They can best accomplish Discharge of contract by an accord and satisfaction
The term discharge of contract refers to the termination of the parties' contractual relationship. When a contract ceases to operate, the rights and obligations created by the parties are said to have been discharged. A contract can be discharged if the parties mutually agree to end it. Furthermore, there are various methods for contract termination.
The following methods are used to discharge a contract:
Discharge by Performance
Discharge by Agreement or Consent
Discharge by Performance Impossibility
Discharge by Time Lapse
Discharge by Operation of Law
Discharge by Breach of Contract
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the ftc controls on product comparisons: group of answer choices are very stringent. are a high regulatory priority. have changed dramatically with private enforcement. no longer exist.
The FTC controls on product comparisons are a high regulatory priority. The FTC is responsible for enforcing federal consumer protection laws that prohibit fraud, dishonesty, and unfair business practises.
In addition, the Commission enforces federal antitrust rules that ban anticompetitive acquisitions and other commercial practises that may result in higher prices, fewer choices, or less innovation. As a consumer or business owner, you may be more familiar with the federal consumer Trade Commission's activities than you realise. The FTC works with issues that affect every American's economic life. We accomplish this in part by enforcing antitrust laws. The fuel that propels America's free-market system is competition.
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marsha made an offer of $325,000 on a home listed for $350,000. the seller accepted her offer. what service will her lender order to determine the home's actual value?
Marsha put in a $325,000 bid for a house that was listed for $350,000. Her offer was approved by the vendor. Her lender will request an appraisal from an appraiser as a service to ascertain the home's actual value.
What well-known economic tenet states that the value of a property is determined by the price at which a comparable property would be purchased?The concept of substitution holds that, assuming no unexpected delays, the cost of procuring an equally desired substitute tends to set the upper limit of value. An astute investor would not spend more on an asset that generates income than it would take to construct or buy a comparable asset.
Which economic tenet states that the price at which a comparable property would sell determines a property's value?The cost strategy offers the solution. The cost approach is based on the substitution principle, which stipulates that the worth of the subject property will not be greater than the cost of purchasing a comparable parcel of land and building comparable improvements.
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the values, norms, and expectations of behavior that control how workers interact with one another within an organization represent the organization's:
Correct organizational culture is the collection of beliefs, standards, and guidelines for conduct that governs how employees interact with one another within an organization.
The culture of a corporation affects how employees should behave. This culture is comprised of shared values and beliefs that have been developed by leaders, communicated through a range of mediums, and reinforced in order to affect employee perceptions, behavior, and comprehension. A fantastic corporate culture is defined by what the business stands for and what it believes in.. Employers must provide employees strong feedback on their efforts and give them a feeling of being a part of something better and bigger. An employee who works in a healthy workplace may become an advocate
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the general public is accurately described by which statement(s)? multiple choice they deal with businesses through an economic exchange. this organizational stakeholder consists of individuals and groups found in society. they are unable to influence a firm's reputation. all of these answers are correct.
The general public is accurately described by: organizational stakeholder consists of individuals and groups found in society.
What is stakeholder?A stakeholder is a person, group, or organisation whose interests are affected by a project's or business venture's outcome. The success of the project is important to stakeholders, who may be inside or outside the sponsoring organization.
All individuals or groups with a stake in the success of the company are considered stakeholders. Because the degree of an organization's authenticity is based on how well it satisfies its stakeholders' needs, it is crucial that organisations develop healthy and balanced relationships with these parties.
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At the wholesale club, one can buy toothpaste at a lower unit price if one buys six tubes of toothpaste at once. This is an example of ____, which ____ producer surplus.
At the wholesale club, one can buy toothpaste at a lower unit price if one buys six tubes of toothpaste at once. This is an example of imperfect price discrimination, which increases producer surplus.
In the field of business, price discrimination can be described as a value or cost of a product that is changed by the producer based on his terms or understandings. An imperfect price discrimination can occur if a producer lowers the price of a product on the condition that the consumer buys more or a fixed number of product rather than purchasing just one.
A producer surplus can be described as the profit that is gained by the producer after selling a product. If through imperfect price discrimination, more products are sold, then the producer surplus will increase.
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in a single-stage decision tree problem, you make first and then all you wait to see a(n) .
In a single-stage decision tree problem, all decisions are made first and then all uncertainty is resolved.
