Answer:
Taxes on most consumer goods, sales, gas, and Social Security payroll.
Frank (48) and Suzanne (51) are married, and they will file a joint return for 2021. During the year, Frank earned $94,000 in wages; Suzanne earned $4,500 from a part-time job. They had no other income. What is the maximum amount the couple may contribute to Suzanne's traditional IRA?
A. $0
B. $4,500
C. $6,000
D. $7,000
From the information given, the contribution limit to Suzanne's Traditional IRA is $7,000. As of 2021, the cap on contributions was $6000, or $7,000 for those 50 years or older. Since Suzanne is 51 years old, and the contribution is going into her IRA, the correct answer thus, is option D.
What is IRA?In the United States, an individual retirement account (IRA) is a type of pension offered by numerous financial organizations that provides tax benefits for retirement savings. It is a trust that holds financial assets acquired with a taxpayer's earned income in order to assist the taxpayer in old age.
The three most frequent forms of individual retirement accounts are traditional IRAs, Roth IRAs, and rollover IRAs. Inherited IRAs and Custodial IRAs are two forms of typical IRAs. SEP IRAs and SIMPLE IRAs are two further forms of IRAs designed for self-employed people and small enterprises.
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the cost of data storage has plummeted recently, making data mining feasible for more firms.
a. True
b. False
It is true that the cost of data storage has plummeted recently, making data mining feasible for more firms.
What is data storage?Data storage can be described as the one of the essential part of data management in the organization because management of the data of the firm as well as the data of the client of the organization is very important since any loss as as well as theft of data can be dangerous for the comp[any or the organization.
It should be noted that most of the firm do spend some of their money on the data management especially the telecommunication as well as the IT industries, since the data of their client is very prominent to them as well as their own data.
In conclusion , with the reduction in the cost of the data processing this has encourage so many firms to be able to manage their data very well and ability to handle their data very well.
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if you need to withdraw your investment money in two years, you should probably invest in: multiple choice stocks. mutual funds. certificates of deposits. long-term government bonds. long-term corporate bonds.
Should you wish to withdraw your investment money from the investment in two years, the best thing you should probably invest in is certificates of deposits.
What is a certificates of deposit?A certificates of deposit is a type of investment vehicle that is offered by banks and other types of financial institutions. It is a type of savings account which ensures that people are able to save their money with better interest rates for a fixed period of time. The reason the rates are higher on certificates of deposits is because they are not to be touched in the fixed period and therefore can be used by the bank for investments.
Certificates of deposits are usually intermediate term in nature because they offer fixed periods of a year, two years, and even five years. This means that if you want to be able to withdraw your money after two years, you should most probably invest in certificates of deposits.
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which of the following can be used for lot sizing in an mrp system? a. low-level coding b. peg inventory c. inventory record file d. time bucket size e. least unit cost
Least unit cost can be used for lot sizing in an material requirements planning (MRP) system.
In material requirements planning (MRP), lot sizing (also known as batching) is the process of changing the net required quantities before they are converted into planned order receipts, and subsequently planned order releases, in an MRP system.
The net needs of components or materials are referred to as material requirements planning (MRP). A way to unify in terms of the duration and another approach to unify in terms of the quantity are the two primary forms of lot sizing. The former has "Fixed Period Requirements," which, in general, is appropriate for the pricey commodities whose demand fluctuates. The latter is appropriate for products whose demand is comparatively consistent and incorporates "Fixed Period Requirements" or "Economic Lot Sizing." There are more lot sizing types, as seen in the picture, in addition to these.
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the five key components of the business environment are the economic environment, technological environment, social environment, global environment, and what?
The economic environment, technological environment, social environment, international environment, and legal environment are the five main facets of the business environment.
What is legal environment in reference to business environment ?The laws and numerous pieces of legislation enacted by the parliament make up the legal environment. The businessman cannot ignore the laws because he must conduct his commercial activities within the bounds of the law.
