A profit-maximizing firm decides to shut down in the short run when price is less than average variable cost.
What is a variable cost, and give an example?Costs that fluctuate with volume are known as variable costs. Variable costs include things like raw materials, piece-rate labor, production supplies, commissions, delivery costs, packaging supplies, and credit card fees. The "Cost of Goods Sold" is the term used in some accounting statements to refer to the variable costs of production.
Who defines variable cost per unit?The costs of each unit of goods that a business produces are referred to as variable costs per unit. Variable costs fluctuate in response to changes in the volume of production or the intensity of the business's activities. The business environment has an impact on unit variable cost; when producing more units of a good, additional costs are incurred.
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the law of supply and demand says that supply and demand do not play a factor when determining the price of a product or service.
False, the interaction of a market's supply and demand factors determines price. The desire of consumers and producers to engage in purchasing and selling is represented by demand and supply.
What is the supply law saying?According to the law of supply, manufacturers will increase their supply to the market if the price is higher. Businesses produce more of a good or service when they anticipate paying a greater price for it because they want to boost their revenue.
What is the law of demand?According to the Law of Demand, there is an indirect correlation between a good or service's price and the amount of that good or service that customers are willing and able to purchase. In other words, consumers are less able and willing to purchase an item as its price rises and vice versa.
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The marginal revenue curve for a monopolist ____________________ the market demand curve.A. always rises aboveB. always lies beneathC. always runs parallelD. always is the same
The marginal revenue curve for a monopolist always lies beneath the market demand curve. Thus, option B is correct.
What is the revenue curve?
The total income multiplied by the number of items being sold gives us the average revenue. The contribution margin often is comparable to the average earnings in a perfect market. This is due to the fact that market pressures as a whole turn every member into a price-taker.
A monopolist's marginal curve of revenue generally sits below the market demand curve. Consider moving one unit below the demand curve to a little greater volume but a somewhat lower price in order to figure out why by increasing the amount down on the demand curve.
Therefore, option B is the correct option.
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, which are used to accumulate data about expenditures involved in producing specific products, make excellent use of it to compile pricing data.
Cost-accounting systems, which are used to accumulate data about expenditures involved in producing specific products, make excellent use of IT to compile pricing data.
Data are a collection of discrete values that are used to transmit information in the search for knowledge. These values might describe quantity, quality, fact, statistics, or other fundamental units of meaning. They can also just be a series of symbols that can be further understood. An solitary value inside a group of data is called a datum.
Typically, data is arranged into structures like tables that provide the data greater context and meaning and may also be utilized as data in bigger structures. In a computing process, data may be employed as variables. Data might be measurements or abstract concepts. In almost every aspect of human organisational activity, including economics and scientific study, data are often employed.
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a group of company executives are trying to decide if they want to launch a new product. this decision is a decision.
A group of executives are trying to decide if they want to launch a new product. this decision is a non-programmed decision.
What is a non-programmed decision?A non-programmed decisions are ill-structured and one-time decisions. The problems or situations that don't have a concrete set of rules or guidelines to follow rely on non-programmed decision-making. These are complex and have a long-term impact.
Some examples of non-programmed decisions include Adopting and Adapting to new technology, acquiring another organization and improving brand image.
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Proctored assignments are indicated by Multiple Choice O a shield icon & title of "Proctoring Enabled" O a red cube icon O a magnifying glass icon
The proctored assignments are indicated by a shield icon & title of proctoring enabled. The Option A is correct.
What is a proctored assignments?Also known as a proctored examination, refers to the type of assignment that your instructor can create that, at minimum, which requires an authorization for you to start or submit your assignment attempt.
It is important we note that a proctored examination is a type of assignment that promotes assignment integrity by increasing the assignment security and through confirming your identity.
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The _____ is a specific group of consumers toward which a firm directs its marketing efforts.
The target market is the particular segment of customers (which may include businesses or individual consumers) that a company focuses its marketing efforts on.
What constitutes a target market?A main demographic is a collection of potential buyers who you identify in order to market your goods or services to. Each subgroup can be split up into more compact units. Typically, segments are categorized according to age, region, income, and lifestyle.
Why do we choose our market?The goal of selecting a target audience is straightforward: to focus marketing efforts by having a clear grasp of the potential buyers of a good or service. Businesses may create marketing efforts that appeal to and reach their consumer base by having a clear understanding of their target market.
