One-year a cooling-off period of many years is required before a member of an issuer’s audit engagement team may begin working for the registrant in a key position.
The cooling-off period should be at least two years to provide protection against potential threats to self-assessment or objectivity arising from past decisions made by raters while acting as engagement partners .
Individuals served an EQCR for a total of 7 cumulative years in a role combination in which she served more than 4 years, so the individual has a grace period of 3 consecutive years before returning to her EQCR. must be completed. Allocation of examinations.
Pursuant to section 139, subsection (1) of the Act, the first auditor of a non-governmental legal entity shall be appointed by the Board within 30 days of her registration date .
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from a social constructionist perspective, deviance is: defined by the contextual social interactions and norms of different cultures defined by the opportunities one has to be deviant defined by one's ability to imitate others in learning situations defined the same across all countries and over time
A perspective that is objectivist is symbolic interactionism. Labels, according to theorists, can have a detrimental impact on people and contribute to future acts of deviance.
What is symbolic interactionism?Symbolic interactionism is a sociological theory that refers to specific ways that interaction and communication with others may affect how people build mental representations and come to conclusions that are characteristic of them. It is based on real-world scenarios. To put it another way, it provides a framework for understanding how individuals interact to create symbolic worlds, which in turn shape how individuals act. It is a conceptual framework that explains how recurrent human interactions preserve and shape civilization. Interactional interpretation contributes to the creation and rediscovery of meaning. The contact between people is influenced by shared understanding and interpretations of the meaning. People behave in accordance with assumption that everyone in their social setting understands what meaning is.
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suppose that russia produces 10,000,000 barrels of oil and 1,000 bushels of wheat each week. suppose that india produces 13045 barrels of oil and 13045 bushels of wheat each week. in autarky, what is the largest amount of wheat russia can consume every week?
1000 is the largest amount of wheat Russia can consume every week.
When nations do not trade with one another, each nation can only consume what it produces. A country that is autonomous is referred to as autarky. Countries that practice autarky is known for their independence and restricted trade with other countries.
A country that is fully autocratic would have a closed economy and no external sources of support, trade, or aid. However, in reality, no contemporary country has attained this level of autarky, even when subjected to harsh sanctions.
This is due to the difficulty of achieving true economic isolation due to the global supply chain, making any policy of autarky a matter of degrees rather than total isolation.
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the deregulatory legislation that allows companies to be more active in their intent to raise money through crowdfunding was the:
The deregulation law that permits businesses to be more proactive in their intention to seek money through crowdfunding was the: Jump Start Our Business Act or JOBS Act.
What Is the Jumpstart Our Business Startups (JOBS) Act?On April 5, 2012, President Barack Obama signed the Jumpstart Our Business Startups (JOBS) Act into law, which loosened rules imposed on small enterprises by the Securities and Exchange Commission (SEC).
It permits the promotion of securities offerings and eases disclosure and reporting requirements for businesses with less than $1 billion in annual revenue. Additionally, it opens up crowdsourcing to more people and significantly increases the number of businesses that can issue shares without first registering with the SEC. The goal of the JOBS Act is to make it simpler for companies to raise money. Its secondary goal is to enable small-scale investors to finance companies.
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on september 1, ziegler corporation had 55,000 shares of $5 par value common stock, and $165,000 of retained earnings. on that date, when the market price of the stock is $15 per share, the corporation issues a 2-for-1 stock split. the general journal entry to record this transaction is:
The general journal entry to record this transaction is None. No transactions will be recorded.
74,000 common shares at $5 a piece stock
profits kept of $222,000
Corporation had 55,000 shares of $5 par value common stock, and $165,000 of retained earnings.
A company splits its shares two for one.
This transaction's general journal entry will be NONE. For this transaction, there is no journal entry. The 2-for-1 stock split will only be noted in a memo item.
No entry is made because the overall dollar amount stays the same.
A memorandum entry is a brief statement that is both entered into the general journal and a general ledger account. There is no debit or credit amount.
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Suppose an interest group offers you a discount on car repairs for joining. What kind of benefit is it offering?.
A reduction that heavily depends on the type of interest group a person joins.
What does the term "benefit" in business mean?There are different forms of non-wage compensation that businesses offer their workers in the business world in addition to their salary or wages. They are additional benefits that businesses, associations, and other employers offer to recruit and retain employees.
