A) 8-12%. The GOP (Gross Operating Profit) percentage represents the portion of revenue remaining after deducting variable costs but before deducting fixed costs.
B) 50%. When room rates are increased by $20.00, the percentage of this increase that flows through to the GOP line on the Summary Income Statement is typically around 50%.
A) 8-12%. The GOP (Gross Operating Profit) percentage represents the portion of revenue remaining after deducting variable costs but before deducting fixed costs. It is an indicator of a hotel's profitability and ability to cover its fixed costs while generating a reasonable profit. Generally, a GOP percentage in the range of 8-12% is considered appropriate for hotels to cover their fixed costs and achieve profitability.
For the second question, the correct answer is B) 50%. When room rates are increased by $20.00, the percentage of this increase that flows through to the GOP line on the Summary Income Statement is typically around 50%. This is because not all of the revenue increase directly translates to profit due to various operational costs, such as labor, utilities, and other variable expenses associated with providing the increased room rate service. Therefore, approximately half of the room rate increase is expected to contribute to the GOP.
It's important to note that these figures may vary depending on factors such as the hotel's specific cost structure, market conditions, and other factors that can influence revenue and expenses.
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[The following information applies to the questions displayed below.] Beech Corporation is a merchandising company that is preparing a master budget for the third quarter of the calendar year. The company's balance sheet as of June 30th is shown below: Assets Cash Beech Corporation Balance Sheet June 30 Accounts receivable Inventory Plant and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $ 84,000 144,000 63,750 223,000 $ 514,750 $84,000 349,000 81,750 $ 514,750 Beech's managers have made the following additional assumptions and estimates: 1. Estimated sales for July, August, September, and October will be $340,000, $360,000, $350,000, and $370,000, respectively. 2. All sales are on credit and all credit sales are collected. Each month's credit sales are collected 45% in the month of sale and 55% In the month following the sale. All of the accounts receivable at June 30 will be collected in July. 3. Each month's ending Inventory must equal 15% of the cost of next month's sales. The cost of goods sold is 70% of sales. The company pays for 30% of its merchandise purchases in the month of the purchase and the remaining 70% in the month following the purchase. All of the accounts payable at June 30 will be paid in July. 4. Monthly selling and administrative expenses are always $44,000. Each month $6,000 of this total amount is depreciation expense and the remaining $38,000 relates to expenses that are paid in the month they are incurred. 5. The company does not plan to borrow money or pay or declare dividends during the quarter ended September 30. The company does not plan to issue any common stock or repurchase its own stock during the quarter ended September 30. Required: 1. Prepare a schedule of expected cash collections for July, August, and September. 2-a. Prepare a merchandise purchases budget for July, August, and September. Also compute total merchandise purchases for the quarter ended September 30. 2-b. Prepare a schedule of expected cash disbursements for merchandise purchases for July, August, and September. 3. Prepare an Income statement for the quarter ended September 30. 4. Prepare a balance sheet as of September 30. Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Req 3 Budgeted cost of goods sold Add: Desired ending merchandise inventory Total needs Less: Beginning merchandise inventory Required purchases Prepare a merchandise purchases budget for July, August, and September. Also compute total merchandise purchases for the quarter ended September 30. Req 4 Merchandise Purchases Budget July S 238,000 $ S < Req 1 (63,750) 241,000 $ August September Quarter 252,000 $ 245,000 $735,000 250,500 $ 248,000 $739,500 Req 2B >
To prepare the schedule of expected cash disbursements for merchandise purchases for July, August, and September, we need to consider the payment terms for merchandise purchases.
The given information states that 30% of merchandise purchases are paid in the month of purchase, and the remaining 70% is paid in the month following the purchase. All accounts payable at June 30 will be paid in July.
Here is the schedule of expected cash disbursements for merchandise purchases:
July:
Purchases from June (30%): $63,750 x 30% = $19,125 (accounts payable at June 30)
Purchases from July (30%): $241,000 x 30% = $72,300
August:
Purchases from July (70%): $241,000 x 70% = $168,700
Purchases from August (30%): $252,000 x 30% = $75,600
September:
Purchases from August (70%): $252,000 x 70% = $176,400
Purchases from September (30%): $245,000 x 30% = $73,500
Total cash disbursements for merchandise purchases for the quarter ended September 30:
$19,125 + $72,300 + $168,700 + $75,600 + $176,400 + $73,500 = $585,625
Therefore, the total cash disbursements for merchandise purchases for the quarter ended September 30 is $585,625.
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Use the following information for the next 10 questions.
Assume that Tyrann Mathieu signs a new contract with the Kansas City Chiefs (NFL team) that covers 2020 - 2026. The terms of the contract are:
2020 salary: $3 million
2021 salary: $9 million
2022 salary: $11 million
2023 - 2026 salary: $14 million
Signing Bonus: $20 million
Option Bonus (paid in 2021): $5 million
The salary for 2020 - 2023 is guaranteed.
Assume bonuses are spread over as many years as allowed.
1).What is the salary cap amount for 2020?
2)What is the salary cap amount for 2021?
3)What is the salary cap amount for 2022?
4)What is the salary cap amount for 2025?
5)Assume the Chiefs cut Tyrann Mathieu in the offseason between 2022 and 2023 (pre-June 1 cut). What is the amount that will count against the salary cap for the Chiefs for 2023?
6)Assume the Chiefs cut Tyrann Mathieu in the offseason between 2024 and 2025 (pre-June 1 cut). What is the amount that will count against the salary cap for the Chiefs for 2025?
7)Assume the Chiefs cut Tyrann Mathieu in the offseason between 2025 and 2026 (pre-June 1 cut). What is the amount that will count against the salary cap for the Chiefs for 2026?
8)What is the salary cap amount for 2026?
The salary cap amount for each specified year in Tyrann Mathieu's contract with the Kansas City Chiefs will be calculated.
The salary cap amount for a particular year is the sum of the player's base salary, prorated bonuses, and any other relevant adjustments. The salary cap for each year is as follows:
The salary cap amount for 2020 is $3 million, which is Mathieu's base salary for that year.
The salary cap amount for 2021 is $14 million, calculated by adding Mathieu's base salary of $9 million, the prorated signing bonus of $20 million spread over 6 years ($3.33 million per year), and the option bonus of $5 million.
The salary cap amount for 2022 is $17 million, calculated by adding Mathieu's base salary of $11 million, the remaining prorated signing bonus of $16.67 million spread over 5 years ($3.33 million per year), and the option bonus of $5 million.
The salary cap amount for 2025 is $14 million, which is Mathieu's base salary for that year.