Trade Mark Act, Essential Commodity Act, Weights and Measures Act, etc. are examples of common laws that have been passed that have an impact on commercial transactions. Legal frameworks frequently impose restrictions on the businessman, but they can also present opportunities. The following are some examples of how the Indian legal system has recently impacted business transactions:
1. The capital market's deregulation has made it simpler for businesspeople to obtain capital from the primary market.
2. Foreign investors and NRIs are being encouraged to invest in the Indian capital market by the removal of exchange controls and investment liberalization.
3. Alcoholic product-advertising is not permitted.
4. Mandatory legal warnings in tobacco production.
5. Industry policies against discrimination.
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All of Indonesia has a tropical climate
What is tropical climate ?The first of the five main climatic groups assigned the letter A in the Koppel climate classification is the tropical climate. Tropical climates are those that have hot temperatures year-round with an average monthly temperature of 18 °C (64.4 °F) or higher in the coolest month.
In tropical areas, annual precipitation is frequently plentiful, exhibits a cyclical regularity, and may experience seasonal drought to varied degrees. In tropical areas, there are often just two seasons: a wet (rainy/monsoon) season and a dry season.
In tropical areas, the annual temperature range is typically relatively modest. In these environments, the sun is very strong.
Within the category of tropical climates, there are three basic types: tropical rainforest climate , tropical monsoon climate (Am), and tropical wet and dry climate (Aw for dry winters and As for dry summers), also known as tropical savannah. These types are identified and distinguished by the amount of precipitation experienced during the driest month in each region.
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Caitlin is meeting with a business advisor to discuss how she should structure the ownership of her new business. When the advisor asks Caitlin if she’s prepared to pay any potential debts out of her own pocket, she tells him that she is unsure. Before deciding which ownership structure would be best for her business, Caitlin must determine the level of _____ she is willing to take.
A. profits
B. continuity
C. risk
D. capital needs
Before deciding which ownership structure would be best for her business, Caitlin must determine the level of risk she is willing to take. The correct alternative is letter c.
What are management risks?Risks correspond to different events that can occur in a business, which can have positive or negative consequences for an organization. Some external risks, for example, can be associated with the economy, which is capable of directly influencing a company.
The business structure is capable of potentiating the risks or not, since some business structures, the risk of bankruptcy for example, is separate from the individual and legal entity.
Therefore, it is essential for the entrepreneur to identify the negative risks associated with and inherent to a business structure in order to choose the most aligned with their profile and objectives.
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Your friend, Suzie Chang, has designed a new type of outdoor toy that helps children learn basic concepts such as colors, numbers, and shapes. Suzie’s product will target two groups: day care centers in warm climates and home school programs. Her company is Jiffy Jet and costs for last month follow. Find the total variable cost and total fixed cost
Factory rent $ 3,120
Company advertising 1,040
Wages paid to assembly workers 31,100
Depreciation for salespersons’ vehicles 2,110
Screws 525
Utilities for factory 855
Assembly supervisor’s salary 3,620
Sandpaper 175
President’s salary 5,140
Plastic tubing 4,000
Paint 280
Sales commissions 1,310
Factory insurance 1,080
Depreciation on cutting machines 2,130
Wages paid to painters 7,650
Assume that Suzie Chang has decided to begin production of her outdoor children’s toy and that screws, sandpaper
The classification of these items as either period or product cost are as follows:
Factory rent - Product costs.Company advertising - Period costs.Wages paid to assembly workers - Product costs.Depreciation for salespersons’ vehicles - Period costs.Screws - Period costs.Utilities for factory - Period costs.Assembly supervisor’s salary - Product costs.Sandpaper - Product costs.President’s salary - Product costs.Plastic tubing - Period costs.Paint - Period costs.Sales commissions - Period costs.Factory insurance - Product costs.Depreciation on cutting machines - Period costs.Wages paid to painters - Product costs.What is a Product cost?In accounting, a product cost refers to any costs incurred to create a product which include a direct labor, direct materials, consumable production supplies, factory overhead etc. It can also be considered as the cost of labor required to deliver a service to a customer.
What is a Period cost?Basically, a period costs refers to those costs not included in product costs. These cost are not directly tied to the production process, an example includes an overhead or sales, general and administrative (SG&A) costs.
