Clothing, food, and health care are examples.The sum of expenditures for structures, inventories, and capital equipment is called investment I.Machinery, unsold goods, and housing are examples.
The total amount spent on goods and services by all government agencies is referred to as "government spending," or G.
What are five examples of commercial endeavors?
Five distinct examples of economic activities can be broadly categorized.The production, supply, purchase, and consumption of goods and services are all examples of these activities.
What are the three categories of economic endeavors?
There are three further categories of economic activities:namely, business, profession, and employment. For instance, a person running a garment business, a doctor working in his clinic, and a teacher working in a school are all engaged in an economic because they are all doing so for a living.
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although having more applicants to choose from is a good thing, can there be such a thing as too many applicants? for example, how might a company like process 2 million applicants per year, short of interviewing all candidates?
When there are too many applicants, the organization might end up spending significant time, resources, and money on an application process that might or might not be successful. The future candidates will be able to determine whether or not they are a better fit for this profession by themselves if the occupation prerequisite is made more general and abstract.
Shortlisting candidates who don't meet these specific employment requirements in the outset will aid the company in selecting the top job candidates and cut down on interview time. Utilizing techniques like resume parsing or continuous screening might assist in excluding applications that don't meet the ideal requirements. To conserve company resources and fill vacancies within the allotted time, businesses that receive an excessive number of applications can also think about cutting their hiring periods.
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Which of the following is a consequence of economies of scale according to the economic order quantity model?
A. If a product is not popular, its total economic order quantity costs are a small portion of the purchase cost.
B. If the demand rate for a product is high, its total economic order quantity costs are a large portion of the purchase cost.
C. More product variety always results in higher profit.
D. More product variety does not always result in higher profit.
Profit increases do not always follow from a wider range of products.
What Does an Economic Order Quantity Mean?
The optimal number of units a business should buy to meet demand while reducing inventory costs like holding costs, shortage costs, and order costs is known as the economic order quantity. This production-scheduling model was developed in 1913 by Ford W. Harris and has since been enhanced. Demand, ordering, and holding costs are all taken into account in the economic order quantity formula as constants. Finding the ideal quantity of product units to order is the aim of the economic order quantity formula. If accomplished, a business can reduce the cost of purchasing, delivering, and storing units.
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according to the etextbook, a company that believes in social responsibility values three things, sustainability, commitment to the community, and:
A company that believes in social responsibility value three things , sustainability, commitment to community and legal and ethical behavior.
Whenever a company is set up, there is a form of social responsibility of the company towards the people and it is known as Corporate Social responsibility. This social responsibility has three main things. The products that are manufactured by the company should be sustainable for both mankind and nature and it should not cause harm to any of them. They have a certain commitment towards the community that they will work by respecting the people working in their company and also the people living around the company. At last they should not do any illegal things and also abide ethical standards within their company.
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Company A has established itself in a global market. Company B entered the market with a lower cost structure due to efficient manufacturing and lower priced products and has taken the global market share from Company A. This is an example of a negative aspect of pursuing an international strategyTrue or False
It is true that this is an example of a negative aspect of pursuing an international strategy.
Using an international strategy entails concentrating on selling goods and services on worldwide markets, or vice versa, importing resources and supplies for use domestically from other nations.
Companies that use this method frequently have their headquarters only in their home country, which frees them from having to make investments in personnel and infrastructure elsewhere. These tactics are frequently used by tiny local industries who export vital resources to larger businesses in nearby nations.
This business model, though, is not without its share of difficulties, including the legal establishment of regional sales and administrative offices in important global cities, the management of global logistics involving the import, export, and production of goods, and the maintenance of compliance with international trade and manufacturing laws.
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a portfolio consists of $17,400 in stock m and $28,900 invested in stock n. the expected return on these stocks is 9.90 percent and 13.60 percent, respectively. what is the expected return on the portfolio?
