the model 1's combined significance at the 5% threshold A succession of s n may or may not result in the same conclusion, so you must be sure to illustrate all of the procedures for credit.
Are importance and significance the same?While "importance" and "significance," based on the thesaurus, are frequently used synonymously, a research conclusion might be statically important but not necessarily noteworthy. In contrast, a study's findings could be significant even if the P value does not meet the threshold for statistical significance.
Does impact imply significance?This indicates that the individual might well have requirements across multiple of the eligible outcomes, possibly at the a fairly low rate, and as these needs increase, they may have a significant influence.
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Which one of the following is NOT a Global Location Decision Factor O A. Franchising O B. Labor Issues O C. Quality of Life Issues O D. Business Clusters
According to the claim, franchising is not a transnational central decision factor.
What exactly are regional business clusters?A cluster is an organization of companies that share similar technologies, pool regional resources, work together, and form alliances. These ties can be established through associations, lobbying, staff "piracy," turnover, cooperative marketing, teaching or research initiatives, and collaborations between buyers and suppliers.
What is the name of the organization that includes all businesses?Industry clusters, also known as competitive clusters or clusters, are groups of linked, comparable companies that are essential to the success of regional economic development. The exchange of suppliers, the development of specialized worker abilities, and the sharing of a common market are all supported by clusters.
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California surf clothing company issues 1,000 shares of $1 par value common stock at $35 per share. Later in the year, the company decides to purchase 100 shares at a cost of $38 per share.
Treasury shares are shares that were originally issued and in circulation but were later reacquired by the company that issued them.Treasury shares are treated as a contra-equity account and recorded at cost in the company's books.
Contra-equity account indicates that the total value of shareholders' equity will decrease as a result of the total amount of treasury shares.
How Does Treasury Stock Work?
The term "treasury stock," also referred to as "treasury shares" or "reacquired stock," refers to previously outstanding stock that has been repurchased by the issuing company from its stockholders.As a result, there are fewer shares available for purchase on the open market.
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Quinton has built a computer by plugging his CPU into the motherboard, adding RAM and ROM, connecting an SSD card and power cables, and adding a monitor, keyboard, and mouse. Now he is ready to use the computer. What programs and instructions will he need to finish the process and actually run his new computer?
A. software
B. hardware
C. peripherals
D. extension cards
Based on the available information and the computer structure and operation, the programs and instructions Quinton will need to finish the process and run his new computer's Software.
What are software Programs?Software programs is a computer technology term that is used to describe the set of code and instructions that instructs a computer how to run and execute specific tasks.
Usually, a single computer can conduct numerous functions simultaneously, based on the installed software programs.
In this case, since the CPU, motherboard, RAM and ROM, SSD card, power cables, monitor, keyboard, and mouse are all hardware, then for a computer to complete and function well, there must be a software program.
Examples of software programs are:Microsoft WordMicrosoft ExcelPowerPointAdobe IllustratorCore DrawInternet Browser, etc.Hence, in this case, it is concluded that the correct answer is option A Software.
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qs 7-14 (algo) note receivable interest and maturity lo p4 on december 1, daw company accepts a $40,000, 45-day, 9% note from a customer. (1) prepare the year-end adjusting entry to record accrued interest revenue on december 31. (2) prepare the entry required on the note's maturity date assuming it is honored.
(1) The year-end adjusting entry to record accrued interest revenue on December 31 would be:
Debit Interest Revenue $360
Credit Interest Payable $360
This entry is made to record the accumulated interest of $360 that has accrued on the $40,000 note ($40k x 9% x 45/360).
(2) On the note's maturity date, assuming it is honored, the entry would be:
Debit Cash $40,360
Credit Notes Payable $40,000
Credit Interest Payable $360
This entry is made to record the payment of the $40,000 note plus the interest of $360 that has accrued on the note ($40k x 9% x 45/360).
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mead corporation has prepared a fixed budget based on 6,000 units. their budgeted per unit selling price is $100, variable costs are $75 per unit, and fixed costs are $20,000. if actual sales activity was 5,000 units with revenue of $550,000, what is the sales variance shown on a fixed budget performance report?
Mead corporation has expected sales of 6,000 units of its product with selling price $100 per unit. In realization, Mead is able to record sales of 5,000 units with total revenue $550,000. The sales variance on the fixed budget performane report records $50,000 (F).
Sales variance measures the difference between a company's budgeted product price and the actual price the products sold at. Sales variance is said to be favorable if the actual product price is higher than the budgeted product price.
