Resources have to be allocated in an economy because resources are limited and can only be used to produce a finite amount of goods and services.
Why are resources allocated in an economy ?The allocation of resources involves deciding how much of each resource, such as labor, capital, and natural resources, should be used to produce different goods and services. These decisions are influenced by a variety of factors, including consumer demand, production costs, and government policies.
Overall, the allocation of resources is a critical aspect of any economy, as it determines how goods and services are produced and distributed and can have significant impacts on the well-being of individuals and society as a whole.
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Of the five market segments, which three are more concerned about leading-edge technology within their respective segment expectations?
a Size Segment, Peformance Segment, and Traditional Segment
b Size Segment, Performance Segment, and Low End Segment
c Size Segment, Performance Segment, and High End Segment
d Low End Segment, Traditional Segment, and High End Segment
The correct answer is option C.
The three market segments that are more concerned about leading-edge technology within their respective segment expectations are the Size Segment, Performance Segment, and High-End Segment.
These market segments are more concerned about leading-edge technology because they are looking for products that have the latest and most advanced features. The Size Segment is looking for products that are compact and portable, the Performance Segment is looking for products that have high processing speeds and capabilities, and the High-End Segment is looking for products that have premium features and are considered luxury items.
In contrast, the Low-End Segment and Traditional Segment are less concerned about leading-edge technology. The Low-End Segment is looking for products that are affordable and the Traditional Segment is looking for products that are reliable and have a long lifespan.
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suppose that you enter into a six-month forward contract on a non-dividend-paying stock when the stock price is $30 and the risk-free interest rate (with continuous compounding) is 12% per annum. what is the forward price?
The forward price for the six-month forward contract on the non-dividend-paying stock is $31.85.
The forward price for a six-month forward contract on a non-dividend-paying stock can be calculated using the formula:
Forward Price = Spot Price x e^(r x T)
Where:
Spot Price is the current market price of the stock
r is the risk-free interest rate with continuous compounding
T is the time to maturity of the forward contract
In this case, the Spot Price is $30, the risk-free interest rate is 12% per annum (or 0.12 with continuous compounding), and the time to maturity of the forward contract is 6 months (or 0.5 years). Plugging these values into the formula, we get:
Forward Price = $30 x e^(0.12 x 0.5)
Forward Price = $30 x e^0.06
Forward Price = $30 x 1.06183654714
Forward Price = $31.85 (rounded to two decimal places)
Therefore, the forward price for the six-month forward contract on the non-dividend-paying stock is $31.85.
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Kelia, the owner of a Lebanese factory that produces electrical converters, recently learned that the EU will begin taxing all electrical components imported into EU member nations. In this example, a tariff is being implemented to protect European electrical component manufacturers. True or False
The tariff was introduced to protect European manufacturers of electrical components. REAL
The required details about tariff is given below
A tariff is a tax imposed by the government of a country or a supranational entity on the import or export of goods. In addition to being a source of government revenue, import tariff can also be a form of foreign trade regulation and policy that levies taxes on foreign products to encourage or protect domestic industry. Alongside import and export quotas and other non-tariff trade barriers, protective tariffs are among the most frequently used instruments of protectionism rates can be fixed or variable.Taxing imports means people are less likely to buy them because they become more expensive.
Tariffs therefore encourage increased production and the substitution of imports with domestic products. The intention is that they will buy local products instead, which will boost their country's economy.
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Lakeland Heating & Cooling installs and services commercial heating and cooling systems. Lakeland uses job costing to calculate the cost of its jobs. Overhead is allocated to each job based on the number of direct labor hours spent on that job. At the beginning of the current year, Lakeland estimated that its overhead for the coming year would be $64,800. It also anticipated using 4,050 direct labor hours for the year In October, Lakeland started and completed the following two jobs: E(Click the icon to view the jobs.) Lakeland paid a $24-per-hour wage rate to the employees who worked on these two jobs. Read the requirements Requirement 1. What is Lakeland's predetermined overhead rate based on direct labor hours?
Lakeland's predetermined overhead rate based on direct labor hours is 16 per direct labor hour.
At the beginning of the current year, Lakeland estimated that its overhead for the coming year would be $64,800.
It also anticipated using 4,050 direct labor hours for the year In October, Lakeland started and completed the following two jobs.
Lakeland paid a $24-per-hour wage rate to the employees who worked on these two jobs.
