In this situation, Max has to first give his boss some advance notice that he wont be able to complete the report before deadline, explain himself briefly as to why that is, then ask for more time to be able to complete the task.
What is a deadline?A deadline indicates that a task or project is anticipated to be finished by that date and time. There is a clear expectation of what must be provided and by when thanks to deadlines. Employees are able to take charge of their work in this way and include deadlines into their time management techniques.
It's critical to schedule deadlines in advance because your work may be delayed. Recognize that some resources might be delayed and that some people might not be available. You may prevent the disaster of missing a deadline by making plans in advance.
Deadlines are crucial in business for a variety of reasons. They establish standards and encourage productive behavior in the workplace.
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the marketing control statement is a valuable statement for marketers because it only utilizes costs that the marketer can control. group of answer choices true false
The statement is accurate. Marketing control is the measurement of a marketing and sales efficiency in terms of cost control produced, sales volume acquired, or profitability gained.
In order to identify any deviations and make the necessary corrections, the outcome in this case is determined by the norm set.
Because fixed costs are disregarded and adjustable and those other costs are handled, the advertising made aware should be advantageous to advertisers. As either a result, revenue ought to rise.
Which four sorts of marketing control are there?
Commercial controls come in four varieties: operating budget controls, income controls, economy controls, and conceptual controls.
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What is the iterative process in project management?
Building, modifying, and improving a project, product, or effort is known as the iterative process. Iterative development teams produce, test, and revise until they are happy with the final product.
An iterative process is an approach that involves trial and error and moves your project closer to its eventual goal. Lean approaches and Agile project management both depend heavily on iterative processes, but any team, not just an Agile one, can use these techniques. Up until you and your team are content with the project's final deliverable, you will iteratively enhance your design, product, or project. You and your team would collaborate to create a final product in a non-iterative approach without necessarily testing out new concepts along the way. Non-iterative methods typically take longer throughout the conceptualization and development stages to ensure that everything functions as planned during the testing stage.
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westco company issued 10-year bonds a year ago at a coupon rate of 7 percent. the bonds make semiannual payments and have a par value of $1,000. if the ytm on these bonds is 5.3 percent, what is the current bond price in dollars? (do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
The current bond price in dollars is $1120.44
Given Data
Step 1
Face value = $1,000
Annual coupon rate = 7%
Annual yield to maturity (YTM) = 5.3%
Semiannual coupon rate = annual coupon rate/2 = 7/2 = 3.50%
Hence, the semi-annual coupon rate =3.5%
Semi-annual yield to maturity = Annual YTM/2 = 5.3/2 = 2.65%
Step 2
The current Price of the bond is the present value of all future interests plus the present value of redeemable value.
Interest = Face value of a bond x semi-annual coupon rate
= $1000 x 3.5%
= $35
Westco company issued 10-year bonds a year ago hence 9 years left to maturity.
Periods to mature = years to mature x semiannual periods per year
= 9 x 2 = 18
Present bond price = Interest x PVIFA ( 2.65%, 18) + Face Value PVIF ( 2.65%, 18) = ($ 35 x 14. 16947) + ($ 1000 x 0.62451) = $1,120.44
As Current Price of Bond is equal to Present bond price
therefore , Current Price of Bond is $1120.44
Step 3
Present Value of $1 Annuity factor at 2.65% for 18 periods
n = 18, r = 2.65% or 0.0265
PVIFA(2.65%, 18) = [{1- (1 / (1 + r)n } / r] = [{1- (1 / (1 + 0.0265)18 } /0.0265] = 14.16947
Present Value of $1 factor at 2.65% for 18 periods
n = 18, r = 2.65% or 0.0265
PVIF(2.65%, 18) = 1 /(1+r)n = 1/(1+0.265)18 = 0.62451
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What is the largest expense at the state level of government?
Public welfare is the largest expense at the state level of government.
Government typically consists of the legislative, the executive branch.
An organized community is governed by a system or collection of people known as a government, which is typically a state.
Government typically consists of the legislative, the executive branch, and the judiciary, according to its broad associative meaning. Government is both a tool for deciding policy and a way to implement organizational policies. A constitution is a statement of a government's guiding ideas and ideology that is present in many nations.
Although all organizations have a governance structure, the term "government" is frequently used to refer more precisely to the roughly 200 autonomous national governments and subsidiary organizations.