Sales variance helps a company to determine which products contribute most to the total sales. Sales variance allows a company to decide the next pricing and selling strategy. It provides information about how the market receive and react towards the products.
Sales variance could be calculated by this formula:
Sales variance = (Actual sale price - Budgeted sale price) x Actual units sold
Based on the question, we know some informations:
Budgeted unit sold = 6,000 units
Budgeted sale price = $100 per unit
Actual unit sold = 5,000
Actual total revenue = $550,000
By assuming that total production costs are fixed, we could know the actual sale price is:
Actual total revenue = actual sale price x actual unit sold
$550,000 = actual sale price x 5,000
Actual sale price = $110 per unit
The sales variance recorded on the fixed budget performance report is:
Sales variance = (actual sale price - budgeted sale price) x Actual unit sold
Sales variance = ($110 - $100) x 5,000
Sales variance = $50,000 (F)
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Many businesses optimize their website to incorporate a ______ with simplified navigation to accommodate smartphones and tablets.
Many businesses optimize their website to incorporate a mobile-first strategy with simplified navigation to accommodate smartphones and tablets.
What is the importance of the "mobile first" strategy?The "mobile first" principle, in other words, plays a significant role in product design. On the one hand, it increases designers' efficiency and helps to shorten the product design process. On the other hand, it makes product content a more important consideration for designers, which helps them produce clean and useful designs.
What does a "mobile first" strategy mean?A "mobile-first" strategy entails designing a desktop site first for mobile, and then adapting it for larger screens. Instead of starting with a desktop site and then adapting it for smaller screens, as is the norm.
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TRUE/FALSE. Christina sells a parcel of land for $18,000 in cash and the buyer assumes Christina's mortgage of $12,000 on the land. Christina's amount realized is $30,000.
A land parcel owned by Christina is sold for $18,000 cash, with the $12,000 mortgage on the property being taken over by the purchaser. $30k has been made available to Christina. True is the answer.
What Is A Mortgage?
Real estate financing often involves a particular type of loan called a mortgage. Not all loans are mortgages, despite being a particular kind of loan.
When you apply for a mortgage, your lender will give you a predetermined amount of money to buy the house. You agree to pay interest while repaying your loan over a period of years. The mortgage lender continues to have a claim to the home as long as the loan is not fully repaid.
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due to recent beef recalls, southwest steakhouse is considering incorporating. bob, the owner, wants to protect his personal assets in the event the restaurant is sued. requirements 1. which advantage of incorporating is most applicable? what are other advantages of organizing as a corporate entity? 2. what are some disadvantages of organizing as a corporation? question content area bottom part 1 requirement 1. which advantage of incorporating is most applicable? what are other advantages of organizing as a corporate entity? first answer which advantage of incorporating is most applicable in protecting bob's personal assets? a. stockholders have limited liability. b. there is a mutual agency among the stockholders. c. a corporation has continuous life. d. the transfer of corporate ownership is easy. e. corporations can raise more money to pay for government regulations.
The highest type of business, which has multiple proprietors, is a corporation. After its initial public offering, a corporation will be listed on the securities exchange market (IPO).
What are Advantages of incorporating a business and Disadvantages of a corporation?1).
The main benefit of a corporation is that it is a separate legal entity from its owners, which means that owners are not liable for the liabilities of the company with their own assets. Owners will only lose their investment capital if the company defaults.People can readily transfer ownership of a business by transferring stocks. As long as ownership can be transferred continuously, the company can exist forever.2).
A southwest steakhouse shareholders must submit financial reports on a regular basis in order to comply with a number of government regulations.The company may be acquired by its competitors without prior notice due to the ease with which equities can be traded in the market.There will be a lot of dispute between current shareholders & former shareholders because the company has multiple owners. A barrier in a corporation is also the agency issue between shareholders and managers.To know more about southwest steakhouse, visit:
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if the real estate taxes for last year were $4,567, what is the prorated tax entry for this year's taxes for a september 11 closing?
$2,554.26 debit seller is prorated tax entry for this year's taxes for September 11 closing.
What is a tax?Tax compliance refers to both governmental actions and individual behavior in order to make sure that taxpayers are paying the correct amount of tax at the right time and receiving the correct tax allowances and tax reliefs. A tax is a levy that must be paid by the taxpayer and is imposed by the government in order to pay for various public expenses and other necessary financial charges. Ancient Egypt saw the first taxation on record sometime between 3000 and 2800 BC. A violation of the legislation includes failing to make payments on time, evading taxes, or opposing taxation. Cash or the labor equivalent may be used to pay direct and indirect taxes.