The average expected portfolio return consists of $17,400 in stock m and $28,900 invested in stock n will be 12.21%.
What is expected portfolio return?Under investment portfolio theory, the average expected rate of return is an average income earned by an investor who made investment in more than one security in a diversified market with an objective to maximize his wealth.
The average expected return on portfolio is calculated by the following formula:
E (p) = { Investment in Security m × Rate of return (Em) + Investment in Security n × Rate of return (En) } ÷ Total value of portfolio investment
E(p) = {($17400 × 9.90%) + ($28900 × 13.60%)} ÷ ($17400 + $28900)
E(p) = ($1722.60 + $3930.40) ÷ ($46300)
E (p) = $5653 ÷ $46300
E(p) = 12.21% or 0.12209 approx.
Thus the average rate of return expected from this portfolio will be 12.21%
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a random sample of 40 ucf students has a mean electricity bill of $112. assume the population standard deviation is $19.20. construct a 90% confidence interval for the mean electricity bill of all ucf students. round final answer to two decimal places.
The answer of the given question is 90% CI for mean electricity bill is $107.02 < mean <$116.98
A z-score table displays the percentage of values (often expressed as a decimal number) on a normal distribution to the left of a specific z-score. Start by reading off the area in the common normal distribution table to locate the region to the right of a positive z-score.
We deduct the area from the table from 1 since the overall area under the bell curve is 1 (a decimal value that is 100% identical).
Use the same table but ignore the negative sign if your z-score is negative, and then deduct the area from the table from one.
Simply use the same table to locate the region above your z-score if you have a negative z-score and ignore the negative sign. like 90% CI for mean electricity bill is $107.02 < mean <$116.98
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emergency repairs or additional supervisors for an unanticipated second shift will fixed overhead spending variance. multiple choice question. likely lead to a favorable not affect the likely lead to an unfavorable
Emergency repairs or additional supervisors for an unanticipated second shift will likely lead to an unfavorable fixed overhead spending variance.
Accounting fees, advertising, insurance, interest, legal fees, labor burden, rent, repairs, supplies, taxes, phone bills, travel expenses, and utilities are examples of overhead expenses. Administrative overheads and manufacturing overheads are the two main types of business overheads.
Overhead costs, also known as overhead or operating expenses, are expenses associated with running a business that is not directly related to the creation or production of a product or service. They are the expenses incurred by the company to remain in business, regardless of its level of success.
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payments made to an insurance company in return for a policy of insurance are called .
The money paid by an individual or company for an insurance policy is known as the insurance premium. Insurance premiums are paid for life, vehicle, home, and health insurance coverage.
How Insurance Premiums are Calculated?Your insurance company will charge you a premium once you enroll in a policy. You pay this sum in order to purchase the policy. There are various ways for policyholders to pay their insurance premiums.
How are Premiums determined?After the policy's initial term expires, insurance premiums could rise. If the risk of giving a specific type of insurance increases or if the price of providing coverage rises, the insurer may raise the premium for claims made during the prior period.
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potter and stan, a multinational corporation, recently conducted some analyses that assessed the general environment and identified key areas of development. the firm now wants to assess its key areas of development and the potential risks in its environment
A SWOT analysis is used to determine a company's strengths, weaknesses, opportunities, and threats rather than researching the entire industry. This makes it possible to analyse the company from the inside out.
A corporation? What else do u mean by that?
A corporation's legal position is different from that of its stockholders. Corporations and persons both share some legal rights and responsibilities. They have the legal authority to enter into contracts, give and receive loans, sue and be represented in court, employ people, own property, and pay taxes.
Which four different types of corporations exist?
S-Corporations (S-Corps), Limited Liability Companies (LLCs), C-Corporations, and sole proprietorships are the four main types of corporations in the United States.