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if a pizza hut restaurant near campus increases its prices by 10% and as a result its sales revenue increases by 3% te price elasticity of demand for the services offered by the restaurant must be
If a pizza hut restaurant near campus increases its prices by 10% and as a result its sales revenue increases by 3% te price elasticity of demand for the services offered by the restaurant must be inelastic.
A good's quantity sought is calculated using its price elasticity of demand. Almost all items see a decline in demand when prices rise, but certain goods are more affected than others. The price elasticity gives the percentage change in quantity needed when a price rises by 1% and all other variables stay the same. A 1% rise in price causes a 2% decrease in the amount sought if the elasticity is 2. Different elasticities are used to quantify how the quantity required changes in relation to other variables. Price elasticities are usually negative and only seldom positive. Almost always, when a product is described as having an elasticity of 2, it refers to a value of 2.
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Tina established her objectives in the early stages of her ad campaign. To find out whether those objectives have been met at the end of the campalgn, she will Muitple Choice arrange for peer analysis. conduct feedback anolyis. pestiest initiate content anavis. pretest
As Tina established her objectives in the early stages of her ad campaign. To find out whether those objectives have been met at the end of the campaign, she will posttest. The Option E is correct.
What is a Posttest?In advertising, a post-test refers to an advertising test that allows you to measure the effectiveness of an advertising campaign to ensure that all its elements, as well as the advertising investment made, have met the desired objectives.
Furthermore, in the test method, the user attempts to find out the effectiveness of an advertisement in the light of consumers evaluation of the company & its brands of product.
Full options "a. initiate content analysis. b. conduct tracking. c. conduct feedback analysis. d. arrange for peer analysis. e. Posttest."
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addison company budgets production of 2,440 units during the second quarter. information on its direct labor and its variable and fixed overhead is as follows: direct labor each finished unit requires 3 direct labor hours, at a cost of $9 per hour. variable overhead budgeted at the rate of $11 per direct labor hour. fixed overhead budgeted at $490,000 per quarter. 1. prepare a direct labor budget. 2. prepare a factory overhead budget.
Addison company budgets production of 2,440 units during the second quarter. information on its direct labor and its variable and fixed overhead is as follows: direct labor each finished unit requires 3 direct labor hours, at a cost of $9 per hour. variable overhead budgeted at the rate of $11 per direct labor hour. fixed overhead budgeted at $490,000 per quarter. 1. prepare a direct labor budget. 2. prepare a factory overhead budget.
ADDISON CO
DIRECT LABOR BUDGET
SECOND QUARTER
units to be produced 2440 units
hours required for a unit 3 hours per unit
total hours needed 7320 hours
hourly rate $9 per hour
budgeted direct labor cost $65880
total hours needed=units to be produced*hours required for a unit=2440*3=7320
budgeted direct labor cost=total hours needed*hourly rate=7320*$9=$65880
ADDISON CO
FACTORY OVERHEAD BUDGET
SECOND QUARTER
total hours needed 7320
applied rate of variable overhead per direct labor hour $11
budgeted variable overhead $80520
budgeted fixed overhead $490000
budgeted total overhead $570520
budgeted variable overhead=total hours needed*applied rate of variable overhead per direct labor hour
budgeted variable overhead=7320*$11=$80520
budgeted fixed overhead is $490000
budgeted total overhead=budgeted variable overhead+budgeted fixed overhead=$80520+$490000=$570520
Budgets - A price range is a plan you write all the way down to decide how you may spend your money every month. A finances helps you make certain you'll have sufficient cash each month. with out a budget, you might run out of money before your next paycheck. A finances suggests you: how lots money you make.