Debit= 4567-2012.74=2554.26
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suppose your company is a merchant and you enter into a contract with another merchant. however, instead of a formalized contract between the two parties, the other company just sends a written memo outlining the products ordered and prices. is this memo sufficient to satisfy the statute of frauds?
Yes, a written memo is considered to fulfill the statute of frauds if two parties are merchants.
The definition of a writing that meets the statute differs significantly between the UCC and the statute of frauds. According to common law, the party challenging the enforceability of the contract must submit a written argument, either made or signed by the party.
Unless the parties are merchants, the UCC applies to this rule. Though two merchants make an oral agreement, even if the receiving party does not admit receiving the note, it is still considered to have satisfied the statute of frauds.
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which system supports the capturing, organization, and dissemination of knowledge throughout an organization?
An organization's ability to collect, organize, and share knowledge is supported by knowledge management systems.
What exactly do knowledge management systems do?Any type of IT system that saves and retrieves knowledge to enhance comprehension, teamwork, and process alignment is referred to as a knowledge management system. Within teams or organizations, knowledge management systems are possible.
What are the four different types of knowledge management?The four most important components of knowledge management are people, processes, content/IT, and strategy. Your organization will always require leaders, sponsors, and supporters of knowledge sharing regardless of its sector, size, or knowledge requirements.
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Calculate the resulting change in GDP for each of the following MPCs when the government increases its spending by $250 billion.
Instructions: Round your answers to one decimal place.
a. The marginal propensity to consume (MPC) = 0.2.
The change in GDP is $ _______billion.
b. The marginal propensity to consume (MPC) = 0.5.
The change in GDP is $______ billion.
c. The marginal propensity to consume (MPC) = 0.8.
The change in GDP is $ _____billion.
d. Comment on the relationship between the MPC and the resulting change in GDP—as the MPC rises, does its effect on GDP (increase or decrease)?
As the MPC rises, its effect on GDP (Click to select)(stays the same decreases increases)
The resulting change in GDP for each of the MPCs for statement a the change in GDP is $312.5 billion, statement b the change in GDP is $500 billion and statement c the change in GDP is $1250 billion.
What is the economy's GDP?The standard measurement of the value added produced via the production of goods and services in a nation over a specific time period is the gross domestic product (GDP). Consequently, it also accounts for the revenue generated by that manufacturing, or the total amount spent on finished goods and services (less imports).
How can you determine MPC using GDP?The change in consumption is divided by the change in income to determine the marginal propensity to consume. For instance, if a person's spending rises by 90% for every dollar of additional income, the ratio would be 0.9/1 = 0.9.
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regularly reviewing an accounts receivable aging report can help management do what? group of answer choices spot firms who are falling behind in their payments identify customers who have not purchased anything lately improve the speed which customers make payments determine whether the firm's pricing policy is effective
Regularly reviewing an accounts receivable aging report can help management do what spot firms who are falling behind in their payments.
Accounts receivable refer to the cash a company's clients owe for items or offerings they have got acquired however now no longer but paid for. For example, while clients buy merchandise on credit score, the quantity owed receives delivered to the debt's receivable.
It's a duty created via an enterprise transaction. Means of Payment means banknotes and coins (cash), and deposits and credit score on an account with a economic organization or a comparable organization which may be operated via charge instruments.
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it is known that a target store can turn its inventory 5 times per year. suppose the annual sales revenue is $4 million, and the cost of goods sold is $2 million. what is the value of average inventory (in millions)?
The value of average inventory will be equal to $0.4 millions.
Inventory Turnover ratio is rate at which any company replaces its inventory by transporting all the manufactured goods. This tells that how good the production is going within the company and the company is in profit. The formula of Inventory turnover ratio is expressed as
Inventory turnover ratio = Cost of goods sold/Average value of inventory
On putting the values we get
5 = $2000000/Average value of inventory
Average value of inventory = $2000000/5
Average value of inventory = $400000
Average value of inventory = $0.4 millions
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what has become one of the most significant forces for change experienced by public companies in recent years?
The most important drivers for change that public corporations have faced in recent years are internal forces of change.
What are the four management forces?The four forces are specialization, scarcity, rivalry, and humanity. And a recent PwC research makes the claim that you can better equip yourself and your business for future issues by understanding how they've worked in the past.
