relying too heavily on debt financing.
Overall, it is important for investors to consider both of these ratios when analyzing a company's long-term solvency.
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Indirect costs .multiple choice question. O cannot be cost-effectively traced to products and services O should be expensedO immediately on the income statement are not used to produce O products are not product costs
Indirect costs, also known as overhead costs, are expenses that cannot be directly attributed to a specific product or service. These costs are incurred for the general operation of a business and include expenses such as rent, utilities, salaries of support staff, and office supplies.
Unlike direct costs, which can be easily traced to a specific product or service, indirect costs cannot be directly allocated to a specific product or service. Instead, indirect costs are allocated to products or services based on a predetermined allocation rate, such as a percentage of direct labor costs or machine hours. Indirect costs are not expensed immediately on the income statement and are instead allocated to products or services based on a predetermined allocation rate. They are also not used to produce products directly and are therefore not considered product costs.
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Patty goes to Jefferson's and buys 10 hot wings for $10 and pays cash. She is using money as _____
Patty goes to Jefferson's and buys 10 hot wings for $10 and pays cash. She is using money as a medium of exchange.
What is money ?As a widely accepted payment method for transactions involving goods and services, money serves as the medium through which individuals exchange value.
For example, when Patty buys hot wings by handing over cash at an agreed-upon price point, she uses it to facilitate payments with the eatery. Essentially, the role of money as a medium of exchange is one of its primary functions in any economy.
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5. Process departmentalization is a grouping of jobs by activity, such as marketing, finance, and production.
Process departmentalization is a method of grouping jobs based on the specific processes or activities that are involved in producing a product or delivering a service.
In this approach, jobs are grouped into departments based on the functions they perform or the processes they are involved in, such as marketing, finance, production, human resources, and so on. By grouping jobs based on processes or activities, the organization can improve coordination and control of resources and operations, as well as increase efficiency and productivity. Each department can focus on their specific process and work collaboratively with other departments to ensure the smooth flow of work and the delivery of high-quality products or services.
For example, in a manufacturing company, process departmentalization might involve grouping jobs into departments such as fabrication, assembly, quality control, packaging, and shipping. Each department would be responsible for a specific process or activity involved in the production of the product, and the managers of each department would work together to ensure that the process flows smoothly and efficiently. Overall, process departmentalization is a useful approach for organizations that have complex operations involving multiple processes and activities. It can help to improve communication, reduce duplication of effort, and enhance overall efficiency and effectiveness.
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assume that a contract was entered into for the sale of the restaurant, and that the sale included the covenant not to compete. which of the following is true?
A contract was entered into for the sale of the restaurant, and that the sale included the covenant not to compete, the following is true: The covenant not to compete must be reasonable in geographic scope to be valid. The correct answer is C.
A covenant not to compete is a contractual agreement in which one party agrees to refrain from conducting business similar to the other party within a certain geographic area and for a specified period.
In the case of the sale of a business, a covenant not to compete is often included to prevent the seller from opening a competing business in the same area and potentially taking away customers.
While covenants not to compete are generally disfavored in the law as restraints of trade, they are enforceable if they are reasonable in scope.
In the context of the sale of a business, the scope of the covenant not to compete must be geographically reasonable, meaning that it cannot be too broad or cover an area larger than is necessary to protect the buyer's business interests. If the scope of the covenant not to compete is found to be unreasonable, it may be deemed unenforceable.
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Assume that a contract was entered into for the sale of therestaurant, and that the sale included the covenant not to compete.Which of the following is true?
A. The contract would be void as covenants not to compete are onlyvalid when they are part of a valid employment contract.
B. The contract would be void, as covenants not to compete are arestraint of trade.
C. The covenant not to compete must be reasonable in geographicscope to be valid.
D. The contract for the sale of the business would be valid, but thecovenant not to compete will be void
the late majority tends to adopt products during the blank stage of the product life cycle. a. introduction b. production c. declined. growth maturity
The late majority is a group of consumers who tend to be skeptical and cautious when it comes to adopting new products. They are known for waiting until a product has proven itself before making a purchase.