Democracies, monarchies, and authoritarian and totalitarian regimes are the main categories of political structures in the contemporary.
[1] Monarchy, aristocracy, timocracy, oligarchy, democracy, theocracy, and tyranny are examples of historically common types of government.
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A monopoly, unlike a perfectly competitive firm, has some market power. Thus, it can raise its price, within limits, without quantity demanded falling to zero. The main way monopolies retain their market power is through barriers to entry, which prevent other companies from entering monopolized markets and competing for customers.Consider the market for taxi services. In order to own and operate a taxi, drivers are required to obtain a taxi medallion.Which of the following best explains the barriers to entry that exist in this scenario?
The greatest explanation for the access hurdles present in this situation is legal barriers.
What are legal barriers?The earliest and most reliable way to shield a company from competition is through legal restrictions. The right to purchase and sell products may be restricted by governments. To keep spectators safe, the racetrack is surrounded by concrete barriers. Soil erosion is prevented by the tree's roots.
What does a legal barrier serve as?A barrier may serve to delineate the perimeters of a facility and can be either a built-in or natural obstruction to passage. A barrier's main function is to stop intruders from entering a space. The most frequent obstruction in the way of vehicles is a road block.
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unemployment, being separated, divorced, or widowed, earning less than $20,000 per year, and living in ________ are associated with greater risks of depression.
Greater chances of depression are linked to unemployment, getting separated, divorced, or widower, making less than $20,000 a year, and residing in urban areas.
What Is unemployment?Unemployment is the state in which a person finds a job actively but is unable to keep it. The unemployment rate is a significant economic statistic. The metric of unemployment that is most frequently used appears to be rate of unemployment.
Which factors are the main causes of unemployment?These include technological advancements in education and training, labor unionization, industry mergers, demography, structure and cyclical variables, and economic growth. The likelihood of unemployment is influenced by identification characteristics in as well as economic & firm-specific factors.
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hutter corporation declared a $0.50 per share cash dividend on its common shares. the company has 39,000 shares authorized, 20,400 shares issued, and 15,600 shares of common stock outstanding. the journal entry to record the dividend declaration is:
Total cash dividend is $7,800.
Cash dividend = 0.50 x 15,600
= $7,800
A dividend is a fee that a enterprise makes to its shareholders. The agency will claim an quantity per proportion that it'll pay to buyers who very own its stocks as of a specific factor in time.
Stable, regular, and residual are the three styles of dividend policy. despite the fact that traders recognize businesses aren't required to pay dividends, many recollect it a bellwether of that specific company's financial fitness.
A business enterprise can proportion a part of its income with four exceptional forms of dividends. Your month-to-month brokerage announcement would possibly show a coins dividend, a stock dividend, a HYBRID dividend or a assets dividend.
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For decades, sony relied on its ________ in miniaturizing electronic components to assure global leadership.
For decades, Sony has relied on its core competency in miniaturizing electronic components to assure global leadership.
For any employer, its center competency refers back to the abilties, expertise, talents and assets that constitute its "defining strength."
A company's center competency is awesome, and therefore no longer without problems replicated through other businesses, whether or not they're existing competition or new entrants into its market.
Core skills lead to operational excellence which results in advanced products, happier clients, and/or more profitability. When a business enterprise is able to doing a part of the sale procedure surprisingly well, it profits a nice reputation for its center competence.
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what is lean construction? group of answer choices none of the above similar like reducing costs by value engineering. fast tracking the construction project to finish faster. philosophy that focuses on adding value with more work and the addition of waste in the building process.
Option D is correct, lean construction is a philosophy that focuses on adding value with more work and the addition of waste in the building process.
Lean construction is an aggregate of operational research and sensible development in design and production with the adoption of lean production ideas and practices to the stop-to-cease design and production procedure. unlike manufacturing, construction is a challenge-primarily based production manner. Lean production is worried about the alignment and holistic pursuit of concurrent and non-stop improvements in all dimensions of the constructed and natural surroundings.
The public grasped this inside the dramatic shape of the shifting meeting line, however from the viewpoint of the producing engineer the breakthroughs genuinely went a whole lot in addition. Lean creation acknowledges that favored ends affect the way to acquire those ends and that the available approach will affect realized ends.
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in an interview, you are asked to explain how gamification contributes to enterprise security. how should you reply?