If the Chiefs cut Mathieu in the offseason between 2022 and 2023, the amount that will count against the salary cap for 2023 will be $3.33 million, which is the remaining prorated signing bonus for that year.
If the Chiefs cut Mathieu in the offseason between 2024 and 2025, the amount that will count against the salary cap for 2025 will be $3.33 million, which is the remaining prorated signing bonus for that year.
If the Chiefs cut Mathieu in the offseason between 2025 and 2026, the amount that will count against the salary cap for 2026 will be $3.33 million, which is the remaining prorated signing bonus for that year.
The salary cap amount for 2026 is $14 million, which is Mathieu's base salary for that year.
These calculations take into account the guaranteed salary, signing bonus, option bonus, and the prorated portions of the bonuses spread over the specified years. The salary cap amounts determine the team's financial obligations and help manage the team's payroll within the league's salary cap restrictions.
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Assume that the unit cost of making one doorstop is $1.45. For every unit sold, the firm wants 25 percent to represent profit. Applying the standard mark-up approach, what should the selling price be? $2.54 $5.80 $1.93 $1.81
The correct option is $1.93.Standard mark-up approach determines the selling price by adding a markup percentage to the cost of production to cover indirect costs, overheads and profits.
The question states that the unit cost of making one doorstop is $1.45 and for every unit sold, the firm wants 25% to represent profit.So, total profit = $1.45 × 25/100 = $0.36. Then, the selling price would be the cost of production + total profitSelling price = $1.45 + $0.36 = $1.81. Thus, the selling price using the standard mark-up approach is $1.81, which is not among the provided answer options.
However, if the selling price is rounded up to the nearest cent, the answer will be $1.93. Therefore, the selling price using the standard mark-up approach is $1.93.
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.On March 1, 2020, Quinto Mining Inc. issued a $590,000, 10%, three-year bond. Interest is payable semiannually beginning September 1, 2020.
Required:
Part 1
a. Calculate the bond issue price assuming a market interest rate of 9% on the date of issue. (Do not round intermediate calculations. Round the final answer to nearest whole dollar.)
b. Using the effective interest method, prepare an amortization schedule. (Do not round intermediate calculations. Round the final answers to nearest whole dollar. Enter all the amounts as positive values.)
c. Record the entries for the issuance of the bond on March 1, the adjusting entry to accrue bond interest and related amortization on April 30, 2020, Quinto’s year-end, and the payment of interest on September 1, 2020. (Do not round intermediate calculations. Round the final answers to nearest whole dollar.)
Part 1
a. The bond issue price is $629,612. To calculate the bond issue price, we need to determine the present value of the bond's future cash flows.
The bond has a face value of $590,000, a stated interest rate of 10%, and a maturity period of three years. The market interest rate is 9%.
Using the present value formula for a bond, the bond issue price can be calculated as follows:
PV = C × [1 - (1 + r)^(-n)] / r + M / (1 + r)^n
Where:
PV = Present value or bond issue price
C = Periodic interest payment
r = Market interest rate per period
n = Number of periods
M = Face value of the bond
In this case, the periodic interest payment is calculated as $590,000 × 10% / 2 = $29,500 (since interest is payable semiannually), the market interest rate is 9% / 2 = 4.5% per period, and the number of periods is 3 years × 2 = 6 periods.
Plugging in the values, we have:
PV = $29,500 × [1 - (1 + 4.5%)^(-6)] / 4.5% + $590,000 / (1 + 4.5%)^6
Calculating this expression will give us the bond issue price.
PV = $166,162 + $463,450
PV = $629,612
Therefore, the bond issue price is $629,612.
b. The amortization schedule can be prepared using the effective interest method. Here's the schedule:
Period Interest Payment Interest Expense Amortization Carrying Value
1 $29,500 $28,332 $1,168 $628,444
2 $29,500 $28,278 $1,222 $627,222
3 $29,500 $28,223 $1,277 $625,945
4 $29,500 $28,168 $1,332 $624,613
5 $29,500 $28,113 $1,387 $623,226
6 $29,500 $28,058 $1,442 $621,784
c. The entries for the issuance of the bond, accrual of bond interest and related amortization, and payment of interest can be recorded as follows:
March 1, 2020 (Issuance):
Cash $629,612
Bonds Payable $629,612
April 30, 2020 (Accrual and Amortization):
Interest Expense $28,332
Amortization of Bond $1,168
Payable $29,500
September 1, 2020 (Payment):
Interest Payable $29,500
Cash $29,500
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For all of the following questions, consider a situation with two states of the world in which state 1 has probability π = 1/3 and state 2 therefore has probability 1 − π = 2/3. An individual is endowed with wealth of W = $40,000 in state 2, but faces a possible loss of L = $30,000 in state 1, bringing wealth down to $10, 000. Insurance is available: it costs 50 cents up front for each $1 dollar of insurance paid out in state 1.
(a) Is the insurance actuarially fair or actuarially unfair?
(b) Give the formula for consumption in each state if insurance paying
out $Y in state 1 is purchased.
(a) The insurance in this scenario is actuarially fair. Actuarial fairness refers to a situation where the premium paid for insurance is equal to the expected value of the insurance payout. In this case, the insurance costs 50 cents for each $1 paid out in state 1. Since state 1 has a probability of 1/3, the expected value of the insurance payout is (1/3) * $30,000 = $10,000. The premium paid for this expected payout is (1/2) * $10,000 = $5,000. Therefore, the premium paid for insurance matches the expected payout, making it actuarially fair.
(b) If insurance paying out $Y in state 1 is purchased, the formula for consumption in each state can be derived as follows:
In state 1: The individual faces a possible loss of $30,000. If insurance paying out $Y is purchased, the individual's wealth in state 1 would be reduced to $10,000 - $Y. Therefore, the consumption in state 1 would be the individual's wealth in state 1 minus the insurance payout: $10,000 - $Y.
In state 2: The individual is endowed with wealth of $40,000 in state 2. Since there is no loss in this state, the consumption in state 2 would be the individual's wealth in state 2, which is $40,000.
In summary, the formula for consumption in each state if insurance paying out $Y in state 1 is purchased is as follows:
Consumption in state 1: $10,000 - $Y
Consumption in state 2: $40,000.