Predetermined overhead rate based on direct labor hours = Lakeland estimated that its overhead for the coming year/Direct labor hours
Predetermined overhead rate based on direct labor hours = 4,800/4,050
Predetermined overhead rate based on direct labor hours = 16 per direct labor hour
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QUESTION 6/10
Revenue is:
1-1
A. The amount of money a company pays its employees.
C. The amount of taxes a company has to pay.
B. The amount of money a company makes from sales.
D. The amount of money a company has left over after paying
Bills
antonio, an employee of a software company, has been trying hard to get promoted for a long time. he gives up on his efforts after two years and decides to remain satisfied with earning a decent living for his family. in terms of the erg theory of motivation, this exemplifies
In terms of the ERG theory of motivation, Antonio's decision to remain satisfied with earning a decent living for his family after giving up on his efforts to get promoted exemplifies "frustration-regression."
Who propounded the ERG theory of motivation?Clayton Alderfer redefined Maslow's need hierarchy theory of motivation to bring it in line with empirical research. His revised theory is known as the ERG theory of motivation.
This means that when individuals are unable to satisfy their higher-level needs, they may focus on satisfying their lower-level needs instead. In this case, Antonio's failure to achieve his growth needs (promotion) led him to focus on his existing needs earning a decent living.
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which of the following taxes may be imposed in addition to the individual income tax and are calculated on tax bases other than the regular taxable income? (check all that apply.) multiple select question. capital gains tax self-employment tax value-added tax alternative minimum tax
b. Self-employment tax and d. Alternative minimum tax may be imposed in addition to the individual income tax and are calculated on tax bases other than the regular taxable income
An entrepreneur, or those who operate for themselves or run their own enterprises, are subject to self-employment tax. Based on net self-employment income, which includes the total revenue from a partnership or sole proprietorship, this tariff is determined. This tariff must be paid by self-employed people in addition to their standard individual income tax.
High-income persons are required to pay at least a specific amount of tariff under the Alternative Minimum Tax, regardless of the deductions and credits they would be entitled for under the standard tax regime. Since it is calculated using a different set of regulations than the normal individual income tax, it might be relevant to those with relatively large earnings, significant deductions, or particular categories of income.
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combine like terms to simplify 13q2 + 4q2
Answer:
17q^2
Explanation:
you add the like terms and 13+4 is equal to 17
Which of the following factors is likely to be most important when choosing a location for a supermarket?
A) Proximity to suppliers
B) Low-cost land
C) Exchange rate
D) Energy costs
a _______________ leader attempts to empower group members and shares power with them in working toward making critical decisionsTransformationalAutopilotIndependenceInovation
A transformational leader tries to give group members more authority and shares that power with them in order to encourage critical thinking.
What accomplishes a transformational leader?A leadership style known as transformational leadership affects both social systems and individual behaviour. In its optimal state, it brings about significant and constructive change in the following with the ultimate objective of transforming followers into leaders. The four characteristics of transformational leadership—idealized influence, inspirational motivation, intellectual stimulation, and individualised consideration—enable leaders to motivate followers to achieve more by focusing on their ideals and assisting in their alignment. It is simple for the followers to trust and believe in a transformational leader. This is also known as charisma, because displaying a charismatic personality has been shown to persuade followers to emulate their leader.
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finished goods inventory is $200,000. if overhead applied to these goods is $80,000, and the overhead rate is 160% of direct labor, how much direct materials cost was incurred in producing the inventory? (round your intermediate calculations and final answer to nearest whole dollar.)
$70000 direct materials cost was incurred in producing the inventory
Overhead rate = 160% of direct labor = 80000
Hence ,
1.60 * direct labor = 80000
Direct labor = 80000 / 1.60 = 50000
Therefore :
Direct labor = 50000
Overhead = 80000
Hence , Direct material cost = Finished good inventory - Direct labor cost - overhead cost
= 200000 - 50000 - 80000
=$70000
What is Direct Material Cost?
Direct material cost is the cost of the raw materials and components used to create a product. The materials must be easily identifiable with the resulting product (otherwise they are considered to be joint costs). The direct material cost is one of the few variable costs involved in the production process; as such, it is used in the derivation of throughput from production processes. Throughput is sales minus all totally variable expenses.
Examples of Direct Material Costs
Examples of direct materials are the timber used to construct a house, the steel included in an automobile, the circuit board included in a radio, and the fabric used to assemble clothing.
