as a manager for a company that is looking to expand to china, what should your company focus on? check all that apply.

Answers

Answer 1

establishing connections with vendors and business partners promoting goods to China's upper class and elite production procedures ensuring that agreements.

are in writing before any commercial collaborations start Explanation: Building relationships is crucial to doing business in China. Chinese businesspeople frequently start their operations before any contracts are signed. The connection is the contract in Chinese culture. China also has a strong industrial sector. Some Chinese brands are overtaking international competitors thanks to their very effective manufacturing techniques. The middle class is fastest expanding in China. Products designed for this demographic will work well.

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Related Questions

after you’ve talked to a referral about your job search, what should you do? check all that apply. cut off communication.

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After we've talked to a referral approximately our job search, ask whether we can live in touch throughout our Communication. Ship our referral a casual thank-you notice, Ask whether we are able to stay in contact at some stage in our process seek.

Name, address, phone variety, what corporation they may be with, process identify, and 2 or three people that virtually such or give us good tips. communique is the act of giving, receiving, and sharing information in different phrases, talking or writing, and listening or analyzing. Appropriate communicators pay attention cautiously, communicate or write surely, and admire different reviews.

Communication is commonly described because of the transmission of information. The term also can refer just to the message communicated or to the field of inquiry reading such transmissions. there are many disagreements approximately its precise definition.

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question is defined as the degree to which the abilities, knowledge, skills, and other characteristics of a person match the job demands.

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The degree to which a person's skill, knowledge, skills, and other traits match the job expectations matches job demand is referred to as person-job fit.

What exactly is job demand theory?

Job demands, as well as job and personal resources, activate separate processes, according to JD-R theory (Demeroutietal., 2001). Job demands can wreak havoc on one's health: having high job demands, such as an enormous workload, leads to chronic overtaxing and, eventually, burnout. A basic tenet of JD-R theory is that, regardless of whether people work in academics, manufacturing, transportation, or finance, their job characteristics can be divided into two categories: job demands and job resources. Occupational demands are job features that necessitate persistent effort and so incur physiological and psychological costs.

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What are two current rising or resurgent powers that the video mentions that may be planning on changing the established international system?.

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China and Russia are two current rising or resurgent powers that the video mentions that may be planning on changing the established international system.

Is China a comfortable place to live?

Over the past 40 years, China has rescued more people from poverty (800 million and counting) than any other country in history. China has a greater quality of living than the majority of other countries, including the West. In China, everyone has a beautiful life that keeps becoming better.

Is China a socialist or communist country?

The socialist market economy (SME) is the economic system and model for economic growth used by the People's Republic of China. The system is a market economy, with a predominance of public ownership and state-owned enterprises.

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what term describes the legal procedure of removing a tenant from a property because there is a breach of the lease or rental agreement?

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Eviction describes the legal procedure of removing a tenant from a property because there is a breach of the lease or rental agreement.

One who pays rent for the residence they occupy, as well as for any land or structures they utilize, is referred to as a renter. Clear requirements for the tenant's benefit were put on the landlord by regulations. Tenant farmers were commonly entrusted with the care of landowners' estates.

Paying rent is the tenant's first and most important responsibility. The need to pay rent used to be regarded as an independent responsibility, which meant that it didn't matter whether the landlord had broken any covenants or not; the renter still had to do so.

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5. assume that humongous bank is part of a multibank system. how much will money supply increase with that original $19 million loan?

Answers

Elasticity is an economic concept used to measure changes in the aggregate demand for goods or services with respect to price changes for the goods or services. A product is said to be elastic if the quantity demanded of the product changes disproportionately as the price of the product rises or falls.

Gasoline is one such type of product the market has found that consumers are buying the same amount even though the price is rising. Conversely, if the price of gasoline falls, consumers will buy the same amount.

Durable goods are an example of a product with elastic demand. These are items that are rarely bought, such as washing machines and cars, and can be moved if prices increase. For example, car discounts have been very successful in increasing car sales through lower prices.

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holly, incorporated has a building that originally cost $445,000. holly expects to be able to sell the facility for $107,000 at the end of its useful life. the balance of the related accumulated depreciation account is $204,000. the depreciable cost of the facility is:

Answers

Consequently, $338,000 is the facility's depreciable cost. The cost of an asset that can be depreciated over time is its depreciable cost.