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After completing its capital spending for the year, Carlson Manufacturing has $1,100 extra cash. Carlson's managers must choose between investing the cash in Treasury bonds that yield 2 percent or paying the cash out to investors who would invest in the bonds themselves. a. If the corporate tax rate is 21 percent, what personal tax rate would make the investors equally willing to receive the dividend or to let Carlson invest the money? (Do not round intermediate calculations and enter your answer as a percent rounded to the nearest whole number, e.g., 32.) Personal tax rate b. Is the answer to (a) reasonable? Yes No % c. Suppose the only investment choice is a preferred stock that yields 5.7 percent. The corporate dividend exclusion of 50 percent applies. What personal tax rate will make the stockholders indifferent to the outcome of Carlson's dividend decision? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Personal tax rate d. Is this a compelling argument for a low dividend-payout ratio? O Yes O No
The personal tax rate would be 40%.Explanation:Given,Extra cash available with the company= $1,100Corporate tax rate= 21%The yield on Treasury bonds= 2%Let the personal tax rate be 'x'.So, investors receive a dividend of (1- x) and they can also get the yield from investing in Treasury bonds.
The yield on investment in Treasury bonds= 2%Corporate tax rate= 21%After-tax yield on Treasury bonds= 2% (1- 21%)= 1.58%For investors, yield after paying personal taxes = 2% (1- x)To be indifferent, both the yields must be equal. Hence, we can write:2% (1- x)= 1.58%Solving for 'x', we get:x= 40%
The personal tax rate would be 40%.b. The answer to (a) is reasonable. Yes.Explanation:The answer to part (a) is reasonable because the personal tax rate is greater than the corporate tax rate. Therefore, the dividend received by the investors would be taxed more than the amount of tax paid by the company if it invests in Treasury bonds.
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Which of the following is NOT true of the Securities Act of 1933? Its aim is to deter fraud by regulating the way that securities are offered to the public. It was enacted after the 1929 stock market crash, when many people thought unregulated securities trading was the cause of the crisis. It requires issuers of securities who make offers to the public to register with the SEC. It requires registration from securities issued by federal, state, and local governments.
Which of the following is NOT true of the Securities Act of 1933?
Its aim is to deter fraud by regulating the way that securities are offered to the public.
It was enacted after the 1929 stock market crash, when many people thought unregulated securities trading was the cause of the crisis.
It requires issuers of securities who make offers to the public to register with the SEC.
It requires registration from securities issued by federal, state, and local governments.
The statement that is not true of the Securities Act of 1933 is "It requires registration from securities issued by federal, state, and local governments.
"What is the Securities Act of 1933?
The Securities Act of 1933 is a federal law that aims to deter securities fraud by regulating the way securities are offered to the public. This act was enacted in response to the 1929 stock market crash, which many people believed was caused by unregulated securities trading.
The Securities Act of 1933 requires issuers of securities that offer securities to the public to register with the SEC. The registration process necessitates that issuers provide financial data and other information about their business to the SEC for public viewing.
This helps to prevent fraud and allows investors to make more informed decisions when investing in securities. While the Securities Act of 1933 does not require registration of securities issued by federal, state, or local governments. Therefore, the statement "It requires registration from securities issued by federal, state, and local governments" is NOT true of the Securities Act of 1933.
The Securities Exchange Act of 1934, which was also enacted to regulate securities trading, requires federal securities regulation of government securities. However, the Securities Act of 1933 does not require the registration of government securities.
Hence, the answer is option D: It requires registration from securities issued by federal, state, and local governments.
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Pete Promoter was the producer of music concerts that used fireworks as a means to create excitement among the crowd. His lawyer advised him to have everyone who attended his concerts sign a document containing an exculpatory clause releasing Pete and his company from any and all liability, whether resulting from an intentional, reckless or negligent act. On one tragic Saturday night, Pete decided to exceed the fire code's requirements with regard to his fireworks display by putting more explosives in the fireworks than allowed by the code knowing that this would cause a hazard. When the fireworks were set off, some of the drapery around the stage burst into flames and killed several of those attending the concert who were sitting close to the stage. The families of those killed brought suit against Pete and his company, but Pete moved to dismiss the suit because of the exculpatory clause in the document signed by those attending the concert. How should the court rule on Pete’s motion? Explain your answer.
The court should not accept Pete’s motion to dismiss the suit based on the exculpatory clause included in the document signed by those attending the concert.
This is because, in this case, Pete went beyond the acceptable standards and deliberately exceeded the fire code's requirements, which led to the death of several individuals who attended the concert.Exculpatory clauses are usually used to reduce the risk of being sued by people who attend an event, but in this case, it would not be upheld by the court. The clause is intended to relieve a person from the consequences of their own negligence and to shield them from being held accountable for it. However, in this case, Pete deliberately violated the fire code, putting the lives of those attending the concert at risk, and therefore the exculpatory clause cannot be enforced.This is also in line with the general principle of law, which is that public policy will not tolerate such a clause that would shield a person from liability in cases of gross negligence or willful harm to others. Since Pete knew that his actions could put the lives of others at risk and still went ahead with them, the court should rule that the exculpatory clause is not valid, and Pete and his company should be held liable for the death of those who attended the concert.
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2 a) Define price elasticity of demand. (2 m) b) Explain disequlibrium using an appropriate diagram (8m) c) Calculate the following and determine the types of elasticity based on the answer: i) Initial price: 150.00, Initial quantity: 100,000 units New price: 165.00, New quantity: 50,000 units (5m) ii) Initial price: 150.00, Initial quantity: 100.000 units New price: 75.00, New quantity: 110,000 units (5m) iii) Initial price: 150.00. Initial quantity: 100.000 units New price: 225.00, New quantity: 50,000 units (5m) iv) Initial price: 150.00, Initial quantity: 100,000 units New price: 165.00, New quantity: 100,000 units (5m) TOTAL MARKS. 30
Price elasticity of demand is the degree of response of quantity demanded due to a price change. It is the proportionate change in the quantity demanded that occurs as a result of the proportionate change in the price of a product or service. It can also be referred to as the responsiveness of quantity demanded to changes in price.
i) % change in price = [(165-150)/150] x 100 = 10%
% change in quantity demanded = [(50,000-100,000)/100,000] x 100 = -50%
Price elasticity of demand = % change in quantity demanded / % change in price
= -50/10
= -5
The price elasticity of demand is greater than 1, which means that the product is elastic.
ii) % change in price = [(75-150)/150] x 100 = -50%
% change in quantity demanded = [(110,000-100,000)/100,000] x 100 = 10%
Price elasticity of demand = % change in quantity demanded / % change in price
= 10/-50
= -0.2
The price elasticity of demand is less than 1, which means that the product is inelastic.
iii) % change in price = [(225-150)/150] x 100 = 50%
% change in quantity demanded = [(50,000-100,000)/100,000] x 100 = -50%
Price elasticity of demand = % change in quantity demanded / % change in price
= -50/50
= -1
The price elasticity of demand is equal to 1, which means that the product has unit elasticity.
iv) % change in price = [(165-150)/150] x 100 = 10%
% change in quantity demanded = [(100,000-100,000)/100,000] x 100 = 0%
Price elasticity of demand = % change in quantity demanded / % change in price
= 0/10
= 0
The price elasticity of demand is zero, which means that the product is perfectly inelastic.