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item 10 amy is a human resource executive for a manufacturing company that makes a variety of consumer products in several facilities. she is studying u.s. injury and illness trends from the bureau of labor statistics to identify issues the company should address in its human resource policies. as she looks at nationwide trends since 1990, amy identifies one that companies should correct. which trend represents a problem for u.s. employers to address?
Some of the injury and illness trends that have been identified in the past as problematic for U.S. employers include high rates of repetitive motion injuries, musculoskeletal disorders, and injuries related to slips, trips, and falls.
It is important for employers to address these issues by implementing appropriate training programs, ergonomic equipment, and safety protocols to minimize the risk of workplace injuries and illnesses. It is also important to comply with regulations and reporting requirements to ensure that accurate data is available for analysis and improvement.
The Bureau of Labor Statistics is a unit of the United States Department of Labor. It is the principal fact-finding agency for the U.S. government in the broad field of labor economics and statistics and serves as a principal agency of the U.S. Federal Statistical System.
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martin company currently produces and sells 40,000 units of product at a selling price of $12. the product has variable costs of $6 per unit and fixed costs of $150,000. the company currently earns a total contribution margin of:
If the sales unit are 40,000 and its selling price is $12 then the company currently earns a total contribution margin of $90,000.
Total cost = fixed cost + variable cost
= $150,000 + 40,000 × 6 = 3,90,000
Total contribution margin = total sales - total cost
= 40,000× 12 - $3,90,000 = $90,000
What is total contribution margin?
The total revenue an entity has available to cover fixed costs and turn a profit is represented by the total contribution margin it has earned. Always working to raise a company's contribution margin, which enables it to make a profit even in times of dropping sales, is a solid profit planning strategy. You need to figure out your gross profit before you can figure out your contribution margin. Your total revenue is the first step in calculating gross profit.
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b Identify and explain two reasons why the primary sector is relatively more Important to Botswana than India.
Answer: The primary sector refers to industries that are involved in the extraction of natural resources and the production of raw materials. This sector includes activities such as agriculture, forestry, fishing, mining, and oil and gas production.
In Botswana, the primary sector is relatively more important than it is in India for several reasons:
Explanation:
1. Dependence on Natural Resources: Botswana is heavily dependent on its natural resources, particularly diamonds, which account for over 70% of the country's exports. The primary sector plays a crucial role in the country's economy, and its importance is reflected in the high levels of investment in the sector.
2. Agriculture and Livestock Production: While agriculture and livestock production plays a relatively minor role in India's economy, they are significant in Botswana, where they provide food and income for a large number of rural households.
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If dozier produced 1,100 units instead of 1,000 units, how much incremental manufacturing cost would they incur to make the additional 100 units?
If Dozier produced 1,100 units instead of 1,000 units, they would incur an incremental manufacturing cost for the additional 100 units. This cost would be the difference between the total manufacturing cost for 1,100 units and the total manufacturing cost for 1,000 units.
To calculate this incremental cost, we would need to know the cost per unit for Dozier's manufacturing process. For example, if the cost per unit is $10, then the total manufacturing cost for 1,000 units would be $10,000 ($10 x 1,000) and the total manufacturing cost for 1,100 units would be $11,000 ($10 x 1,100). The incremental cost for the additional 100 units would be $11,000 - $10,000 = $1,000.
In summary, the incremental manufacturing cost for the additional 100 units produced by Dozier would be the difference between the total manufacturing cost for 1,100 units and the total manufacturing cost for 1,000 units.
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many financial analysts and economists eagerly await reports on the home price index and consumer confidence index. what would be the effects of negative reports on both of these? ie: consumers feel their home value is decreasing and purchasing power is decreasing, similar to what we saw in the great recession.
The press releases for the findings on the consumer confidence index and home price index are anxiously awaited by many financial analysts and economists.
By analysts, what do you mean?
A financial, political, banking, or industry analyst is someone whose job it is to carefully investigate something in order to learn more about it or have a better understanding of it. They frequently make forecasts (=proclamations about what will occur in the future) in relation to their findings. An analyst usually works in an office. They'll examine the data and base their conclusions on the data they gather. An analyst could be a management analyst or have a financial background. You could choose to work as a news analyst or in market research.
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Terry invested $2,000 today in an investment that pays 6.5 percent annual interest. Which one of the following statements is correct, assuming all interest is reinvested?a. terry will earn the same amount each yearb. terry will earn simple interestc. terry will earn an increasing amount of interest each and every yeard. terry could have the same future value and invest less than $2000 initially if he could earn more than 6.5 percent interest.e. terry's interest for year two will be equal to $2000
The correct answer is (c) Terry will earn an increasing amount of interest each and every year, assuming all interest is reinvested. This is because the interest earned in each year is added to the principal amount, which increases the total amount on which interest is calculated.
