Answer:
Legal Insurance
Explanation:
Legal insurance is a type of insurance that provides legal advice and also the costs related to a dispute regardless of whether the policy holder is a plaintiff or the defendant in the case.
In legal insurance , the insurance provider assumes the contractual obligation to reimburse the insured against all or portion of the legal fees arising out of services performed by or under the supervision of an attorney who is an active member of the bar of any jurisdiction of the United States.
In March 2012, the state of California started requiring that all packaging for food and drink with the additive 4-methylimidazole (4-MI) be clearly labeled with a cancer warning. Because of this, both Pepsi and Coke changed their formulas to eliminate 4-MI as an ingredient. If Pepsi and Coke did NOT change their formulas, holding all else constant, what do you think would have happened to the demand for these goods, assuming Pepsi and Coke were in a competitive market?
Answer:
Option E.
Explanation:
In case when Pepsi and Coke did not modify its formulas and keeping other things constant the demand for these goods is shifted to left as the price of the products would decline due to which the profit for both companies would fall
Moreover, the fall in demand is not due to an increase in price but it has harmful chemicals which shifted the demand curve to the left
hence, the correct option is E.
You own a franchise of rental car agencies in Florida. You recently read a report indicating that about 80 percent of all tourists visit Florida during the winter months in any given year, and that 60 percent of all tourists traveling to Florida by air rent automobiles. Travelers not planning ahead often have great difficulty finding rental cars due to high demand. However, during nonwinter months tourism drops dramatically and travelers have no problem securing rental car reservations. Determine the optimal pricing strategy for this situation. Block pricing Peak-load pricing Randomized pricing Two-part pricing
Answer:
Peak-load pricing
Explanation:
Prices are set in a way that high sales turnover are attracted and profit maximized. This makes it necessary for market situation to be studied and analysed during price setting for best pricing decision.
The optimal pricing situation for the situation in the scenario is Peak - load pricing.
In Peak-load pricing , higher prices are charged when demand is at its peak with few competitors in the market , and the price is dropped when the market suffers a drop in demand of such goods,
The aim to to take an advantage of the peak period in making a maximum income.
Scott Company sells merchandise with a one-year warranty. Sales consisted of 2,500 units in Year 1 and 2,000 units in Year 2. It is estimated that warranty repairs will average $10 per unit sold, and 30% of the repairs will be made in Year 1 and 70% in Year 2 for the Year 1 sales. Similarly, 30% of repairs will be made in Year 2 and 70% in Year 3 for the Year 2 sales. In the Year 3 income statement, how much of the warranty expense shown will be due to Year 1 sales?
Answer:
$0
Explanation:
Scott Company must record the warranty expense and liability regarding the products sold during the years that they occur. For example, the following journal entry must be made to record the warranty expense for year 1:
Dr Warranty expense 25,000
Cr Warranty liability 25,000
During year 2, they will record the warranty expense for that year:
Dr Warranty expense 20,000
Cr Warranty liability 20,000
That means that during year 3, the only warranty expense recorded will be the one related to the goods sold during that year.
Ringler Corporation exchanges one plant asset for a similar plant asset and gives cash in the exchange. The exchange is not expected to cause a material change in the future cash flows for either entity. If a gain on the disposal of the old asset is indicated, the gain will
Answer:
Explanation:
In this scenario, If a gain on the disposal of the old asset is indicated, the gain will effectively reduce the amount to be recorded as the cost of the new asset. This is because the old asset was exchanged but Ringler Corporation still had to spend some money during the transaction to acquire the new asset, therefore any gain on the disposal of the old asset will ultimately recover some of those costs thus reducing the recorded cost.
John has an auto which is covered for collision losses subject to a $250 deductible. Kate's auto also has collision coverage but her deductible is $500. Which of the following statements describes how a $2,000 collision loss will be paid if it occurs when John borrows Kate's car because his car is in the shop for repairs?
A) John's policy will pay $1,500, and Kate's policy will pay nothing.
B) John's policy will pay $1,750, and Kate's policy will pay nothing.
C) Kate's policy will pay $1,750, and John's policy will pay nothing.
D) Kate's policy will pay $1,500, and John's policy will pay $250.
Answer: D. Kate's policy will pay $1,500, and John's policy will pay $250.