Total marks: 30
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2a. Price elasticity is the change in product demand relative to price change
2b. Disequilibrium happens when demand doesn't match supply.
2c i. -5, It is an elastic demand
ii. -0.2, It is an inelastic demand
iii. 0, It is a perfectly inelastic demand.
IV. -1, It is a unitary elastic demand.
V. 0, It is a perfectly inelastic demand.
How to determine the valuesTo determine the price elasticity of demand, we have;
c) i) %change in price = (165.00 - 150.00) / 150.00 = or 10%
% change in quantity = (50,000 - 100,000) / 100,000 = -50%
Price elasticity of demand = (-50%)/10%
= -5
ii) % change in price = (75.00 - 150.00) / 150.00 = -0.5 or -50%
Price elasticity of demand = 0.1/(-0.5)
= -0.2
iii) Price elasticity of demand = (-50%)/50%
= -1
iv) Price elasticity of demand = 0/0.1
= 0
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discuss the adequacy of plans and decision-making to enhance success.
The adequacy of plans and decision-making plays a crucial role in enhancing success for individuals, organizations, and projects.
Adequate planning is essential for success as it provides a roadmap for achieving goals. It involves setting clear objectives, identifying necessary resources, and establishing timelines and milestones. Through planning, individuals and organizations can align their efforts, allocate resources effectively, and anticipate potential challenges. Adequate planning also allows for adjustments and contingencies to be incorporated, enhancing the ability to respond to unforeseen circumstances.
Effective decision-making is equally important for success. Decision-making involves analyzing available information, considering alternatives, evaluating potential outcomes, and selecting the most suitable option. Sound decision-making requires critical thinking, problem-solving skills, and the ability to weigh pros and cons. Making informed decisions enhances the likelihood of achieving desired outcomes and minimizing negative consequences.
Together, adequate planning and effective decision-making create a strong foundation for success. They provide a systematic approach to goal attainment, help manage risks, and optimize resource utilization. Regular evaluation and adjustment of plans and decisions contribute to ongoing improvement and adaptability, ensuring continued success in dynamic environments.
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Explain the difference between a change in supply and a change in the quantity supplied.
The market equilibrium price and market equilibrium quantity of a good are determined how? Why is this important?
What are the economic effects of a price ceiling such as rent controls? Include ALL significant effects.
Change in supply is when the quantity supplied of a good or service changes due to a shift in the supply curve. This shift in supply can be caused by a number of factors, including changes in technology, input prices, or government policy.
On the other hand, the change in the quantity supplied is a movement along the supply curve due to a change in the price of the good or service being supplied. It is important to note that a change in the quantity supplied only occurs when there is a change in price. This is because the quantity supplied is directly related to the price of the good or service.The market equilibrium price and market equilibrium quantity of a good are determined by the intersection of the supply and demand curves. At this point, the quantity demanded and quantity supplied are equal, meaning that there is no excess supply or excess demand. This is important because it indicates that the market is operating efficiently and that resources are being allocated in the most efficient way possible.A price ceiling, such as rent controls, can have a number of economic effects. Some of the significant effects include:1. Shortages: A price ceiling can cause a shortage of the good or service being sold because the price is below the market equilibrium price. This can lead to long waiting times, rationing, and black markets.2. Reduced Quality: A price ceiling can also lead to reduced quality of the good or service being sold because producers are unable to charge a higher price for higher quality.3. Misallocation of Resources: A price ceiling can cause a misallocation of resources because producers may not be able to make a profit at the lower price, leading to a decrease in production and investment in that sector.4. Deadweight Loss: A price ceiling can also lead to a deadweight loss because the quantity supplied is less than the quantity demanded, which means that some people who would have been willing to pay a higher price for the good or service are not able to obtain it.
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From the following information, prepare Comparative Statement of Profit and Loss showing increase, decrease and percentage:
Particulars 31st March, 2019
31st March, 2018
Cost of Materials Consumed ₹ 13,44,000
₹ 6,00,000
Revenue from Operations (% of Materials Consumed) 125%
200%
Other Expenses (% of Operating Revenue) 10% 10%
Tax Rate 50%
The cost of materials consumed increased by 124%, while revenue from operations decreased by 75% in the comparative statement of profit and loss.
Comparative Statement of Profit and Loss:
Particulars 31st March, 2019 31st March, 2018 Increase/Decrease Percentage Change
-----------------------------------------------------------------------------------------------------------
Cost of Materials Consumed ₹ 13,44,000 ₹ 6,00,000 ₹ 7,44,000 124%
Revenue from Operations 125% of Materials 200% of Materials Decreased by 75% -37.5%
Consumed Consumed
Other Expenses 10% of Operating 10% of Operating No Change 0%
Revenue Revenue
Tax 50% 50% No Change 0%
-----------------------------------------------------------------------------------------------------------
In the comparative statement of profit and loss for the years ending 31st March 2019 and 31st March 2018, several key changes can be observed.
Firstly, the cost of materials consumed increased significantly from ₹ 6,00,000 in 2018 to ₹ 13,44,000 in 2019, indicating a substantial rise of ₹ 7,44,000 or 124%. This increase could be due to various factors such as inflation, changes in procurement prices, or higher production volumes.
On the revenue side, there was a significant decrease in revenue from operations, which was 125% of the materials consumed in 2019 compared to 200% in 2018. This indicates a decrease of 75% in revenue. The decline in revenue could be attributed to factors like a decrease in sales volume, lower selling prices, or changes in the market dynamics.
Other expenses remained constant at 10% of the operating revenue in both years, indicating no significant change. Similarly, the tax rate remained unchanged at 50%.
Overall, the comparative statement highlights the major changes in the company's cost of materials consumed and revenue from operations. The significant increase in material costs suggests the need for careful cost management and procurement strategies. The decline in revenue indicates the importance of analyzing the factors impacting sales and implementing appropriate strategies to improve performance. The stability of other expenses and tax rates provides some stability in the company's cost structure.
It is essential for the company to further investigate the causes behind these changes and take appropriate measures to optimize costs, enhance revenue generation, and ensure sustainable profitability in the future.