What do Porter's Five Forces represent?A method for assessing the level of competition in your industry is Porter's Five Forces. Competitive rivalry, new entrants, buyer and supplier power, as well as the danger of substitutes, are the five forces. To determine a company's potential profitability and modify its strategy, it serves this goal.
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a full-time agent of an insurance company knows about the aml program of his employer, but the $20,000 in money orders his customer is using to fund the purchase of a single premium whole life insurance policy would help his meet her sales goal for the year. consequently, he overlooks the source of funds and submits the application to her company. from an aml perspective, the agent has:
The agent has admitted to committing the crime of willful bliss. Fighting money laundering and terrorist financing requires a thorough understanding of sources of wealth and funding. when a customer's or potential customer's profile indicates that they are involved in criminal activity.
What does an AML compliance program entail?A financial institution's compliance framework must include an anti-money laundering (AML) compliance program. Every effective program has as its top priority safeguarding the company from money laundering.
What is an illustration of AML regulation?AML regulations mandate that banks and other financial institutions that grant credit or accept customer deposits abide by guidelines that ensure they are not assisting in money laundering.
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Assume current assets totaled $57,000 and the current ratio was 1.2 before the following independent transactions:
(1) Purchased merchandise for $6,000 on short-term credit.
(2) Purchased a delivery truck for $29,000. paid $3,000 cash and signed a two-year interest-bearing note for the balance.
Required:
Compute the current ratio after each transaction.
Transaction current ratio
1) ?
2) ?
In contrast to case 2, which has a current ratio of 1.35, case 1 has a current ratio of 1.42.
How do you describe current ratio?Recognizing current ratios. With the help of cash, inventory, and short-term receivables, a company can determine how well its short-term or current liabilities, such as debts and payables, can be covered.
The ability of a corporation to meet its immediate financial obligations is determined by the current ratio, a liquidity ratio.
How to Calculate the Current Ratio?The method for computing the current ratio is rather straightforward: Just multiply the organization's current liabilities by the current assets. In contrast to current assets, which can be turned into cash within a year, current liabilities are obligations that must be paid within a year. Current assets include things like cash, inventory, and accounts receivable. Current liabilities include, but are not limited to, accounts payable, salaries due, and the current portion of any anticipated interest or principal payments.
Current ratio = Current assets ÷ Current liabilities
So, the current liabilities is
= $57,000 ÷ 1.2
= $47,500
where,
Current assets = $57,000 + $6,000 = $63,000
Current liabilities = $47,500 + $6,000 = $53,500
So, the current ratio is
= $63,000 ÷ $53,500
= 1.18 times
where,
Current assets = $63,000 - $3,000 = $60,000
Current liabilities = $47,500 + $6,000 = $53,500
So, the current ratio is
= $60,000 ÷ 53,500
= 1.12 times
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croft corporation has a target capital structure of 65 percent common stock and 35 percent debt. its cost of equity is 14 percent, and the cost of debt is 8 percent. the relevant tax rate is 22 percent. what is the company's wacc?
Company's wacc is 30.94%
Weighted average cost of capital is defined as cost of capital structure multiplied by its weight by its market value and then total it.
It is also used as a discount rate for future cash flows is discounted cash flow analysis.
It is a discount rate which is used to calculate company's net present value.
Wacc = (weight of common stock* cost of common stock)+ ( weight of equity* cost of equity)
= 0.65(0.14)+ 0.35(0.8)(1-.022)
=0.091+0.2184
=0.3094
= 30.94%
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jones corporation purchases land with a market value of $200,000 in exchange for 180,000 shares of its $1 par common stock. the journal entry to record this transaction is:
Jones Corporation exchanges 180,000 shares of its common stock with a par value of $1 for the purchase of land with a market value of $200,000. Debit Land for $20,000 in order to reflect this purchase. Credit Common Stock in the amount of $180,000 (180,000 shares * $1).
What is the name for company-issued and repurchased shares of its own stock?A stock that was formerly in circulation but has since been bought back and is now owned by the corporation that issued it is referred to as treasury stock. Treasury stock is a counter equity account since it lowers the amount of total shareholders' equity on a company's balance sheet.
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the sarbanes-oxley act makes it illegal for employers to: multiple choice sue federal contractors for fraud. retaliate against whistle-blowers who report information that could have an impact on the value of a company's shares. both of these answers are correct: retaliate against whistle-blowers who report information that could have an impact on the value of a company's shares; and hire employees who have a prior record of accounting fraud. hire employees who have a prior record of accounting fraud.