Every path from a root to a leaf in a decision tree corresponds to a state in a state-based representation. However, it is frequently easier and more effective to express and think in terms of certain properties, which are referred to as variables.
All decisions in a single-stage design model must be made at the start of the planning horizon. Particularly, a single-stage formulation results in the identification of a system design that can address the entire spectrum of production issues, both present and future.
This refers to making a single choice in response to the input scenario tree, where the choice is represented by a striped circle at the decision node. The FFMS design approach's two-stage stochastic formulation enables the modeling of the manufacturing system's reconfiguration at a later time stage.
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Correct question:
In a single-stage decision tree problem, all ----- are made first and then all ------ is (are) resolved.
what process involves deciding how to approach and plan the risk management activities for the project?
A risk management plan is the procedure' primary result. The process of identifying hazards is identifying the risks that are most likely to have an impact on a project and noting their specifics.
The process of identifying risk is identifying the risks that are most likely to have an impact on a project and noting their specifics. A risk registry, risk report, and project document updates are the process' primary outputs.
So in any business, risk management starts with 4 broader steps —
1. Identification of Risk
2. Risk Assessment
3. Risk Mitigation
4. Risk Control
You can approach or identify the risk with 2 options —
a. Brainstorming
b. SWOT
In a brainstorming session, you and the other team members sit down and discuss potential risks in order to come up with as many as you can. This choice will assist in considering the risk coming from various angles because numerous minds are involved.
SWOT — Strengths, Weakness, Opportunities & Threats
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if a balance sheet shows $4 million in current assets, $7 million in long-term assets, $2 million in current liabilities and $6 million in long-term liabilities, what is the company's net working capital? $2 million $3 million $1 million $4 million
The current assets mentioned are $4 million while the current liabilities are $2 million in current liabilities, therefore company net working capital is $2 million.
Hence, option A is correct.
What is net working capital?
Net Working capital can be defined as the difference between a company current assets which can be in the form of cash, accounts , unpaid bills , inventories and its current liabilities which can be account payable and debts. It helps in measuring short term liquidity, management of company and to utilize resources efficiently.
Net working capital = Current assets - Current liabilities
= $4 million - $2 million
= $2 million
Hence, the company net working capital is $2 million.
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which of the following general journal entries would be used to recognize $7,500 of uncollectible accounts expense under the direct write-off method? multiple choice account title debit credit accounts receivable 7,500 uncollectible accounts expenses 7,500 account title debit credit uncollectible accounts expenses 7,500 allowance for doubtful accounts 7,500 account title debit credit uncollectible accounts expenses 7,500 accounts receivable 7,500 account title debit credit allowance for doubtful accounts 7,500 uncollectible accounts expenses 7,500
When a transaction is recorded, the allowance method debits bad debt expenditure and credits a contra-asset account called Allowance for Uncollectible Accounts in $75,00.
How are uncollectible accounts entered into the system?When an account belonging to a certain client is determined to be uncollectible, the journal entry to write off the account is: A credit to Accounts Receivable (to eliminate the amount that will not be collected) A debit to Allowance for Doubtful Accounts (to reduce the Allowance balance that was previously established).Receivables, loans, and other debts with a slim probability of being repaid are referred to as accounts uncollectible. A debt may become impossible to collect for a variety of reasons, such as the debtor's bankruptcy, an inability to locate the debtor, the debtor's fraud, or a lack of adequate documents to support the debt.To learn more about Uncollectible Accounts refer to:
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a company provides a 1-year warranty with its products. product warranty payable would appear on the balance sheet as a
Product warranty payable would appear on the balance sheet as a Current liability.
Current liabilities are sometimes defined as all liabilities of the firm that must be settled in cash within the fiscal year or the operational cycle of a particular company, whichever is longer.
Common current responsibilities include accounts payable, salary, taxes, and deferred revenue (services or products yet to be delivered but for which money has already been received).
The promise made by the manufacturer of a product to the buyer on the quality of their providing and the compensation that will be given in the event that the product does not meet expectations. Typically, warranties have exclusions that limit the manufacturer's obligations.
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johnson company has 500 obsolete desk calculators that are carried in inventory at a total cost of $720,000. if these calculators are upgraded at a total cost of $210,000, they can be sold for a total of $270,000. as an alternative, the calculators can be sold in their present condition for $50,000. what is the financial advantage (disadvantage) to the company from upgrading the calculators?