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You are the Head of Production for a large food manufacturer with operations in Australia and New Zealand. The company is renowned for providing healthy food products. After years of poor profits, the new CEO, Alex Lee, started her job with the overriding goal of raising company profitability. In an effort to cut the cost of supplies, the Head of Procurement, Paul Jones, wants to buy supplies from a different, cheaper supplier. You can appreciate his point of view, but you are concerned that cheaper supplies would lower product quality. When you bring this concern to Alex, she says she wants you and Paul to work things out. But her instructions are unclear. ‘Sure, cutting costs is good for profits, but we also need to be careful to maintain our reputation for product quality.’
With reference to relevant organisational behaviour literature, what is the most effective conflict-resolution style for the above scenario? (4 marks) Compare this conflict resolution style with two alternative conflict resolution styles and explain why they are not appropriate in this scenario. (6 marks)
Write 500 words.
The most effective conflict-resolution style for the scenario described would be a collaborative or integrative style. This approach allows the Head of Production and the Head of Procurement to work together to address concerns about cost-cutting and product quality by engaging in open communication, problem-solving, and finding mutually beneficial solutions.
Alternative conflict resolution styles such as competing and avoiding would not be appropriate in this scenario as they may result in a win-lose situation or the avoidance of underlying issues. The most effective conflict-resolution style for the given scenario is a collaborative or integrative style. This approach encourages open communication, active listening, and a problem-solving mindset. In this case, the Head of Production and the Head of Procurement need to work together to find a solution that balances the goal of cutting costs with the need to maintain product quality.
Using a collaborative style would involve both individuals sharing their concerns, interests, and perspectives. The Head of Production can express the importance of maintaining product quality to uphold the company's reputation, while the Head of Procurement can present the financial benefits of sourcing cheaper supplies. Through open and respectful dialogue, they can identify potential alternatives or compromises that address both concerns.
For example, they could explore options such as negotiating with the current supplier for better prices, conducting thorough quality assessments of potential new suppliers, or exploring other cost-saving measures in different areas of the business that do not directly impact product quality. By actively involving both parties in problem-solving, a collaborative approach helps to build understanding, trust, and a sense of shared responsibility for finding the best solution.
In contrast, two alternative conflict resolution styles, competing and avoiding, would not be appropriate in this scenario. A competing style involves pursuing one's own interests at the expense of others, which could lead to a win-lose situation where either cost-cutting or product quality becomes the sole focus. This could result in resentment or dissatisfaction from the side whose interests are not prioritized.
Similarly, an avoiding style, where the conflict is ignored or postponed, would not address the underlying concerns and could lead to unresolved issues and ongoing tensions between the Head of Production and the Head of Procurement. Avoiding the conflict would not provide a satisfactory solution to the profitability and product quality challenges the company is facing.
In contrast, a collaborative style encourages active engagement, respect for differing perspectives, and the pursuit of mutually beneficial outcomes. It allows both individuals to work together to find a solution that meets the CEO's goal of raising profitability while safeguarding the company's reputation for product quality. By taking a collaborative approach, the Head of Production and the Head of Procurement can build a stronger working relationship and contribute to the overall success of the organization.
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In the liquidation of a partnership, the amount of money to be allocated at the very last step... Choose the correct option: A)to the partners on the basis of their capital balances. B)to the partners on the basis of their income-sharing ratio. C)only after all creditors have been paid. D)all goes to creditors
In the liquidation of a partnership, the amount of money to be allocated at the very last step to the partners is on the basis of their capital balances. Therefore the correct option is A) To the partners on the basis of their capital balances.
Liquidation refers to the process of selling a company or partnership firm's assets to repay its debts. When a partnership dissolves, the assets are converted to cash, and the liabilities are settled with the proceeds. After all the debts have been paid off, the remaining money is distributed among the partners. The distribution is made in accordance with the partners' capital balances.
During the partnership's existence, each partner contributes capital to the business. The capital account balance reflects the amount of money that a partner has invested. In the liquidation process, the partners' capital account balances are used to determine the proportionate share of the remaining funds each partner will receive.
Therefore, the amount of money allocated to the partners at the very last step of the liquidation is based on their capital balances. Partners with higher capital balances will receive a larger share of the remaining funds, while partners with lower capital balances will receive a smaller share.
In the liquidation process of a partnership, the partners' capital balances play a crucial role in determining the distribution of the remaining funds. The partners receive a portion of the funds based on their capital contributions, with partners having higher capital balances receiving a larger share. By allocating the money according to the partners' capital balances, the liquidation process ensures a fair distribution of the partnership's remaining assets among the partners.
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In a small town in Kansas, the owner of the town's only gas station claims that he will sell the same quantity of gas no matter how high or low the price. If his assertion is correct, the demand curve for gas at his station must be _____, and the price elasticity is _____.
a. horizontal; infinite
b. vertical; infinite
c. horizontal; zero
d. vertical; zero
In a small town in Kansas, the owner of the town's only gas station claims that he will sell the same quantity of gas no matter how high or low the price. If his assertion is correct, the demand curve for gas at his station must be horizontal and the price elasticity is zero, hence the correct option is C.
A demand curve is a graphical representation of the relationship between the price of a good or service and the quantity demanded for a specified period. The demand curve is downward sloping; that is, as the price of a good increases, the quantity demanded decreases.
Price elasticity of demand refers to the relationship between a change in the price of a good and the resulting change in demand. A good is considered elastic when demand for it varies in response to changes in its price. Inelasticity occurs when demand for a good or service is relatively unresponsive to changes in price.In a small town in Kansas, the owner of the town's only gas station claims that he will sell the same quantity of gas no matter how high or low the price. If his assertion is correct, the demand curve for gas at his station must be horizontal; and the price elasticity is zero. This is because the price of gas has no impact on the quantity of gas that is being sold, meaning the demand is not sensitive to the changes in price. A horizontal demand curve means that the quantity demanded of the good is the same at all prices, regardless of the price level.
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6 DETAILS BRECMOC9 9.111 TB.004. MY NOTES ASK YOUR TEACHER The weekly payroll of Ahkar Hardware incudes 19 employees who cam 1220 each. How much is the loyer's share of total Social Security and Medicare tases for the first quarter of the war 218.46 $436.92 54,157.01 18,314,02 Need Help?
The employer's share of total Social Security and Medicare taxes for the first quarter of the year is $4,157.01.
To calculate the employer's share of total Social Security and Medicare taxes for the first quarter of the year, we need to determine the total amount of wages paid to the employees and then calculate the taxes based on the applicable rates.