What advantages should employees receive?According to the ACA's "employer mandate," you are obligated to provide employees with a certain set of benefits, including medical insurance, social security taxes, unemployment insurance, worker's compensation, and others depending on the size of your business.
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what is a key difference between u.s. law and that of most other countries regarding patents on publicly disclosed innovations?
In accordance with US law, you have a year to register your patent once your idea is made public without a patent. There isn't any law.
What distinguishes American law from the laws of the majority of other nations with regard to patents on innovations that have been made public?In contrast to almost every other nation, the United States allows the inventor of the idea to submit a patent application up to a year after publication as part of a "grace period."
What significant discovery did the Blue River Technology founders make during the feasibility study?The inventors of Blue River Technology learned during the feasibility study that their original target market—golf courses—did not believe the solution was practical. What issue could the Tea-In-One product solve The strategy flows better when there are numerous graphs, charts, and graphics included.
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the concept of predicting the net profit which could be attributed to the entire future relationship with a specific customer is known as? the concept of predicting the net profit which could be attributed to the entire future relationship with a specific customer is known as? customer retention customer lifetime value customer segmentation customer relationship management
Customer lifetime value (CLV), sometimes known as lifetime value (LTV), is the profit margin an organization anticipates making over the course of a typical customer relationship.
Why is client lifetime value essential and what does it mean?The CLV is the total sum of money a customer is anticipated to spend with your company over the course of your engagement with them. It's a crucial measure, and how you go about using it may both define your company and differ greatly depending on what you want to do with it.
Do KPIs include client lifetime value?The lifetime value of your clients is one of the most important KPIs that your business must monitor (CLV). Any business depends on its consumers, therefore understanding their value is essential. A great statistic for businesses wanting to grasp the potential that each new customer provides is customer lifetime value.
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explain sustainable income. what relationship does this concept have to the treatment of discontinued operations on the income statement?
A corporation needs sustainable income in order to cover all of its expenses in the long run.
What is Sustainable income?
Sustainable income represents the after-tax gain or loss on the impact of operations on a discontinued segment of business for a period.
Therefore, in the case of a discontinued operation, there is no sustainable income arising in the future as the segment of business is already discontinued and income, if any, is going to come only for the period of the discontinued operation. Income or expense from discontinued operations is a line of item in the income statement of a company below income from continuing operations and before the net income.
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Lack of internal or external collaboration will create quality, cost, delivery, timing and other customer service problems that are detrimental to supply chains
True. Supply chain disruption is a main consideration for driving costs higher all over the planet, as interest for products, for example, vehicles, oil and central processors have outperformed supplies.
The intricacy of supply chains requires surveying the kinds of risks implied and the connected variables that might cause them. The risks are interrelated:
Supply Risks. Influences inbound supply, suggesting that a supply chain can't satisfy the need concerning amount and nature of parts and completed merchandise. The result is marked as a supply disruption.
Demand Risks. Influences components of the outbound supply chain where the degree or the change of the demand is unforeseen. This is named as demand disruption.
Operational Risks. Influence components inside a supply chain, debilitating its capacity to supply administrations, parts, or completed products inside the standard necessities of time, cost, and quality. Transportation disruptions are perhaps of the most striking operational gamble.
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which of the following statements is true? question 3 options: variances are the differences between total actual costs and total standard costs. when actual costs exceed standard costs, the variance is favorable. an unfavorable variance results when actual costs are decreasing but standards are not changed. all of the above are true
Variances are the differences between total actual costs and total standard costs.
In chance principle and records, variance is the expectancy of the squared deviation of a random variable from its populace imply or sample suggest. Variance is a degree of dispersion, meaning it is a measure of the way far a hard and fast of numbers is spread out from their average value. Variance has a primary role in facts, in which some ideas that use it include descriptive information, statistical inference, speculation testing, goodness of in shape, and Monte Carlo sampling.
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If1-800-Flowers sends email coupons to customers for items they have purchased previously and mails pretty pictures of flower bouquets to addresses that have received orders in the past, the firm is participating in
Multiple Choice sales promotions
personal selling
advertising
public relation direct marketing
The fact that 1-800-Flowers sends email coupons based on what they have purchased before, and pretty pictures of flower bouquets , this is direct marketing .
What is direct marketing ?Direct marketing refers to a type of marketing where a company interacts with the customers directly . They talk to the customers directly, or send things that are individually customized to just that customer .