The price per calculator is $540
Inventory on hand that cannot be used or sold in the future is referred to as obsolete inventory. Due to a lack of demand, obsolete inventory will frequently be recorded as a loss, though it can also be the result of new technology and innovation.
Calculators at the present condition
Sales $50,000
Less: Cost $720,000
Loss from Sales. $670,000
Calculators with rework costs
Sales $270,000
Less: Cost (720,000+210,000) $930,000
Loss from Sales $660,000
Sales $270,000
Divided by: no. of obsolete calculator 500
Sales Price per calculator $540
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thanks in part to globalization, coca-cola has operations in all but three nations in the world, and pepsi is now available in more than 160 countries and territories. we can conclude that the soft drink industry is an example of: global competition acculturation free trade zone localization international exchange
Coca-cola has operations in all but three nations in the world, and Pepsi is now available in more than 160 countries and territories. we can conclude that the soft drink industry is an example of global competition.
Global competition becomes a form of transnational competition in which the position of an enterprise in one country affects its competitive position in other countries. As a result, companies are contending among themselves for transnational leadership. As a result of such a struggle, the frugality is globalizing.Global competition is when companies contend to vend goods and services on a transnational scale.
As technology, transportation, and communication systems have bettered, competition among companies in different countries has soared. The TV assiduity is a perfect illustration ofthis.Global competition made the product of some goods in developed countries less profitable due to the fairly high costs. The capability to transfer labour- ferocious product to developing countries converted profitable structure in developed countries.
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xerox pioneered the first portable fax machine in 1980 with a high introductory price of $12,700. xerox used a(n)
Skimming is the term for taking a sizable portion of anything out. In terms of pricing strategy, skimming is the practice of charging a high price upfront before competitors enter the market in order to get the lion’s share of industry earnings.
When a business introduces a brand-new, technologically advanced product, this price model is typically used in the early stages. Therefore, the business has already generated a sizable portion of its income and recouped its product expenditures by the time competitors enter the market.The instance presented here serves as an example of this pricing approach used by Xerox, which charged an outrageous price at first for its newly introduced, ground-breaking fax machine.Consequently, by using a skimming pricing technique, Xerox was able to recoup a significant amount of its.It is safe to assume, based on the information supplied, that Xerox used a skimming pricing technique when setting the price at $12,700.With this pricing strategy.
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a sausage company makes two different kinds of hot dogs, regular and all-beef. each pound of all-beef hot dogs requires 0.75 lb of beef and 0.2 lb of spices, and each pound of regular hot dogs requires 0.18 lb of beef, 0.3 lb of pork, and 0.2 lb of spices. suppliers can deliver at most 1020 lb of beef, at most 600 lb of pork, and at least 500 lb of spices. if the profit is $1.85 on each pound of all-beef hot dogs and $1.00 on each pound of regular hot dogs, how many pounds of each should be produced to obtain maximum profit? regular hot dogs incorrect: your answer is incorrect. lb all-beef hot dogs incorrect: your answer is incorrect. lb what is the maximum profit?
$3320 is the maximum profit. 880 lbs of all-beef hot dogs and 2000 lbs of regular hot dogs pounds of each should be produced to obtain maximum profit.
Let x and y stand in for the weights of the regular and all-beef hot dogs produced, respectively. The task restrictions are :
0.75x + 0.18y ≤ 1020 is the limit on beef supply.
0.30y ≤ 600 is the limit on pork supply.
0.2x + .2y ≥ 500 is the limit on spice supply.
Additionally, the goal is to increase p = 1.50x + 1.00y. The profit is maximized at the point (x, y) = in the graph, which depicts the constraints (880, 2000).
Hot dogs should be made in quantities of 2000 pounds of regular and 880 pounds of all beef. The maximum profit that may be earned is $3320.
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which of the following accounts are temporary accounts closed (zeroed out) at the end of the accounting period into retained earnings? (check all that apply.) multiple select question. accounts receivable bad debt expense depreciation expense allowance for doubtful accounts sales revenue accumulated depreciation
Depreciation expense must be closed to retained earnings at the end of the period because it is a nominal account.