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Addison company
Direct labor budget:
units to be produced 2440 units
hours required for a unit 3 hours consistent with unit
overall hours wished 7320 hours
hourly rate of $nine in keeping with the hour
budgeted direct hard work cost $65880
total hours wished=gadgets to be produced*hours required for a unit=2440*3=7320
Manufacturing facility overhead budget
2nd zone
general hours needed 7320
applied price of variable overhead in keeping with direct exertions hour $11
budgeted variable overhead $80520
budgeted fixed overhead of $490000
the budgeted total overhead of $570520
budgeted variable overhead=general hours needed*implemented rate of variable overhead in step with direct exertions hour
budgeted variable overhead=7320*$11=$80520
budgeted constant overhead is $490000
budgeted total overhead=budgeted variable overhead+budgeted fixed overhead=$80520+$490000=$570520
budgeted direct labor fee=general hours wanted*hourly rate=7320*$9=$65880
A budget is a plan we write right down to determine how we spend our cash every month. Finance facilitates us to ensure we will have enough money each month. without finances, we would possibly run out of money before our next paycheck. Finances show how lots cash we make.
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was demolished at a cost of $8,200; the salvaged materials were sold for $2,200. additional expenditures before construction began included $1,500 attorney's fee for work concerning the land purchase, $5,500 real estate broker's fee, $9,100 architect's fee, and $16,000 to put in driveways and a parking lot. (a) determine the amount to be reported as the cost of the land. cost of the land $enter the cost of the land in dollars (b) for each cost not used in previous part, indicate the account to be increased.
Cost transaction options are given below:
1) cost of a plant can be measured in cash transaction is acquisition price can be treated as cost in cash transaction
16) cost of the plant in Non-cash transaction can be measured by [cash Equivalent price is equal to the fair market value of the asset given up (1) the fail market value asset received which even is mole the clearly identifiable. can be treated as cost in non-cash transaction.
gain (of) loss to calculate gain(d) loss on the sale an asset we should compare the cash received for the asset and to compare with the book (1) carrying value less the amount of depreciation then the difference amount can be treated as gain.
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James Rome, a California CPA practicing in California, is a sole practitioner who has his office in San Diego. James provides various bookkeeping, accounting, payroll, and tax services to
about 50 small business clients. Mary is an assistant to James and is the only employee of the firm. Which of the following is a proper form of notice to his clients regarding James' status as a Certified Public Accountant in the State of California?
A) Displaying the certificate of licensure issued by the Board in the office or the public area of the premises where the licensee provides the licensed service.
B) Any method of written notice, including a written notice that is electronically transmitted or a written notice posted at an Internet Website.
C) Providing a statement to each client to be signed and dated by the client and retained in that person's records that states the client understands the person is licensed by the California Board ofAccountancy.
D) All of the above.
E) Both a. and c. but not b.
The proper form of notice to clients regarding his status as a Certified Public Accountant in the State of California is D. All of the above.
How is a Certified Public Accountant in the State of California to notify clients?In the state of California, a Certified Public Accountant has several ways that they are allowed to notify their clients of their status and one of them is that they are to display the certificate of licensure issued by the Board of Accountants in California in their office or in a public place.
They can also use a handwritten notice and handwritten notices on their website or transmitted electronically also suffice. The clients can also sign and date a statement from James and in these records, the client agrees that they understand the licensing of the James by the California Board of Accountancy.
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T/F primary focus of an industry analysis is to provide sufficient knowledge of the environment that can affect marketing strategy decision-making.
The following statement "Primary focus of an industry analysis is to provide sufficient knowledge of the environment that can affect marketing strategy decision-making" is true.
An entrepreneur or business can use industry analysis as a tool to better understand where their firm stands in relation to other industry players. It offers them a clear understanding of the current and future state of the sector and assists them in identifying both opportunities and risks that may affect them.
It aids in the forecasting of supply and demand, and therefore, the financial results of the firm. It shows the level of industry competition and the expenses of joining and leaving the market. It is crucial while preparing for a small business.
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Question 5 2 pts The fundamental premise of Equity theory is: A.people believe they perform better than others B.the attempt to pay individuals more equallyC.people want more rewards than others D.that people continuously monitor the degree to which their work environment is fair E.people inherently believe they are under-compensated
The fundamental premise of Equity theory is: .that people continuously monitor the degree to which their work environment is fair. Option D.
What is Equity theory?According to the theory of motivation known as equity, employees' feeling of fairness plays a significant role in what motivates them to do their best at work. Employees keep track of the inputs and outputs of their work in a mental ledger, which they use to assess how their inputs and outputs compare to those of others.
Employees who notice a state of inequity between them and their peers will experience demotivation and distress, in accordance with Adam's Equity Theory of Motivation. An employee might get dissatisfied, for instance, if they are aware that a colleague is receiving a higher income than they are for performing the same amount of labor.