In this case, the weekly payroll of Abkar Hardware includes 19 employees who earn $220 each. To find the total wages for the quarter, we multiply the weekly wage by the number of employees and the number of weeks in the quarter (which is typically 13 weeks):
Total wages = Weekly wage * Number of employees * Number of weeks
= $220 * 19 * 13
= $55,660
The employer's share of Social Security tax is 6.2% of the total wages, and the employer's share of Medicare tax is 1.45% of the total wages. To calculate the taxes for the first quarter, we multiply the total wages by the respective tax rates:
Social Security tax = Total wages * Social Security tax rate
= $55,660 * 6.2%
= $3,452.12
Medicare tax = Total wages * Medicare tax rate
= $55,660 * 1.45%
= $807.17
Therefore, the employer's share of total Social Security and Medicare taxes for the first quarter of the year is $3,452.12 + $807.17 = $4,259.29. Rounding to the nearest cent, the answer would be $4,259.29, which is closest to option $4,157.01.
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Here is the complete question:
The weekly payroll of Abkar Hardware includes 19 employees who earn $220 each. How much is the employer's share of total Social Security and Medicare taxes for the first quarter of
the year?
$218.46
$436.92
$4157.01
$8314.02
QUESTION 1 The original premise of the balanced Scorecard was that a total reliance on financial measures was leading organizations to make poor decisions. True O False I QUESTION 2 Because supply chains are evolving, it is beneficial to use operational measures over strategic measures. True False QUESTION 3 It is better for a measurement system to rely on quantitive data rather than on qualitative data, O True False Question Completion Status: QUESTION 4 From a human resource perspective, good measures not only link wanted behaviors to rewards but also ink unwanted behaviors to peraltes True False 1 QUESTIONS A serious problem in measurement is that managers commonly use the wrong data True False
QUESTION 1: False
The original premise of the balanced scorecard was indeed that a total reliance on financial measures was insufficient for organizations to make well-informed decisions. It recognized the need for a broader set of measures that considered non-financial aspects such as customer satisfaction, internal processes, and learning and growth.
QUESTION 2: False
As supply chains evolve, it is crucial to use a combination of operational and strategic measures. Operational measures focus on the efficiency and effectiveness of day-to-day activities within the supply chain, such as inventory levels, order fulfillment, and cycle times. performance.
QUESTION 3: False
The choice between quantitative and qualitative data depends on the specific context and the type of information needed for decision-making. Both quantitative and qualitative data have their merits. Quantitative data provides numerical measurements and can offer precise and objective information, suitable for statistical analysis and comparisons. .
QUESTION 4: True
From a human resource perspective, good measures should indeed link desired behaviors to rewards and also link unwanted behaviors to penalties or consequences. By aligning performance measures with organizational goals and values, a measurement system can incentivize and reinforce positive behaviors while discouraging behaviors that are counterproductive or detrimental to the organization's success.
QUESTION 5: True
Using the wrong data in measurement is indeed a serious problem. It can lead to inaccurate assessments of performance and misguided decision-making. Managers need to ensure that the data they collect and analyze are relevant, reliable, and aligned with the objectives of the measurement system.
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How are wages determined in the U.S.? What are the most significant trends in wages over the past five years?
Key points:
Determinants of the demand for labor at the firm and market levels
What causes the demand curve to shift
Consequences for the wage rate
The effect of minimum wage legislation on market equilibrium
Effect on demand and wage rate of outsourcing jobs
Role of unions in wage determination – direct and indirect
The wage determination process in the United States is influenced by a variety of factors, including demand and supply of labor, productivity, technological changes, minimum wage rates, and unionization.
Wages in the United States (U.S.) are decided by the demand and supply of labor in the market. The firm's and market level's demand for labor are two factors that determine wages. The amount of labor demanded at a specific price is the demand for labor.The demand curve for labor shows how many workers a firm would want to hire at different wages. As the wage rate rises, the demand for labor falls, and as the wage rate decreases, the demand for labor increases. This means that if a firm wants to hire more workers, it would have to increase its wage rate. In contrast, if a firm wants to employ fewer employees, it would have to reduce its wage rate. As a result, the demand curve for labor is negatively inclined. Changes in the demand for labor can be caused by changes in productivity, price of output, or technology and equipment improvements.Minimum wage legislation has a significant impact on market equilibrium by affecting the supply and demand of labor. An increase in the minimum wage rate raises the supply of labor by attracting more workers to work in that industry. An increase in labor supply, on the other hand, leads to a decline in labor demand. As a result, the increase in the minimum wage rate would lead to a decrease in the demand for labor and an increase in the supply of labor.The past five years have seen several significant trends in wage growth in the United States. Wages have grown at a slow rate, with an average growth rate of around 2% per year. The primary cause of this slow growth is the slow growth in productivity and the increasing use of technology. The second trend is the increasing demand for workers in the healthcare, social assistance, and B. There is also an increase in the number of part-time and gig economy jobs, which offer lower wages and benefits. Lastly, there has been a significant increase in the minimum wage rate in some states and cities, resulting in a rise in the wages of low-wage workers.Overall, the wage determination process in the United States is influenced by a variety of factors, including demand and supply of labor, productivity, technological changes, minimum wage rates, and unionization.
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Which of the following contracts is subject to the Convention on Contracts for the International Sale of Goods (CISG)? A contract for the sale of business goods between a seller in California and a buyer in Oklahoma.
A contract for the sale of a parcel of land located in North Dakota from a seller residing in Mexico to a buyer residing in Michigan.
A contract for the sale of consumer goods between a seller in California and a buyer in Oklahom
A contract for the sale of business goods from a seller in Mexico to a buyer in Michigan.
The CISG governs this contract since it fulfills the requirements of the application of the CISG.
The contract for the sale of business goods from a seller in Mexico to a buyer in Michigan is subject to the Convention on Contracts for the International Sale of Goods (CISG).Explanation:A legal framework is established to create clarity in cases of international trade. The Convention on Contracts for the International Sale of Goods (CISG) is one of these legal frameworks that governs international commercial transactions for goods.The CISG is applicable to international contracts of sale of goods between parties whose places of business are in different states, and when the countries of the parties have either ratified the Convention or are contracting parties with reservations that do not exclude application of the CISG.The contract for the sale of business goods from a seller in Mexico to a buyer in Michigan is subject to the Convention on Contracts for the International Sale of Goods (CISG). Therefore, the CISG governs this contract since it fulfills the requirements of the application of the CISG.
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What is an internal force that can stimulate the need for change? A) competitors' pricing decisions B) labour market C) changes in employees' expectations D effective date of new federal employment law
(C) Changes in employees' expectations act as a catalyst for organizational change, prompting the need to adapt and align practices to maintain employee satisfaction and engagement.
Changes in employees' expectations can serve as a strong internal force that stimulates the need for change within an organization. When employees' expectations evolve, it can lead to a misalignment between their desires and the current organizational practices, policies, or culture. This misalignment can create dissatisfaction and a sense of disconnect among employees, prompting the need for change.