Missing question "Identify each of items (preceding costs) as either a product or a period cost."
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Review the following choices, then choose the only response that does NOT describe a due diligence requirement for an individual who is paid to prepare returns for taxpayers claiming the head of household filing status and/or one or more of the following credits: the Earned Income Tax Credit, the American Opportunity Tax Credit, the Child Tax Credit/Additional Child Tax Credit, and the Other Dependent Credit.
A. Brynn (16) a full-time high school student. The taxpayer is her 22 year old sister
B. Maeve (23) a full-time student. The taxpayer is her 68 year old grandmother
C. Noah (24) a full-time student. The taxpayer is his 22 year old brother
D. Yasmine (33) who is totally and permanently disabled. The taxpayer is her 30 year old brother
The response that does not describe a due diligence requirement for an individual who is paid to prepare returns for taxpayers claiming the head of household filing status and/or one or more of the following credits is D. Yasmine (33) who is totally and permanently disabled. The taxpayer is her 30 year old brother.
What is returns for taxpayers ?A tax return can be described as the documentation that is been filed along with the tax authority . It should be noted that this help to give the reports of the income as well as the expenses that regards the financial information.
As regards to the case above, where there is no due diligence requirement for an individual as described we can see tin the case of Yasmine with the total disability.
In conclusion, on the tax returns, the tax liability ca be estimated by the payers with the schedule tax payments. Therefore, option D is correct.
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MicroEcon Question. Urgent. Pls. Help.
The average fixed cost of each case will be $7,142.86.
The average variable cost is $70,000.
What is the average fixed cost and average variable cost?Fixed cost is the cost that does not change with the number of lawyers hired or the number of cases. Fixed cost remains fixed regardless of the number of lawyers or the number of cases. Examples of fixed cost include rent, electricity.
Average fixed cost is the total fixed cost per case. Average fixed cost can be determined by dividing the fixed cost by the number of cases.
Average fixed cost = fixed cost / number of cases.
$200,000 / 28 = $7,142.86
Variable cost is the cost that changes with the level of output. Variable cost would increase with the level of output or the number of lawyers hired. The average variable cost is the cost of hiring one lawyer. The average variable cost is $70,000.
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Consider the following production function: Q = 2K + 5L. The price of capital is €10 per unit and the price of labour is €20 per unit. The firm wants to produce 100 units of output. The number of units of labour that the firm will hire is
A.
50
B.
5
C.
25
D.
20
Answer: I don't know
Explanation: I don't know
1. Why a company choose to develop a business plan?
2. What are the key steps in developing a business plan?
3. What are the common components of a business plan?
1 answer: It will help you steer your business as you start and grow. Think of a business plan as a GPS to get your business going. A good business plan guides you through each stage of starting and managing your business. You'll use your business plan like a GPS for how to structure, run, and grow your new business.
2 answer: Here are six key steps that can lead to an effective plan for your business:
Step 1: Establish your mission. In essence, your mission statement explains why your business exists. ...
Step 2: Analyse your SWOT. ...
Step 3: Develop a plan. ...
Step 4: Create a budget. ...
Step 5: Put it in writing. ...
Step 6: Make it a living document.
3 answer: Main Components of a Business Plan
Executive summary. This is your five-minute elevator pitch. Business description and structure. This is where you explain why you're in business and what you're selling. ...Market research and strategies. Management and personnel. Financial documents.Hope this helps!
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Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021:
Aug.1 Inventory on hand—2,100 units; cost $5.40 each.
8 Purchased 10,500 units for $5.60 each.
14 Sold 8,400 units for $12.10 each.
18 Purchased 6,300 units for $5.70 each.
25 Sold 7,400 units for $11.10 each.
28 Purchased 4,100 units for $5.80 each.
31 Inventory on hand—7,200 units.
Required:
Using calculations based on a periodic inventory system, determine the inventory balance Altira would report in its August 31, 2021, balance sheet and the cost of goods sold it would report in its August 2021 income statement using each of the following cost flow methods.