In an interview, explaining about gamification contributes to enterprise security that instructional gaming can train employees on the details of different security risks while keeping them engaged.
An interview is a private discussion between an interviewer and an interviewee. Interviewees often reply by giving information to the questions the interviewer asks them. It is possible to utilize or distribute the information right away or at a later time to different audiences.
Employers can use the interview to ascertain whether a candidate has the necessary qualifications for the position based on their personality, experience, and abilities. It also enables employers to determine if a candidate will likely fit into the business culture.
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Cash inflows and outflows involving stockholders and creditors are classified on the statement of cash flows as ________ activities.
Cash inflows and outflows involving stockholders and creditors are classified on the statement of cash flows as financing activities.
Financing is the manner of offering budget for enterprise activities, making purchases, or making an investment. financial establishments, together with banks, are within the enterprise of offering capital to corporations, purchasers, and traders to help them obtain their dreams. Finance is the have a look at and area of money, currency and capital belongings. it's miles related to, but not synonymous with economics, the study of production, distribution, and consumption of cash, assets, goods and offerings.
Finance, of financing, is the manner of elevating finances or capital for any sort of expenditure. it is the system of channeling numerous funds inside the shape of credit score, loans, or invested capital to those financial entities that most want them or can positioned them to the most productive use.
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A common difficulty that traders face when exporting goods or services to other countries is that?
A common difficulty that traders face when exporting goods or services to other countries is that different legal norms.
The traders are those people who selling and buying their goods and services of financial assets in any financial markets or any institution.
There are three types of exporting: indirect exporting, direct exporting and cooperative exporting.
The legal norms is a connecting rule or norm in which organizations of sovereign power promulgate in order to regulate or run social relations. This difficulty faced by every traders when when exporting goods or services to other countries.
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purchasing activities include a. choosing suppliers. b. negotiating contracts. c. managing buyer-supplier relationships. d. all of these choices are correct.
All of these choices, which are included in purchase activities, are accurate.
The organised procurement of products and services on behalf of the buying entity is known as purchasing. To guarantee that necessary materials are obtained quickly and affordably, purchasing actions are required. Direct, indirect, and service procurement are the three basic categories of procurement activity. Buying is the act of investing in products or services. A buy is something that has been made. A sell is the opposite of a purchase. When buying, the shorter word "buy" is frequently used instead of the longer term "purchase." Introduction and Background of Buying. One of the fundamental tasks carried out by every organisation is purchasing. It is the process of getting products, services, and equipment from another business in a morally and legally correct way.
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22) by producing less, a firm can reduce: group of answer choices a) its variable costs but not its fixed costs b) its fixed costs and its variable costs c) its fixed costs but not its variable costs d) neither its variable costs nor its fixed costs
A). Fixed costs are expenses that do not vary with the volume of production. Thus, producing less does not reduce fixed costs. Variable costs are expenses that increase with the volume of production.
In mathematics, a variable (from Latin variabilis, "changeable") is a image and placeholder for any mathematical item. specifically, a variable may additionally represent a number of, a vector, a matrix, a characteristic, the argument of a characteristic, a fixed, or an element of a set. Algebraic computations with variables as if they have been specific numbers remedy various issues in a unmarried computation. for example, the quadratic method solves any quadratic equation by means of substituting the numeric values of the coefficients of that equation for the variables that represent them within the quadratic system.
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cash paid for an expense in one fiscal period that is not used until a later period.
Cash paid for an expense in one fiscal period that is not used until a later period is known as a prepaid expense.
What is Prepaid Expenses?Prepaid expenses are payments for goods and services that are made in advance of their use. This type of payment arrangement can be beneficial for businesses that need to take advantage of discounts, can purchase goods and services at a lower cost than the market rate, or simply need to spread out their costs over a longer period of time.
Therefore, the various benefits of prepaid expenses include how they can help businesses save money and improve their financial situation.
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to measure cole's level of interest in the products offered at a particular website, the online metric that should be used is:
The online metric that should be utilized to gauge Cole's level of interest in the goods available at a specific website is the length of interaction.
In order to persuade clients to buy goods and services and check their level of engagement market research is a crucial first step. In order to build products and services that will satisfy the demands of potential clients, market research entails acquiring information about those needs.