What is accumulated depreciation?

A reduction in an asset's book value due to recognized life-to-date depreciation is referred to as accumulated depreciation. Alternatively, accelerated depreciation is a type of depreciation in which a greater amount of depreciation is recognized earlier in an asset's life. The amount of depreciation that has been taken into account as an expense on the income statement since the company acquired the asset until the balance sheet's date is represented on the balance sheet by the word "accumulated depreciation". The gross amount of the fixed asset is decreased by the accumulated depreciation, which is recorded in a counter asset account, which has a credit balance. Since it is not an asset or liability, it is not documented.

What kind of asset is accumulated depreciation?

Accumulated depreciation is the total amount of depreciation costs associated with a specific asset since the asset first came into use. It is a contra-asset account, meaning it has a negative balance that cancels out the balance in the asset account it usually goes with.

Briefing:

Depreciable Cost = Cost - Residual Value

Depreciable Cost = $445,000 - $107,000

Depreciable Cost = $338,000

Consequently, the facility's depreciable cost is $338,000. An asset's depreciable cost is its purchase price when it can be depreciated over time.

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what is the total stockholders' equity based on the following account balances? line item description amount common stock $375,000 paid-in capital in excess of par 90,000 retained earnings 190,000 treasury stock 15,000 a.$640,000

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$640,000 is the total stockholders' equity based on the following account balances.

stockholders

A stockholder is a corporation shareholder or a person who owns at least one share of an organization's capital stock. Stockholders are the majority of the company's owners, and they often obtain the company's success in the form of increasing stock worth. Stockholders have classified into two types: Equity shareholders are the company's true owners and members, with voting rights and control over its operations. After paying the preferred stockholder, dividend payments are made to equity shareholders.

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of the three financial ratios discussed in this chapter, which do you think is the most important financial ratio? why?

Answers

Return on equity, Because it serves as a gauge of a company's success in generating profits for its stockholders.

What is meant by financial ratio?

A financial ratio, also known as an accounting ratio, is the difference in magnitude between two specific numbers obtained from the financial accounts of an organization. There are numerous standard ratios that are frequently used in accounting to assess the overall financial health of a firm or other entity.

What does return on equity mean?

The company's ability to generate returns on the investments it has received from its shareholders is measured by its return on equity. Description: Return on Equity is calculated mathematically as Net Income or Profits/Equity. Shareholder's The difference between a company's assets and liabilities is effectively the denominator.

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perpetualcold refrigeration company (prc) can borrow funds at an interest rate of 9.70% for a period of eight years. its marginal federal-plus-state tax rate is 25%. prc’s after-tax cost of debt is

Answers

The after tax cost of debt of perpetual cold refrigeration company will be 7.275% or 7.28 %.

What is after tax cost of debt?

Before understanding the after tax cost of debt one must know about the cost of debt. Cost of debt is an interest cost or expected amount of return on debt instrument that an investor will earn after sacrificing the debt fund for predefined period of time.

The after tax cost of debt is referred to a rate of interest computed after eliminating the effect of corporate tax on debt return.

Formula for Post tax cost of Debt (kd) = Debt Interest  × (1 - t) where is t is a tax rate. 9.70% (1-0.25) = 7.28%

Therefore the marginal federal-plus-state tax rate is 25% then post tax Kd will after removing the tax benefit on trading in equity to know the weighted average cost of capital.

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The cash flow statement should be evaluated by examining the cash flow pattern ______.

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By taking a look at the flow pattern of a subtotals for the 3 parts of the statement, the cash-flow statement should be assessed.

What kind of cash flow is this, exactly?

Spending that occurs in the normal course of business is included in cash flow from operations. Payroll, cost of products sold, rent, and utility costs are a few examples of cash outflows. Cash outflows can differ greatly.

Is cash flow merely income?

Revenue is the revenue that a company receives from the sale of its products and services. The net sum of money coming into and going out of a business is called cash flow. The success of a company's marketing and advertising can be measured by its revenue, whereas a company's cash flow serves as a liquidity indicator.