Typically, the late majority tends to adopt products during the maturity stage of the product life cycle. During this stage, the product has already been introduced to the market, and early adopters and early majority have already made their purchases.
The product is now widely available and its benefits and drawbacks are well-known. The late majority feels comfortable enough to buy the product because they see that it has a stable market and a proven track record.
They want to make sure that they are investing in a product that has staying power and will be worth their money in the long run.
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An item that may be converted to cash within one year or one operating cycle of the firm is classified as a:
A current asset is an item that can be converted to cash within one year or one operating cycle of the firm. These assets are important for assessing a company's liquidity and short-term financial health.
An item that can be converted to cash within one year or one operating cycle of the firm is classified as a current asset. Examples of current assets include cash and cash equivalents, accounts receivable, inventory, and prepaid expenses. Current assets are listed on a company's balance sheet and are important for assessing a company's liquidity and short-term financial health.
Investors and analysts use current assets to evaluate a company's ability to pay off short-term obligations, such as accounts payable and short-term loans. The current ratio, which is calculated by dividing a company's current assets by its current liabilities, is a common metric used to assess a company's liquidity. A high current ratio indicates that a company has a strong ability to pay off its short-term obligations, while a low current ratio suggests that a company may have difficulty meeting its short-term financial obligations.
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Monachino Corporation has found that 80% of its sales in any given month are credit sales, while the remainder are cash sales. Of the credit sales, Monachino Corporation has experienced the following collection pattern: November sales or last year were S85 000 while De er ber sales were $110,000. Projected sales for the next three months are as follows: January sales. . $ 170,000 February sales. $ 130,000
March sales... $ 185,000
25% received in the month of the sale 50% received in the month after the sale 16% received two months after the sale 9% of the credit sales are never received Requirement Prepare a cash collections budget for the first quarter, with a column for each month and for the quarter. (Round your answers to the nearest whole dollar) ??:
Cash sales 34000 26000 37000 97000 Collections on credit sales: 25% Month of sale 34000 26000 37000 97000 50% Month after 44000 68000 $2000 164000
16% Two months after 10880 14080 21760 46720
Total cash collections 122880 134080 147760 404720
For the entire quarter, the total cash collections are $246,760, which includes $97,000 in cash sales and $149,760 in collections on credit sales.
Monachino Corporation's cash collections budget for the first quarter would look as follows:
| Month | Cash Sales | Collections on Credit Sales | Total Cash Collections |
|-------|------------|-----------------------------|------------------------|
| Jan | $34,000 | $34,000 (25% of $136,000) | $68,000 |
| Feb | $26,000 | $68,000 (50% of $136,000) | $94,000 |
| Mar | $37,000 | $47,760 (25% of $190,240) | $84,760 |
| Quarter | $97,000 | $149,760 | $246,760 |
To calculate the collections on credit sales, we used the given collection pattern: 25% received in the month of the sale, 50% received in the month after the sale, and 16% received two months after the sale. We also assumed that 9% of credit sales would never be received.
In January, the total cash collections are $68,000, which includes $34,000 in cash sales and $34,000 in collections on credit sales. In February, the total cash collections are $94,000, which includes $26,000 in cash sales and $68,000 in collections on credit sales. In March, the total cash collections are $84,760, which includes $37,000 in cash sales and $47,760 in collections on credit sales.
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As an important first step in a social media campaign, marketers should make sure they know their _____________
As an important first step in a social media campaign, marketers should make sure they know their **target audience**. This will help them create relevant content and choose the most effective platforms for reaching their intended audience.
As an important first step in a social media campaign, marketers should make sure they know their target audience. Understanding the demographics, interests, and behaviors of the intended audience is crucial in creating effective and engaging content that resonates with them on social media. Without a clear understanding of the target audience, social media campaigns may not achieve the desired results and could potentially miss the mark.