Explanation:
The deductible is the amount that a policy holder has to pay before the insurance company pays the remaining amount.
From the question, we are informed that John has an auto which is covered for collision losses subject to a $250 deductible while Kate's auto also has collision coverage but her deductible is $500.
If a $2,000 collision loss occurs when John borrows Kate's car because his car is in the shop for repairs, since John has a deductible of $500, Kates policy will pay ($2000 - $500) = $1500 and John's policy will pay $250.
Adirondack Marketing Inc. manufactures two products, A and B. Presently, the company uses a single plantwide factory overhead rate for allocating overhead to products. However, management is considering moving to a multiple department rate system for allocating overhead. Overhead Total Direct Labor Hours DLH per Product A B Painting Dept. $241,200 11,300 2 11 Finishing Dept. 60,900 11,800 3 3 Totals $302,100 23,100 5 14 The single plantwide factory overhead rate for Adirondack Marketing Inc. is
Answer:
Predetermined manufacturing overhead rate= $17,115.80
Explanation:
Giving the following information:
Overhead Total Direct Labor Hours DLH per Product A B
Painting Dept. $241,200 11,300 2 11
Finishing Dept. 60,900 11,800 3 3
Totals $302,100 23,100 5 14
To calculate the predetermined manufacturing overhead rate we need to use the following formula:
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Total direct labor hours= 5 + 14= 19
Total overhead= 302,100 + 23,100= $325,200
Predetermined manufacturing overhead rate= 325,200/19
Predetermined manufacturing overhead rate= $17,115.80
Which of the following statements are true of middlemen? Agent middlemen provide sales records and customer information. Only an agent middleman can offer both import and export services. Merchant middlemen increase the seller's credit risk. The main goal of merchant middlemen is to increase sales and profits on their merchandise.
Answer:
The main goal of merchant middlemen is to increase sales and profits on their merchandise.
Explanation:
An agent middleman is different form a merchandise middle man as merchants are the intermediates that buy and sell the products or merchandise with their own name and make a return of profit out of it. They also take ownership of their product. Agent middlemen can specialize in different types of products and make their money commission.If a decision variable is not positive in the optimal solution, its reduced cost is _______ Group of answer choices its dual price. the amount its objective function value would need to improve before it could become positive. what its objective function value would need to be before it could become positive. zero.
Answer:
yes
Explanation:
A negative dual price for a constraint in a minimization problem means
as the right-hand side increases, the objective function value will increase.
When a decision variable is not positive in the optimal solution, its reduced cost is B. The amount its objective function value would need to improve before it could become positive.
A decision variable refers to the quantity that is controlled by the decision-makers. The objective function refers to the equation that describes the production output target that will correspond to the profit maximization.
It should be noted that in a situation where the decision variable is not positive in the optimal solution, the reduced cost will be the amount its objective function value would need to improve before it could become positive.
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Joe's Jalopies sold one of its warehouses for $300,000 cash plus a tractor with a fair market value of $25,000. The building had a mortgage against it for $50,000 that was assumed by the buyer and an adjusted basis of $130,000. Joe's had to pay $20,000 in sales commissions to the Realtor who coordinated the sale. What is the amount realized by Joe's Jalopies
Answer:
$355,000
Explanation:
Joe's jalopies sold one of its warehouse for $300,000 and a tractor that has a fair market value of $25,000
The warehouse had a mortgage of $50,000 against it.
The adjusted basis was $130,000
Joe had to make a payment of $20,000 in sales commission to the realtor
Therefore, the amount realized by Joe's jalopies can be calculated as follows
=$300,000+$25,000+$50,000-$20,000
= $375,000-$20,000
= $355,000
Hence the amount that was realized by Joe's jalopies is $355,000
Early settlers in the town of Dry Gulch drilled wells to pump as much water as they wanted from the single aquifer beneath the town. (An aquifer is an underground body of water.) As more people settled in Dry Gulch, the aquifer level fell and new wells had to be drilled deeper at higher cost. The residents of Dry Gulch will overuse water relative to the social optimum because:___________.