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The complete question is-
Potter and Stan, a multinational corporation, recently conducted some analyses that assessed the general environment and identified key areas of development. The firm now wants to assess its key areas of development and the potential risks in its environment. The firm does not want to dedicate resources to analyze the factors affecting its industry or other firms operating in the same industry. Which of the following techniques is most likely to help Potter and Stan?
A. The five forces analysis
B. PEST analysis
C. PESTEL analysis
D. - SWOT analysis
E. A strategic group analysis
how should the balances of progress billings and construction in process be shown at reporting dates prior to completion of a long-term contract? group of answer choices progress billings as income, construction in process as inventory. progress billings as deferred income, construction in process as a deferred expense. net, as income from construction if credit balance, and loss from construction if debit balance. net, as a current asset if debit balance and current liability if credit balance.
Net, as a current asset if debit balance and current liability if credit balance should the balances of progress billings and construction in process be shown at reporting dates prior to completion of a long-term contract.
A contract is a legally enforceable settlement among or extra parties that creates, defines, and governs mutual rights and obligations between them. A settlement usually involves the transfer of goods, offerings, cash, or a promise to switch any of those at a future date.
A promise by one birthday celebration to any other that they'll or will no longer carry out a specific action inside the destiny. instance: i'm able to pay you $3,500 for the acquisition of your vehicle. acceptance. normally mirrors the terms of the offer—an expression, through words or deeds, that each events agree to the phrases of the contract.
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Michel Company owns 75% of the outstanding common stock of Aber Corp. On its current consolidated income statement, Michel Company should report:
Multiple Choice
100% of Aber’s revenue and expenses.
75% of Aber’s revenue and expenses.
75% of Aber’s net income.
none of Aber’s revenue, expenses, and income.
The combined revenue and expenses of Michel Company and Aber Corp. should be included in Michel Company's most recent consolidated income statement.
Why is an income statement different from a consolidated income statement?All of the subsidiary businesses that the owner has a controlling stake in are included in a consolidated financial statement, as well as the subsidiaries that are wholly owned by the owner. In consolidated financial statements, the same elements are present in a different configuration than in individual financial statements.
25% (100% - 75%) of the net income or loss of Aber Corp. is attributable to non-controlling or minority interests. This demonstrates to readers of the parent company Michel Company's financial records that only 75% of the Aber Corp.'s net profit or loss actually belongs to Michel Company's stockholders.
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aden is an editor for a local newspaper. the newspaper's editor-in-chief asked caden to determine whether the average distance a reader lives from the newspaper's headquarters is greater than 25 miles. he sent a survey to a random selection of the newspaper's readers and received 30 responses. using the results from the current survey and several previous surveys, caden decided to assume that the population standard deviation for the distance the readers live from the newspaper's headquarters is 12.3 miles
12.3 miles is the average standard deviation for readers' distance from the newspaper's headquarters, with H₀ : μ = 25 and Hₐ : μ > 25
What exactly is a survey?In order to gather information about a business, product, or process, a survey is described as the act of looking at a procedure or questioning a predetermined sample of people. Surveys used to gather data ask a specific set of people on their beliefs, actions, or knowledge.
What does a marketing survey entail?Market research surveys are instruments for directly obtaining response from the target market to comprehend their traits, expectations, and needs. For emerging goods and services, marketers create creative and engaging strategies, but their efficacy cannot be guaranteed.
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for a good product forecast it is necessary: group of answer choices to know the actual and potential market share of prior year (a) to understand the customer survey at the end of the year for each product in the segment (b) to understand the impact of the product new (adjusted) features and the 4p’s versus the segment competitors’ actions (c) (a) and (b) are sufficient (a), (b) and (c) are necessary
A solid forecast should give you enough time to get ready for future demand while still being reasonably accurate and reliable. A prediction that is accurate and useful to production should be easy to grasp. (c) (a) and (b) are sufficient.