Business managers can gather data on a range of issues using market research techniques like written surveys and telephone surveys. Businesses can find a certain customer segment that is particularly interested in purchasing a particular good or service by conducting market research. Then, managers may focus their upcoming marketing campaigns on engaging that demographic.
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When government spending results in higher interest rates due to rising debt, what happens to consumption and investment according to a monetarist economist?
investment according to a monetarist economist will increase due to the crowding out effect .
Crowding out occurs when rising interest rates limit the initial growth in overall expenditure investment. Because government spending increases consumption and investment, while higher interest rates decrease initial overall investments.
If the economy is in short-run equilibrium at point 'a,' it might be achieved at point 'e' by implementing expansionary monetary policy, which will move AD from AD1 to AD2.
An expansionary monetary policy will cause the LM curve to move to the right, either through open market operations or by changing the discount rate. A movement in the LM curve causes a shift in the AD curve to the right, bringing the economy to the "e" long term level of equilibrium.
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David beckham was paid how much by qatar to serve as an ambassador for the 2022 world cup?
The initial reports of the Qatar agreement in October 2021 stated that it would be worth £150 million to David Beckham over ten years, but The Athletic has learned that the actual sum is lower. According to sources, he will really get an initial three-year salary of about £12 million, with possibilities for extensions.
In a video message shown to attendees at the Supreme Committee's "Generation Amazing" youth festival in Doha, Beckham, who is reportedly earning £150 million from the Qataris, delivered his cheerful evaluation and said that "today is your day to dream."
Last week, Lycett gave Beckham an ultimatum on social media: either he would forfeit his $12 million (£10 million) contract and Lycett would donate the money to LGBTQ+ charity, or he would keep it and Lycett would shred the money instead, erasing Beckham's reputation as a "gay icon" in the process.
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The rate of interest specified in a bond contract as the interest rate to be paid by the company to investors in the bond is known as the market rate.
a. True
b. False
The statement " The rate of interest specified in a bond contract as the interest rate to be paid by the company to investors in the bond is known as the market rate" is true.
The bonds would be offered at a discount when the market rate at the time of sale is greater than the advertised rate. The bonds would be offered at a premium if indeed the market price at the time of sale is lower than the specified rate.
Selling a bond before it matures is referred to as interest-rate risk as well as market risk. The realisation of a capital loss as a result of the bond selling for less than it cost to buy will be caused by an increase in interest rates. Wide margin, the biggest risk a bond market investor faces is interest-rate risk.
Therefore, the correct answer will be option (a)
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transactions that don’t increase or decrease cash, but that result in significant investing and financing activities, are reported either directly after the cash flow statement or in a separate note to the financial statements as noncash activities.
true
false
Transactions that don’t increase or decrease cash, but that result in significant investing and financing activities and has separate note to the financial statements as noncash activities is true.
What are financing activities?
Transactions between a business and its lenders and owners to obtain or repay resources are referred to as financing operations. In other words, financial activities finance the business, pay back loans, and give owners a profit. Offering and buying back equity are examples of financing activity.
What does cash flow financing entail?
The cash flow statement's financing activity focuses on how a company obtains capital and returns it to investors via capital markets. Along from paying cash dividends, adding or altering debts, and issuing and reselling more stock, these actions also include these.
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the ability of a monopoly to charge a price that exceeds marginal cost depends on the question 3 options: a) price elasticity of supply. b) shape of the marginal cost curve. c) price elasticity of demand. d) slope of the demand curve.
The correct answer to the given question of Ability of Monopoly to charge is option c) Price elasticity of demand.
The proportion of a product's quantity demand change to price change is known as price elasticity of demand. When a product's price changes, economists use it to understand how supply and demand are affected. A product is said to be elastic if a change in price results in a significant alteration of either its supply or demand. Generally speaking, it denotes that the product is replaceable with adequate alternatives. Cookies, high-end vehicles, and coffee are a few examples. An individual selling a good can choose pricing strategies with confidence if they are aware of the price elasticity of demand of the good. Sellers can learn more about the sensitivity of consumers to price by using this indicator. The development of manufacturing strategies is crucial for product manufacturers.
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to calculate the expected risk premium on a stock, one must subtract the ________ from the stock’s expected return.
To calculate the expected risk premium on a stock, one must subtract the risk free rate from the stock’s expected return.