a. each resident will fail to adequately consider the external cost of his or her own water use
b. water is a scarce resource
c. each resident will fail to adequately consider the external benefit of his or her own water use
d. the marginal cost of water is increasing
Answer:
Dry Gulch Town
The residents of Dry Gulch will overuse water relative to the social optimum because:
a. each resident will fail to adequately consider the external cost of his or her own water use
Explanation:
When individual households in Dry Gulch dig their own wells, each household will usually overuse the water because they are not paying any incremental costs except for the maintenance of the well. Again, the aquifer level around the area usually falls due to overuse and this makes it difficult for new residents to find water unless they dig deeper wells at higher costs. So, there is always some social costs (sometimes immediately external to the households) for individual households to dig their own water wells instead of community or commercial wells that will help regulate water use.
Which of the following stocks has the highest risk? A. stock a with a beta equal to 0.0 B. stock b with a beta equal to 0.5 C. stock c with a beta equal to 1.0 D. stock d with a beta equal to 2.0
Answer:
Option D, stock d with a beta equal to 2.0, is the right answer.
Explanation:
Option D has the highest risk because the magnitude of beta represents the risk involved or associated with the stock. So, higher the beta magnitude, higher is the risk associated with stock and higher is the return. While lower value shows the lower risk and lower return on the stock. Therefore, option D has the highest magnitude so this stock has the highest risk.
Risk management refers to the practice of identifying potential risks in advance, analyzing them and taking precautionary steps to reduce or curb the risk.
Answer:
True
Explanation:
Risk management is the practice of identification of number of risks that the organization faces and then assessing each of them. After assessment of the risks, the organization try to find ways to eliminate or reduce each single risk so that the business operations do not get affected. The precautionary measures can be simply avoid the risk, face the risk, share the risk (Insurance) and reduce the risk to acceptable level.
An organization with a(n) _____ structure operates much like a multinational corporation, but subsidiaries depend on headquarters more for process and production decisions. Group of answer choices
Answer: International
Explanation: The International organizational structure adopts a somewhat central control policy which is used to manage and direct the affairs of multinational firms or corporation. Multinationals refers to businesses operating in more than one nation. The international structure ensures that the control division of the corporation handles affairs that has to do with international relations including organization, coordination and control by defining or outlining roles, responsibilities, chores and relationship within the the organization.
Francisco and Maria have three children and want to complete a detailed worksheet to determine the amount of life insurance they need to purchase. They will consider factors such as Social Security and liquid assets. Which method are they using to determine their life insurance needs?
Answer: Family need method
Explanation:
The family need method is used to estimate the life insurance needs based on what the family really needs.
From the question, we are informed that Francisco and Maria have three children and want to complete a detailed worksheet to determine the amount of life insurance they need to purchase and they considered factors such as Social Security and liquid assets. This shows that the family needs method is utilized.
The campus barber faces stiff competition from the large number of shops that surround the campus area, and for all practical purposes the market is perfectly competitive. He charges $10 for a haircut and cuts hair for 18 people a day. His shop is open for 5 days a week.
Calculate his weekly total revenue $__.
Calculate his average revenue per haircut $__.
Calculate his marginal revenue per haircut. $__.
Answer:
$900
$10
$10
Explanation:
A perfect competition is characterised by many buyers and sellers of homogeneous goods and services. Market prices are set by the forces of demand and supply. There are no barriers to entry or exit of firms into the industry.
In the long run, firms earn zero economic profit. If in the short run firms are earning economic profit, in the long run firms would enter into the industry. This would drive economic profit to zero.
Also, if in the short run, firms are earning economic loss, in the long run, firms would exit the industry until economic profit falls to zero.
In a perfect competition, price = marginal revenue = average revenue
if price is $10, marginal and average revenue is $10.
total revenue = price per haircut x total number of people he attends to in a week.
total number of people he attends to in a week = 18 x 5 = 90
Total revenue = $10 x 90 = $900
By what method did the Securities and Exchange Commission try to reform the stock market in the 1930s? Nationalizing the New York Stock Exchange Distributing stocks to all unemployed Americans Monitoring all stock transactions Establishing mandatory sentences for traders convicted of fraud.