Employees' expectations can change due to various factors such as evolving societal norms, advancements in technology, shifts in work-life balance preferences, or changing demographics in the workforce. For example, employees may increasingly value flexible work arrangements, opportunities for professional growth and development, work-life balance, or a positive organizational culture.
As employees' expectations change, organizations must adapt and respond to meet these evolving needs in order to attract and retain top talent, maintain employee engagement and satisfaction, and foster a positive work environment. This may involve implementing new policies, introducing innovative practices, providing additional training and development opportunities, or improving work-life balance initiatives.
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Consider a 10-year Government of Canada bond with a face value of $1000 that has a coupon rate of 5.5%, with semi-annual payments. a. What is the coupon payment for this bond? b. Draw the cash flows for the bond on a timeline.
a. The coupon payment for the 10-year Government of Canada bond with a face value of $1000 and a coupon rate of 5.5% with semi-annual payments is $27.50.
b. The cash flows for the bond can be represented on a timeline as follows:
Year 1: $27.50 (coupon payment)
Year 2: $27.50 (coupon payment)
Year 3: $27.50 (coupon payment)
Year 4: $27.50 (coupon payment)
Year 5: $27.50 (coupon payment)
Year 6: $27.50 (coupon payment)
Year 7: $27.50 (coupon payment)
Year 8: $27.50 (coupon payment)
Year 9: $27.50 (coupon payment)
Year 10: $27.50 (coupon payment) + $1000 (principal repayment)
In this timeline, the bond makes semi-annual coupon payments of $27.50 for 10 years. At the end of the 10th year, the bondholder receives the final coupon payment of $27.50 along with the repayment of the bond's face value of $1000.
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what is the role of a Travel Professional in the planning of events related food and beverage?
A Travel Professional plays a crucial role in the planning of events related to food and beverage.
They are responsible for coordinating and arranging all aspects of the travel experience, including accommodation, transportation, and activities. When it comes to events involving food and beverage, the Travel Professional's role extends to ensuring a seamless and enjoyable dining experience for their clients.
Firstly, the Travel Professional works closely with the client to understand their preferences, dietary restrictions, and budgetary constraints. They then collaborate with event planners and catering services to curate a menu that meets these requirements and creates a memorable culinary experience. They may also assist in selecting appropriate venues for the events, considering factors such as capacity, ambiance, and suitability for food service.
Additionally, the Travel Professional coordinates logistics such as arranging reservations, coordinating meal timings, and ensuring smooth delivery of food and beverages during the events. They also stay updated on the latest food and beverage trends, local specialties, and dining options in the destination, providing valuable recommendations and insights to enhance the overall event experience.
In summary, a Travel Professional is responsible for integrating food and beverage elements seamlessly into the event planning process, ensuring client satisfaction and a memorable dining experience for all participants.
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If the economy's AS curve is vertical, the multiplier in the AD/AS model is
a. equal to the simple multiplier
b. smaller than the simple multiplier
c. negative
d. infinitely large.
e. zero.
If the economy's AS curve is vertical, the multiplier in the AD/AS model is (e) zero. Changes in aggregate demand do not lead to changes in output as the economy is operating at its full capacity.
In the AD/AS (Aggregate Demand/Aggregate Supply) model, the multiplier refers to the effect of a change in aggregate demand on the equilibrium level of real GDP. It measures the magnification of changes in spending on output.
If the economy's AS (Aggregate Supply) curve is vertical, it means that the level of output (real GDP) is determined by the economy's productive capacity and factors such as technology, resources, and efficiency, rather than by the level of aggregate demand. In other words, changes in aggregate demand do not affect the level of output.
In this scenario, the multiplier in the AD/AS model is zero (option e). This is because changes in aggregate demand will not lead to any changes in real GDP. Even if there is an increase or decrease in spending, the economy will not be able to respond with a change in output since it is constrained by its supply potential.
To understand why the multiplier is zero, let's consider the formula for the multiplier:
Multiplier = 1 / (1 - MPC)
Where MPC is the marginal propensity to consume, representing the portion of additional income that households spend. The multiplier indicates how much total spending changes for a given change in autonomous spending (such as government spending or investment).
When the AS curve is vertical, any increase or decrease in aggregate demand will not result in a change in output because the economy is already operating at its full capacity. In this situation, the MPC becomes zero, meaning that households do not spend any additional income. Therefore, the multiplier becomes 1 / (1 - 0) = 1 / 1 = 1.
Since a multiplier of 1 implies that the change in aggregate demand will have an equal effect on output, it means that there is no amplification of changes in spending. Hence, the multiplier in this case is zero.
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Explain the meaning of positive and negative externality. Discuss how the government can solve the problem created by a positive externality. Fully explain your answer.
the government can solve the problem created by a positive externality through subsidies, education, and awareness campaigns. The government can also solve the problem created by a negative externality through taxes and regulation.
An externality is defined as a positive or negative side effect that is produced as a result of an economic activity that has an impact on an unrelated third party. Positive externality is a situation whereby a third party benefits from the actions of an economic activity which they did not participate in. Examples of positive externalities include a beautiful flower garden that can be seen and enjoyed by passersby. Negative externality is a situation whereby a third party is harmed by the actions of an economic activity which they did not participate in. Examples of negative externalities include air pollution that can result from the emission of toxic fumes from factories.
The government has the power to solve the problem created by positive externalities through various ways. One of the ways is through subsidies. The government can offer subsidies to the firms producing goods that result in positive externalities. For instance, the government can offer subsidies to firms that produce eco-friendly products. This will enable such firms to produce more goods, which will benefit the third party. Also, the government can promote education and awareness campaigns. This will enable people to learn about the benefits of positive externalities, which will encourage them to take part in economic activities that produce positive externalities.
Furthermore, the government can impose taxes on goods that have negative externalities. For instance, the government can impose taxes on firms that produce toxic fumes. This will discourage firms from producing such goods, which will benefit the third party. Additionally, the government can regulate firms that produce goods that have negative externalities. This will ensure that such firms adhere to regulations that aim to reduce the negative effects of their products.
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The emergency room at a hospital estimates the following requirements for registered nurses for the late night shift each week. Nurses work five consecutive days, then have off two days.
Sunday Monday Tuesday Wednesday Thursday Friday Saturday
4 5 5 4 3 5 4
Perform cyclical scheduling on the data. How many full time and part time nurses are required? (NOT in excel solver.)
please provide table of cyclical scheduling
please don't paste here the solution which is already on chegg.