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what is the net present value of an investment with the following cash flows if the required rate of return is 9%? year cash flow 0 -$17,000 1 $ 7,000 2 $ 3,000 3 $13,000

Answers

The net present value of the investment will be $33,013.5

Given,

rate of interest  (r)= 9% or 0.09

n = 4

cash flows  are given as :

year 0 = $17000

year 1 = $7000

year 2 = $ 3000

year 4= $ 13000

Taking values from the NPV table for 4 years at 9%, we get them as 0.9174, 0.8417,0.7722,0.7084

Substituting the above values we get:

NPV  =  cash flow * PVF (9%, 4 years)

NPV = 17000*0.9174 + 7000*0.8417 +3000*0.7722+13000*0.7084

NPV = 15,595.8 + 5891.9 + 2316.6 + 9209.2

NPV = 33,013.5

So, the net present value of the investment will be $33,013.5

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what is the marginal private benefit of the 200th unit consumed? (do not include the dollar sign $ in your answer)

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The marginal private benefit of the 200th unit consumed is 4.

The details share in the above question are as follow,

It is given that,

The unit consumed is 200 unit.

We have to find the marginal private benefit.

The marginal private benefit is added value that the entity consuming or producing the product receives from the consumption or production of one more unit.

By seeing the diagram we see that,

At quantity 200, MB is eight on the demand curve and MC is four on the supply curve.

MC is marginal cost.

The marginal cost is 4.

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Note the figure missing in the question is,

if merchandise inventory is being valued at cost and the price level is steadily rising the mehtod of cositng that will yield the highest net income is

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if merchandise inventory is being valued at cost and the price level is steadily rising the method of costing that will yield the highest net income is FIFO.

The cost of completed products (COGS) that a retailer or wholesaler has on hand to sell to its clients during a specific accounting period is referred to as merchandise inventory. The price of the books or periodicals a bookshop has for sale would be considered part of its goods inventory. Since the company intends to sell its merchandise inventory for money, it is regarded as a "current asset".

The term "FIFO" refers to the principle that the first items saved should be retrieved first. "First in first out" simply implies that you should mark your food with the dates you stored it and arrange the older goods in front or on top so that you utilize them first.

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diversification is the process of: reducing risk by spreading resources among different investments. reducing risk by investing in cds only. reducing risk by careful study of underlying investments. reducing risk by avoiding risky investments.

Answers

Diversification is the process of reducing risk by spreading resources among different investments.

Diversification in finance is the process of allocating capital in such a way that it reduces exposure to any one asset or risk. To lower risk or volatility, diversification is frequently achieved by investing in a variety of assets.

It helps you mitigate the risk associated with such scenarios by selecting various investments and investment types. Diversification does not ensure investment returns or eliminate the risk of loss, even in a declining market.

Hence, the correct answer is the "First" option.

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Need HELP 100 POINTSScarcity is the idea of satisfying unlimited wants and needs with limited resources. Which of the following is an example?
A. The customer is always right, so his/her needs should be met.
B. More resources could be grown or built to satisfy the need.
C. Everyone needs food, but there is not enough.

Answers

Answer:

C

Explanation:

the definition of scarcity is to subsist with a scarce amount of something, or to have a very little amount of something. When there is a community of people with not enough food to go around, scarcity is the issue, and food must be allocated carefully.

C is the answer

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Sabine's company produces personal floatation devices (life jackets). The long-run average total cost of producing 100 life jackets is $4, while the long-run average cost of producing 110 life jackets is also $4. Between production levels of 100 and 110 life jackets, sabine is experiencing:

Answers

Sabine is experiencing diminishing returns.

What is diminishing returns?

The law of diminishing returns is a concept in economics that asserts, under the assumption that all other factors remain constant, that when investment in a certain sector increases, the profit rate from such an investment could no longer increase. Fixed costs, low demand, harm to workers, and decreased productivity all lead to diminished marginal returns.

Reduction alludes to a steady decrease in scope, magnitude, quantity, or intensity. diminish implies a decrease in size rather than a rise in population. decrease highlights a noticeable loss and suggests deducting it from a total. Reduce means a lowering or pulling down.

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assume that a major research study determines that consumption of apples significantly reduces the risk of cancer. each of the following statements accurately describes the short-run effect in the market for apples except

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The supply of apples will increase. (The increase in demand causes movement along the supply curve, not a shift in the supply curve.)

Shift in the supply curve: Variations in the cost of production and linked factors can cause a whole supply curve to move to the right or left. As a result, a bigger or lower amount is provided at a specific price.

Assuming no other things change, supply curves show how prices and quantity delivered are related. The ceteris paribus assumption refers to this. This also happens when other variables are not kept constant.