Using calculations based on a periodic inventory system, the inventory balance Altira would report in its August 31, 2021, balance sheet and the cost of goods sold it would report in its August 2021 Income Statement using the following cost flow methods are:
FIFO Method LIFO Method Weighted Average
Ending Inventory $41,450 $39,900 $40,640
Cost of Goods Sold $88,380 $89,930 $89,190
What are the inventory cost flow methods?The various inventory cost flow methods include:
LIFO (last in, first out)FIFO (first in, first out)Specific identificationWeighted-average cost.Inventory Costing:Date Activities Units Unit Cost Total
Costs Sales
Aug. 1 Inventory on hand 2,100 $5.40 $11,340
Aug. 8 Purchases 10,500 $5.60 58,800
Aug. 14 Sales (8,400) $12.10 $101,640
Aug. 18 Purchases 6,300 $5.70 35,910
Aug. 25 Sales (7,400) $11.10 $82,140
Aug. 28 Purchases 4,100 $5.80 23,780
Total inventory for sale 23,000 $129,830
Aug. 31 Inventory on hand 7,200
Inventory sales 15,800 $183,780
FIFO:
Ending inventory = $41,450 (3,100 x $5.70 + 4,100 x $5.80)
Cost of goods sold = Cost of goods available for sale - Ending inventory
= $88,380 ($129,830 - $41,450)
LIFO:
Ending inventory = $39,900 (2,100 x $5.40 + 5,100 x $5.60)
Cost of goods sold = $89,930 ($129,830 - $39,900)
Weighted Average:
Average cost = $5.645 ($129,830/23,000)
Ending inventory = $40,640 ($5.645 x 7,200)
Cost of goods sold = $89,190 ($5.645 x 15,800)
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Question Completion:FIFO, LIFO, and Weighted Average inventory methods.
With public funding, the private space research organization, Expansive Vistas, has begun the process of building a launch site for their new Space Y commercial rocket. They have chosen the North Miami Area as the perfect location for their launch site as Miami meets a few of their needs:
Expansive Vistas's Talking points:
Miami is a tourist destination and Expansive Vistas has plans to move from space research to space tourism, Miami is located on the East coast close to the equator which reduces the amount of fuel needed to propel rockets into space and their is less likelihood of debris damage, and Miami already has the infrastructure needed to build the launch point quickly.
- how would it affect the Miami area residents?
The rocket would affect the Miami area residents because the rocket engines will produce pollution into the atmosphere which can be perceive as a combustion-driven propulsion.
What is the effect of the rocket to the environment?The effect of the rocket to the environment can be varied base on the propellance of it however, Rocket engines do bring about the release of the trace gases into the atmosphere.
And as a result of this it add a negative contribution to ozone layer which bring about the depletion of the layer as a result of the particles of soot that is been generated.
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When a market is monopolistically competitive, the typical firm in the market can earn?
Answer:
Individual companies will no longer be able to sell their products at above-average cost. Companies in monopolistic competition will earn zero economic profit in the long run.
Individual businesses won't be able to continue charging more than average for their goods. Companies engaged in monopolistic competition will ultimately experience no economic profit.
What is monopolistically competitive?Monopolistic competition occurs when numerous companies offer comparable but subpar alternatives to each other's goods or services. The barriers to entry are low in monopolistic competitive industries, and decisions made by one firm do not immediately affect those of its competitors.
A monopoly is a type of imperfect competition in which a producer or seller captures the majority of the market due to the lack of substitutes or competitors. Monopolistic competition, a form of imperfect competition, is when several providers battle it out for the same market share by differentiating their products.
Thus, Individual businesses won't be able to continue charging more than average for their goods.
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What is the association of the term “integration” with ERP?
Answer: ERP integration is the method by which a business connect its ERP (Enterprise Resource Planning) software with other applications.
Explanation: ERP integration, to put it, simply, links and synchronises ERP software with other programs and data sources. Whether the data comes from the ERP or other systems, ERP software integration gives you a unified picture of data from several systems in real time.
Government policies that favor businesses are:
Government policies that favor businesses are:
Reducing the amount of interference as much as possible.The drafting of laws that enable the formation of contracts that are enforceable.This is further explained below.