1-800-Flowers sent coupons to customers based on things they had purchased before. It also sent flowers to them. These are customized so this must be direct marketing.
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liliana de la cruz puts $30,000 into a load mutual fund. she knows that her up-front sales charge is 2.5 percent. how much of her money actually goes to buy shares in the mutual fund? multiple choice $30,750 $29,250 $7.50 $750 $30,000
If liliana de la cruz puts $30,000 into a load mutual fund. she knows that her up-front sales charge is 2.5 percent. The amount of her money that actually goes to buy shares in the mutual fund is: B. $29,250
What is mutual fund?A mutual fund can be defined as the way in which companies tend to help investors invest their money into stocks, bonds among others.
Now let determine the mutual fund suing this formula
Mutual fund = Loan mutual fund -(Load mutual fund × Up-front sales charge)
Let plug in the formula
Mutual fund = $30,000 - ($30,000 × 2%)
Mutual fund = $30,000 - $750
Mutual fund = $29,250
Therefore the correct option is B.
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comparing marginal revenue to marginal cost (i) reveals the contribution of the last unit of production to total profit. (ii) is helpful in making profit-maximizing production decisions. (iii) tells a firm whether its fixed costs are too high. question 29 options: a) (i) only b) (i) and (ii) only c) (ii) and (iii) only d) (i) and (iii) only
Comparing marginal revenue to marginal cost reveals the contribution of the last unit of production to total profit is helpful in making profit-maximizing production decisions
The marginal cost of production and marginal revenue are economic measures used to determine the amount of output and the price per unit of a product that will maximize profits. Understanding a few common production jargon is crucial for optimizing marginal cost and income. Every company that incurs production expenditures might categorize them into two main groups:
Fixed costs: These are necessary expenditures that remain largely constant throughout time, notwithstanding your company's growth in output. Costs that fluctuate from month to month or from day to day are known as variable costs. Instead, depending on output levels, they can change dramatically.
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wilson farms' stock has a beta of .73 and an expected return of 9.0%. the risk-free rate is 1.9% and the market risk premium is 7.3%. this stock is because the capm return for the stock is %. group of answer choices undervalued; 7.53 overvalued; 7.23 undervalued; 7.23 undervalued; 7.46 overvalued; 7.53
This stock is undervalued because the CAPM return for the stock is 7.23% that is option B is correct.
The value of the stock can be calculated using the CAPM model which stands for Capital Asset Pricing model. The formula for calculating the CAPM expected return will be given as
R = Rₓ + (Rₐ - Rₓ)β
where Rₓ is the risk free rate, (Rₐ - Rₓ) is the market risk premium, β is the beta of investment and R is the CAPM expected return. Now, if we put the values then
R = 1.9% + 7.3% × 0.73
R = 1.9% + 5.33
R = 7.23%
Now, expected return is 9% and the CAPM expected return is 7.23% so this stock is undervalued.
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Complete Question:
wilson farms' stock has a beta of .73 and an expected return of 9.0%. the risk-free rate is 1.9% and the market risk premium is 7.3%. this stock is ________because the capm return for the stock is _____%. group of answer choices; 7.53 overvalued; 7.23 undervalued; 7.23overvalued; 7.53 undervalued
coordinate the activities of the entire organization by integrating the plans of its various parts provide each department with the same amount of money to spend, so that all departments are treated fairly encourage managers to think about and plan for the future define goals and objectives that can serve as benchmarks for evaluating subsequent performance and the budgeting process can uncover potential bottlenecks before they occur
By fusing the plans of the organization's many divisions, budgets coordinate all of its activities. Budgets specify aims and targets that might act as standards for assessing future performance.
What is a Budgeting Process?The processes an organisation takes to create and carry out a budget for a particular time period are known as the budgeting process. For instance, based on anticipated sales, a sporting goods company may go through the budgeting process steps to decide how much they want to budget to create footballs for the upcoming year. The budgeting method can be used by a financial firm to pay for anticipated operational and non-operating expenses for the upcoming quarter.
Companies frequently examine previous budgets to see how well they performed in order to acquire a more accurate budgeting picture. Senior managers and executives who are involved in budgeting also allocate exact dollar amounts to be spent on various expenses. The last stage in putting a business plan into reality is creating a company budget.
