According to the question, $300 is his share of the rent each month.
What is the rent?
The exact amount of rent that someone pays depends on a variety of factors. These include the size of the property, the location, the condition of the property, and the length of the lease. In addition, factors such as the landlord's preferences and the current market rate can also influence the rent. For example, a larger, newer property in a desirable location may have a higher rent than a smaller, older property in a less desirable area. Ultimately, the amount of rent is determined by the landlord and the tenant and can vary widely.
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What are the 2 types of credit?
Open credit score, additionally called open-quit credit score, and Closed credit score, additionally called closed-quit credit score, are the 2 main types of credit.
Credit is the ability to obtain goods or services or to borrow money with the intention of paying for them later. A credit is a transaction that demonstrates a decrease in assets or a rise in liabilities along with a decrease in expenses or an increase in income.
When you have open credit, also known as open-end credit, such as on credit cards and personal loans, you can keep using it as long as you make interest payments. When you seek a specific amount of money, receive it, and then pay it back over time in clearly specified increments, that is closed credit, also known as closed-end credit.
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An investor sold 100 shares of MAS short when the stock was trading at 21. If MAS is now trading at 16, and the investor wants to protect her gain, which of the following orders should she place
Only the selling of long-held stocks in the account can result in an increase in SMA among these options. If it is utilised to make the purchase, the SMA would go down.
A selling stop order is placed with a stop price that is below the current market price; should the stock fall to the stop price (or trade below it), the order is activated and will be executed at the account market price. Orders (buy limits and sell stops) placed below the market price are automatically decreased on the ex-date. value purchase on the market declining The amount in the customer's account remains unchanged even if the market value declines, therefore SMA is unaffected.
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How does an increase in taxes affect the economy?
The vast majority of them also imply that raising taxes may raise government revenue, but typically at the expense of economic expansion and taxpayer mobility.
On the other side, tax cuts frequently cause brief declines in revenue while brand recognition and reputation economic growth. Tax compliance refers to both governmental activities and individual behaviour in order to guarantee that taxpayers are paying the appropriate amount of tax at the appropriate time and receiving the appropriate tax allowances and tax reliefs. A tax is a mandatory financial charge or other sort of levy placed on a taxpayer (an individual or legal entity) by an administrative body to pay for various public expenditures and government spending. Around 3000–2800 BC, the first documented taxation was imposed in ancient Egypt. Non-compliance with the law includes failing to pay on time as well as evading or fighting taxation. Taxes can be direct or indirect and can be paid in money or in the equivalent in work. Most nations have a tax system in place to finance public, socially shared, or agreed-upon national demands as well as governmental duties. Most taxes on personal annual income are flat percentage rates of taxation, however certain scale taxes are progressive based on brackets of annual income levels. Taxes are imposed on both personal and business income in the majority of nations. Wealth taxes, inheritance taxes, estate taxes, gift taxes, property taxes, sales taxes, usage taxes, payroll taxes, fees, and/or tariffs are frequently imposed by countries or subunits.
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Why are mixed economies usually more successful?
A mixed economy allows for private production involvement, which in turn encourages proper competition that can generate income.
What exactly does competition mean?When two or more individuals engage in competition, they are engaged in a conflict where one party seeks to obtain an advantage at the expense of the other . Competition may develop between several types of entities, including biology, people, economic and social organizations, etc.
Why does competition exist?When two species depend on the same scarce resource, competition results because the presence of other species reduces the resource's availability to one species.
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Which of the following actions of an automobile firm will be considered as a strategic commitment?
a. The firm spending $100,000 on renting a manufacturing facility to meet the temporary demand for its cars
b. The firm launching an existing model of a car in red as a limited edition for six months
c. The firm promoting its new model of coupe through a free Europe trip worth $15,000 to be won as an early bird offer
d. The firm investing eight years and $4 billion to develop a range of hybrid cars with which it will compete in the future
Option (D) . The firm investing eight years and $4 billion to develop a range of hybrid cars with which it will compete in the future.
What is hybrid in a car?
A hybrid electric vehicle is powered by an internal combustion engine and one or more electric motors that use energy stored in batteries. It is not possible to connect a hybrid electric vehicle to charge the battery. Instead, the battery is recharged by regenerative braking and the internal combustion engine.
What is downside of hybrid car?
Bad handling:
Hybrids have more engines than traditional cars, which means more weight and less fuel consumption. As a result, hybrid vehicle manufacturers have had to downsize motors and batteries to save weight. However, this reduces vehicle performance and reduces body and suspension support.