Answer:
Monitoring all stock transactions
Explanation:
The Securities and Exchange Commission (SEC) is a U.S. regulatory institution responsible for safeguarding resources and the investors, regulating the stock market, and developing and implementing federal securities legislation. The commission was the result of inquiring the cause of the Great Depression and prevent such events in the future. The Securities Act was designed to help deter fraud in securities and provided that investors must provide accurate financial information.
Which of the following is a characteristic of the Leader paradigm? A. Handles opposition primarily through compromise. B. Derives power primarily from his or her own position and grade. C. Is motivated primarily by self-preservation. D. Perceives senior management as providing vision and direction.
Answer:
Perceives senior management as providing vision and direction.
Explanation:
Remember, usually in an organizational setting, a leader falls under the rank of senior management.
Thus, it should come as no surprise that he perceives senior management as providing vision and direction; invariably complementing himself towards his responsibilities as a leader.
Winona's Fudge Shoppe is maximizing profits by producing 1,000 pounds of fudge per day. If Winona's fixed costs unexpectedly increase and the market price remains constant, then the short run profit-maximizing level of output
a. is less than 1,000 pounds.
b. is still 1,000 pounds.
c. is more than 1,000 pounds
d. becomes zero.
Answer:
b. is still 1,000 pounds.
Explanation:
profit-maximising level of output is found where marginal cost = marginal revenue
if fixed cost increases, the marginal cost still remains unchanged. so, the profit-maximizing level of output remains unchanged
Congress enacted a statute appropriating money to the states on condition that the states use the money to support "public performances of classical ballet open to the public." The statute provided that the money was not to be used to support any other type of dance, and that tickets to any performance paid for with these funds were to be distributed to the public on a first come, first served basis. A state that accepted a grant of $500,000 under the federal statute gave half of the grant to a state-sponsored ballet company. The company had been started 20 years earlier as part of a state effort to bring culture to poor, inner-city areas. By state law enacted when the company was formed, no less than 35% of the tickets to each performance of the ballet company must be distributed to the inner-city school systems to be given to minority school children. Is the state's method of distributing tickets to the state ballet company's performances constitutional?
Answer:
The question does not mention what the remaining 65% are used for. If they are used to support "public performances of classical ballet open to the public," then we cannot conclude that the state's method of distributing tickets to the state ballet company's performances is unconstitutional.
Let us assume that the 65% left from the $500,000 special-purpose grant was used as per statute, then the state's method is constitutional, because the other 35% is still used for purpose, but only to encourage the participation of the vulnerable persons in the state.
If however, the 65%, amounting to $325,000 was used for another purpose, perhaps, to support any other type of dance other than "public performances of classical ballet open to the public," then the state would have obviously breached the law.
Explanation:
The evidence does not point to a conclusive unconstitutional act on the part of the state. Surely, more information is required in order to arrive at a better judgement.
A bond currently has a price of $1,050. The yield on the bond is 7%. If the yield increases 23 basis points, the price of the bond will go down to $1,037. The duration of this bond is ____ years.
Answer:
The duration of the bond is 5.8 years
Explanation:
Given that :
Current price of a bond $1,050
Yield on the bond = 7% = 0.07
If the yield increases 23 basis points, the price of the bond will go down to $1,037
The objective is to determine the duration of the bond.
In order to determine the duration of the bond; we need to first find the change in percentage of the price. Afterwards, this is find the modified duration which quantify the change in percentage in the market price for every change in the yield to maturity. Then finally to the determination of the duration of the bond.
Mathematically;
Percentage change in price = [tex]\dfrac{new \ price - old \ price }{old \ price}[/tex]
Percentage change in price =[tex]\dfrac{1037 - 1050 }{1050}[/tex]
Percentage change in price =[tex]\dfrac{-13 }{1050}[/tex]
Percentage change in price = −0.01238
Percentage change in price ≅ - 0.0124
Percentage change in price = - 1.24%
Let recall from the knowledge of our basis points which say;
1 basis point = 1/100
Therefore ; given that if he yield increases 23 basis points, then we have:
23 basis point = 23/100 = 0.23
The modified duration = [tex]\dfrac{percentage \ change \ in \ price }{ change}[/tex]
The modified duration = [tex]\dfrac{1.24 }{0.23}[/tex]
The modified duration = 5.3913 years
Finally, The duration of the bond = Modified duration × (1 + Yield to Maturity)
The duration of the bond = 5.3913 × (1 + 0.07)
The duration of the bond = 5.3913 × 1.07
The duration of the bond = 5.768691 years
The duration of the bond ≅ 5.8 years
On March 3, Sheridan Company sells $707, 700 of its receivables to National Factors Inc. National Factors Inc. assesses a service charge of its receivables to Western Factors Inc. Western Factors Inc. assesses a service charge of 5% of the amount of receivables sold.