What is evaluation in budgeting process?Using workflows to automate budgeting process processes makes it simpler for firms to set up reporting. Additionally, by reducing the amount of manual data entry, it becomes simpler to gather and record information on expenditures from the approved budget.
To extract more data, businesses might combine an ERP system with a workflow automation platform. As a result, data remains compliant when an audit is necessary. Instead of utilising various systems, the finance department may rely on a consolidated data repository to compile thorough reports.
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an equipment bought four years ago for $4 comma 760 has a current market value of $2 comma 380 . if kept for one more year, it will cost $1 comma 700 in operation and maintenance costs and will have a market value of $1 comma 950 at the end of the year. in conducting a replacement analysis for the equipment, which of those cash flows can be considered a sunk cost?
Equipment offered 4 years ago for $4 comma 760 has a present-day market value of $2 comma 380 2310 as the current market value of $2 comma380.
Equipment is a tangible lengthy-time period asset that advantages a business over several years of use. Computer systems, trucks, and manufacturing equipment are all examples of gadgets. they are tangible due to the fact they have got a bodily shape unlike intangible belongings (consisting of patents, logos, or copyrights) that do not. opportunity cost of the gadget may be the value that we will get for the system if we promote it now (the present-day marketplace charge).
The new equipment enabled us to complete the work in an hour. We didn't have the proper equipment to do the activity. buying a new device is not going to remedy your troubles. I want to shop for some family equipment.
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classify the following journal entry: accountdebitcredit unearned revenue985 fees earned985 a.closing entry b.transaction entry c.adjusting entry d.none of these choices
The journal entry to debit Unearned Revenue a/c and credit the Fees Earned account by $985 is classified as adjusting entry.
What the unearned revenue entry indicates?An unearned revenue adjustment entry represents a change in the amount of unearned income previously declared. Unearned income is any sum paid in advance by a client to a business. This payment may be for future services or items to be delivered.
Unearned income is money received by a person or business for a service or product that has yet to be produced or delivered. It is reported as a liability on a company's balance sheet, since it indicates a debt owing to the consumer.
Therefore, option C is correct.
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Which of the following statements is false regarding multiple acquisitions of a subsidiary's existing common stock?
A) The parent recognizes a larger percent of subsidiary income.
B) A step acquisition resulting in control may result in a parent recognizing a gain on revaluation.
C) The book value of the subsidiary will increase.
D) The parent's percent ownership in subsidiary will increase.
E) Noncontrolling interest in subsidiary's net income will decrease.
Acquisitions do not increase a company's book value. Only the company's operations have an impact on book value. Mergers and acquisitions have an impact on fair value. Hence option c) is false.
The accounting value of the company's assets less all claims senior to common equity (such as the company's liabilities) is known as book value.
The term "book value" comes from the accounting practice of recording asset value in the books at the original historical cost.
After multiple acquisitions, they own a large portion of the common stock and thus receive a significant portion of the subsidiary's income. Hence option a) is true.
The fair value of a subsidiary's shares usually falls after one acquisition. The parent can purchase the remaining shares at a lower price, resulting in a revaluation gain. Hence option b) is true.
Multiple acquisitions result in the acquisition of more shares, increasing the percentage of ownership. Hence option d) is true.
Because the parent owns the majority of the shares, they have even fewer stakes in the subsidiary, and income is distributed in proportion to the stock held. Hence option e) is true.
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An indulgence was a cancellation of the worldly punishment due to a sin for which a priest has offered forgiveness. The selling of indulgences was a major cause of the.
Indulgences were designed to provide a reprieve from the temporal punishment for sin, comparable to what may be obtained by engaging in a canonical penance for a set amount of time.
Is indulgence the atonement for sin?Indulgences were a unique aspect of the penitential systems of both the Roman Catholic and Western medieval churches, allowing for full or partial forgiveness of the penalty for sin.
By indulgence, what did Luther mean?Luther objected to the idea that people may purchase indulgences, which would lessen their penalty after death. Catholicism claims that before entering paradise, people must undergo purification in the Purgatory fire.
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with regard to environmental strategies, which is a holistic approach that represents a fundamental shift in the way a firm markets its products?
Sustainable marketing is a holistic approach that represents a fundamental shift in the way a firm markets its products.
What is Sustainable marketing?Sustainable marketing is the process of producing, disseminating, and providing value to customers while preserving or enhancing both natural (resources provided by nature) and human resources provided by people, capital.
