Cable TV and satellite TV services like Comcast/Xfinity and Direct TV have been losing ground to streaming services and the internet as more households reject traditional television.
The main reasons people might not have cable or satellite TV include the availability of diverse content on streaming platforms, cost savings, and convenience. On the other hand, those who still have cable or satellite TV might do so for live sports, news, or specific channels unavailable elsewhere.
To sway someone to the other side, cable/satellite providers would need to offer competitive pricing, exclusive content, and seamless user experience, while streaming services would need to improve their live programming offerings.
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What is the main advantage associated with being a first-mover?
A first mover is a service or product that, by being the first to market with a product or service, acquires a competitive advantage. Being the first usually allows a business to build significant brand awareness and customer loyalty before rivals enter the market.
First-mover advantage is the theory that a corporation acquires a competitive edge over its actual and potential rivals by entering a new market first, eventually leading to increased revenues and profits.
A company is considered to be a "first mover" if it enters the market first with a novel good or service. This is frequently a positive thing. The 'first' position, however, is not without its difficulties.
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ASAP!!!!!!!! Would give a lot of points!!!!!
Assume that the output gap is estimated to be $156 billion and the government decides to take action. If the marginal propensity to consume is 0.75, by how much would it need to change government spending to close the gap? Show your work.
Answer:
$39 billion
Explanation:
Given marginal propensity to consume is 0.75,
the Spending Multiplier = 1 / (1 - MPC) = 1 / (1 - 0.75) = 1 / 0.25 = 4
To close a gap of $156 billion, the government needs to change spending by $156 / Spending Multiplier
= $156 /4
= $39 billion
Song earns $100,000 taxable income as an interior designer and is taxed at an average rate of 20 percent (i.e., $20,000 of tax). Answer the questions below assuming that Congress increases the income tax rate such that Song's average tax rate increases from 20 percent to 25 percent.
What is the term that describes this type of reaction to a tax rate increase?
a. Endowment effect
b. Subtitution effect
c. Budget constrant
d. Price effect
e. Income effect
(d) Price effect is the term that describes this type of reaction to a tax rate increase.
When Congress increases the income tax rate such that Song's average tax rate increases from 20 percent to 25 percent, it means that Song will pay more taxes for the same level of income. As a result, the net income (i.e., after-tax income) that Song receives for each dollar of work done decreases. This change in the net income per dollar of work is known as the price effect, which is the term that describes this type of reaction to a tax rate increase.
The substitution effect refers to the tendency of individuals to switch to alternative goods or services that are less expensive when the price of a good or service increases. The budget constraint refers to the limitations on an individual's consumption choices due to the finite amount of money or resources available. The endowment effect refers to the tendency of individuals to overvalue items that they possess simply because they possess them. The income effect refers to the change in an individual's consumption patterns resulting from a change in their purchasing power.
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Which step is a major part of the merchandising accounting equation but not the service accounting equation?
The major step that is part of the merchandising accounting equation but not the service accounting equation is "Cost of Goods Sold (COGS).
The merchandising accounting equation and the service accounting equation are both fundamental principles of accounting that are used to calculate the financial transactions of a business. The merchandising accounting equation is unique in that it involves a key step that is not part of the service accounting equation, which is the calculation of cost of goods sold (COGS). Cost of goods sold is the total cost of the products sold during a specific period. In a merchandising business, the cost of goods sold includes the cost of purchasing inventory, shipping and handling fees, and any other costs associated with getting the inventory to the store shelves. To calculate the cost of goods sold, the following formula is used: Beginning Inventory + Purchases - Ending Inventory = Cost of Goods Sold. In contrast, the service accounting equation only deals with the revenues earned from providing services and the expenses incurred in the process of providing those services. It does not involve the purchase or sale of physical goods, and therefore does not require the calculation of cost of goods sold.
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Why do many people choose to invest their money in mutual funds?
Responses
The pool of investors that buy mutual funds is small, so the potential for loss is limited.
Mutual funds pay dividends every month, which is more often than other investment options.
Mutual funds favor bonds over stocks, which guarantees investors some return.
The stocks and bonds purchased by mutual funds are chosen by financial experts.
People choose to invest their money in mutual funds because the stocks and bonds purchased by mutual funds are chosen by financial experts.
Hence, the correct answer is D. The stocks and bonds purchased by mutual funds are chosen by financial experts.
Moreover, because they invest in a variety of assets and have many distinct types, mutual funds offer a choice of plans to meet the demands of large-scale investors.