The cornerstone of equity theory is the idea that we should constantly assess how "fair" our workplace is.
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Maeve has been selected to participate in Tax Pro Review for TS23. Where will she be completing Tax Pro Review returns? Always in BlockWorks Online. Never in BlockWorks Online. Always in BlockWorks Legacy. Either BlockWorks Online or BlockWorks Legacy.
She is completing Tax Pro Review returns and is Always in BlockWorks Online. Option A.
If you're looking to add TAX Pro Review to your H&R Block Online offering, here's a quick and convenient way to get an expert review of your completed tax returns. The accountant should be able to confirm her tax return within three days.
Our accountant will review your completed tax return to ensure it is correct, as well as ensure that you receive the highest possible amount refunded. The most common reason the IRS examines tax returns is for what is known as the discriminant function system. The IRS uses computerized scoring models to score returns and score them based on the likelihood that changes will be required.
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Fixed assets are ordinarily presented on the balance sheet at current market values in a separate section along with intangible assets at replacement costs at cost less accumulated depreciation
In the balance sheet, the fixed assets of a company would ordinarily be presented at cost less accumulated depreciation .
How are fixed assets shown in the balance sheet ?In the Balance sheet , fixed assets are required to be shown at their current value, or at something called their " Net Book Value " which is just the technical way of saying current value .
The Net Book value is found by the formula :
= Cost of fixed asset - Accumulate depreciation on fixed assets over the years
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TRUE/FALSE. besides keeping audiences happy, the general manager of a performing arts organization must also cater to local politicians, the press, and volunteer workers.
TRUE A performing arts organization's general manager must also satiate the needs of the press, elected officials, and volunteers.
What exactly does it mean to volunteer?Volunteering is the act of someone or an organization giving their time and effort voluntarily to community service. They typically require volunteers to have specific training because the industries they work in, like medicine, education, or emergency rescue, frequently require it. Others offer assistance when it is required, such as after a natural disaster.
A volunteer is defined by the Department of Labor as: "a person who contributes time to civic, charitable, or humanitarian causes without being promised, expecting, or receiving payment for the services provided."
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if the market above is perfectly competitive and the mr = $2, the profit/loss amount at the profit-maximizing quantity is?
If the market above is perfectly competitive and the MR = $2, the profit/loss amount at the profit-maximizing quantity is -$120.
What is perfectly competitive meant to mean?According to economic theory, perfect competition arises when all businesses offer the same goods, the price is unaffected by market share, businesses can enter or quit the market without any barriers, consumers have entire or perfect information, and businesses are not able to set prices.
How can you tell whether a market is perfectly competitive?In a market with perfect competition, all businesses sell the same product, all businesses are price takers, all businesses have a small share of the market, customers are aware of the nature of the goods being sold and the prices charged by each business, and there is freedom of entry and exit in the sector.
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TRUE/FALSE a de facto corporation has not substantially met the requirements of the state incorporation statute, and as a result, courts do not recognize it as a corporation for most purposes.
The statement is False. A de facto corporation has not substantially met the requirements of the state incorporation statute, and as a result, courts do not recognize it as a corporation for most purposes.
De facto comes from a Latin word that means “in reality or as a remember of reality.” In legal contexts, de facto describes what definitely occurs, in contrast with de jure, which explains what the law says should occur.
An instance of something de facto is a rule that humans usually comply with although it is not a legitimate process, a defacto technique. An instance of something de facto is a person who functions as a determine even though they are no longer related to the child, a defector figure.
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T/F a manufacturing cycle efficiency (mce) ratio of .20 indicates that 80 % of the manufacturing cycle time is spent on non-value-added activities.
The answer is true. The percentage of production time that is spent on value-added activities is known as manufacturing cycle efficiency. Manufacturers can find tasks that don't bring value to the operation and cut expenses by eliminating them.
By eliminating non-value-added processes, a company can cut costs and Manufacturers the time needed to produce a good by using this information. The Process Cycle Efficiency, often known as the "Value Added Ratio," is a metric used to determine how much time is spent adding value to a process. The procedure becomes more effective the greater the number. The majority of material's time is frequently spent waiting.