Employers are strictly forbidden by SOX from taking adverse action against workers who report unlawful or unethical behavior. When disclosing shareholder fraud or contraventions of SEC rules and regulations, employees are likewise protected.
The Sarbanes-Oxley Act of 2002 is a federal law in the United States that prescribes specific procedures for corporate financial record keeping and reporting. The rule was implemented in response to many significant business and accounting scandals, notably Enron and WorldCom. The bill's provisions address the duties of the board of directors of public corporations, impose criminal penalties for specific types of wrongdoing, and call on the Securities and Exchange Commission to establish regulations outlining public businesses' legal obligations.
The act strengthened the responsibility of boards of directors in providing supervision and expanded the independence of external auditors who check the accuracy of business financial statements.
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The fda has approved a new gene therapy drug described as the most expensive ever. How much per treatment?.
Recently, the FDA approved the priciest medication that is currently on the market. Hemgenix, a drug with a price tag of $3.5 million per dose, is administered to patients with the uncommon condition hemophilia B.
How might gene therapy be used? What is it?Gene therapy involves altering the genes in your body's cells to treat or prevent disease.
Your genes contain your DNA, which regulates many aspects of how your body looks and functions, including how tall you are and how your body's systems work. Genes that are not working properly can cause disease.
Gene therapy repairs a damaged gene or adds a new gene in an effort to treat illness or boost your body's resistance to illness. Many diseases, including AIDS, cancer, cystic fibrosis, heart disease, diabetes, and hemophilia, may be treated by gene therapy in the future.
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describe the allowance method of accounting for uncollectible accounts and the two bases that are generally used to calculate the allowance.
The balance of the accounts receivable in the different aging categories is multiplied by a reserve rate to determine the allowance for uncollectible accounts (see table below). Because older receivables have a lower likelihood of being collected, a greater reserve rate is applied to them.
What two techniques are included in the allowance method for estimating uncollectible accounts?The two primary approaches for evaluating uncollectible accounts under the allowance method are the percentage of credit sales method and the percentage of receivables method. The percentage of sales approach calculates the estimated proportion of credit sales that are uncollectible accounts will represent for the period.
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Suppose you have just celebrated your 19th birthday. A rich uncle has set up a trust fund for you that will pay you $150,000 when you turn 30. If the relevant discount rate is 9 percent, how much is this fund worth today?
The present value of $150,000 If the relevant discount rate is 9 percent is $58,130.
What is a present value?The worth that an investment currently owns or has is referred to as its "present value." By deducting any amount of money that will be received in the future, it is discovered.
The temporal value of money (TVM) principle is used to compute the present value of the any cash flow, including lump sums, annuities, and multiple cash flows.
Future value = $150,000
N= 11 years
discount rate = 9 percent.
1/1.09^{11} = 1/2.5804 = .38751/1.09
11
=1/2.5804=.3875
The present value is thus about $58,130.
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suppose the demand for milk is relatively inelastic. what happens to sales revenue if the government imposes a price floor above the free-market equilibrium price in the market for milk?
The sales revenue rises if the government imposes a price floor above the free market equilibrium price.
Given that, demand for milk is inelastic, it is not a luxury item.
If the price of milk increases, the demand will not get affected. A given percentage change in price causes a lesser percentage change in quantity demanded when demand is price inelastic. This indicates that total revenue will fluctuate in the direction of the price change: a higher price will result in higher total revenue, and a lower price will result in lower total revenue.
Therefore, the sale revenue will increase for the government if the price is above the equilibrium price.
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which of the following would be the most effective statement in a bad-news letter declining an invitation to speak to a professional organization? a. although i'm not authorized to tell you why, i can't speak at your dinner. b. i regret to inform you that i am unable to speak to your professional organization. c. i'm not interested in addressing your professional organization. d. although i'm already booked the night of your dinner, i would be happy to speak to your organization sometime next year.
The best phrase to use when declining a speaking engagement with a professional organization is I would be happy to speak to your organization sometime next year, even though I'm already scheduled for the night of your dinner.
A speaking engagement is what?
Any event, whether public or private, that features a single speaker or a panel of speakers is referred to as a speaking engagement. These occasions assist professionals in networking with others in the same industry and showcasing their technical expertise and skills when prospecting for new business. Business prospecting enables a company or entrepreneur to draw in new customers and create enduring connections that contribute to the success of their enterprise.