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Question 17 Sunshine Company only produced one product and has the following costs: Number of units produced each year............... 6,400 Variable costs per unit: Direct Materials.. $ 90 Direct Labor....... $ 43 Variable Manufacturing Overhead.............. $ 4 Variable Selling & Administrative expenses....... $ 6 Fixed costs per year: Fixed Manufacturing Overhead.. $ 50.000 Fixed Selling & Administrative expenses. ....... $ 150,000 Compute the UNIT product cost under variable costing.
The unit product cost under variable costing for Sunshine Company can be computed in this way.
Direct Materials cost per unit = $90
Direct Labor cost per unit = $43
Variable Manufacturing Overhead cost per unit = $4
Variable Selling & Administrative expenses cost per unit = $6
Total Variable Cost per unit = $90 + $43 + $4 + $6 = $143
Fixed Manufacturing Overhead cost per unit = $50,000 / 6,400 = $7.81
Fixed Selling & Administrative expenses cost per unit = $150,000 / 6,400 = $23.44
Total Fixed Cost per unit = $7.81 + $23.44 = $31.25
Therefore, the UNIT product cost under variable costing for Sunshine Company is:
Total Cost per unit = Total Variable Cost per unit + Total Fixed Cost per unit
Total Cost per unit = $143 + $31.25
Total Cost per unit = $174.25
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Once goldsmiths started making loans, A. their receipts were no longer backed at all by gold. B. their outstanding receipts were greater than the amount of gold they had in their vaults. OC. their outstanding receipts were less than the amount of gold they had in their vaults. D. their outstanding receipts were backed 100 percent by gold.
Once goldsmiths started making loans B. Their outstanding receipts were greater than the amount of gold they had in their vaults.
This situation occurred because goldsmiths realized they could issue more receipts than the actual gold they possessed, assuming that not all depositors would request their gold simultaneously. This practice marked the beginning of fractional reserve banking, where banks maintain only a fraction of the total deposits as reserves.
As goldsmiths issued loans using their gold reserves, they essentially created money through the credit system. However, this practice also posed certain risks. If all depositors demanded their gold simultaneously, goldsmiths would not be able to fulfill their obligations, leading to a loss of confidence in the banking system.
Despite these risks, the fractional reserve system allowed goldsmiths to extend credit and promote economic growth. Today, modern banks still employ fractional reserve banking, with regulations and safeguards in place to manage potential risks.
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Maria Dee, Inc. designs and manufactures fleece quarter-zip jackets. It sells its jackets to brand-name outdoor outfitters in lots of one dozen. Maria Dee's May 2017 static budget and actual results for direct inputs are as follows: B (Click the icon to view the data.) (Click the icon to view additional information.) Read the requirements. Requirement 1. Calculate the direct materials and direct manufacturing labor price and efficiency variances in May 2017. What is the total flexible-budget variance for both inputs (direct materials and direct manufacturing labor) combined? What percentage is this variance of the total cost of direct materials and direct manufacturing labor in the flexible budget? Begin by calculating the direct materials and direct manufacturing labor price and efficiency variances in May 2017. Complete the actual results, price variance, and cost columns, then the efficiency variance and flexible budget columns. Label each variance as favorable or unfavorable. (Round all answers to the nearest cent.) Actual Price Efficiency Flexible Actual Input Qty x Budgeted Price May 2017 Results Variance Variance Budget Units 675 675 Direct materials 14,175.00 $ 2,025.00 U $ 12,150.00 $ 1,620.00 U $ 10,530.00 Direct labor 8,306.60 101.30 $ U 8,205.30 $ 1,089.45 F. $ 9,294.75 Total variance 2,126.30 U 530.55 U The total flexible-budget variance for both inputs (direct materials and direct manufacturing labor) combined is $ 2709.45 unfavorable. This variance is 13.66 % of the total cost of direct materials and direct manufacturing labor in the flexible budget. (Round the variance to the nearest cent and the percentage to two decimal places, X.XX%.)
Total variance = ($258.75 - $2,645) + ($459.00 + $476.90) = $2,126.30 unfavorable + $936.90 favorable = $1,189.40 unfavorable
This total variance of $1,189.40 unfavorable is 13.66% of the total cost of direct materials and direct manufacturing labor in the flexible budget ($8,783.50 + $10,530 = $19,313.50).