What are Government policies?Generally, A government policy is a guideline or concept that is intended to better guide decision-making, with the ultimate goal of producing good results that are beneficial to the community or unit.
In conclusion, The reasons why things are to be done in a specific manner and why are laid forth in the policies of the government.
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A sample of 39 observations is selected from a normal population. The sample mean is 19, and the population standard deviation is 4. Conduct the following test of hypothesis using the 0.10 significance level.
H0: μ ≤ 18
H1: μ > 18
a. Is this a one- or two-tailed test?
multiple choice 1
One-tailed test
Two-tailed test
b. What is the decision rule?
multiple choice 2
Reject H0 when z > 1.282
Reject H0 when z ≤ 1.282
c. What is the value of the test statistic? (Round your answer to 2 decimal places.)
e-1. What is the p-value? (Round your answer to 4 decimal places.)
e-2. Interpret the p-value? (Round your final answer to 2 decimal places.)
The test that we have here is a one tailed test. The decision rule is to Reject H0 when z > 1.282. the value of the test statistic is 1.56. The p value is 0.0594
How to solve the problema. The question that we have been asked to solve in the problem that we have here has been identified as a one tail test. The first option is correct
b. The decision rule that we are to abide by in the question is Reject H0 when z > 1.282. The first option is the answer here
c. How to solve for The z test statistic calculation
19 - 18 / 4 / √39
= 1.5612
e1. The p value that we have here is 0.059238. The p value was obtained through the use of a statistical software.
e2. The p value is less than 0.10. That is 0.059238 < 0.10 so we have to reject the null hypothesis.
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1) The focus of this video was on __________ which the
chapter describes as all forms of pay going to
employees and arising from their employment.
The focus of this video was on Employee Compensation which the chapter describes as all forms of pay going to employees and arising from their employment.
What is meant by Employee Compensation?Employee compensation is the entire remuneration that an organisation pays to an employee in exchange for the work that employee performed during the accounting period, whether that payment is made in cash or in kind.
Typically, the term "compensation" refers to a monetary payment made to a person in return for their work. Employees work to earn their income at the office. It includes the employee's pay or earnings, commission, and any additional benefits or incentives associated with the job.
Pay, holidays, health insurance, and bonuses all contribute to an employee's total compensation. Other benefits are also included, such as a company car, free parking, complimentary or discounted meals, travel expenses, etc.
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the gdpr created a ________ framework in order to enable u.s. businesses to legally use personal data from eu countries.
The GDPR created a Safe harbor. Framework in order to enable U.S. businesses to legally use personal data from EU countries.
General Data Protection Regulation (GDPR) created a framework called Safe harbor.
Safe harbor is an agreement between the United States Department of Commerce and the European Union, the framework safeguards the European citizen's personal data (data protection). The General Data Protection Regulation (GDPR) is a framework of law that establishes standards for the gathering and handling of personal data from. Safe harbor is a term in a law or regulation that, under certain circumstances, protects from legal responsibility or other penalties. Safe harbor rules shield individuals and organizations from liability for unexpected errors .safe harbor are helpful if Anyone acting in good faith who may otherwise break the law for reasons beyond their control now has peace of mind thanks to these laws.
Completed question ): The GDPR created a framework in order to enable U.S. businesses to legally use personal data from EU countries.
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Which components of your HR plan will you have to change?
What additional information would you need to create an action plan for these changes?
Integrate a more strategic HR plan into the new business without a doubt. In order to explain the changes to both the new and existing employees strategy, the manager should study the current HR policies and schedule a training session.
They involve reviewing the current labor business, predicting future need for labor, balancing supply and demand, and advancing organizational objectives. Create an action plan with specific measures to implement all suggested improvements. The strategy must be thorough, understandable, and current. The action plan should also incorporate the knowledge and concepts you had obtained when the deliberating on your goals and tactics.
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Gross Domestic Product (GDP) is a comprehensive measure of national
O Exports
O Input
O Outputs
O Imports
GDP calculates the monetary value of the final goods and services—those purchased by the consumer—produced in a nation during a specific time period (say a quarter or a year). It accounts for all the output produced inside a nation's boundaries.