What is an allowance for uncertain costs?Because it lowers the value of an asset—in this case, the accounts receivable—the allowance for dubious accounts is referred to as a "contra asset." The allowance, also known as a bad debt reserve, is management's projection of the amount of accounts receivable that customers will not pay. You may manage your company's cash flow with the aid of an income account and an expense account. All of your company's expenses are kept in an account called an allowance or expense account. Understanding this account is essential since it enables you to keep tabs
Permanent accounts are an alternative - The balances at year-end are carried forward with the associated asset in accumulated depreciation, which is a counter asset account of a specific depreciable asset. Accounts payable must be carried forward in the following accounting period because it is a genuine account. As current assets, prepaid expenses must be carried forward to the following accounting period.
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Answer:
sales revenue
Explanation:
what is the number, n, of periods? at the beginning of each quarter, a 50-year-old woman whose birthday is march 1st, deposits $1200 in a retirement account that pays 6% interest, compounded quarterly. how much is in the account when the woman turns 65 years old?
According to the given information, the amount in the account when the woman turns 65 years old = $ 114,358
Considering that the woman deposits $1200 at the start of each quarter and that her birthday is on March 1st, the first deposit will be made on April 1st of her 50th year.
We must determine how much money will be in the account on the woman's 65th birthday, which is on March 1.
We won't finish the last quarter.
In order to calculate the interest through December 31 of the previous year's quarter,
So there will be total of (14 x4) +3 = 56 +3 = 59 quarter periods
[tex]FV = P[\frac{(1+i)^n-1}{i} ](1+i)\\Here P = 1200 dollars; i = \frac{0.06}{4} = 0.015 and n= 59\\Therefore, PV = 1200[\frac{(1+0.015)^5^9-1}{0.015}](1+0.015) = 114257.58[/tex]
So, the amount in the account when the woman turns 65 years old = $ 114,358.
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what are three advantages of a high/low pricing strategy? multiple select question. it reduces advertising and operating expenses. it assures customers of continually low prices. it increases profits by allowing retailers to charge higher prices. it creates excitement for consumers. it improves inventory management. it provides a way to get rid of slow-selling merchandise.
Three advantages of a high/low pricing strategy are it reduces advertising and operating expenses. it assures customers of continually low prices. it increases profits by allowing retailers to charge higher prices.
By providing a discount to a product that is priced "high," buyers are more inclined to purchase the goods because they believe it is a good deal. In essence, the initial high price establishes the product's value to customers. Major advertising such as Macy's and Nordstrom, as well as specialty companies such as Adidas and Nike, use high-low pricing strategy extensively. They set high prices but then offer lower prices to customers on a regular basis through sales, promotions, or coupons.
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store-level goals such as increasing store traffic, managing inventory, and managing employees are called .
Tactical goals refer to store-level objectives like boosting foot traffic, maintaining inventory, and managing staff.
What does a company's tactical goal entail?Targets that are promptly set in reaction to evolving conditions in the real world are known as tactical goals. Tactics are based on the reality of the present, whereas strategy relies on projections about the future. Tactical objectives are therefore not prepared as far in advance as strategic objectives.
A tactical plan lays out the actions needed to carry out strategic business plans. These are quick activities and steps meant to aid businesses in achieving long-term objectives. Tactical strategies may alter in response to workplace events and the unique requirements of a corporation.
Consider that the organization wants to grow its clientele from the South to the Southeast as one of its long-term objectives. One must consider what can be done tactically to accomplish this goal. Start by increasing production to keep up with demand; next, in the background, assemble a group of regional salespeople; and so forth.
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a cabinet firm paid $5,000 for 10,000 pieces of cabinet hardware. the firm has used 4,000 pieces of hardware and is holding the remaining 6,000 pieces in inventory. the current market price for the 6,000 pieces of hardware is $2,800. what is the opportunity cost of holding the 6,000 pieces of hardware in inventory?
A cabinet firm paid $5,000 for 10,000 pieces of cabinet hardware. $2800 is the opportunity cost of holding the 6,000 pieces of hardware in inventory.
Elaborate:since, sunk cost is the cost that has formerly occurred and has no eventuality of the recovery in the future. sunk cost is substantially considered with the outfit purchasing. so when the establishment are holding 6000 piece of press tackle and 4000 are being used, so 6000 closets price are the sunk cost.
What is sunk cost?
A sunk cost, occasionally called a retrospective cost, refers to an investment formerly incurred that can not be recovered. exemplifications of sunk costs in business include marketing, exploration, new software installation or outfit, hires and benefits, or installations charges.