In May 2017, Maria Dee, Inc. had actual results and a static budget for direct inputs, specifically for direct materials and direct manufacturing labor, as shown in the table.
To calculate the direct materials and direct manufacturing labor price and efficiency variances, we first need to determine the budgeted quantity and price for each input. The budgeted quantity for direct materials was 600 units, and the budgeted price was $17.55 per unit, for a total flexible budget of $10,530. The budgeted quantity for direct labor was 675 hours, and the budgeted price was $12.98 per hour, for a total flexible budget of $8,783.50.
Next, we can calculate the variances for each input:
- Direct materials: The actual quantity of direct materials used was 675 units, which is 75 units more than the budgeted quantity. The actual price per unit was $21, which is $3.45 more than the budgeted price. Therefore, the direct materials price variance is (75 units x $3.45) = $258.75 unfavorable. The actual cost of direct materials was $14,175, which is $2,025 more than the flexible budget. Therefore, the direct materials efficiency variance is ($10,530 - $14,175) = $2,645 unfavorable.
- Direct manufacturing labor: The actual quantity of direct labor used was 675 hours, which is the same as the budgeted quantity. The actual price per hour was $12.30, which is $0.68 less than the budgeted price. Therefore, the direct manufacturing labor price variance is (675 hours x $0.68) = $459.00 favorable. The actual cost of direct manufacturing labor was $8,306.60, which is $1,089.45 less than the flexible budget. Therefore, the direct manufacturing labor efficiency variance is ($8,783.50 - $8,306.60) = $476.90 favorable.
To calculate the total flexible-budget variance for both inputs combined, we add the direct materials and direct manufacturing labor variances together:
Total variance = ($258.75 - $2,645) + ($459.00 + $476.90) = $2,126.30 unfavorable + $936.90 favorable = $1,189.40 unfavorable
This total variance of $1,189.40 unfavorable is 13.66% of the total cost of direct materials and direct manufacturing labor in the flexible budget ($8,783.50 + $10,530 = $19,313.50).
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Mann Company is the lessor in a six-year lease that the lessor classifies as a sales-type lease. The lease payments begin December 31, 2024. The agreement specifies that Woo Corporation make equal annual lease payments on December 31 of each year. In its income statement for the year ended December 31, 2025:
Woo will report interest expense and amortization expense.
Woo will report interest expense and lease expense.
Mann will report interest revenue and depreciation expense.
Mann will report interest revenue and amortization expense.
Woo will report interest expense and amortization expense.
In its income statement for the year ended December 31, 2025, Woo will report interest expense and amortization expense. The correct answer is A.
In a sales-type lease, the lessor recognizes the sale of the asset and the lease receivable at the commencement of the lease. The lease payments are composed of interest and principal, and the interest revenue is recognized over the lease term using the effective-interest method. The amortization expense is recognized over the useful life of the leased asset.
Since Mann Company is the lessor and has classified the lease as a sales-type lease, it will report interest revenue and depreciation expense in its income statement. On the other hand, Woo Corporation, as the lessee, will report interest expense and amortization expense in its income statement. The interest expense will be calculated using the effective-interest method, and the amortization expense will be calculated based on the leased asset's useful life.
Since the lease began on December 31, 2024, the first lease payment will be made on December 31, 2024, and the second lease payment will be made on December 31, 2025. As a result, Woo Corporation will report interest expense and amortization expense on its income statement for the year ended December 31, 2025.
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Complete question:
Mann Company is the lessor in a six-year lease that the lessor classifies as a sales-type lease. The lease payments begin December 31, 2024. The agreement specifies that Woo Corporation make equal annual lease payments on December 31 of each year. In its income statement for the year ended December 31, 2025:
a. Woo will report interest expense and amortization expense.
b. Woo will report interest expense and lease expense.
c. Mann will report interest revenue and depreciation expense.
d. Mann will report interest revenue and amortization expense.
e. Woo will report interest expense and amortization expense.