For instance, a corporation might promote a product as being manufactured from recycled materials if clients appreciate its eco-friendliness.
A corporation may promote a product as being simple to use and time-saving if clients value the potential of the product to save them time.
Sustainable marketing is effective because it upholds the fundamental principles that your company and its stakeholders genuinely cherish, such as social justice, resource security, environmental wellness, and human health.
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in preparation for an upcoming ad campaign, you need to connect campaign manager 360 and analytics 360. where should you look to enable that integration?
For preparing an upcoming advertisement, one must connect the campaign manager 360 and analytics 360 by looking for it at the integration center. Therefore, the option B holds true.
A campaign manager can be referred to or considered as the person who is responsible for preparation and execution of plans for their marketing campaigns. A campaign manager must ensure that the campaign is able to give the intended message to the public through the advertisement or placement of the product within the structure of the market.
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Complete question
in preparation for an upcoming ad campaign, you need to connect campaign manager 360 and analytics 360. where should you look to enable that integration?
In the Floodlight Configuration Center
In the Integration Center
Account Settings
Admin Account
comey products has decided to acquire some new equipment having a $210,000 purchase price. the equipment will last 4 years and is in the macrs 3-year class. (the depreciation rates for year 1 through year 4 are equal to 0.3333, 0.4445, 0.1481, and 0.0741.) the firm can borrow at a 10% rate and pays a 25% federal-plus-state tax rate. comey is considering leasing the property but wishes to know the cost of borrowing that it should use when comparing purchasing to leasing and has hired you to answer this question. what is the correct answer to comey’s question? (hint: use the shortcut method to find the after-tax cost of the loan payments.) do not round intermediate calculations. round your answer to the nearest dollar.
The total amount of interest paid on the principal loan during the best period is typically used to calculate a company's cost of debt.The cost of debt is calculated by dividing that number by the total amount of debt and interest paid.
Debt costs after taxes are based on expenses incurred from interest earnings. We get it by dividing 1 by the effective tax rate first
What is the debt's carrying cost?The term "cost of carry" refers to expenses connected with an investment's carrying value. Financial costs like bond interest costs, margin account interest costs, investment loan interest, and any storage costs associated with holding a physical asset are examples of these costs.
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the statement of stockholders' equity reports multiple choice question. the revenues and expenses for the period. assets, liabilities, and owners' equity for the period. the changes to assets over the period. the changes in each equity account balance over time.
The statement of stockholders' equity reports the changes in each equity account balance over time. Hence, option (d) is the relevant option.
What is Stockholder equity?Shareholder equity, also known as shareholders' equity or owners' equity, is the amount of assets left over for shareholders to utilise after all liabilities have been settled. It can be calculated by adding a company's share capital and retained earnings and subtracting its treasury shares, or it can be calculated by subtraction of a company's total assets from its total liabilities. Shareholders' equity may consist of common stock, paid-in capital, retained earnings, and treasury stock, among other things. Conceptually, a company's stockholders' equity can be used to determine how much cash it has on hand. If this number is negative, a company might be in danger of going out of business, especially if there is a sizable debt obligation.
There are two main sources of shareholders' equity, which is also known as the company's book value. The money that was initially and subsequently invested in the business through share offerings is the first source. The company's retained profits, which are accumulated over time as a result of its operations, make up the second source. Retained earnings typically make up the greatest portion, especially when dealing with businesses that have been around for a while.
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sunk costs influence capital budgeting decisions only when the sunk costs exceed future cash inflows. t/f
Sunk costs influence capital budgeting decisions only when the sunk costs exceed future cash inflows. TRUE
Capital budgeting is the procedure a enterprise undertakes to assess ability foremost initiatives or investments. production of a brand new plant or a massive investment in an out of doors challenge are examples of initiatives that would require capital budgeting earlier than they're authorised or rejected.
Capital budgeting makes choices approximately the long-term funding of a company's capital into operations. making plans the eventual returns on investments in equipment, real estate and new generation are all examples of capital budgeting.
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The process of monitoring, comparing, and correcting work performance is the management function known as ________.
The process of monitoring, comparing, and correcting work performance is the management function known as Controlling.
One of the main mission-driven responsibilities of management in an organization is control. To make sure that activities are carried out in accordance with the plans and to take corrective action if necessary, it is a process of comparing the actual performance with the company's established standards.