What's the purpose of sunk cost?sunk cost, in economics and finance, a cost that has formerly been incurred and that can not be recovered. In profitable decision timber, sunk costs are treated as defunct and aren't taken into consideration when deciding whether to continue an investment design.
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a bond with a coupon rate of 8 percent sells at a yield to maturity of 9 percent. if the bond matures in 11 years, what is the macaulay duration of the bond? what is the modified duration?
The Macaulay duration is 7.58317 and Modified duration is 6.95704
How to calculate Macaulay duration and Modified duration?
Given,
Coupon rate = 8%
Yield to maturity (YTM) = 9%
Assumed,
Bond face value = $ 100
Coupon = $ 100×8% = $ 8
Macaulay duration can be calculated by this formula
Macaulay duration = [tex]\frac{\sum{n\times pv}}{\sum{pv}}[/tex]
PV or present value can be calculated by this formula
PV = [tex]\frac{cashflow}{(1+YTM)^n}[/tex]
Then, after we get Macaulay duration we can calculated Modified duration by this formula
Modified duration = [tex]\frac{\text{Macaulay duration}}{1 + YTM}[/tex]
For detailed calculations using excel in the attached image with excel formula
Thus, the Macaulay duration is 7.58317 and Modified duration is 6.95704
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evaluate policies that governments in developed countries should pursue to reduce waste and encourage the recycling of waste products
Reuse.
Recycle.
Composting.
recycling energy from solid trash.
What actions should local governments take to enhance trash management and/or reduce waste production?For drinks on the go, use a reusable bottle or cup.
Use reusable shopping bags for more than just groceries.
Recycle and make smart purchases.
compost it
Avoid using single-use utensils and containers for meals and drink.
Purchase used stuff and donate your used items.
Why does the economy benefit from waste reduction?Recycling protects the environment, boosts our economy, and generates jobs. Sustainable Materials Management (SMM), a strategy that emphasizes the productive and sustainable use of materials over their full life cycle while limiting their environmental impacts, includes recycling as a key component.
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in a natural monopoly, a. the marginal revenue curve is horizontal. b. society would be better off if antitrust laws were used to create many different firms in the market. c. if the government requires marginal cost pricing, it will likely have to subsidize the firm. d. the marginal cost curve is positively sloped
In a natural monopoly, if the government requires marginal cost pricing, it will likely have to subsidize the firm.
In microeconomics, two types of costs are important: marginal costs and fixed costs. The marginal cost is the cost of serving one more customer to the company. The marginal cost decreases with economies of scale in an industry where a natural monopoly does not exist, which is the vast majority of industries, and then increases as the company experiences growing pains (overworking its employees, bureaucracy, inefficiencies, etc.).
The cost structure of a natural monopoly is very different. A natural monopoly has a high fixed cost for a non-dependent product, but its marginal cost of producing one more good is roughly constant and small.
Natural monopolies are believed to exist for two reasons: economies of scale and economies of scope.
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on behalf of her firm, a registered representative is holding a seminar and the audience will consist of registered representatives from other member firms. this type of communication is considered:
On behalf of her firm, a registered representative is holding a seminar and the audience will consist of registered representatives from other member firms Institutional communication.
What is Institutional communication?Any communication directed only to registered representatives is defined as institutional communication. For communication purposes, the definition of institutional investor includes a FINRA member firm and its registrants. On the other hand, if the audience consisted only of employees of the member company hosting the seminar, it would be considered internal communication.
The communication of the institution can be defined as organized communication of the institution and its representatives, which targets the people and social groups developing its activity.
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what factors determine how difficult it is for a manufacturer to persuade retailers to purchase its products?
The degree to which the channel is vertically integrated, or the channel structure, determines the difficulty a producer has in convincing retailers to purchase its products.
What is a marketing channel?A marketing channel is made up of the individuals, businesses, and tasks required to move ownership of products from the point of production to the point of consumption. It is also referred to as a distribution channel because it is how items reach the consumer, the end user. A marketing channel is a helpful management tool that is essential to developing a successful and well-thought-out marketing strategy.
A less common type of distribution channel is the dual distribution channel, which enables the manufacturer or wholesaler to reach the end consumer by utilizing multiple distribution channels.