Can hybrid car go for long distance?
Your hybrid can certainly handle long trips efficiently. The hybrid works more efficiently if you keep it under 50 mph. Driving in urban areas is therefore a more efficient way of getting around.
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What is the importance of capital resource to an economy?
The economy may benefit from increased capital resources. This is due to the fact that businesses typically produce more goods and services when they spend more heavily in capital resources.
In order to produce goods and services, a corporation need capital resources, which are man-made resources. Businesses can continue to be productive and provide services to their clients with the help of capital goods. Infrastructure, machinery, and other capital resources are examples. Clean energy projects are paid for with the help of money sources, which are managed by capital providers. For instance, a bank may use the deposits made by its clients as a source of capital; however, in this case, the bank manages the money's investment. All assets created by humans and employed in the production of goods are referred to as capital resources. These resources include things like machinery, buildings, and other things. Any equipment or resource used by a company in the creation of goods or services is referred to as a capital resource.
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On January 3, ATA Company purchases a copy machine for $11,500. The machine is expected to last five years and have a salvage value of $1,500. Compute depreciation expense for the first year, assuming the company uses the straight-line method.
If the business follows the straight-line technique, the depreciation expense for the first year will be $2,000.00. The ATA Company spends $11,500 on a copier on January 3.
A corporation, sometimes known as co, is a legal designation for a group of people with a particular goal who are either naturally occurring, legally created, or a combination of both. Members of the company collaborate to accomplish clearly stated objectives. This device is intended for regular use. It should be a multifunctional copier that is ideal for a small business, school, or home office. It also offers seamless connectivity with copiers, laser printers, and fax machines for everything from faxing forms to copying flyers or printing papers.
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Steven and Sally have income from all sources (taxable and nontaxable) totaling $139,506. Their taxable income is $114,706. Their tax liability is $16,815. Their average tax rate is % (rounded to the nearest whole number).
Their average tax rate is 15%. An income statement's final line item before the bottom line, or net income, is often the tax expense.
The ratio at which a company or individual is taxed is known as the tax rate, and it is typically stated as a percentage. Statutory, average, marginal, and effective tax rates are some of the ways that are used to display them. When applied to a tax base, the phrases inclusive and exclusive might be used to present these rates. The rate imposed by law is known as a statutory tax rate. A sales tax might have a flat statutory rate, whereas an income tax might have several statutory rates for various income levels. The statutory tax rate, which is calculated as a percentage, is always greater than the actual tax rate. If an individual's gross annual income exceeds Rs. 2,50,000 during a fiscal year, they are required to file an ITR. For older folks, this restriction is more than Rs.
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Why is competition good for the consumer in a free enterprise system?
The competition in a free enterprise system is good for consumer because it allows consumer to have the ultimate voice in the economy, starting from the ultimte pices of goods, types of products needed, and whether a product is a success or a fail.
Free enterprise sytem or free market refers to an economy where the government role in the market and its intervention are limited almost to none. The government has almost zero control to the economy and allows the market to determine the products and prices.
Free enterprise system is not regulated by the government but by a set of legal rules, such as property rights, contracts, and competitive bidding. Free enterprise system beliefs that the government intervention would hinder the economy growth. Free enterprise system tends to result in capitalism.
Free enteprise system allows more freedom and aims for higher market efficiency from lower taxes and regulation. Free enterprise system ensures consumer rights and financial security and stability. Free enterprises system provides greater economic opportunities with lower entry and exit barrier to the economy. However free enterprise system might be more vulnerable to several economic crisis with no intervention from the government.
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Answer:
B
Explanation:
Assume the following data for 120,000 units of a product that Spectacular Company expects to produce and sell during the current year: Manufacturing costs: Direct materials $1,200,000 Direct labor 3,000,000 Factory overhead: Variable costs $360,000 Fixed costs 150,000 510,000 Total manufacturing costs $4,710,000 Selling and administrative expenses: Variable expenses $360,000 Fixed costs 600,000 Total selling and administrative expenses 960,000 Total cost $5,670,000 Desired rate of return 23% Total assets $1,600,000 What will the normal selling price per unit be if calculated using the product cost concept
$50.32 will the normal selling price per unit be if calculated using the product cost concept.
The expenses incurred to produce a product are referred to as its cost. Direct labor, raw expenses, consumables competitively priced, and factory overhead are all included in these prices.