As a result, Terry will earn interest not only on the initial investment of $2,000 but also on the interest earned in previous years. This compounding effect results in an increasing amount of interest earned each year. Option (a) is incorrect because the amount of interest earned each year will increase due to compounding. Option (b) is also incorrect because Terry's interest will compound, not remain the same. Option (d) is incorrect because the future value will increase with a higher interest rate, not decrease. Option (e) is incorrect because Terry's interest for year two will be higher than the interest earned in year one due to compounding.
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The accounting term for a situation where two or more people act in coordination to circumvent internal controls is:_________
The accounting term for a situation in which two or more people collaborate to circumvent internal controls is Collusion.
Why Do Investors Need to Understand Accounting?
The procedure of acquiring, analysing, and publishing financial and other data on corporations and businesses is known as accounting, also known simply as "accounting." Write about accounting. Maintaining records of a business's financial transactions is called accounting. Accountants' labour is the foundation of today's financial markets. Business executives would lack the transparency they require to manage risks or plan initiatives without accounting, and investors would be unable to rely on up-to-date, accurate financial data. Regulators also rely on accountants for critical jobs like providing auditors' opinions on companies' yearly 10-K reports.
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new balance athletic shoes target baby boomers' needs for well-fitting shoes. the company is unique in that it offers a very broad range of shoe widths. a realistic potential risk new balance runs in this focused differentiation strategy includes the possibility that:
The focus of New Balance athletic sneakers is on the need for comfortable footwear among Baby Boomers. The company distinguishes out because it offers a wide range of shoe widths.
What sets New Balance shoes apart?
Cunha claims that New Balance is one of the brands he recommends to patients most frequently because of their style. He claims that the majority of their shoes' footbeds are designed to offer good arch support, comfort, and stability.
What does New Balance's mission statement say?
Utilizing the most advanced footwear technology, our aim is to activate the body.
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what term is used to describe attempts to determine the supply of and demand for various types of human resources? multiple choice question. goal setting forecasting program evaluation determining labor supply
"Forecasting" is the process of estimating future demand and supply for human resources. An essential first step in understanding your market and anticipated future developments is forecasting.
What does the phrase "human resource planning" mean when referring to how businesses operate?Companies can plan ahead with the aid of human resource management in order to retain a consistent supply of qualified workers. For this reason, it is sometimes referred to as workforce planning. Companies can utilize the process to assess their needs and make future plans to address those needs.
What are the three main purposes of human resource development?The three most important aspects of human resource management are manpower planning, recruitment, and retention, which are essential for long-term corporate success.
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if lucy earns a 6 percent after-tax rate of return, $19,000 received in four years is worth how much today?
Lucy's future value after computing based on the information provided, today will be $6,336.
Here,
$8,000 × .792 (Discount Factor, 4 years, 6%) = $6,336
A resource's future value is its worth at that time or at the moment in future. It determines the nominal future sum of money that is a given amount of money and is "worth" at a given point in the future under the assumption of a specific interest rate, or more generally, rate of return; it is the present value multiplied by the accumulation function.
Future value is important to investors and financial planners because it allows them to estimate how much an investment made today will be worth in the future. The value does not account for adjustments for inflation or other factors that might influence the true value of money in the future. This is used to determine the time value of money.
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Note that the full question is:
If Lucy earns a 6% after-tax rate of return, $8,000 received in four years is worth how much today? Use Exhibit 3.1. (Round present and future value amounts to 3 places)
$8,000.
$7,544.
$8,989.
$6,336.
2.11 as an operations management student, you have been hired by a local restaurant to perform a factor-rating analysis to help the restaurant choose an outsourcing provider. you have identified three important factors: quality, taste, and delivery time; giving the following weightage to each factor: 60% for the quality, 30% for taste, and 10% for the delivery. you have scored three different potential outsourcing providers on the three factors, using a scale of 1 to 5 (with 5 representing the best option and 1 representing the worst). based on the scores provided in the table below, which outsourcing provider should the restaurant choose?