Marketing channels' functions in marketing strategies
connects sellers and buyers.affects the pricing strategy of the company.influencing product strategy through branding, regulations, and stock availability.provides financing, maintains, installs, and customizes earnings.To know more about, marketing channel, visit :
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a company issues $90,000 of 5%, 5-year bonds dated january 1 that pay interest semiannually on june 30 and december 31 each year. if the issuer accepts $95,000 for the bonds, the issuer will record the sale with a (debit/credit) to (discount/premium) on bonds payable in the amount of $5,000. multiple choice question.
Debit, $5,000 Justification;
The journal entry should read "Debit cash for $ 85,000," "Debit discount on bonds payable for $ 5000," and "Credit bonds payable for $ 90000." Here, the discount amount is $ 5000.
What is a fundamental journal entry?
An accounting entry that debits and credits only one account is called a simple journal entry.As a best practice, it is encouraged to use straightforward journal entries because they are simpler to comprehend.
What three entries are in the journal?
Journal entries fall into three main categories:compound, changing, and switching.
What are credit and debit?
A transfer of value into an account is referred to as a debit entry, while a transfer of value out of an account is referred to as a credit entry.Value is transferred from credited accounts to debited accounts with each transaction.
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define what liquidity means by completing the following sentence. liquidity refers to a company's ability to pay for its (near/long) -term obligations.
Liquidity is the simplicity with which money can be raised to cover short-term liabilities like bills.
Stocks and bonds are examples of liquid assets since they are easily sold (although cash is, of course, the most liquid asset of all). A business needs to have enough cash on hand to pay all of its bills, pay its suppliers, pay its employees, and conduct its daily business. In the event of an emergency or other monetary setback, you have access to liquidity in the form of your emergency savings account or the cash you have on hand. Additionally, having liquidity is important since it enables you to take risks.
When wonderful possibilities present themselves, it will be easier for you to pass them up if you have access to money and resources. Liquid assets include cash, savings accounts, and checkable accounts since they can easily be changed into cash when needed.
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as concepts, income and wealth: question 2 options: a) differ in that income is a flow of money while wealth is a stock of valuable assets (including money). b) differ in that income is a stock of assets while wealth is the yearly inflow of assets. c) tell us nothing about the poverty rate since poverty is not determined by either in economics. d) are terms that describe the resources of different classes in society. the working class has income and the capitalist class has wealth.
As concepts, income and wealth differ in that income is a flow of money while wealth is a stock of valuable assets (including money).
There is a big difference between income and wealth. Income is what you earn each year from working or from investments. Wealth is the total value of your assets, including your home, savings, and investments.
Wealth is important because it gives you the financial security to weather tough times and take advantage of opportunities. Income is important because it gives you the money you need to live day to day.
Hence, "A" is the correct option.
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In the long run, prices are _______, wages are ______, and the relationship between inflation and unemployment is _____
Prices and wages can fluctuate over time, and there is no correlation between inflation and unemployment.
In the long run, wages and prices are adaptable and there is no correlation between inflation and unemployment because the economy is at full employment.
Is there a link between unemployment and inflation?
In the past, unemployment has been inversely correlated with inflation.This indicates that unemployment decreases when inflation rises.Conversely, lower inflation corresponds to higher unemployment.There will be more demand for goods and services when more people are employed.
How do wages and inflation relate to one another?
Real wages are lowered as a result of inflation's effects on the capital stock and relative prices in this context.The two impacts are added substance and cause the decrease in genuine wages to surpass the decrease in per-capita Gross domestic product.During times of high inflation, this mechanism may increase poverty.
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what is the answer in mental lliness
Answer:
Explanation:
Examples of serious mental illness include major depressive disorder, schizophrenia and bipolar disorder.
you make annual end-of-year payments of $6,260.96 on a five-year loan with an 8 percent interest rate. the original principal amount was . group of answer choices
A short-term loan is any amount borrowed from a financial institution for less than one year. Financing cost is high for this advance. As a result, choosing a loan with a typical term is generally recommended.
Principal amount calculation:
Payment is $6,260.96 per year, Rate (r) is 8%, and Term (n) is 5 Years.
What exactly are short-term loans?A type of loan called a "short term loan" is used to meet a temporary need for personal or business capital. Due to the fact that it is a type of credit, it requires the principal amount as well as interest to be paid back by a certain date, typically within a year of receiving the loan.
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