The cost of the labor necessary to provide a service to a customer can also be considered when determining product cost. Product costs are the expenses made to create a good that will be sold to a customer. Cost of the goods includes: Direct materials are purchased raw materials that are used right away in the manufacturing process.
For instance, a car manufacturer's direct material cost might be the metal used to construct the vehicle. Direct materials, direct labor, and overhead are the three main types of expenditures that are accounted for during the manufacturing process.
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Brand names such as Tide, Surf, Biz, and Wisk are effective names because they
a. are generic terms for detergent.
b. blend with competing brand names.
c. indicate the products' uses.
d. suggest special characteristics and benefits of the product.
e. are easy for customers to say, spell, and recall.
Brand names such as Tide, Surf, Biz, and Wisk are effective names because they: are easy for customers to say, spell, and recall. So the correct option is: E
Be that as it may, how significant is brand naming? Indeed, we need to recall that the best brand names are made from only a modest bunch of letters. What's more, probably the best organizations and items don't put as much suspected into theirs as you'd naturally suspect.
These days, you could see brands that have the most strange name possible. But, those brands actually have figured out how to turn out to find success. For what reason do you believe that is?
This is on the grounds that those names address the organization's characteristics and values very well. It doesn't exactly make any difference that they sound peculiar, for however long they are not difficult to spell, appealing, and extraordinary portrayals of what you're attempting to achieve.
Furthermore, to make your achievement, you really want to truly dig into what a brand name truly is.
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The national savings rate decreases causing aggregate demand to increase and pushing real GDP from $55,000 to $70,000. What is the percent change in real GDP
When aggregate demand rises and causes real GDP to expand from $55,000 to $70,000, the change is 27.27%.
Explain the significance of GDP.Gross domestic product measures how well-off an economy is in a given nation. It indicates the total value of all commodities and services produced inside a nation's borders within a certain time period. GDP can be used by economists to assess whether an economy is expanding or going through a recession. This strategy, created by Prof., supported the notion of a self-sufficient closed economy. GDP is significant since it provides information on the size and health of an economy. Real GDP growth is frequently used as a gauge of the economy's overall health. In general, a growth in real GDP is seen as a positive indicator of the health of the economy.
[tex]Change in GDP=\frac{70000-55000}{55000}*100\\Change in GDP= 27.7%[/tex]
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In a fully developed use case description, the flow of activities is most similar to what? a. An activity diagram b. A class diagram
In a fully developed use case description, the flow of activities is most similar to An activity diagram.
The correct option is A.
Activity diagrams demonstrate the coordination of several layers of activity abstraction necessary to deliver a service. Usually, a few operations are required to complete an event, especially when those operations must coordinate numerous separate tasks. How the events in a single use case interact to one another is another frequent need, particularly in use cases where activities may overlap and require coordination. Additionally, it may be used to show how several related use cases work together to represent company activities. The term "object-oriented flowchart" is another term for an activity diagram. Activity diagrams can be used to identify activities that are made up of smaller acts. An activity is a behaviour that may be divided into one or more actions.
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Frederick is looking for clerical job opportunities. He wants to make sure he has the right qualifications. What are the minimum requirements for the job roles that Frederick is applying for
Fredrick wants to work as a clerk for an organisation. He must therefore have a foundational understanding of the duties associated with a clerical position.
In order to help fredrick students choose the best option for them and urge them to pursue their chosen career specialities in the next bachelor's, master's, or higher levels of education, practically all disciplines are covered in basic organisation detail in a high school diploma. Therefore, having a high school diploma is a plus when applying for clerical jobs. Additionally, a clerical job duties requires documenting skills because it requires a lot of documentation work. If one wishes to begin a career at the clerical level, they must possess these talents.
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Which of the following provides the most accurate explanation of how increased media choices have affected partisan polarization
People are more likely to choose news outlets that support their ideological beliefs because there are so many different news sources available to them.
What is meant by partisan polarization?As a result of the variety of news sources available to them, people are more likely to select media that support their ideological viewpoints.
Voters arrange themselves into parties that align with their ideologies in a process known as partisan sorting in politics. Political polarization, which occurs when partisans adopt ever-more-extreme stances, is different from partisan sorting.
is frequently held accountable for escalating political partisanship and ideological divisiveness. Political Polarization Political polarization occurs when a person's identification with a specific political party makes their opinion on a given issue, policy, or individual more likely to be rigidly defined.
The complete question is:
Which of the following provides the most accurate explanation of how increased media choices have affected partisan polarization?