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Pfizer is one of the largest pharmaceutical companies in the world and has a patent on a drug that treats heartburn. If the patent is about to expire, then pfizer has two options: it can continue to charge a high price for its product or charge a low price. After the patent expires, a drug company that produces generic drugs must decide whether to enter the market or not enter the market. The profits for each scenario are given in the accompanying payoff table
Option 1: Pfizer Charges High Price
Option 2: Pfizer Charges Low Price
Generic Drug Company Enters Market: Pfizer Profit: $100 million; Generic Drug Company Profit: $25 million
Generic Drug Company Doesn't Enter Market: Pfizer Profit: $150 million; Generic Drug Company Profit: $0 million
Why do you use the term "drug patent"?Regardless of the state of a drug's approval, patents may be granted or expire at any time. If all legal prerequisites are satisfied, exclusivity is granted upon drug product approval. When compared to other medications, some have just one or no exclusivity or patent protection.
How many years does a drug's patent last?The USPTO typically grants a patent 3.4 years after a conventional medication application is submitted and 4.4 years after a biologic application is submitted in the majority of cases. In accordance with the law, a pharmaceutical patent's granting covers 20 years of protection starting from the day the patent application was made.
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a boss whose management style emphasizes consensus-building and seeks out input from her employees is demonstrating a(n) style of leadership.
The democratic leadership style, or participative management, actively involves the humans being led.
Democratic leaders frequently seek feedback and input from subordinates. They inspire dialog and participation in the decision-making process.
Which style of management focuses on crew constructing warfare resolution and morale?Affiliative management is a type of management that promotes positivity, a harmonious place of job and team-building. This management style focuses on the use of conflict decision and developing private connections between personnel and their managers to construct a sense of neighborhood and trust.
Participative Leadership. Sometimes referred to as democratic leadership, participative management is a management fashion encouraging leaders to listen to their personnel and contain them in decision-making process.
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https://brainly.com/question/29418686#SPJ4according to the five forces framework, the the degree of rivalry in an industry, the the average profits will be in the industry. lower; more variable greater; lower lower; lower more variable; greater
Competition will be fierce if industry growth is slow. Competitiveness will be fierce if the company's fixed expenses are high.
What is five forces framework?An industry's flaws and strengths can be ascertained using Porter's Five Forces, a system that identifies and examines five forces model that have an impact on every organization. The Five Forces analysis is frequently used to determine an industry's structure in order to establish business strategy.
Competition in the industryPotential of new entrants into the industryPower of suppliersPower of customersThreat of substitute productsThe first of the Five Forces is the quantity of competitors and their ability to undercut a corporation. As there are more rival businesses offering more similar products and services, a corporation's power diminishes.
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A call option with a strike price of 110 is selling for 3.50 when the market price of the underlying stock is 108. The intrinsic value of the call is: (published CFP question, 1994)
a, 1.50
b, 0.00
c. 2.00
d. -2.00
A call option with a strike price of 110 is selling for 3.50 when the market price of the underlying stock is 108. The intrinsic value of the call is: (0.00)
What does the market price mean?Market pricing is a technique used to determine prices in accordance with what is currently being paid in the market for identical or comparable goods or services. It allows firms the chance to set higher prices initially before matching market prices to remain competitive while also increasing return on investment.Find the point where supply and demand converge to establish the market price. Find the market price by investigating factors including market trends, the number of suppliers, and the number of current purchasers.
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Crane Company had the following two transactions related to its delivery truck.
1. Paid $44 for an oil change.
2. Paid $519 to install special shelving units, which increase the operating efficiency of the truck.
Prepare Crane Company's journal entries to record these transactions. Use the format given below:
No. Account Titles and Explanation Debit Credit
1. 2.
The first step of the accounting cycle, known as a journal entry, is when all company transactions are entered into the books of accounts. Along with the credit and debit accounts, the journal entry incorporates at least two more accounts.
What is the journal entry?Keeping or recording any transactions, whether they are financial or not, in a journal is known as keeping a journal entry. As with depreciation or bond amortization, journal entries might include one-time or recurring items. Accounts payable frequently has its own subledger that indirectly impacts the general ledger, and journal entries are normally entered in accounting software using a distinct module from those. Exemplifying the journal entries will help us comprehend them better. We use accounting examples in actual company to assist us record transactions, events, and recurring items. Simple journal entries show a cash account debit of $300 and a credit for $100 for laptop sales. These entries follow the regulations that demand that any business revenue that is deducted from an account be credited.
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