Investors require a risk premium to compensate them for holding a stock rather than a less risky asset such as a government bond. The size of the risk premium depends on how risky the stock is relative to other assets. For example, a stock with a beta of 1.5 will have a higher risk premium than a stock with a beta of 1.0.
The risk premium can also be affected by the overall level of risk in the market. When the market is considered to be riskier, as measured by an increase in the VIX index, investors will require a higher risk premium.
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during the coronavirus pandemic, the united states launched many fiscal policy initiatives to stabilize and grow the united states economy. for this assignment, complete the following in paragraph form: 1. define fiscal policy and explain whether the government should implement an expansionary or contractionary fiscal policy during the pandemic. 2. identify one of the fiscal policy initiatives implemented at the federal level during the pandemic. describe the program: what was it? what was it designed to do? how large or a program was it? use outside research from the wall street journal or another newspaper from 2020 or 2021 to support your assertions. 3. was this program designed to impact economic output, the labor market, or both? explain. 4. what were the costs associated with this program? how did it effect the amount of the federal debt?
To stabilize and expand the American economy during the coronavirus pandemic, the United States adopted several fiscal policy initiatives. Answers to the question are given below in paragraph form for this assignment.
A fiscal policy is one in which the government use taxing, spending, and borrowing as instruments to achieve certain economic policy objectives.
In a nutshell, it is the practice of using taxes and expenditures by the government to generate sustainable growth.
Countries must employ a combination of tax and expenditure policies (Fiscal policy)as part of well-designed policy packages to address the issues and seize the opportunities posed by structural trends.
An expansionary policy for Giving businesses the proper incentives to create testing, research treatments, and develop vaccinations is difficult, as is providing funds for federal agencies.
And a contractionary policy in case of the industry of daily need so that prices don't go up.
"An interesting and wonderful experiment, but it was problematic on many levels," writes Romer of the Paycheck Protection Program (PPP)($808 billion), which offered forgiven loans to smaller businesses that generally retained their payrolls.
Through the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the United States federal government established the $953 billion Paycheck Protection Program (PPP) in 2020 to assist certain businesses, self-employed individuals, sole proprietors, specific nonprofit organizations, and tribal businesses in continuing to pay their employees.
The initiative was attacked for its astronomical cost, which ranged from $169k to $258k per job saved, and the fact that small-business owners, their creditors, and suppliers reaped the majority of the advantages rather than employees.
Supporters of the program point out that the PPP prevented firm closures effectively and that its success cannot be just based on the number of jobs saved.
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types of witness examination typically performed in an arbitration case include all of the following except: a. direct examination b. physical examination c. redirect examination d. cross examination
Types of witness examination typically performed in an arbitration case include all of the following except redirect examination.
By mutual consent of the parties, a disagreement is presented to one or more arbitrators through the arbitration process, who then render an official ruling on the matter. Instead of going to court, the parties decide to resolve their differences privately through arbitration.
Parties are only required to produce evidence in the arbitration processes that would support their claims. The arbitrator will not consider irrelevant evidence. Electronic evidence is a possibility for the evidence. Labeling the provided evidence in a certain sequence is required.
Hence the correct option is C
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firms that are unfamiliar with overseas marketing and firms that produce industrial goods orient their pricing solely on the basis of question 2 options: 1) cultural differences in perceptions of pricing. 2) market segmentation from market to market. 3) the costs of production of the goods. 4) market segmentation from country to country. 5) competitive pricing in the market.
Industrial goods producers and businesses that lack experience in international marketing base their pricing decisions primarily on the cost of producing the product. As a result, choice (C) is the best way to respond.
What are industrial goods?The demand for the consumer items they assist in producing determines the price of industrial goods. Production goods and support goods are the two categories under which industrial commodities fall.
While support goods, such as machinery and equipment, aid in the creation of consumer goods, production goods are utilized to create a finished good or product.
Consumer goods are items that consumers buy, such as clothing, food, and beverages, as opposed to industrial products, which are produced by machinery, plants, and raw materials.
Hence, option (C) is accurate.
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arin company makes several products, including canoes. the company reports a loss from its canoe segment (see below). all its variable costs are avoidable, and $300,000 of its fixed costs are avoidable. segment income (loss) sales $ 980,000 variable costs 700,000 contribution margin 280,000 fixed costs 340,000 income (loss) $ (60,000) (a) compute the income increase or decrease from eliminating this segment. (b) should the segment be continued or eliminated?