A forecast is a concept that is frequently used in supply chain management. It is a forecast of the market's future demand for a certain product. Based on the projection, a supplier can order or manufacture the necessary raw materials to satisfy the anticipated future demand for the product. There are many ways to make a forecast, but there are two main categories of approaches. Occasionally, the forecast can be made with the use of statistics, for instance through the extrapolation of historical data or regressie-analysis. Other times, the forecast might be made using criteria, such as by using expert systems or in-depth research. Additionally, mengvormen are possible, such as collaborative forecasts (CPFR). A lot of extrapolation is used while making forecasts. A simple way is to calculate the average usage for a time period in the past, such as the last six months, and use that information as a forecast for the following six months. A correction can be made by recognizing when a factor is being used and minimizing its impact so that the projection can be adjusted to reflect the actual growth or just the trend. Seizoensinvloeden may also be applied through the use of cumulative indexes.
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label the scenarios with the type of monetary policy lag represented in each. you are currently in a labeling module. turn off browse mode or quick nav, tab to items, space or enter to pick up, tab to move, space or enter to drop. despite numerous data trends suggesting a recession, the fomc waits until their monthly scheduled meeting to change the direction of current monetary policy. significant revisions to quarterly gdp data and monthly unemployment data delay the identification of the start of a recession. data on gdp is released quarterly, meaning that an economic downturn beginning in january may not be identified until more than three months later. once the federal reserve lowers interest rates, businesses and consumers are slow to increase borrowing as a result. answer bank
First Statement: Decision lag, it is the amount of time taken by the government or central bank to react to the shock in the economy.
The federal open market committee waited for the scheduled date of the meeting to take a decision regarding the monetary policy.
Second Statement- Recognition Lag
Since, the data on GDP is released after every 3 months, an economic recession is not
Recognised immediately. there is a significant time lag between the recession and when it is
Recognised by the economists/ government.
Third Statement- Information lag
Information lag essentially states that it takes a significant amount of time for information to spread. This is because since the data on GDP is released after every 3 months , there is a time lag of 3 months to identify a recession.
Fourth Statement- Implementation Lag
An implementation lag is the time gap between when an adverse condition is identified and the corresponding action taken to correct it. In the given statement, central bank lowers the interest rates but businesses are slow to respond to it by increasing their borrowing to take full advantage of the lower rates.
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which of the following scenarios depicts a seller who is following the rational rule for sellers? american airlines determines the marginal cost of an extra passenger to be $75 and sells a discount seat for $250. mindy sets up a lemonade stand and calculates the cost of an additional cup of lemonade at 50 cents, and sells it for 25 cents. andy's diner finds that the marginal cost of a fish and chips meal is $7 and lists the item for sale at $6.50. an auto-rickshaw driver in new delhi, india, calculates a trip to have a marginal cost of 350 rupees and accepts a ride request for 315 rupees.
American Airlines calculates that the cost per unit of an additional passenger is $75 and charges $250 for a discounted seat.
Who are the suppliers and buyers?"On the whole, buyers or sellers "describes a market's order imbalance at a certain moment. The expression also applies to traders who activity over time tends mostly towards buying or selling than toward striking a middle ground between the two.
What does "best seller" mean?A bestseller is simply a book or other piece of writing that has achieved outstanding sales results. Bestseller lists are published by magazines, periodicals, major book stores, and newspapers. Some listings are divided into categories and areas of skill (novel, nonfiction book, cookbook, etc.).
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Which of the following represents an inflow of cash and therefore would be reported on the statement of cash flows?
A. issuance of long-term debt
B. acquisition of treasury stock
C. retirement of bond payable
D. declaration of stock dividends
The answer is A) Issuance of long-term debt.
Retirement of bonds payable and acquisition of treasury stock both are cash outflow not cash inflow and declaration of a stock dividend is not a cash transaction.
so the Issuance of long-term debt is cash inflow and reported in the cash flow statement.
This statistic provides a rapid overview of both cash inflows and outflows. Money coming into a business is known as a cash inflow, which may come through sales, investments, or financing. The reverse of a cash outflow is a cash inflow, which is money entering a business.