The total amount of private and public consumption, government expenditures, investments, additions to private inventories, and paid-in all go into calculating a nation's GDP.
A input or an output, is GDP?
GDP measurement
GDP calculates the monetary value of the final goods and services—those purchased by the consumer—produced in a nation during a specific time period (say a quarter or a year). It accounts for all the output produced inside a nation's boundaries.
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A firm produces output according to the production function Q = 4K + 8L where K is capital and L is labour.
If the wage rate is €60 and the cost of capital is €20, how many units of labour should the firm hire if it wants to produce 16 units of output?
The units of labour that the firm should hire if it wants to produce 16 units of output is 2 units.
What will be the number of unit?The production function is Q = 4K + 8L where
K = capital
L = labour
For Q = 16
16 = 4K + 8L
According to the given production function K and L are substitutes so for producing 16 units
MRS = w/r
MRS = MPL/MPK
= 8/4
= 2
We will divide the wage rate by cost of capital and this will be:
= Wage rate / Cost of capital
= 60/20 = 3
As W/r is more than MRS so the firm only uses capital and zero labor to produce.
So for 16 units of capital
16 = 4K + 8L
where K = 0
Substitute k = 0 into the equation
16 = 4K + 8L
16 = 4(0) + 8L
16 = 8L
Divide
L = 16/8 = 2
The units is 2 units.
This illustrates the unit of labor.
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b) The customer asks, "How many brands of baseball gloves do you sell? Are there any the cost
less than $50?" You don't know the answer and need to check the supply room for inventory. It
takes you close to 10 minutes to find the answer. When you have the answer, the customer asks if you can put one on hold for her. Play out the entire conversation, including ending the call. (3
points)
When the customer asks for the price range of the product baseball gloves, which can be less than $50. So, the seller needs to check the supply room for inventory.
Inventory refers to all the goods, items, merchandise, and also the materials which are held by a business for selling in the market in order to earn a profit. So, inventory management can help the companies to identify which and how much stock to order and to order when.
While making a sale, if a customer asks for different price ranges and so if the seller does not remember such information, then the seller needs to check the supply room for inventory and then inform the customer about it.
Hence, inventory is an asset which is intended to be sold.
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if the price is below the equilibrium level, then the quantity demanded will exceed the quantity supplied. this is known as ________________.
Answer:
Explanation:
If the price is below the equilibrium level, then the quantity demanded will exceed the quantity supplied by an amount known as excess demand or deficit supply. This is known as price ceiling.
if the price is below the equilibrium level, then the quantity demanded will exceed the quantity supplied. this is known as excess demand or deficit supply. This is known as the price ceiling.
What is Equilibrium?When economic forces are in balance, there is said to be an economic equilibrium. In the absence of outside influences, economic variables essentially hold true to their equilibrium levels. Market equilibrium and economic equilibrium are two different concepts.
Market equilibrium is described as the price at which supply and demand are equal in basic microeconomics. As a result, it is a location where the theoretical supply and demand curves.
hence, if the price is below the equilibrium level, then the quantity demanded will exceed the quantity supplied. this is known as excess demand or deficit supply. This is known as the price ceiling.
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which tax benefit for education is partially refundable?
A. american opportunity tax credit
B. distribution from a qualified tuition program
C. lifetime learning credit
D. student loan interest deduction
Answer:
American opportunity tax credit
Explanation:
I took the test
if an organization's board of directors were to set aside assets to be used for replacement of plant and equipment, where would this be reflected on the balance sheet?
Answer: Assets Limited as to Use
Explanation: These are unrestricted assets whose use is limited by the governing board or contracts or agreements with outside parties other than donors or
A managerial innovation that improves the efficiency of a company's cross-functional
teams would be considered a(n) _______ innovation.
a) product
Ob) process
c) core
d) transformational
e) practical
paco is graduating from college and has accepted a position as an account manager with a medical supply company. he will use a company car and is excited that he won't need to purchase his own vehicle. however, the company has a strict professional dress code and expects all account managers to wear suits every day. paco is starting to shop for suits and has gone to several stores such as men's warehouse and jos. a. bank as well as the suit department of a major department store. he's willing to take time now to learn more about the range of prices and quality for suits since he's not very knowledgeable about suits. however, he will only take a few days to consider the purchase since he doesn't enjoy shopping. what type of decision-making style is paco using for his new suit purchase?