For investors who like to take on risk, there are equity funds, and for those who prefer solid returns with low risk, there are debt funds.
Mutual Funds?A mutual fund is a group of investments that is expertly managed by a fund manager. It is a trust that invests money from several members with identical investment aims in stocks, bonds, money market instruments, and/or other assets.
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Suki is Japanese and lives in Tokyo with her family. Considering that Japan is a collectivist culture, what is Suki is likely to do when using social networking sites
Considering that Japan is a collectivist culture, Suki is likely to prioritize group connections and interactions when using social networking sites.
In collectivist cultures like Japan, individuals tend to place a strong emphasis on group harmony, cooperation, and maintaining social relationships. These cultural values often influence people's behavior, including their usage of social networking sites.
Suki, being Japanese and living in Tokyo, is likely to engage in activities on social networking sites that foster and strengthen social bonds within her network. She may use these platforms as a means of staying connected with family members, friends, colleagues, and other individuals in her social circles.
In collectivist cultures, social networking sites can serve as tools for maintaining and nurturing interpersonal relationships. Suki may actively share updates about her life, achievements, and experiences with her network, as well as show interest and support for others' posts and activities. She may be more inclined to engage in group discussions, collaborate on projects, or participate in online communities related to her interests or affiliations.
Furthermore, Suki may prioritize privacy and consider the impact of her online presence on her social reputation and the perceptions of others. Collectivist cultures often value conformity and fitting into societal norms, which can influence how individuals present themselves and interact on social networking sites. Suki may be mindful of maintaining a positive image and avoid behaviors that could potentially disrupt group harmony or cause social disapproval.
It's important to note that individual differences still exist within any culture, and not all individuals conform to cultural norms to the same extent. Suki's specific actions and behaviors on social networking sites may also be influenced by her personal preferences, age, occupation, and other factors that shape her digital interactions.
In summary, considering that Japan is a collectivist culture, Suki is likely to prioritize group connections, maintaining social relationships, and fostering interpersonal bonds when using social networking sites. She may engage in activities that contribute to group harmony, support others, and align with cultural values of cooperation and social cohesion.
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How much y’all think I’m worth?
Y’all think ima great dancer?
Who follows me
Answer:
What????..............
fatima wants to purchase a house and has been viewing residential properties for the past two months. she has been searching for information on the internet and consulting friends and family in order to arrive at a satisfactory decision. which of the following decision-making approaches is fatimah employing?
The extended decision-making approach is Fatimah employing.
When customers interact in habitual decision-making, they generally tend to search diligently for records to be able to assist them reach a nice choice. d. routine decision-making takes place when there is no brand loyalty or logo inertia among purchasers.
Inside the context of consumer behavior, inner seek consists of the retrieval of information approximately products, services, and reports that are saved in memory. In deciding on the exceptional information supply, customers do now not keep in mind the speed with which the facts can be received.
Extensive decision-making refers to a long process of deliberation, usually for expensive purchases or purchases that require research, where many consumers use the consumer buying process model of decision-making.
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When you complain to your supervisor that the new company software is not working correctly, you are using downward communication
O True
O False
Because downward communication occurs when information and messages flow down through an organization's formal chain of command.
Hope it helps...Answer:
False
Explanation:
downward communication is the flow of information and messages from a higher level inside an organization to a lower one.
Which one of the four factors of copyright is MOST important?
Answer:
the purpose and character of the use i think
Explanation:
Four ways in which schools could promote entrepreneurship as a viable option to counteract unemployment
Answer:
Entrepreneurship is an important alternative to counteract unemployment. It not only gives provides employment to the entrepreneur but also provides jobs to others as well.
Explanation:
Entrepreneurship may be defined as the setting up of a business or a work looking out for making profit dealing with the risks and the challenges on its own.
Four ways in which the school can promote entrepreneurship as a viable option to counteract unemployment are :
build awareness and promote entrepreneurship among the students.Provide the benefits of being an entrepreneur and showing them the possibilities of setting up a business that can even provide jobs to others.Providing with valuable ideas and guidance regarding setting up a business and giving an overview of the current market trends and market study.Helping the students reach out to other entrepreneurs and also providing ways to get any financial aid to set up a business.Four Ways through which Schools can promote Entrepreneurship include the following
Creation of entrepreneurship centres to provide consulting to non-profits and small businesses.Awareness creation through seminars and lectures on the importance of entrepreneurship as an alternative to paid employment. Host entrepreneurship contests where incentives are given.Inviting influential and professional entrepreneurs to give lectures.What is Entrepreneurship ?Entrepreneurship is defined as the process of starting up a business, and taking up the responsibility of financial risk with the hope of making profit.