The capacity of a corporation to produce positive cash flows determines its potential to create value for shareholders.
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which of the following is a similarity between customer departmentalization and geographical departmentalization? group of answer choices they both prohibit specialization. neither focuses on the organization as a whole. they both require minimal administrative staff to coordinate operations. neither can be used in large organizations. they both group jobs according to a customer's geographic location.
Note that of the list given the option that exemplifies a similarity between customer departmentalization and geographical departmentalization is: "neither focuses on the organization as a whole" (Option B)
What is customer departmentalization?Customer departmentalization is the grouping of operations based on common customers or customer kinds. Jobs can be classified based on the sort of consumer provided by the firm. Customers in each area are assumed to have a common set of issues and demands that can best be serviced by professionals.
This is significant because it emphasizes a focus on the requirements of the consumer. Provides clients with the impression that they are dealing with a knowledgeable source (banker). Increases expertise in the consumer sector. Customers' time is saved.
Geographic departmentalization is the grouping of activities based on geography. If an organization's clients are geographically distributed, tasks might be grouped regionally.
The geographic divisional structure allows businesses to operate locally rather than centrally. This gives each division logistical autonomy in order to maximize efficiency. Each division is free to make its own selections based on local tastes, markets, and needs.
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Chad runs a small business and is interested in exporting his product to france but he needs some advice on the legal issues this would entail. Which organization would provide him with a free initial consultation for his legal questions? multiple choice question. Fda score elan miti
ELAN (export legal assistance network) would offer him a free initial consultation for Chad's legal inquiries.
What is ELAN?ELAN is a group of experienced international trade attorneys who volunteer their time to provide initial legal consultations to people and businesses who are new exporters or importers and/or who are looking for legal advice on international trade issues. ELAN also provides links to U.S. government materials and updates on official actions influencing international trade.
A nationwide network of lawyers from private law firms participates in the Export Legal Assistance Network initiative. They volunteer to provide a free initial legal consultation to companies who are just starting to export. More than 250 attorneys participate, and it is present in 70 American cities.
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Which statement are true? (Select all that apply.) Check all that apply. a. The inventory costing methods determine the amount of the debit to Cost of Goods Sold and credit to Inventory. b. Specific identification, weighted average cost, LIFO and FIFO are generally accepted costing methods. c. The inventory method used must correspond with the actual physical flow of goods. d. The inventory methods apply to both perpetual and periodic inventory systems.
The credit to inventory and debit to cost of goods sold are calculated using LIFO and FIFO costing methodologies. Detailed identification and weighted average price.
What is the LIFO and FIFO methodology?First-In, First-Out ("FIFO") bases its calculations on the production costs of the oldest items in a company's inventory, which have typically been sold first. The "Last-In, First-Out" (LIFO) strategy relies on the idea that the most recent products in an organization's inventory have already been sold.
Is LIFO a reliable method for calculating inventory costs?Because LIFO may underestimate the value of inventory, it is not a reliable indicator of ending inventory value. Because COGS is higher with LIFO, net income (and taxes) are lower. Inflation-related inventory write-downs are less common under LIFO, though.
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According to the principle of monetary neutrality, a decrease in the money supply will not change.
In different words, according to cash neutrality, an increase (decrease) in the money provide will determine an enlarge (decrease) in the charge of goods and offerings sold
however no longer in the actual quantity of items and services sold, real GDP, or unemployment.
What is the precept of financial neutrality?The neutrality of money idea is based totally on the thinking that cash is a “neutral” element that has no actual impact on economic equilibrium. Printing extra money cannot exchange the crucial nature of the economy, even if it drives up demand and leads to an expand in the fees of goods, services, and wages.
What occurs when there is a decrease in the provide of money?The decrease in the cash grant motives spending to fall. We comprehend that diminished spending is the key to decreasing inflation. So the appropriate time to increase the money supply is when the economy is experiencing inflation.