outsourcing provider Graph A the restaurant should choose bases on the scores,
Contractionary fiscal policy wale take the form of decrease in government purchases or an increase in tax. Both are going to increase public saving. Which increases National saving. This will increase the supply of domestic currency to be exchanged and the S-I curve shifts to the right. The real exchange rate depreciates. When the government reduces its spending, it decreases the amount of money flowing into the economy. This reduction in government purchases decreases the demand for goods and services in the economy, which causes a decrease in output and employment. This decrease in output and employment causes a reduction in income, which leads to a decrease in consumption and investment, and consequently, a decrease in aggregate demand. contractionary fiscal policy can lead to a decrease in government purchases or an increase in taxes, which reduces aggregate demand and slows down economic growth. However, it can also lead to an increase in public saving, which increases the supply of domestic currency to be exchanged, and the S-I curve shifts to the right. This leads to a reduction in interest rates, an increase in investment, and a decrease in the real exchange rate, which helps to offset the initial decrease in demand caused by the contractionary fiscal policy.
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on january 1, year 1, a company appropriately capitalized $40,000 of software development costs for computer software to be sold. the company estimated an economic life of two years for the software and believes that it will generate $500,000 in total software sales. it had software sales of $300,000 in year 1. what amount of software amortization expense, if any, should the company report in its financial statements for the year ended december 31, year 1?
The company should report $20,000 in software amortization expense for the year ended December 31, year 1.
We must first decide how much of the software cost should be assigned to the first year before we can compute the amortisation costs. The average yearly revenue from software sales is $500,000 / 2 = $250,000 if the projected economic life is two years and the total software sales are $500,000. The amount of software expense to be allocated to year 1 would be $300,000 / $250,000 = 1.2 times the average yearly income if the firm had software sales of $300,000 in year 1. So, the software expense that would go towards year 1 would be $40,000 x 1.2 = $48,000. In such case, $48,000 / 2 = $24,000 would be the amortisation expenditure for the year that ended on December 31, year 1. Therefore, the business must disclose a $24,000 charge for software amortisation.
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peter hires brian and tells brian that he has the authority to make purchases for peter's company. peter tells brian he is not to consider himself as peter's agent. is brian peter's agent?
Yes, Brian is likely to be considered as Peter's agent despite Peter's statement that he is not Peter's agent.
The determination of whether a person is acting as an agent depends on whether the principal (Peter) has given the agent (Brian) the authority to act on his behalf. In this case, Peter has given Brian the authority to make purchases for his company, which suggests that Brian is acting as an agent for Peter.
The principal-agent relationship is established by consent, and it can be either expressed or implied. In this case, even though Peter has made a statement that Brian is not his agent, the actions of the parties suggest otherwise.
The fact that Peter gave Brian the authority to make purchases for his company creates an implied agency relationship between them. As a result, Brian is likely to be considered Peter's agent, and he will be bound by the duties and responsibilities that come with being an agent.
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a company had $500,000 of bonds outstanding with an unamortized premium of $25,000. these bonds were retired at 102. how much was the gain or loss on the retirement, if any
These bonds were retired at 102 the gain or loss on the retirement is $15000.
Retirement is the stage of life at which one decides to leave the workforce behind forever. The majority of industrialised nations, including the United States, have a national pension or benefits system in place to augment retirees' wages, and the usual retirement age in these nations is 65. Establishing retirement income objectives and the resources required to meet them is a part of retirement planning. Identification of income sources, estimation of expenses, implementation of a savings plan, and management of assets and risk are all components of retirement planning. The period of time when a person decides to permanently leave their working life behind is referred to as retirement. When they are too elderly or ill to work, many people make the decision to leave the labour.
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a manufacturing process consists of 11 operations that can be completed in any order. how many different production sequences are possible?
The number of different production sequences is possible is 3,628,800. Process manufacturing is a method of producing goods by combining supplies, ingredients, or raw materials according to a formula or recipe.
Food, beverages, refined oil, gasoline, pharmaceuticals, chemicals, and plastics are all examples of industries that use it frequently. There are four basic manufacturing processes for producing material a desired product shape. Casting, machining, joining (welding, mechanical fasteners, epoxy, and so on), and deformation goods processes are examples of these.
The manufacturing cycle time is the amount of time it takes from raw materials to finished goods. It includes loading, machining, assembly, inspection, material movement, ideal waiting, and all other actions performed during the manufacturing process.
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your parents plan to give you $200 a month for four years while you are in college. at a discount rate of 6 percent, compounded monthly, what are these payments worth to you when you first start college?
The payments your parents plan to provide you are worth approximately $8,350.66 while you first start college, at a discount rate of 6 percent, compounded monthly.