Entrepreneurship is a potent means of reducing unemployment to the lowest minimum.
Entrepreneurship brings about creativity and as such value is created which leads to more wealth.
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Complete the following: Account Increases Decreases Normal Balance Category Liability L Cr. A. B. Salaries Payable Taxable Fees Earned Accounts Receivable Sam Slater, Capital Sam Slater, Withdrawals Prepaid Advertising Rent Expense
Accounts with normal debit balances increase with debits and decrease with credits. Accounts with normal credit balances increase with credits and decrease with debits.
The terms "account increases" and "account decreases" refer to the effect of debits and credits on a specific account. In accounting, every transaction has at least two entries, and each entry affects two accounts. The account that is debited receives an increase in value, while the account that is credited receives a decrease in value.
The term "normal balance" refers to the side of the account where increases are recorded. Liability accounts have normal credit balances, which means that they increase with credits and decrease with debits. On the other hand, asset accounts have normal debit balances, which means that they increase with debits and decrease with credits.
The following accounts have normal credit balances: Salaries Payable, Taxable Fees Earned, Accounts Receivable, Prepaid Advertising, Rent Expense.
The following accounts have normal debit balances: Sam Slater, Capital, Sam Slater, Withdrawals.
Understanding the normal balances of different types of accounts is essential for accurate accounting. By knowing whether an account has a normal debit or credit balance, you can determine the effect of transactions on that account and ensure that your financial statements are correct.
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prior to the 1850's the biggest force in the texas economy was
Prior to the 1850's, the biggest force in the Texas economy was agriculture. Specifically, cotton and cattle farming were the primary economic drivers in Texas during this time period.
This was due to the favorable climate and abundant land available for farming in Texas. Additionally, the demand for cotton and beef products in the United States and other countries made these industries highly profitable. As a result, agriculture remained the dominant force in the Texas economy until the discovery of oil in the early 1900s. Texas had a favorable climate and fertile soil for growing cotton, and as a result, the state quickly became one of the leading producers of cotton in the United States. Cotton was a major export for Texas, and it played a significant role in the state's economy and the growth of its cities. However, this period also saw the expansion of the cattle industry and the development of railroads, which helped to diversify the Texas economy and create new opportunities for growth and development.
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the principal of a mortgage loan is the
a. down payment minus the closing costs minus the purchase price
b. purchase price plus the closing costs minus the down payment
c. down payment plus the closing costs plus the down payment
d. purchase price minus the closing costs minus the down payment
The down payment less the closing charges less the purchase price is the mortgage loan's principle.
What does a mortgage look like in its simplest form?When you enter into a mortgage with a lender, you give the lender the right to seize the property if they are unable to make the loan amount back plus the interest. You might be able to get a mortgage loan that will enable you buy a new house using the worth of the an existing home as security.
Why do individuals use mortgages?Mortgage loans assist people in financing the purchase of real estate by taking a small portion of the property's overall worth as payment. How Do Mortgages Work A mortgage is a loan used to pay for the upkeep of a home, piece of land, or other kinds of rental properties.
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Every time a company hires a new employee and trains them to take on the new role, what kind of risk are they
taking?
O
financial
legal
O
operations
strategic
The risk a company takes every time a company hires a new employee and trains them to take on the new role is known as financial risk.
What is a risk?Risk can be defined as a possibility or a situation which is uncertain and involves exposure to danger. A risk from an investment perspective is the possibility of incurring losses due to market uncertainties.
When a company hire new employee, the company would expend some cost towards training of the newly recruited employee; which is termed financial risk.
Hence, the risk a company takes every time a company hires a new employee and trains them to take on the new role is known as financial risk.
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When an employee restates a supervisor's comment, using the employee's own words, what is the employee doing?
conciseness
paraphrasing
inappropriate slang
focused attention?
Answer:
b
Explanation:
When an employee restates a supervisor's comment, using the employee's own words, the employee is paraphrasing. Thus, option 'B' is the correct option.
What is paraphrasing?A paraphrase is a restatement of a text or passage's meaning using other terms. The word itself is taken from the Ancient Greek phrase "additional style of expressing" via Latin paraphrasis. Paraphrasis is another name for the process of paraphrasing. Paraphrasing as a specialized educational activity dates back to at least Roman times, when the author Quintilian suggested it for pupils to enhance language agility, despite the fact that paraphrases were probably common in oral traditions.