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If a company increases its sales price per unit for Product A the new breakeven point will O A remain the same O B. decrease O C. increase O D. More information is needed
If a company increases its sales price per unit for product A new breakeven point will remain the same.
What is a breakeven point?The breakeven point (breakeven price) for a trade or investment can be calculated by comparing an asset's market price to its purchase price. When both prices are the same, the breakeven point is attained. By dividing the entire fixed costs associated with production by the revenue per unit less the variable expenses per unit, the breakeven point (BEP) formula in corporate accounting is calculated. The costs that remain constant regardless of the number of units sold are referred to in this sense as fixed costs. In many circumstances, breakeven points (BEPs) are helpful. At that price, the homeowner would make exactly break even and would not lose money.
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What is customer tolerance time?
Customer tolerance time is the amount of time customers are willing to wait before they expect their query to be answered or their issue to be resolved.
What is customer?
Customer is a person who buys goods or services from a business. Customers are the lifeblood of any business and companies must provide excellent customer service to ensure customer loyalty and retention. Customers have certain needs and expectations, and businesses must strive to meet those expectations in order to ensure customer satisfaction. Customers should be treated with respect and courtesy, and businesses should make sure to provide quality products and services to meet customer needs. Companies must also be willing to listen to customer feedback and take customer complaints seriously in order to improve customer service. Companies should also be proactive in engaging with customers and building relationships to ensure customer satisfaction and loyalty.
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A restaurant increases the number of servers it has per shift. Which goal is most likely responsible for this change
A restaurant increases the number of servers it has per shift. Efficiency is most likely responsible for this change. Hence, the correct answer is efficiency.
What exactly is economic efficiency?Depending on the context, economic efficiency is generally one of two related concepts:
Any modifications made to help one person would injure another. This is known as allocating or Pareto efficiency.
Productive efficiency means that no more output of one thing can be acquired without reducing the output of another, and production progresses at the lowest feasible average total cost.
These notions are not synonymous: a market or other economic system might be allocatively efficient but not productively efficient, or productively efficient but not allocatively efficient. Other definitions and metrics exist as well. All economic efficiency characterizations are contained within the broader engineering idea that a system is efficient or optimum when it optimizes desired outputs given available inputs.
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What is the reason the following statement is incorrect?The price of tuition at a specific university increased from what it was the previous year, but enrollment at the university still increased. This implies that the law of demand has been violated.Ø The ceteris paribus condition has been violated.The law of demand depends on ceteris paribus. Since other factors that might shift the demand curve for university education were not taken into account and were not held constant, we cannot say that the law of demand has been violated.
The price of tuition at a specific university increased from what it was the previous year, but enrollment at the university still increased is the reason the following statement is incorrect.
Even though a particular university's tuition climbed from the year before, enrollment grew at the institution still. This suggests that the law of supply and demand is not always true. A violation of the ceteris paribus requirement has occurred. Less demand for the good or service results from this. Even though everything is priced increased the same, they will purchase less of everything. Due to the income and substitution effects, a product's price statement results in a drop in the quantity required. The shift to the right interpretation demonstrates that buyers seek more product at each price when demand rises.
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Because of specialization and comparative advantage, most people Group of answer choices consume the products of many other specialists consume only what they produce themselves share whatever they produce consume the products produced by their family and friends do not use money as a medium of exchange
According to the question of comparative advantage, most people consume the products of many other specialists.
What is comparative advantage?Comparative advantage is an economic concept which states that a country or individual has the ability to produce a certain good or service at a lower cost than any other country or individual. This is due to the fact that a country or individual may have an advantage in the production of certain goods or services due to its resources, technology, or labour force. Comparative advantage is important because it allows countries to specialize in producing certain goods or services to maximize efficiency and economic growth. It also allows countries to trade with one another and create a mutually beneficial relationship that increases global wealth. By specializing and trading, countries can produce a greater quantity of goods or services than if they were to produce everything on their own.
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Which of the following is not one of the more commonly used options for cutting project costs?
A. Reduce project scope
B. Have owner take more responsibility
C. Moving the completion date further out
D. Brainstorming cost savings options
E. Outsourcing project activities
Option (C) is the answer. One way to cut costs on a project is not to move the deadline for completion further out.
What is cost cutting in project ?Reducing or eliminating outside professional services like advertising agencies and contractors, closing facilities, streamlining the supply chain, downsizing to a smaller office, or moving to a less expensive building or area are all examples of cost-cutting measures.