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_________________ tend to build extra performance attributes into products, but these attributes may not be demanded by consumers in less developed nations, where preferences are for more basic products.
Generation X and Generation Y consumers
Wholesalers in lengthy supply chains
Firms in highly developed countries
Consumers in highly developed countries
Firms in highly developed countries: tend to build extra performance attributes into products, but these attributes may not be demanded by consumers in less developed nations, where preferences are for more basic products.
A consumer is one who purchases the product for his/her very own want and makes use of or consumes it. A client can not resell the coolest, products or services but can devour them to earn his/her livelihood and self-employment. Definition of the client. The purchaser is the only one who's the end-user of any items or services.
Consumers are people or groups that purchase products or services. The term also refers to hiring goods and offerings. they're people or other financial entities that use a good or carrier. moreover, they do not sell the items that they bought.
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given the following information, determine average inventory at retail. cost retail beginning inventory $3,000 $6,000 purchases 1,500 3,000 cost of goods available for sale 4,500 9,000 net sales 3,500 7000 ending inventory 1,000 2,000 multiple choice question. $4,000 $2,000 $8,000 $6,000
According to the given information, The average inventory at retail is $4,000.
The average inventory at retail = ($6,000 + $2,000 )/ 2 = $4,000
A calculation of average inventory determines the value or quantity of a specific good or group of goods over two or more specified time periods.The average inventory is the mean value of an inventory over a given time period, which may differ from the median value of the same data set.When considering overall sales volume, average inventory figures can be used as a benchmark, enabling a company to monitor inventory losses.Moving average inventory enables a business to keep track of inventory from the most recent purchase.The ability to better manage costs, sales, and business relationships makes inventory management a crucial success factor for businesses.Learn more about Average inventory, here
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convert each of the following estimates of useful life to a straight-line depreciation rate, stated as a percentage, assuming that the residual value of the fixed asset is to be ignored: (a) 4 years, (b) 8 years, (c) 10 years, (d) 16 years, (e) 25 years, (f) 40 years, (g) 50 years. if required, round your answers to two decimal places. yearspercentage a.4 yearsfill in the blank 1 25 % b.8 yearsfill in the blank 2 12.50 % c.10 yearsfill in the blank 3 10 % d.16 yearsfill in the blank 4 % e.25 yearsfill in the blank 5 4 % f.40 yearsfill in the blank 6 2.50 % g.50 yearsfill in the blank 7 %
Assume initial cost is $100. Then we will get straight-line depreciation rate in percentage directly as:
a. 4 years ? = 100/4 = 25%
How do you calculate straight-line depreciation?The depreciable base of a fixed asset is divided by its useful life to determine straight-line depreciation. The depreciable base is the discrepancy between the total costs of an asset and its anticipated salvage value at the end of its useful life.
In order to determine the asset's straight-line rate, simply subtract the salvage value from the asset's cost to obtain total depreciation, then divide that amount by useful life to obtain annual depreciation. For example: annual depreciation = (purchase price - salvage value) / useful life.
Similarly for others:
b. 8 years ? = 100/8 = 12.5%
c. 10 years ? = 10%
d. 16 years ? = 6.25%
e. 25 years ? = 4%
f. 40 years ? = 2.5%
g. 50 years ? = 2%
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match each term to the corresponding description.
a. discount rate
b. open market operations
c. reserve requirement
d. discount loans
1. rate of interest paid by private banks to the Fed
2. money lent by the Fed to private banks
3. the amount of deposits a bank must hold in reserve and cannot lend
4. the purchase or sale of bonds by the central bank
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due to faster communication, transportation, and financial transactions, time and distance have decreased barriers to global marketing.
The market for products and services as well as industrial processes are becoming more and more globally integrated.
What are transportation and communication?Transportation is the act of moving people or things from one location to another using a mode of transportation. Conversely, communication is the transfer of knowledge or information from one source to another. (Image via Pixabay) Transport typically involves transportation infrastructure, such as roads, railroads, and air travel.
What are the advantages of lowering trade barriers globally?Lower trade and FDI restrictions on finished goods can increase competition in the liberalized sector (s). This can assist businesses in utilizing economies of scale, enhancing efficiency, incorporating foreign technology, and innovating.
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monopolistically competitive firms have an interest in persuading customers that their are unique through advertising and branding.