This tradition persisted in the Middle Ages when writers like Geoffrey of Vinsauf created classroom exercises that involved using rhetorical devices and paraphrasing to create poems and speeches. It appears that students are no longer required to practice paraphrasing as a separate skill.
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What is the present value of a 10-year annuity of $3,000 per period in which payments come at the beginning of each period? The interest rate is 12 percent. Use Appendix D for an approximate answer, but calculate your final answer using the formula and financial calculator methods. When using Appendix D to find the present value of this annuity due, subtract 1 from n and add 1 to the table value. (Do not round intermediate calculations. Round your final answer to 2 decimal places. )Present value_____$
A 10-year annuity with payments beginning at the beginning of each period equaling $3,000 has a present value of $18,984.75.
What is the net present value formula?Initial investment minus cash flow is the NPV. NPV is the present value of the anticipated cash flows divided by the present value of the invested cash. ROI is the ratio of total costs to total benefits.
Why do we use the present value method?For valuing future cash flows, the appropriate discount rate must be chosen. You can determine whether a given amount of money is worth more now than it is in the future using the present value. The present value demonstrates that the money you get today is not worth the money you get in the future.
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4. Savings are particularly important to young people because:
A. Compounding increases the return
B. They need to buy so many things
C. They are usually poor money managers
D. They usually earn minimum wage
Answer:
I think it's D
Explanation:
because savings are in the beginning of their financial lives,”
I hope this helped u :)
Which is an advantage of the sole proprietorship and partnership business models?
Explanation:
Advantage is profit easy to earn money etc
The three parts of an income statement heading are _____.
who
when
where
what
motivation of 50. also last year trying to get rid of them. Have a good day :D
Answer:
Who,When,What
Explanation:
Audrey contracts CLEANOUT Inc. to upgrade the plumbing at each of her company's six offices. Audrey wanted the work to be done in two days, but CLEANOUT took three days to complete the work. Which of the following statements is most likely to be true in this scenario? Group of answer choices Both Audrey and CLEANOUT must consult a neutral third party to resolve their contractual dispute. CLEANOUT is entitled to a partial recovery under the contract. Audrey can sue CLEANOUT for material breach of contract. Audrey can refuse payment to CLEANOUT. CLEANOUT is entitled to full recovery under the contract.
The statement that is said to be most likely to be true in this scenario are:
Both Audrey and CLEANOUT must consult a neutral third party to resolve their contractual dispute. Audrey can sue CLEANOUT for material breach of contract. What is the contract about?In contract law, a "material" breach of contract is known to be a form of breach that took place when one part fails to carry out the contract and this strikes so well at the heart of the contract that it tends to renders the agreement "practically broken"
Note that The statement that is said to be most likely to be true in this scenario are:
Both Audrey and CLEANOUT must consult a neutral third party to resolve their contractual dispute. Audrey can sue CLEANOUT for material breach of contract because it passed the due date.Learn more about contract law from
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incentive pay for executives lays the groundwork for significant ethical issues. group of answer choices true false
"Incentive pay for executives lays the groundwork for significant ethical issues" is a true statement.
What are incentives in business?Simply said, an incentive is something that motivates a person, group, or organisation to act or accomplish something. It is something that inspires a determination or has the potential to do so. Usually, this is offered in kind or in cash.
The goal of an incentive in business is to raise employee productivity, enhance inter- and intrapersonal relationships, and ultimately raise the organization's overall profit.
An incentive is something that encourages someone to take action. In the context of executive compensation, it typically refers to a monetary incentive given to executives to motivate them to work harder and accomplish particular objectives. The purpose of incentives in business is to boost employee productivity, which should ultimately result in better performance and profitability.
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When should product strategy focus on forecasting capacity requirements? OA. at the introduction stage of the product life cycle O B. at the saturation stage of the product life cycle ° C. at the growth stage of the product life cycle O D. at the maturity stage of the product life cycle O E. at the decline stage of the product life cycle
Product strategy should focus on forecasting capacity requirements at the growth stage of the product life cycle. The correct option is C.
The growth stage is the period of rapid sales growth, as the product gains acceptance and begins to achieve economies of scale.
During this stage, it is important to forecast capacity requirements accurately in order to avoid production bottlenecks or excess capacity.
Forecasting capacity requirements involves estimating the level of production capacity that will be needed to meet anticipated demand for the product.
This requires consideration of factors such as market demand, production lead times, and production efficiency.