The link between quantity on the x plane and price on the vertical axis is known as a demand curve or a supply curve. A demand or supply curve is based on the supposition that no other essential economic variables, outside the product's price, are altering.

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some nations make manufacturers responsible for reducing e-waste. companies must recover used and discarded electronic equipment that they sell to customers. do you think this is a good idea? would you support it?

Answers

E-waste is collected in industrialized nations in order to salvage some valuable materials and securely get rid of the harmful compounds they contain, such as lead, cadmium, mercury, dioxins, and furans. E-waste is mostly gathered in poor nations in order to recover a few valuable metals.

What is e-waste?

Old electrical or electronic equipment is referred to as "electronic rubbish," or "e-waste." Used electronics that are meant to be recycled through resource recovery, rehabilitation, reuse, resale, or disposal are referred to as e-waste. Depending on their density and condition, some materials included in various electrical equipment might be harmful. In California, for instance, non-operational cathode ray transistors (CRT) from television and monitors are presently regarded as dangerous.

By making wise purchases and maintaining your equipment, you may lower your production of electronic trash. Products that can't be fixed should be recycled. As it is against the law to do so in California, computer monitors, TVs, and other electronic should NOT be thrown out with conventional trash. To locate a company that can handle managing your gadgets for recycling.

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an oligopolistic market structure is distinguished by several characteristics, one of which is difficult entry. which of the following are other characteristics of this market structure? check all that apply. market control by a few large firms neither mutual interdependence nor mutual dependence mutual interdependence market control by many small firms either similar or identical products. Which of the following are other characteristics of this market structure?
Check all that apply.
A) Market control by many small firms
B) Difficult entry
C) Mutual interdependence
D) Market control by a few large firms
E) Mutual dependence

Answers

An oligopolistic market structure is distinguished by several characteristics, one of which is a difficult entry. Market control by many small firms.

Oligopoly markets are markets dominated by way of a small range of suppliers. They can be located in all countries and across a huge variety of sectors. some oligopoly markets are aggressive, even as others are substantially much less so, or can at least appear that way.

Oligopoly is a shape of imperfect competition and is usually defined because of competition among a few. hence, an Oligopoly exists when there are top ten dealers in a market selling homogeneous or differentiated merchandise. a great instance of an Oligopoly is the cold beverages industry.

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what is the size of the payments that must be deposited at the beginning of each 6-month period in an account that pays 5.4%, compounded semiannually, so that the account will have a future value of $120,000 at the end of 16 years? (round your answer to the nearest cent.)

Answers

The size of the payments that must be deposited for the conditions of the future value given above will be $22,299.

The present value of a future annuity can be calculated using the generalized formula and set of provided information, and input of the values into the formula as shown in the computation below,

Present Value = Future Value [1/(1+r)^n]

Present Value = 120,000 [1/(1+0.054)^32]

Present Value = 120000 [1/(1.054)^32]

Present Value = $22,299

Therefore, the present value of the given information will be $22,299.

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based on the information provided in the mini-case, which of the following best describes redbox? group of answer choices a. it is either a joint venture or a franchise agreement between outer wall and mcdonald's ventures, llc. b. it is a franchise agreement between outer wall and mcdonald's ventures, llc. c. it is a nonequity strategic alliance between outer wall and mcdonald's ventures, llc. d. it is either a joint venture or an equity strategic alliance between outer wall and mcdonald's ventures, llc.

Answers

Based on the information provided in the mini-case the following best describes Redbox it is a franchise agreement between the outer wall and McDonald's ventures, LLC. Hence Oprion B.

But Redbox is returned. it's constructed its personal streaming operation. And the agency's stock is rather inexplicably one of the hottest on Wall Street, while Netflix (NFLX) has plummeted. stocks of Redbox are up more than 20% this 12 months, approximately fifty five% inside the past month, and almost 2 hundred% inside the beyond three months.

Redbox absolutely states that the discs are due via next day at 9 pm. For a person picking the disc on Friday at 11:fifty nine PM, the disc could be due on Saturday at nine PM when you consider that Saturday is the following day. For a person who waits for 2 extra mins and selects the disc on Saturday at 00:01 am.