To discover the present price of the monthly payments your parents will provide you with, we can use the formula for the present value of an annuity:
PV = P * [1 - (1 + r)^(-n)] / r
wherein:
PV = present value of the annuity
P = the periodic fee = $200
r = the interest price per compounding period = 0.06 / 12
n = the whole number of compounding periods = 4 years * 12 months/year = 48
Plugging inside the values, we get:
PV = $200 * [1 - (1 + 0.06/12)^(-48)] / (0.06/12) ≈ $8,350.66
therefore, the payments your parents plan to provide you are worth approximately $8,350.66 while you first start college, at a discount rate of 6 percent, compounded monthly.
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paula is considering the purchase of a new car. she has narrowed her search to two cars that are equally appealing to her. car a costs $23,000, and car b costs $23,200. the manufacturer of car a is offering 0% financing for 48 months with zero down, while the manufacturer of car b is offering a rebate of $2000 at the time of purchase plus financing at the rate of 3%/year compounded monthly over 48 months with zero down. if paula has decided to buy the car with the lower net cost to her, which car should she purchase? (round numerical values to the nearest cent.)
Paula should purchase car B as it offers a lower net cost in comparison to car A.
Here, when compounding is done on a monthly basis, the formula to calculate Principal is:
[tex]A = p(1 + \frac{r}{12})[/tex]
where A is the principal after t years, r is the rate of interest, P is the principal, and t is the tenure in years. Here, 12t is the total number of months.
For car B,
The principal will be,
Principal = 23,200 - 2000 = 21, 200
r = 0.03
12t = 48 months
Thus, the net cost of car A will be:
[tex]A = 21200(1 + \frac{0.03}{12})^{48} \\ = 21200(1.0025)^{48} \\ = 21200 \times 1.005 \\ = 21306[/tex]
Therefore the net cost of car B is $21306 and that of car A is $23,000.
Hence Paula should purchase car B.
Compound interest is interest that is computed on both the principal and interest accrued up to the calculation period. It is possible to compound on a monthly, quarterly, or annual basis.
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question 1 a data analyst wants to create documentation for their cleaning process so other analysts on their team can recreate this process. what tool can help them create this shareable report?
A data analyst can use a tool such as Jupyter Notebook or R Markdown to create a shareable report that documents their cleaning process.
These tools allow analysts to combine code, visualizations, and explanatory text in a single document that can be shared with others. Jupyter Notebook provides a user-friendly interface for data cleaning, as well as the ability to incorporate explanatory text and visualizations into the report. Analysts can use Jupyter Notebook to document their cleaning process step-by-step, including the code used to clean the data, the decisions made during the cleaning process, and any issues that were encountered along the way. Additionally, Jupyter Notebook allows analysts to easily share their work with others, making it an ideal tool for collaboration. R Markdown is a tool for creating dynamic documents that combine code, text, and visualizations in a single document. R Markdown documents can be output in a variety of formats, including HTML, PDF, and Microsoft Word, making them easy to share and collaborate on. Like Jupyter Notebook, R Markdown allows analysts to document the data cleaning process in a clear and concise manner, incorporating explanatory text and visualizations as needed. Analysts can use R Markdown to document their cleaning process step-by-step, including the code used to clean the data, the decisions made during the cleaning process, and any issues that were encountered along the way. Overall, Jupyter Notebook and R Markdown are both powerful tools for documenting the data cleaning process and creating a shareable report. These tools provide a user-friendly interface for data cleaning, as well as the ability to incorporate explanatory text and visualizations into the report. By using these tools, data analysts can ensure that their work is replicable and transparent, making it easier for others to understand and build upon their analysis.
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Tom, who owns a successful business with two locations and a few international clients, was approached by a large organization about dramatically expanding his company. Tom later told his wife that he is happy with his success, but he wants to stay small because if he decides to add new products, small companies ____
if he decides to add new products, small companies can get started more easily and maneuver faster
Making a living or earning money by creating, acquiring, and reselling items is the act of doing business (such as goods and services). Also covered is "any action or operation done for profit."
The owner of the business is responsible and liable for any promises made by the business as the business entity cannot be legally distinguished from the owner by the use of a business name. If a company runs up debt, creditors may seize the owner's personal property. Corporate tax rates are not allowed in a business setup. All business income is subject to personal taxation by the proprietor.
Typically, the phrase is used colloquially to refer to a firm (although not by attorneys or governmental authorities).
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