Monopolistically competitive firms have an interest in advertising and branding.
What is Monopolistically competitive firm?Monopolistic competition can be described as one that can be seen when many companies offer competing products or services that are similar, but not perfect, substitutes.
It should be noted that the barriers to entry in a monopolistic competitive industry can be seen to low compare to other industry, however they an interest in advertising and branding and the decisions of any one firm do not directly affect others.
Therefore the last option is correct.
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Consider that you are going to the HIM Director for a large physician group that is just organizing the practice. They are planning to utilize fully electronic records. The electronic health record system and computers will be coming from a separate IT budget. However, you need to plan a departmental and capital budget for the first year of business.
Instructions: What items should you list under each budget? Keep in mind that the group has decided that anything more than $500 should be on the capital budget, except payroll expenses
The items that you would have to list under your budget as you prepare for the first year of business would be the following:
Medical suppliesYour rentThe staffingequipmentWhat is a budget?A spending plan based on income and costs is called a budget. In other words, it's a projection of your income and expenses for a specific time frame, like a month or a year. (Or, if you're keeping track of the money coming in and going out of your home as a whole, that's a family budget.)
Simply said, a budget is a spending plan that accounts for both present and future sources of income and expenses. A budget ensures that your spending is under control and that your savings are on track for the future.
Companies often utilize one of four types of budgets: incremental, activity-based, value proposition-based, or zero-based.
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what backs the money supply in the united states
The Federal Reserve
The Federal Reserve, as America's central bank, is responsible for controlling the supply of U.S. dollars. The Fed creates money by purchasing securities on the open market and adding the corresponding funds to the bank reserves of commercial banks.
Which statement is NOT true regarding a Straight Life policy?
A. The face value of the policy is paid to the insured at age 100.
B. It usually develops cash value by the end of the third policy year.
C. It has the lowest annual premium of the three types of Whole Life policies.
D. Its premium steadily decreases over time, in response to its growing cash value.
"Its premium steadily decreases over time, in response to its growing cash value." is NOT true regarding a Straight Life policy. Option D
What is the Straight Life policy?Generally, A retirement income product known as a straight life annuity, which is also sometimes referred to as a straight life policy, is one that provides a benefit up until the time of death but does not make any additional beneficiary payments or provide a death benefit.
A guaranteed stream of income is provided by a straight life annuity to the annuity owner until the owner passes away, as is the case with all other types of annuities.
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As a sales-team member, you earn 2% commission on any sales over $2,500. The amount of sales you earn commission on is represented by. The total commission you earn is. What composite function would you use to calculate your commission earned if you sold $6,000 worth of items?.
The commission earned on sale $6,000 worth of items is $70.
How to calculate?For the given problem, we need to find the commission earned on a sale of $6000.
The problem had given that we earn commission after $2500 and we earn 2% of commission.
Given,
E(x) = x - 2500
C(x) = 0.02x
In order to find, what we will actually earn, calculate C(E(x)).
Hence,
C(E(x)) = 0.02(x-2500) = 0.02x - 50
Therefore, now using equation to compute our earned commission,
Let's put $6000 sale.
C(E(6000)) = 0.02(6000) - 50 = 70
Hence, we will earn $70, on a $6000 sale,
What are typical referral commission percentages?The industry average for referral commissions is typically 20% to 30% of gross profit. On the low end, a sales professional can earn his 5% of sales, whereas a pure commission structure allows him 100% commission.
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marisa is the office manager in a small company. her employees find that they can often come late to work and leave early, and marisa will cover their work for them. marisa is likely to score: _______
a. low on emotional stability.
b. high on agreeableness. c. low on extroversion. d. high on conscientiousness.
Marisa manages the office for a small business. Her staff members discover that they can frequently arrive late for work and depart early since Maria will finish their assignments. Marisa is probably going to rate highly in this category.
How do you define office manager?person whose responsibility it is to manage an office's work organization: Office activities must be planned, coordinated, and supported administratively by the office manager.
What alternative name for office manager is there?An office manager, usually referred to as an admin assistant or just an administrator, serves as the organization's point of contact for management and staff. Office managers are in charge of a number of duties, such as keeping an eye on deliveries, setting up workplaces, and helping executives when needed.
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