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What is a serial advanced technology attachment (SATA) cable used for?
A. to connect storage devices to the motherboard
B. to connect RAM to the CPU
C. to connect the heat sink to the motherboard
D. to connect the HDD to the CPU

Answers

Based on computer technology and operations, the serial advanced technology attachment (SATA) cable used to connect storage devices to the motherboard

What is a serial advanced technology attachment (SATA) cable?

Serial advanced technology attachment (SATA) cable is a device often referred to as a computer bus that serves as the interface between host bus adaptors and mass storage devices.

Generally, Serial ATA host adapters and devices transmit via a single high-speed seven-wire serial cable rather than through the parallel bus used in previous technologies.

Various SATA devices are available, which can be used for transmitting data from the computer to the mass storage devices.

There are three main types of SATA cable connections for computers are:standard two-connection SATA cables, three-connection SATA cables, and eSATA cables.

Hence, in this case, it is concluded that the correct answer is to connect storage devices to the motherboard

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The returns on the common stock of New Image Products are quite cyclical. In a boom economy, the stock is expected to return 32 percent in comparison to 14 percent in a normal economy and a negative 28 percent in a recessionary period. The probability of a recession is 25 percent while the probability of a boom is 10 percent. What is the standard deviation of the returns on this stock?
19.94 percent
E(r) = (0.10 0.32) + (0.65 0.14) + (0.25 -0.28) = 0.053
Var = 0.10 (0.32 - 0.053)2 + 0.65 (0.14 - 0.053)2 + 0.25 (-0.28 - 0.053)2 = 0.039771
Std dev = 0.039771 = 19.94 percent

Answers

The error margin of profits on this stock is 19.94%. Choice A is correct as a result.

What is the fundamental meaning of economy?

A community's resource allocation is ultimately determined by a collection of interrelated processes for production and consumption collectively referred to as an economy. The creation and use of services and products in its entirety satisfy the needs of those who reside there and conduct business there.

Which are some instances of economy?

The traditional economy, which uses a country's traditions and history to direct the production and sale of goods, is a well-known illustration of an economy. The main pillars of market societies are agriculture, fisheries, & hunting.

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The complete question is-

The returns on the common stock of New Image Products are quite cyclical. In a boom economy, the stock is expected to return 32 percent in comparison to 14 percent in a normal economy and a negative 28 percent in a recessionary period. The probability of a recession is 25 percent while the probability of a boom is 10 percent. What is the standard deviation of the returns on this stock?

A. 19.94 percent

B. 21.56 percent

C. 25.83 percent

D. 32.08 percent

E. 39.77 percent

fulbright corporation uses the periodic inventory system. during its first year of operations, fulbright made the following purchases (listed in chronological order of acquisition): 40 units at $100 per unit 70 units at $80 per unit 170 units at $60 per unitsales for the year totaled 270 units, leaving 10 units on hand at the end of the year.ending inventory using the lifo method is:

Answers

Fulbright employer makes use of the periodic stock device throughout its first 12 months of operations, fulbright made the subsequent of the 12 months finishing inventory the use of the lifo method is $707.

C. $707.

[(40 x $100) + (70 x $80) + (170 x $60)] = $19,800 ÷ 280 units = $70.71 according to unit 10 gadgets x $70.seventy one = $707 (rounded)

The periodic stock machine makes use of an occasional physical rely to degree the level of stock and the price of products sold. The perpetual machine keeps track of inventory balances constantly, with updates made robotically every time a product is acquired or bought.

The primary distinction among the periodic and perpetual stock systems is the perpetual system maintains a chronic record of stock transactions, whereas the periodic system data those transactions handiest at the quit of the duration.

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which of the following are included in marketing operational crm technologies? (check all that apply)

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List generators, campaign management, cross-selling, and up-selling are all part of our marketing operations CRM technology.

Operational CRM is designed to improve your day-to-day operations and securely store data about all your customer and prospect transactions. Leading CRM capabilities enable businesses to measure, analyze, and tune customer journeys in real-time.

Customer Relationship Management (CRM) is a technology for managing relationships and interactions with all of a company's customers and potential customers.

Improve business relationships CRM systems help businesses stay connected with customers, streamline processes, and improve profitability.

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Which of the following statements are true?
select all that apply
a. In order for employees to understand the importance of the balanced scorecard, incentive compensation should immediately be tied to it.
b. It is important that balanced scorecard measures are not easily manipulated.
c. Using balanced scorecard performance measures to reward employees can result in sub-optimal results.