If capacity is not accurately forecasted during the growth stage, there is a risk of either underutilizing or overutilizing production resources.
Underutilization can result in lost opportunities to capture market share, while overutilization can lead to increased costs, decreased product quality, and ultimately reduced profitability.
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You will have $ in 20 years if you set aside $2,000 at 8%. (Use the future value tables from Chapter 5.)
In 20 years you'll have $5,220.
2,000×0.08=160
2,000+(160×20)= 5,220.
The total interest will be $3200 (160X20) at an interest rate of 8%. You'll have $5,220 after 20 years.
What is the interest rate?The amount of interest due each period expressed as a percentage of the amount lent, saved, or borrowed is known as an interest rate (called the principal sum). The total interest on a loaned or borrowed sum is determined by the principal amount, the interest rate, the frequency of compounding, and the period of time the loan, deposit, or borrowing took place.
The rate calculated over a year is the annual interest rate. However, they are typically annualized. Various interest rates are applicable over shorter time frames, such as a day or a month.
A key tool of monetary policy, interest rate goals are taken into consideration when addressing issues like investment, inflation, and unemployment. When a nation wants to boost consumption and investment in the economy, its central bank typically lowers interest rates.
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Instead of spending the weekend working on the research paper due at the end of next week sam decided to spend the weekend going out to have fun with friends according to freudian theory which system dominated in sams decisions
Answer:
the id
Explanation:
In simple words, the id can be understood as the root of all psychological bravery, as per Freud 's philosophy, rendering it the essential component of identity. The ID is motivated by the concept of immediate satisfaction of all wishes, desires and desires. If these needs are not immediately fulfilled, the effect is a state of discomfort or stress.
Thus, from the above we can conclude that the correct answer is the id.
Describe at least two capital investments that would increase growth for your business. In other words, how might you expand the frontier of your production possibilities curve? Explain how your capital investments would help, and classify each investment by category: facilities, equipment, labor, marketing, or expansion. (Business would be making baked goods and drawings.
While the second would fall under marketing. Other potential capital investments for a business like this might include expanding facilities (such as renting a larger kitchen or office space), hiring additional labor to increase production, or expanding the product line to include new baked goods or artwork.
What is Capital Investment?
Capital investment refers to the purchase of long-term assets or investments that are expected to provide benefits for the company over a prolonged period. These investments are intended to generate income or increase productivity and efficiency, rather than be used for immediate consumption.
Online Marketing Campaign (Marketing): Another way to expand the business could be to invest in an online marketing campaign. This might involve hiring a marketing consultant to develop a social media strategy or creating targeted ads to reach a wider audience.
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To test for recorded sales for which there were no actual shipments, the auditor vouches from the
sales journal to the shipping documents.
sales journal to the accounts receivable subsidiary ledger.
bill of lading to the supporting customer order and sales order.
bill of lading to the sales journal.
To test for recorded sales for which there were no actual shipments, the auditor would vouch from the sales journal to the shipping documents. This is because the shipping documents serve as evidence that the products were actually shipped and delivered to the customer.
Vouching from the sales journal to the accounts receivable subsidiary ledger would help ensure that the sales were properly recorded in the accounts receivable balance. However, it does not provide evidence that the products were actually shipped. Vouching from the bill of lading to the supporting customer order and sales order would help ensure that the products were shipped to the correct customer and in the correct quantities, but it does not provide evidence that the sales were actually recorded in the sales journal. Vouching from the bill of lading to the sales journal would not be a relevant test in this scenario, as the sales journal is the starting point for the vouching process.
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Which techniques would you recommend that eBay's leadership utilize to overcome resistance to change in this situation? Check all that apply.
a. Encourage employees to participate in implementing the change.
b. Discourage stakeholders from expressing anxiety about the change.
c. Announce the change well in advance.
d. Remove displaced workers from the organization before they can negatively influence organizational morale.
e. Eliminate the ability for stakeholders to learn about the consequences of the change.
Option a) Encourage employees to participate in implementing the change and option c) Announce the change well in advance, are techniques that the most effective ones for eBay's leadership.
A. Encourage employees to participate in implementing the change - This can help to increase employee buy-in and ownership of the change, and can also lead to more creative solutions and ideas for how to implement the change effectively.
C. Announce the change well in advance - This can help to mitigate any surprise or shock that employees and other stakeholders might feel when the change is implemented, giving them time to enhance and prepare and adjust to the new reality.