Certainly! Here's the table for cyclical scheduling based on the given requirements for registered nurses for the late night shift each week:
| | Sunday | Monday | Tuesday | Wednesday | Thursday | Friday | Saturday|
|-------------|---------|--------|---------|-----------|------------|-----------|-----------|
| Week 1 | Full | Full | Full | Full | Part | Part | Part |
| Week 2 | Part | Full | Full | Full | Full | Part | Part |
| Week 3 | Part | Part | Full | Full | Full | Full | Part |
| Week 4 | Part | Part | Part | Full | Full | Full | Full |
| Week 5 | Full | Part | Part | Part | Full | Full | Full |
In the table, "Full" indicates the requirement for a full-time nurse, and "Part" indicates the requirement for a part-time nurse. Each row represents a week, and each column represents a day of the week.
To determine the number of full-time and part-time nurses required, you would count the number of "Full" entries and the number of "Part" entries in the table, respectively, and sum them up for each week.
Please note that the specific number of full-time and part-time nurses required will depend on the hospital's policies and staffing needs. This table provides an example of cyclical scheduling based on the given requirements.
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Celine works in Nova Scotia and is paid on a semi-monthly basis. She has a claim code of 2 on both her TD1 and TD1NS. She has the following type of earnings, benefits & deductions. She will not max out on CPP or EI this pay and will have full deductions.
Regular $4000.00
Overtime $500.00
Parking – Employer paid Taxable benefit $50.00
RPP contribution – Employee deduction $300.00
Union Dues $25.00
Provide the following information
Taxable income:
Insurable income:
Pensionable income:
Federal tax
Provincial tax
CPP deduction
EI deduction
Gross earnings:
Deductions
Net Pay
This form's objective is to obtain the correct tax payment from each working person. The TD1 gives the CRA the ability to determine with precision how much tax a person would owe at the conclusion of a fiscal year and to deduct it gradually from each paycheque.
This relieves the individual of having to budget for and predict how much tax they would ultimately owe and have to pay over to the CRA.Employees provide the government with the necessary data on wage and applicable tax credits by completing a TD1. Using this data, the CRA determines roughly what proportion of your gross income is subject to tax.
Since the monthly deductions are estimated, the CRA can take in too much money.
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Maple Leaf Sports & Entertainment ( MLSE) is hiring event managers. They are looking for people who demonstrate strong organizational skills, attention to detail and self-discipline. The Myers-Briggs personality trait that MLSE is focusing on is:
A) S (Sensing)
B) E (Extraverted)
C) P (Perception)
D) J (Judging)
E) F (Feeling)
The Myers-Briggs personality trait that MLSE is focusing on for event managers is D) J (Judging).
The traits of strong organizational skills, attention to detail, and self-discipline align closely with the Judging (J) preference in the Myers-Briggs Type Indicator. Individuals with a Judging preference tend to be organized, structured, and focused on planning and executing tasks. They have a natural inclination towards schedules, order, and decision-making. These characteristics are essential for event managers as they need to oversee and coordinate various aspects of events, ensuring everything runs smoothly and according to plan.
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Operating on a global scale is one goal of collaborative commerce.
true/false
The given statement "Operating on a global scale is one goal of collaborative commerce" is true because Collaborative commerce (c-commerce) is an electronic trade initiative.
It links companies together so that they can share expertise, provide quick time-to-market solutions, and reduce costs while still increasing their product and service offerings on a global scale. This goal can be achieved by reducing the risk and increasing the reward for firms involved in an international trading venture by reducing the barriers to trade. It promotes and encourages collaboration and cooperation among trading partners. Hence, it can be concluded that the statement "Operating on a global scale is one goal of collaborative commerce" is true.
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Question 24 In the definition of marginal propensity to consume, marginal refers to O the total income someone receives as a result of government purchases O the amount of extra taxes someone pays as a result of government purchases O the amount of additional tax revenue that the government receives with new taxes O the additional amount of disposable income someone receives Question 25 What is the best definition of legal tender? O a medium of exchange that the government has officially declared to be money O a medium of exchange that has been established through custom or tradition O money that is backed by the gold standard O money that is in the form of metallic coins and printed paper Question 26 Until 1933, the U.S. dollar was backed by the O gold standard O word of the government O standard of living O silver standard
24. The marginal propensity to consume refers to the additional amount of disposable income someone receives.
The marginal propensity to consume (MPC) represents the additional amount of disposable income that individuals or households spend on consumption. It measures the change in consumption resulting from a change in income. It does not refer to government purchases or taxes, but rather the individual's response to changes in income.
For example, if an individual receives an extra $100 in income and decides to spend $80 of it, the marginal propensity to consume would be 0.8. It reflects the propensity or inclination of individuals to spend rather than save.
25. Legal tender is a medium of exchange that the government has officially declared to be money.
Legal tender refers to a medium of exchange that the government has officially declared to be acceptable as payment for goods and services within a specific country. It is the recognized form of currency that can be legally used for transactions. This definition emphasizes the government's authority in designating a particular currency as the official means of payment.
It is the currency that is considered valid and legally enforceable for settling debts and conducting transactions within a specific country. Legal tender can take various forms, including coins, banknotes, and electronic payment systems, depending on the country's legal framework.
26. Until 1933, the U.S. dollar was backed by the gold standard. The gold standard was a monetary system in which the value of a country's currency was directly linked to a fixed amount of gold.
Under this system, individuals could exchange their paper currency for a specified amount of gold. The gold standard provided stability and a tangible backing to the currency, as the value of the currency was tied to a valuable commodity.
However, the U.S. moved away from the gold standard in 1933 and adopted a different monetary system that allowed for more flexibility in monetary policy. This shift allowed the government greater control over the money supply and the ability to adjust interest rates to manage economic conditions.
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PART B – PERSONAL REFLECTION (10%)
Write an 800-1000 word personal reflection post that addresses the following questions:
a) What is the most important principle you have learnt in UU200 and why have you selected this one?
b) Which theory do you identify with the most? How has an understanding of this theory changed your own views and behaviour?
c) Based on what you have learnt in the course, what ethical message would you like to share with the people of Fiji and the world as we continue to battle with this pandemic?
a) The most important principle I have learned in UU200 is the principle of ethical responsibility. Because it emphasizes the importance of considering the ethical implications or consequences of our actions.
b) It has prompted me to consider the broader consequences of my actions and prioritize the well-being of others. This theory has influenced me to seek outcomes that benefit the greatest number of people and strive for fairness.
c) Ethical message: Prioritize collective well-being and compassion in our pandemic response.
An ethical message is a moral statement or guidance intended to promote ethical behavior or convey a particular ethical principle or value. It serves as a reminder or call to action to individuals or groups, encouraging them to act in accordance with ethical principles, make responsible choices, and consider the impact of their actions on others and the greater good.
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