Answers

It's critical that balanced scorecard metrics are difficult to game. Employee rewards that are based on balanced scorecard performance metrics may not be as effective as they could be.

What does a balanced scorecard mean?

The definition of a balanced scorecard (BSC) is a management tool that gives feedback on the both internal business operations and external results in order to continuously enhance strategy performance and outcomes.

With an example, what is a balanced scorecard?

As a result, the following can be used to establish a balanced scorecard description: A method for tracking the company's strategic decisions based on previously established indicators, with a minimum of four different considerations—financial, customer, internal operations, and learning and growth—in the instrument.

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1. Working from the table above, if Patricia wants to expand output from 450 web pages per month to 525 web pages per month her average cost per web page will go from ______________ to ______________.
Product
100
220
350
450
525
550
570
area
$5,000
$5,000
$5,000
$5,000
$5,000
$5,000
$5,000
$5,000
acre
Need
Ceca EL)
$3,000
$ 6,000
$ 9,000
$ 12,000
$ 15,000
$ 18,000
$21,000
Total
$5,000
$ 8,000
$ 11,000
$ 14,000
$ 17,000
$ 20,000
$ 23,000
$ 26,000
Marginal
Cost
$30
$25
$23
$30
$40
$120
$150

Answers

If Patricia wants to expand output then her average cost web page will go from 37.77 to 38.09.

Using average cost formula,

Average cost = [tex]\frac{Total Cost}{Number of units}[/tex]

In case 1,

= [tex]\frac{17000}{450}[/tex]

= 37.77

In case 2,

then the average cost will be,

= [tex]\frac{20000}{525}[/tex]

= 38.09

In economics, the average cost, also known as unit cost, is calculated by dividing the entire cost by the quantity of an item or service delivered. How much businesses charge for their products is significantly influenced by the average cost. The total cost of an enterprise consists of both fixed and variable costs. The average cost is a measure that companies can use to gauge their profitability. The average cost illustrates the relationship between a unit's selling price, manufacturing expenses, and sales costs. The average cost illustrates the relationship between a unit's selling price, manufacturing expenses, and sales costs. By considering average expenses, businesses can more accurately evaluate their short- and long-term profitability.

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A hiking boot’s profits are declining because new competition has entered the market, but its cost has also declined due to increased volume of production. What stage of the product development life cycle is the hiking boot in?.

Answers

A hiking boot’s profits are declining because new competition has entered the market, but its cost has also declined due to increased volume of production. Maturity stage of the product development life cycle is the hiking boot in.

What exactly does "maturity stage" mean?

Sales start to level off from the phase of rapid expansion when they reach the mature stage. In order to remain competitive in the face of the escalating competition, businesses now start to lower their pricing.

What happens at maturity?

The amount of time until a bond's owner receives interest payments is known as the bond's term to maturity. The face value, or par value, of the bond is paid to the owner when it matures. If the bond has a put or call option, the term till maturity may change.

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question content areamanagers of what type of decentralized units have authority and responsibility for revenues, costs, and assets invested in the unit? a.production center b.cost center c.profit center d.investment center

Answers

Investment center is the type of decentralized units have authority and responsibility for revenues, costs, and assets invested in the unit.

An investment center differs from a cost or profit center in that the latter is measured against the amount of capital used, whereas the former is measured against the amount of raw costs or profits.

A profit center is a division that is in charge of both costs and revenues. An investment center is a division in charge of costs, revenues, and asset investment. The performance measures used to evaluate managers differ depending on the type of responsibility center in question.

Hence, the correct answer "D".

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a call option with a stike price of 100 is priced at 20 what is tis intrinscic value if the underlying stock is trading at 150

Answers

A call option with a strike price of 100 is priced at 20. The intrinsic value if the underlying stock is trading at 150 will be 50 as current trading price - strike price.

Stock in the financial industry refers to all of the shares used to divide ownership of a corporation or business. Based on the total number of shares, each share of stock represents a small portion of the company's ownership. This typically entitles the shareholder to that proportion of the company's earnings, the proceeds from the sale of the company's assets, or voting power.

Not all classes of stock are created equal; some may have enhanced voting privileges, no voting limitations, or a particular priority to receive profits or liquidation proceeds ahead of or behind other classes of shareholders.

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