New technology implementation can also be seen as a way to cut costs. For instance, a brand-new machine might take the place of a certain number of employees, cutting costs associated with labor. In this scenario, the machine's purchase price would be offset by the absence of labor costs for a predetermined amount of time.
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The excess of expected sales over the sales level at the break-even point is known as the: ?
Multiple Choice O Sales turmover O Profit margin. O Contribution margin. O Relevant range Margin of safety
The excess of expected sales over the sales level at the break-even point is known as the Relevant range Margin of safety.
Option D is correct.
What is the break-even safety margin?The difference between the expected profitability and the break-even point is the margin of safety. Divide current sales by the breakeven point to arrive at the margin of safety formula.
What does it mean to have a safety margin?An investment principle known as the margin of safety states that an investor should only purchase securities when their intrinsic value is significantly lower than their market price. To put it another way, the margin of safety is the difference between a security's market price and your estimate of its intrinsic value.
Why is the safety margin so important?Since it indicates optimal performance and the capacity of a company to cushion itself against market volatility, a high margin of safety is frequently favored. However, increasing sales volume is necessary to increase a low margin of safety, which may indicate an unstable business position.
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Garcia Company had the following selected transactions during the year. Jan. 1 The company paid $6,200 cash for 12 months of insurance coverage beginning immediately. Aug 1 The company received $2,700 cash in advance for 6 months of contracted services beginning on August 1 and ending on January 31. Dec. 31 The company prepared any necessary year-end adjusting entries related to insurance coverage and services performed. A. Record journal entries for these transactions assuming Garcia follows the usual practice of recording a prepayment of an expense in an asset account and recording a prepayment of revenue received in a liability account
1st January
Debit Cash 6,200
Insurance of prepaid credits 6,200
1st August
Debit Cash 2,700
Unearned Service Revenue 2,700
31st of December
Debit prepaid insurance 2,200
Loan insurance costs 2,200
Debit Unearned Service Revenue 2,700
Loan servicing revenue 2,700
Garcia Company follows the usual practice of recording the advance for the expense to an asset account and recording the advance for the revenue received to the liability account. This means that when a company pays for services or insurance coverage in advance, the amount is recorded as an asset or liability on the balance sheet. After services are rendered, the amount of unearned service revenue is adjusted to the amount of service revenue.
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which of these actions would most likely decrease a person’s net worth for at least the next 6 months?
Buying a new car in cash would most likely decrease a person’s net worth for at least the next 6 months.
This is because buying a car in cash requires the person to liquidate assets such as investments, savings accounts, or other assets to pay for the car. This liquidation of assets would result in a decrease in the person’s net worth. In addition, the car is an illiquid asset that may not appreciate over the next 6 months, resulting in an overall decrease in the person’s net worth.
Therefore we can say that buying a new car will decrease a person's net worth.
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The correct question should be, which of these actions would most likely decrease a person’s net worth for at least the next 6 months? Buying a car or building a rented house?
Which one of the following is not a typical characteristic of a weak company culture?
a. No strong employee allegiance to what the company stands for or to operating the business in well-defined ways
b. Few, if any, entrenched operating practices and culture-induced norms to align, constrain, or otherwise paint the white lines for the actions, decisions, and behavior of company personnel
c. Individuals encounter little pressure to do things in particular ways
d. A complicated value chain and a very diverse set of core competencies--both of which act to create multiple subcultures
e. Little employee passion about the company and emotional commitment to what it is trying to accomplish--conditions that often result in many employees viewing their company as just a place to work and their job as just a way to make a living
Option D is correct. A complex value chain and a wide range of core competencies, both of which contribute to the formation of multiple subcultures, are not typical characteristics of a weak company culture.
What Is a Weak Company Culture?A weak culture is one in which all employees do not share the company's values and the values are not very strong. IPolicies that are flawed, poor decision-making, a lack of communication, and other factors contribute to a weak culture. Employees are not particularly pleased with the company's rigid procedures and bureaucracy in such a culture.
One factor that influences the organizational structure is culture. The culture of the organization affects a lot of things, like how decisions and policies are made and how satisfied and engaged employees are. There are two kinds of organizational cultures: strong and weak. Individualism is a strong characteristic of weak culture. Organizations that fail to place a greater emphasis on the idea of teams and groups actually have a culture that is lacking in strength. In order to value and respect each individual's contribution, they have attractive incentive and reward systems. A closed culture develops within the organization. Although individual innovation and creativity are high, there is less interaction among employees, and individuals limit their creativity to themselves in order to take advantage of incentives, there is less influence on the organization.