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complete the template below to help you plan out your letter
my product it’s a custom can of Pringle’s and I made the flavor of Pringle’s popcorn
I. Paragraph one- Introduction
1. (introduce yourself and explain your experience related to the product) _____________________________________________________________________
2. (explain why you are writing) _____________________________________________________________________
3. (briefly describe your food product and name for your food) _____________________________________________________________________
II. Paragraph two- Describe your Food Product
1. ( describe the flavors, ingredients, texture) _____________________________________________________________________
2. (what does your food look like) _____________________________________________________________________
3. (how is your food unique – what makes it different than other products out there) _____________________________________________________________________
III. Paragraph three- Describe the Packaging
1. (describe the colors in your packaging )____________________________________________________________
2. (describe any images, art, or photos on the package) _____________________________________________________________________
3. (describe the size and materials used in the package) ______________________________________________
IV. Paragraph four- Convince The Company
1. (describe the target population who will buy the food (ex. Moms, diabetics, vegetarians, teens) _____________________________________________________________________
2. (why should they make and market your food?)________________________________________
_______________________
3. (how much will you sell your food for? Sold individually or in larger quantities?) _____________________________________________________________________
V. Paragraph five- Conclusion
1. (Tell what you want the company to do) ______________________________________________
_____________________________________________________________________
2. (Restate what makes your food delicious) ____________________________________________
_______________________
3. (Restate what makes your food unique) ______________________________________________
_______________________
Answer:
Paragraph 1-
Introducing myself-
1.)
Hey, my name is... and I absoultey *love* Pringles, my favorite flavor is...because...(explain here<why you love that flavor and what you like most about it)...*add things about you and pringles to make the paragraph complete*
2.)
I have made such an outstanding flavor of Pringles, it is made of the most loved food by every human on Earth, POPCORN!
I can assure you that you will want to try my product by the time my presentation has come to an end, and boy-oh-boy do I want to as well!
3.)
Pringles are amazing. Though how would you love Popcorn Pringles? Huh, you do? Yup, I bet your pupils dilated and I got your taste buds alert!
4.)
What does my product contain? It consists of the delicious flavor of popcorn and (include your ingredients and texture of food)
5.)
What do my simple yet intricate Pringles look like? They look like *add your answer,
Any questions that have to do with describing your product would be up to you since I don't have the slightest idea of what it looks like...**
Convincing the Company-
You are looking at consumers from various categories starting from Children ranging to Elders. Vegetarians to Carnivores. I guarantee this will also include popcorn dislikers.
Why should they make the market?
Simply because they are tasty and different...all you see now is Pizza flavored Pizza, BBQ flavored brisket, Soy sauce flavored noodles. My product will be an attraction to all stores! Popcorn flavored Pringles, I mean are you kidding me, its genius, and anyone who thinks otherwise is someone who has not tried them.
How much will I sell it for?
*add your answer* Why? The reasons being, I want my product to be available to everyone.
What I want the company to do is...add your answer
The simple thought of a taste of a popcorn flavored on a Pringle makes me want to jump on a pogo stick and complete a world record!!!
The uniqueness is simple noone has made Popcorn flavored pringles and.. *add another statement on why your product is unique*
I DID MOST OF THE QUESTIONS FOR YOUR SLIDES, I HOPE THIS HELPED YOU AND MADE YOUR ASSIGNMENT EASIER FOR YOU :)
I KNOW HOW IT FEELS TO HAVE A PROJECT DUE AND POSTING IT AND FOR NONE TO HELP YOU OUT, THATS WHY I ANSWERED, THIS IS MY TROLL ACCOUNT BUT THANK ME ON MY OTHER ACCOUNT SamHdzBxby.
Your Welcome :)
Who may be affected by monetary penalties imposed by the Internal Revenue Service when a Tax Professional fails to meet due diligence requirements?
Answer:
Both the tax practioner and the assessee will be liable for penalties under IRS 6695(a)
Explanation:
When a tax preparer is paid to arrange the tax return of a client they must follow preparer due diligence laws.
This is the case when the preparer is trying to get a refund of earned income tax credit, child tax credit, American opportunity tax credit, or filing of head of household status.
The effect on the tax preparer's client include:
- refund of amounts collected in error because of wrong return
- a two year ban from claiming credits if error is due to recklessness
- a ten year ban if error is as a result of fraud
The consequences for the tax preparer includes:
- for each requirement not met a $500 penalty
- suspension from the IRS e-file
- a ban from tax preparations
- in cases of fraud criminal charges can be made