Prepare the entry on Sheridan Company books to record the sale of the receivables.
Answer: The answer is given below
Explanation:
From the question, we are informed that on March 3, Sheridan Company sells $707, 700 of its receivables to National Factors Inc. National Factors Inc. assesses a service charge of its receivables to Western Factors Inc. Western Factors Inc. assesses a service charge of 5% of the amount of receivables sold.
The entry on Sheridan Company books to record the sale of the receivables has been prepared and attached. It should be noted that the service charge expense was calculated as:
= 5% × $707,700
= 0.05 × $707,700
= $35,385.
Other information has been attached.
As a part of strategy formulation, a firm's functional strategy primarily concerns questions relating to when to compete. where to compete. how to implement business strategy. how to enter target markets.
Answer:
C). how to implement business strategy.
Explanation:
Strategy formulation is defined as the process in which an organization selects the most appropriate and viable course of action to achieve its intended goals. It is one of the crucial steps as it helps in preparing the required framework for the attainment of desired outcomes. Thus, as an element of strategy formulation, the functional strategy of a firm would primarily focus on 'the ways to implement business strategies effectively' because then only maximum resources((skills and potential of each department and their employees), as well as productivity, can be ensured which is the path(short-term objective) to achieve the bigger goal eventually. Thus, option C is the correct answer.
Maximizing the efficiency of the manufacturing or product development process to minimize costs is referred to as _________. A. managerial skill B. business superiority C. maintenance strategy D. operational excellence
D. operational excellence
Many store brands use packaging and labeling that is similar to the more expensive national brand. The hope is that the look-alike package will elicit a similar response in consumers that encourages them to purchase the cheaper store brand. This is an example of Group of answer choices
Answer:
Stimulus generalization
Explanation:
Stimulus generalization defines that it is the process of call up for a reason by giving responses. For example we call dog by using the bell so that dog can come for food.
Therefore according to the given situation, Many store brands use similar packaging and labeling to the more expensive big company. The idea is that in customers, the look-alike kit would evoke a similar reaction that allows them to buy the affordable store brand so this is an example of Stimulus generalization
Two years ago Joshua Ryan bought 100 XYZ at $60 per share. While he held the stock it paid dividends of $1 the first year and $1.50 the second year. Joshua sold the shares at $40 per share after a 2 for 1 stock split. How much gain or loss did he incur per share for tax purposes
Answer: He incur $10 per share for tax purposes.
Explanation:
Formula to calculate a gain or loss for tax purposes:
Gain or Loss for tax purposes = proceeds - cost basis
Cost per share = $ 60
After 2 for 1 stock split, the value of per share = (Cost per share) ÷2
= ($60) ÷2 = $30
Sale price of a share = $40
Since, $40 > $30, i.e. Sale price> Cost per share .So its a gain.
Gain= $40 - $30 = $10
Hence, he incur $10 per share for tax purposes.
Suppose GDP consists of wheat and rice. In 2005, 20 bushels of wheat are sold at $4 per bushel, and 10 bushels of rice are sold at $2 per bushel. In 2004, 20 bushels of wheat are sold at $2 per bushel and 10 bushels of rice are sold at $1 per bushel. Using 2004 as the base year, it follows that, for 2005. Group of answer choices Nominal GDP is $100, real GDP is $50, and the GDP Deflator is 50. Nominal GDP is $100, real GDP is $50, and the GDP Deflator is 200. Nominal GDP is $40, real GDP is $100, and the GDP Deflator is 50. Nominal GDP is $50, real GDP is $100, and the GDP Deflator is 200.