Every manager is required to keep an eye on and assess the performance of his staff. It assists the manager in taking the necessary corrective action within the allotted time frame to prevent a contingency or corporate loss.
At the lower, middle, and upper levels of management, controlling is carried out.
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what is an example of perceived obsolescence? a. needing to take your car to an auto repair shop b. selling a poorly made gadget that cannot be fixed c. staying up to date on fashion trends d. fixing a toaster when it's broken
Selling a poorly made gadget that cannot be fixed is an example of perceived obsolescence.
What is Perceived Obsolescence?
When someone is convinced to replace something before it has completely lost its utility, this is called perceived obsolescence. It may be as easy as the outdated object going out of style or losing its appeal.
Even when it is not, the outdated item is viewed as being so.
Usually, the item's appearance rather than its functionality contributes to its apparent obsolescence.
Industries like fashion and technology are rife with perceived obsolescence.
The goal of marketing is to persuade you to view their items as status symbols.
As a result, you are constantly forced to upgrade to the newest style or model much earlier than is necessary in order to keep up appearances.
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Dolores used to work as a high school teacher for $40,000 per year but quit in order to start her own catering business. To invest in her factory, she withdrew $20,000 fromher savings, which paid 5 percent interest, and borrowed $30,000 from her uncle, whom she pays 4 percent interest per year. Last year she paid $25,000 for ingredients and had revenue of $60,000. She asked Louis the accountant and Greg the economist to calculate her profit for her.
Explicit cost- ?
Implicit cost-?
Accounting profit-?
Economic profit-?
After investment and borrowings Louis says her costs are $25,900, and Greg says her costs are $66,500.
A credit cycle outlines the stages of a borrower's access to credit. Initially, credit cycles have periods when borrowing money is very simple. These times are marked by lower interest rates, less lending criteria, and a growth in the amount of credit available, all of which encourage an overall expansion of economic activity.
Increase your potential returns by taking out a loan to buy investments. We refer to this as using leverage. You can profit as long as your investment grows faster than the cost of your borrowing. However, taking on debt entails higher risk than making a direct cash investment.
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What is the total interest on a 10-year 6. 1% loan with a principal of $32,000? (round monthly payment calculations to 2 decimal places. ).
For instance, the interest on a $30,000, three year credit at 6% is $2,856.The same loan—$30,000 at 6% interest rate—would cost $5,797 in interest over 72 months to repay.
How is the 6% loan interest calculated?
Divide 0.06 by 12 to get 0.005, which you would get if you made monthly payments and had an interest rate of 6%. To determine the amount of interest you will pay in that month, multiply that number by the balance on your remaining loan.The initial interest payment for a loan of $5,000 would be $25.
How do you determine my total interest payment?
To determine the total amount of interest you will pay over the course of your loan, simply divide the principal amount by the interest rate and the lending term in years.The interest on short-term personal loans is typically low.
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the fed is the lender of last resort to consumers who are in credit card trouble as well as financial institutions who can not meet their reserve requirement.
A moneylender after all other options have run out is whoever you go to when you direly need assets and you've depleted all your different choices.When they are unable to obtain the funding they require for their day-to-day operations, banks typically turn to their lender of last resort.
Is the Federal Reserve an emergency lender?
The Federal Reserve is the lender of last resort in the United States for businesses with no other options for borrowing money and whose inability to obtain credit would have a significant impact on the economy.
What precisely is a lender of last resort?
A lender of last resort is a business that provides banks with the final source of credit when they are in a panic.is a group that tries to prevent a bank failure from turning into a bank panic by making sure that financially sound institutions can meet the withdrawal demands of their depositors.
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true or false: asset retirement obligations (aros) arise only from legal obligations associated with the retirement of a long-
Asset retirement obligations (aros) arise only from legal obligations associated with the retirement of a long. its true.
Contractual requirements for the ultimate removal of machinery or the cleanup of hazardous materials from a leased premises when tangible, long-lived assets are retired are known as asset retirement obligations (AROs). Asset Retirement Obligations (ARO) are typically connected to industries including waste management, mining, nuclear energy, and oil and gas. Examples related to the oil and gas industry include dismantling underground storage tanks and blocking and abandoning oil wells. If it is reasonably practicable to estimate the extent of the liability, asset retirement obligations are first recognized at fair value in the period in which they are incurred.
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