Paco is using an extended problem-solving decision-making style. this means that he is willing to take the time to learn more about the range of prices and quality for suits and to consider the purchase carefully.
What is purchase?
Purchasing is the process by which a company or organisation acquires goods or services in order to achieve its objectives. Although numerous organisations seek to establish standards in the buying process, practises can vary widely amongst firms. Purchasing is a component of the larger procurement process, which encompasses expediting, supplier performance, transportation, and logistics. Procurement and purchasing managers/directors direct the organization's acquisition standards and procedures. Most businesses base their purchasing systems on a three-way check. Three departments within the business are responsible for completing various stages of the purchase process.
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The manufacturer of the X-15 steel-belted radial truck tire claims that the mean mileage the tire can be driven before the tread wears out is 60,000 miles. Assume the mileage wear follows the normal distribution and the standard deviation of the distribution is 5,000 miles. Crosset Truck Company bought 48 tires and found that the mean mileage for its trucks is 59,500 miles. Crosset would like to know if their experience is different from the manufacturer’s claim.
a. State the null hypothesis and the alternate hypothesis.
b. State whether the decision rule is true or false: Reject H0 if z < −1.96 or z > 1.96 using a 0.05 significance level.
multiple choice 1
True
False
c. Compute the value of the test statistic. (Negative amount should be indicated by a minus sign. Round your answer to 2 decimal places.)
d. What is your decision regarding H0?
multiple choice 2
Reject H0
Do not reject H0
e. What is the p-value? (Round z value to 2 decimal places and final answer to 4 decimal places.)
f. Is Crosset's experience different from that claimed by the manufacturer at the 0.05 significance level?
multiple choice 3
Yes
No
Using the z-distribution, it is found that:
a. The hypothesis are given as follows:
Null: [tex]H_0: \mu = 60000[/tex].Alternative: [tex]H_1: \mu \neq 60000[/tex].b. The decision rule is True.
c. The test statistic is of z = -0.69.
d. The null hypothesis is not rejected.
e. The p-value of the test is of 0.4902.
f. His experience is not different from that claimed by the manufacturer.
What are the hypothesis tested?At the null hypothesis, it is tested if the mean is of 60,000 miles as claimed, hence:
[tex]H_0: \mu = 60000[/tex].
At the alternative hypothesis, it is tested if the mean is different of 60,000 miles, hence:
[tex]H_1: \mu \neq 60000[/tex].
Decision ruleWe have a two-tailed test, as we are testing if the mean is different of a value, with a significance level of 0.05, meaning that the critical value is of |z| = 1.96, thus the decision rule is:
|z| > 1.96: Reject the null hypothesis.|z| < 1.96: Do not reject the null hypothesis.Test statistic and decisionThe test statistic is given according to the following equation:
[tex]z = \frac{\overline{x} - \mu}{\frac{\sigma}{\sqrt{n}}}[/tex]
In which the parameters are described as follows:
[tex]\overline{x}[/tex] is the sample mean.[tex]\mu[/tex] is the value tested at the null hypothesis.[tex]\sigma[/tex] is the standard deviation of the population.n is the sample size.In the context of this problem, the values of these parameters are as follows:
[tex]\overline{x} = 59500, \mu = 60000, \sigma = 5000, n = 48[/tex]
Hence the test statistic is calculated as follows:
[tex]z = \frac{\overline{x} - \mu}{\frac{\sigma}{\sqrt{n}}}[/tex]
[tex]z = \frac{59500 - 60000}{\frac{5000}{\sqrt{48}}}[/tex]
z = -0.69.
Since the absolute value of the test statistic is less than 1.96, the null hypothesis is not rejected, and his experience is not different from that claimed by the manufacturer.
P-valueUsing a z-distribution calculator, with z = -0.69 and a two-tailed test, the p-value of the test is of 0.4902.
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