Answer:
Nominal GDP is $100, real GDP is $50, and the GDP Deflator is 200
Explanation:
Given that:
Base year = 2004
2004:
20 Bushels of wheat = $2 per bushel
10 Bushels of rice = $1 per bushel
2005:
20 Bushels of wheat = $4 per bushel
10 Bushels of rice = $2 per bushel
Nominal GDP
GDP deflator = (Nominal GDP / Real GDP) * 100
2005 Nominal GDP:
Final value of goods at current year prices:
(20 * $4) + (10 * $2)
$80 + $20 = $100
2005 Real GDP:
Final value of goods at base year prices :
(20 * $2) + (10 * $1)
$40 + $10 = $50
Deflator :
(Nominal GDP / Real GDP) * 100
($100 / $50) * 100
2 * 100 = 200
= 200
Suppose that an issuing bank pays on documents that are conforming to the requirements of the letter of credit, but the seller has shipped worthless goods to the buyer. Which of the following statements, if any, are true?
a) As long as the documents strickly comply with the letter of credit requirements, the bank will not have to reimburse the buyer
b) If there is fraud in the transaction, the bank will have to reinburse the buyer and seek its remedies against the seller
c) The strick compliance insulates the bank from liability, since it assures the bank that the underlying contract between the buyer and seller is entirely independent from the letter of credit contract
d) A and B
Answer:
a) As long as the documents strictly comply with the letter of credit requirements, the bank will not have to reimburse the buyer
Explanation:
A letter of credit refers to the letter in which the bank is made a guarantee to pay the amount to a particular person by compiling the specific conditions during the exporting of goods
Since in the question, it is given that the seller has shipped the goods that are worthless i.e of no use for the buyer so in this case, the bank would not reimburse the buyer.
Therefore the correct option is A.
Which statement most accurately describes a conflict of commitment? It involves a monetary gain by one party over another party. It occurs when outside activities interfere with one’s responsibilities to an employer. It occurs when an institution does not follow the financial rules from a funding source. It can only occur between an institution and an outside organization.
Answer:
It occurs when outside activities interfere with one's responsibilities to an employer
Explanation:
Conflict of commitment occurs when the commitment of an employer to a defined terms of employment is shared with other engagements, either personal or with other parties which could lead to a decline in efficiency due to loss of maximum concentration.
This may not necessarily involve monetary gain but has a whole lot of ways through which it can affect productivity as concentration is shared.
It is always good to define activities that constitute conflict of commitment right from the time of forming an employment contract so that an employee can be guided with it.
Lawrence recently bought a brand new Bentley Mulsanne, a very expensive car, but he is suffering from buyer's remorse. He wishes he would have bought something that made a bigger impression on the ladies at the Taco Bell drivethrough. Howard, however, recently purchased a preowned '86 Camaro with a flame job on the hood from a car dealer, and when he rolls through Taco Bell with the T-tops off, the drive-through ladies are always staring at his car and his mullet hairdo. Howard is far more satisfied with his car than Lawrence. From a marketing point of view, which of the following concepts has contributed to Howard feeling satisfied with this purchase?
a. CRM implementation
b. Howard's full partnership with his '86 Camaro
c. Perceived value of the car
d. Customer loyalty
Answer:
The marketing concept that contributed to Howard feeling satisfied with his purchase of "a preowned '86 Camaro with a flame job on the hood" is
c. Perceived value of the car
Explanation:
Howard evaluates the merits of this preowned '86 Camaro as it has the ability to satisfy his needs for winning the attention of the drive-through ladies at Taco Bell. When he "rolls through the Taco Bell with the T-tops off the ladies keep staring at his car." It is this attention that he needs. And the car investment ensures that he achieves this attention from the ladies. Howard's feeling of satisfaction is accentuated the more when compared with the less-than-impressive attention that Lawrence pools with the girls, while driving his expensive Bentley Mulsanne through the same Taco Bell.
Suppose the MPC is 0.60. Assume there are no crowding out or investment accelerator effects. If the government increases expenditures by $200 billion, then by how much does aggregate demand shift to the right
Answer:
$500 billion
Explanation:
we must first calculate the economy's multiplier = 1 / MPS
marginal propensity to save (MPS) = 1 - MPC = 1 - 0.6 = 0.4
economy's multiplier = 1 / 0.4 = 2.5
this means that if the government increases expenditures by $200 billion, the the economy will grow (rightward shift) by $200 x 2.5 = $500 billion