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https://brainly.com/question/16245225#SPJ4the expansion path shows how a. the cost-minimizing input choices change as the firm's output level changes. b. the profit-maximizing input choices change as the firm's output level changes. c. the cost-minimizing input prices change as the firm's output level changes. d. input prices change as the firm's output level changes. e. the marginal products change as the firm's output level changes.
The expansion path shows how input prices change as the firm's output level changes.
A graph called the expansion route demonstrates how an organization's cost-minimizing input mix changes as it increases production. It maps out the isocost lines' and isoquants' tangent points. An expansion path offers a long-term perspective on a company's production choice and can be used to develop its long-term cost curves.
An expansion path offers a long-term perspective on a company's production choice and may be used to develop its long-term cost curves. The expansion path depends on how the firm alters its input mix because we define the long run as the period of time during which a firm can change all of its inputs, including the capital.
Hence the correct option is D
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if a funeral director marks up cash advance items or receives a commission, rebate or discount which is not passed on the consumer, is it a violation of the funeral rule to represent to the consumer that the charge represents the same amount that the funeral home paid for these items?
The Rule requires you to provide some information to callers, but it does not mandate that you provide them a general price list.
What is Funeral Rule?
Consumers have the right to get a generic pricing list from a funeral provider when they inquire about funeral arrangements under the Funeral Rule of the FTC. With few exclusions, individuals also have the freedom to select the funeral products and services they like, and funeral homes are required to make this choice clear on their general pricing list. Even if your firm is set up to sell items via one entity and services through another, you are still protected by the Rule. You cannot restructure your company to escape the Rule's coverage if you are a funeral provider.
The Funeral Rule was developed by the Federal Trade Commission (FTC) in 1984 to provide funeral service consumers with certain rights. The major goal of the regulation was to make sure that customers were given enough information about all of the products and services they might buy from a funeral provider. Callers may be asked to identify yourself, but even if they decline, you are still required to respond to their inquiries.
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annual reports, speeches, blogs, and brochures are tools used in which promotional strategy? multiple choice advertising sales promotion sales presentation public relations personal selling
Annual reports, speeches, blogs, and brochures are tools used in public relations.
Public relations is the practice of organizing and distributing information from a person or organization to the public in an effort to affect their perception. Graduates with public relations degrees can work as public relations managers for major public relations firms and private companies.
Its primary objectives are to disseminate important company news or events, to maintain a brand image, and to put a positive spin on negative events in order to minimize their fallout. A company press release, news conference, interviews with journalists, social media posting, or other venues may all be used for public relations.
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a user needs to amend a contract and change prices to reflect new discounts for existing active subscriptions and assets. how should the user achieve this?
To reflect the new pricing, create a price book containing price book entries. To create Amendment Lines with updated pricing, fill in the Contract Amendment Price Book ID box with the new Price Book ID.
A product with a price mentioned in the price book is referred to as a price book entry. The currency of the price is specified for each price book entry. Entries in the standard price book are the (standard) standard pricing for goods and services. A legal contract between one or more parties is referred to as an implied contract. Despite the fact that this kind of agreement is legal, it frequently does not involve formal agreements between the parties and lacks any means of communication.
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Service departments, such as accounting, finance, general administration, legal, and personnel, are usually considered to be cost centres. In addition, manufacturing facilities are often considered to be cost centres.
Select one:
True
False
In addition, manufacturing facilities are often considered to be cost centres. the answer of the question is TRUE
A cost center is a location where expenses are recorded. At the conclusion of the year, their performance is compared to cost control while they incur costs. A division, department, or function could be a cost center. They do not make any money from their service; instead, they simply have expenses related to the creation of output or the upkeep of other departments. Answer is accurate, thus. Since they take into account the cost of production, manufacturing facilities are cost centers. Other administrative tasks like accounting, finance, legal, and personnel are service departments and therefore cost centers as well. hence the answer is TRUE.