Current segment revenue (loss) = ($60,000) Calculate the income gain or loss as a result of removing this segment.
What does the word "segment" mean?any of the components that make up a thing's division or natural separation: division; a portion. 2.: a portion of a geometric figure that is divided by a line. especially: the region of a circle that is bounded by an arc and a chord.
What use does segment serve?Describe segment. Segment is a service that makes it easier to acquire and use data from users of your dmls because it is a customer information platform (CDP) (websites, apps, etc). Your next customer data may be gathered, transformed, sent, and archived using Segment.
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suppose that both firms start off by deciding not to advertise. if the firms act independently, what strategies will they end up choosing?
Totally independent functioning businesses would ultimately determine regarding advertising.
What methods of advertising are there?Traditional types of advertising include newspapers, TV and radio programs, direct marketing, banners, flyers, or other media. In the 21st century, marketers have used technology to increase awareness of their brands and causes.
How is advertising so important?Advertising is a potent marketing technique that may help you draw clients, inform them about your goods, and gain their trust. The majority of organizations employ some form of advertising to market their goods and services. A sponsored type of media that promotes a product, service, or brand is known as advertising. Marketing professionals utilize advertisements as a tool to help companies meet their objectives and increase revenue.
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which of the following statements is not correct concerning the elements of the cash conversion cycle time? multiple choice the cash conversion cycle is based on accounts receivable, accounts payable, and inventory. lean manufacturers try to reduce the total cash conversion cycle time. the higher the number of days in the cash conversion cycle, the more efficiently the company is managing its cash. effectively managing working capital is important for businesses to survive and profit. the cash conversion cycle measures the average time it takes to convert cash outflows into cash inflows.
The correct statement is " the higher the number of days in the cash conversion cycle, the more efficiently the company is managing its cash".
The cash conversion cycle (CCC) is one statistic among many that managers use to evaluate how well they utilise working capital. Working capital refers to the funds utilized for daily activities. This metric gauges how quickly a business turns money used for operations into cash.
In order to build inventory, sell things, and collect money from customers, the cash conversion cycle uses average timings. In general, the shorter this period, the better for the business.
Accounts receivable (AR), accounts payable (AP), and outstanding inventory and sales are combined into the cash conversion cycle (AP). Unsold inventory is classified as outstanding inventory, whereas accounts receivable and accounts payable are terms for accounts that the business must make payments on.
You must gather data from the company's financial accounts in order to calculate cash conversion cycle:
Over time, the average inventoryCost of sales or cost of products soldBalance of receivablesannual incomeAccounts Payable is closedYou can use this data to determine the number of days that your inventory, sales, and payables are still unpaid.
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given a 25% tax bracket, the after-tax cost of a house mortgage interest payment of $1,000 would be:
According to the question, a house mortgage after tax is $750. The payment of interest is made by the mortgage loan holder.
What do you mean by the mortgage loan?A mortgage loan is a secured loan that enables you to access money by giving the lender collateral in the form of an immovable asset, like a home or commercial property. Until you pay back the loan, the lender retains the asset.
In India, there are six main forms of mortgages, including simple mortgages, usufructuary mortgages, English mortgages, mortgages obtained through conditional sales, mortgages obtained by the deposit of title deeds, and anomalous mortgages.
To purchase a property or borrow money against the value of a home you currently own, you can use a mortgage loan.
Here,
Tax rate = 25%
Interest = 1000
After tax Mortgage payment = Interest × 1 - rate
After tax Mortgage payment = 1000 × 1 - 25%
After tax Mortgage payment = $ 750
Therefore, according to the question, a house mortgage after tax is $750. The payment of interest is made by the mortgage loan holder.
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why do you think people spend so much money on their wants despite the financial costs?
People spend so much money on their wants despite the financial costs because many people think there wants are there needs.
As a means of economic exchange, money is a good that is widely acknowledged. It serves as the medium through which values and prices are represented. It facilitates trade by moving from person to person and country to country, and it serves as the primary indicator of wealth.
Money serves as a medium of exchange, which makes it an advantageous item to own since it spares the holder the time and effort required to synchronize market trades (i.e. by barter). Convenience is a luxury, especially when it entails time savings.
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