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The resources of land, labor, capital, entrepreneurship, and knowledge are: Multiple choice question.
The assets of land, labor, money, entrepreneurship, & knowledge are factors of production
What do u mean by production?Production is the method of mixing several inputs, both material (like metal, timber, glass, or polymers) and immaterial (like plans, or information) in order to produce output. In an ideal world, this output would be a product or service that is useful to people and has value.
Why is production crucial?Economic theory heavily emphasizes production. Because it applies work to land, it generates value for the economy. Thru the access to goods and services, that corresponds to increased utility, production also raises the level of living and quality of life.
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You have $55,000 in a savings account that pays 2% interest per year. The inflation rate that year is 3.24%. To calculate simple interest: Principal x Rate x Time
The answers for the given questions are:
1). Interest amount made is $1100
2). Inflation rate is $1782
3). The real interest earned is $682
How to calculate these questions?1). Interest amount made
interest rate*principal*time
Interest rate = 2%
Interest made = 2%(55,000)*1 = 1100
So, Answer is $1100
2). You must earn the interest that would be paid if the rate of interest were the same as the inflation rate in order for the purchasing power to
maintain pace with inflation.
Inflation rate = 3.24 % per year
So, the interest amount needed =
3.24%(55,000) = 1782
Therefore, in order to keep up with inflation that year, you needed to earn $1782.
$1782 in interest is required to keep up with inflation-driven price increases.
3). The real interest earned is $1100.
So, the loss of buying power due to inflation =
$1782 -$1100 = $682.
So, the answer is $682.
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The full question is,
You have $55,000 in a savings account that pays 2% interest per year.
• The inflation rate that year is 3.24%.
• To calculate simple interest: Principal X Rate x Time = Interest
• How much do you make in interest in a year? How much would you need to have made for your spending power to keep up with inflation in that year? • How much buying power did you lose in that year because of inflation? Submit
Andre went to a sporting that was having a diferent sale, He bought a baseball glove and 2 packages of socks. The baseball glove normally costs $34. The baseball glove is not discounted. One package of socks normall costs 46. On sale, one package of socks costs $4. The sale tax rate is 7.5%. What percentage of the total regular (Before tax) Was his savings
Andre saved 66.67% on his purchase of a baseball glove and 2 packages of socks, by buying them at a discounted price of $42 (before tax).
Andre went to a sporting goods store that was having a sale and bought a baseball glove and two packages of socks.
The baseball glove, which normally costs $34, was not discounted, but the price of one package of socks, which normally costs $46, was discounted to $4. The regular price for two packages of socks was $92 and the regular price for the baseball glove was $34.
This means that the total regular price for the items before taxes was $126. On sale, the total price for the items before taxes was $42. This means that Andre saved $84 on his purchase. To find the savings percentage, we divide the savings by the regular price and multiply by 100%. In this case, the savings percentage is 66.67%.
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"Quality at the source" requires factory workers to become their own inspectors.
True/False
"Quality at the source" requires factory workers to become their own inspectors. The given statement is True.
What do you mean by Factory workers?
Factory workers are people who work in factories or industrial settings performing manual labor or operating machinery. Factory workers typically work in assembly lines performing repetitive tasks such as operating machinery, packaging, quality control, and other related duties. The work is often physically demanding and requires long hours, so it is usually more attractive to those who are willing to put in the effort. The job also requires attention to detail and the ability to follow instructions. Factory workers are essential for the production of goods, and are the backbone of many industries.
So, The given statement is True.
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In 2021, Ryan files as head of household and has taxable income of $75,673. None of his taxable income consists of capital gains or qualified dividends. Using the tax tables in Appendix D, his tax liability totals $ (rounded to the nearest dollar).
Using the tax tables in Appendix D, his tax liability totals is $13,843.
What is tax?
Tax is a compulsory financial charge or some other type of levy imposed upon a taxpayer (an individual or other legal entity) by a governmental organization in order to fund various public expenditures. A failure to pay, or evasion of or resistance to taxation, is punishable by law. Taxes consist of direct or indirect taxes and may be paid in money or as its labour equivalent. The purpose of taxation is to finance government expenditure. In modern taxation systems, taxes are levied in money; but, in-kind and corvée taxation are characteristic of traditional or pre-capitalist states and their functional equivalents. The method of taxation and the government expenditure of taxes raised is often highly debated in politics and economics.
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