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kim is seeing significant performance from her display remarketing campaign, and wants to expand upon it. which targeting option should she choose to accomplish this?
Kim should focus on Dynamic Remarketing to accomplish her goal.
What is Dynamic Remarketing?Remarketing allows allows the person to show previous visitors ads that contain products and services they viewed on our site.
Dynamic remarketing pulls information from the company's unique merchant accounts , allowing account holders to draw from existing components in their Merchant Center catalog and use existing product data.
The dynamic remarking has many benefits like it is simple but yet powerful, it has high-performance layouts, real-time bit optimization, it ads that scale with your products or services.
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The rate of return that is used to find the present value of a future cash flow is called the __________.
Answer: present
Explanation:
what is the last route marker managers should follow on the proven path to it enablement in order to help their company maximize their return on it investments?
Stay balanced over the long haul is the last route marker managers should follow on the proven path to it enablement in order to help their company maximize their return on IT investments.
IT investment, often known as information technology investment, refers to the spending of information technology resources to support management and mission fulfillment. This may comprise a project or projects for the creation, modernization, improvement, or upkeep of a single information technology asset or a collection of related IT assets, as well as the operation of such assets in a real-world setting. These investments must have a clearly defined life cycle with start and end dates. The end date must be consistent with the investment's most recent alternatives analysis, if applicable, and indicate the end of the investment's presently anticipated usable life.
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a 10-year maturity bond with par value of $1,000 makes semiannual coupon payments at a coupon rate of 9%. find the bond equivalent and effective annual yield to maturity of the bond for the following bond prices. (round your answers to 2 decimal places.)
The yield to maturity (YTM) of a bond is the annualized back that a bond investor would get from holding the bond until maturity. It is also referred to as the redemption yield or the book yield.
YTM = {coupon + [(face value - market value)/n]} / [(face value + market value)/2] = {90 + [(1,000 - 940)/10]} / [(1,000 + 940)/2] = 36 / 970 = 0.0371134 = 3.7%
The bond equivalent yield is:
BEY = 2 x [√(1 + 3.7%) - 1] = 2 x [√1.037 - 1] = 2 x 0.01833= 0.06688 = 3.66%
The question isn't complete. The complete question is shown below:
A 10-year maturity bond with par value $1,000 makes semiannual coupon payments at a coupon rate of 6%. a. Find the bond equivalent and effective annual yield to maturity of the bond if the bond price is $940. (Round your intermediate calculations to 4 decimal places. Round your answers to 2 decimal places.
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TRUE/FALSE. before you can hope to achieve your financial goals, you will need first to measure your current financial health and develop a plan and a budget.
before you can hope to achieve your financial goals, you will need first to measure your current financial health and develop a plan and a budget, this statement is TRUE.
Setting Financial Goals
Setting short-, mid-, and long-term financial goals is an essential first step to achieving financial security. If you're not setting any specific goals, you run the risk of going over budget. You will then have no choice but to retire or to use the money for unforeseen expenses. It's possible to get caught up in a cycle of credit card debt and feel as though you'll never have enough money to buy adequate insurance, leaving you more vulnerable than necessary to managing some of life's biggest risks.
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TRUE. Before you can hope to achieve your financial goals, you will need first to measure your current financial goals and develop a plan and a budget.
Describe the significance of establishing financial goals.Because you are aware of the goal you are aiming towards, they make it simpler for you to make sacrifices or keep to a spending plan. They assist you in maintaining long-term attention. Financial objectives provide you direction and drive, and they can also help you stay disciplined in your approach to investing. Going through the process of long-term financial planning enables decision-makers to concentrate on long-term goals, fosters strategic thinking, and raises overall financial literacy understanding within a company. Long-term financial planning fosters dedication and motivation while acting as a decision-making framework. Something you intend to accomplish with your finances in the far future is a long-term financial objective.
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