Answers
Answer:
News online is often fake or false, so you must take additional steps to ensure what you're reading is true. First, you should check the url. if it is a .gov or .edu, it it usually a reliable source. .com websites mean it is a commercial website, one that is just trying to earn money or fame. .edu means educational, and .gov means government, both of which are almost always truthful. That's one of the steps you can take to confirm what you're reading isn't a lie.
You can also check other reliable sorces to see if they say the same thing. If you read an article off a website, Wikipedia being a good example of this, they usually have the sources they used to write said article. Wikipedia always has a list of these at the bottom of their pages. You can check those sources to see if they are reliable, and if they are that increases the validity of the article you read.
Answer:
There are steps you can take to make sure that a news articale or post is truthful. Some examples include the following. Checking reputable websites and media outlets. It is important to check reputable websites and meadia outlets because without checking things how would you know what you are readin is true. The next step you can take to make sure that a news artical or post is truthful is checking the name of a website for red flags. If a website has certain errors you wouldn't normal see nine times out of ten the post or article you are reading is untruthful. Lastly, avoid sharing media messages, which are likely to be fake. You should avoid this because you don't want to be sharing untruthful information without knowing. So, if the website doesn't look truthful then dont share it. Those are some out the many ways you can take to make sure that a news article or post is truthful.
Explanation: My own.
Related Questions
In its proposed 2020 income statement, Hrabik Corporation reports income before income taxes $493,000, income taxes $172,550 (not including unusual items), loss on operation of discontinued music division $58,000, gain on disposal of discontinued music division $38,000, and unrealized loss on available-for-sale securities $151,000. The income tax rate is 35%.
Prepare a correct statement of comprehensive income, beginning with income before income taxes. (Enter loss using either a negative sign preceding the number e.g. -2,945 or parentheses e.g. (2,945).)
Answers
The correct statement of comprehensive income is $209,300
Hrabik Corporation Statement of comprehensive income (partial) For the year ended December 31, 2020
Income before income taxes $493,000
Less Income tax expense $172,550
Income from continuing operations $320,450
($493,000-$172,550)
Discontinued operations
Loss from operation of discontinued division ($37,700)
[$58,000×(1-35%)]
Gain from disposal of discontinued division $24,700
[$38,000×(1-35%)]
($13,000)
Net Income $307,450
($320,450-$13,000)
Unrealized Loss on available-for-sale Securities ($98,150)
[$151,000×(1-35%)]
Comprehensive income $209,300
($307,450-$98,150)
Inconclusion The correct statement of comprehensive income is $209,300
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A retired auto mechanic hopes to open a customizing shop for installing heated or ventilated seats. Two locations are being considered, one in the center of the city and one on the outskirts. The central city location would involve fixed monthly costs of $6,500 and labor, materials, and transportation costs of $20 per car. The outside location would have fixed monthly costs of $3,900 and labor, materials, and transportation costs of $30 per car. Dealer price at either location will be $80 per car. a. Which location will yield the greatest profit if monthly demand is (1) 150 cars
Answers
Answer:
Outskrits
Explanation:
The Cost of labor and materials is quite a bit less than if in the middle of town, in the big picture that 10 dollar difference in transportation is nothing in the long run. The only problem is as your not a big pass-by kinda place you might not get as many customers from it as you might like. Saving money is a key but a good product is the door to fortune.
Juniper Design Limited of Manchester, England, is a company specializing in providing design services to residential developers. Last year the company had net operating income of $420,000 on sales of $1,500,000. The company’s average operating assets for the year were $1,700,000 and its minimum required rate of return was 15%.
Required:
Compute the company’s residual income for the year.
Answers
Answer: 165,000
Explanation:
To compute the company’s residual income for the year, we can use the formula:
Residual Income = Net Operating Income – (Minimum Required Rate of Return x Average Operating Assets)
Given: Net Operating Income = $420,000 sales = $1,500,000
Average Operating Assets = $1,700,000
Minimum Required Rate of Return = 15% = 0.15
Residual Income = Net Operating Income – (Minimum Required Rate of Return x Average Operating Assets)
Residual Income = $420,000 – (0.15 x $1,700,000)
Residual Income = $420,000 – $255,000
Residual Income = $165,000
Therefore, the company’s residual income for the year was $165,000.
Jane has discovered that she is bored and frustrated working for others. She wants to open a business where she alone will have control as the single owner and she would experience the least interference from government regulation. Which form of business would best meet her needs?
Answers
Answer:
sole proprietorship
Explanation:
By far the most common type of business in the US is the sole proprietorship. Basically, Jane will be her own boss. She will be responsible and liable for all the business's obligations since a sole proprietorship is considered a pass through entity. That means that it doesn't exist by itself, and it is not taxed directly. Jane must report all the income and expenses from her business in her annual tax report.
What amenities are included in a Coli Spaces co-living apartment?
Answers
Coli Spaces co-living apartments include amenities such as fully furnished rooms, shared living areas, high-speed internet, cleaning services, on-site laundry, utilities, security measures, and community events.
Coli Spaces co-living apartments offer a range of amenities to ensure a comfortable and convenient living experience. Some of the amenities included in a Coli Spaces co-living apartment are:
1. Fully Furnished Rooms: Each apartment is equipped with high-quality furniture, including beds, desks, chairs, and storage units, providing a ready-to-move-in experience.
2. Shared Living Areas: Residents have access to spacious and well-designed common areas such as living rooms, dining areas, and kitchen facilities. These spaces are thoughtfully furnished and encourage social interaction among residents.
3. High-Speed Internet: Coli Spaces provides fast and reliable internet connectivity, allowing residents to stay connected and work or study from home without any disruptions.
4. Cleaning Services: Regular cleaning services are provided to ensure that the common areas and shared facilities are well-maintained and hygienic.
5. On-site Laundry: Co-living apartments at Coli Spaces are equipped with laundry facilities, making it convenient for residents to do their laundry without leaving the building.
6. Utilities: Basic utilities such as electricity, water, and gas are included in the rent, simplifying the payment process for residents.
7. Security: Coli Spaces prioritizes the safety of its residents, and therefore, co-living apartments are equipped with security measures such as CCTV cameras, secure access systems, and on-site staff.
8. Community Events: Coli Spaces organizes community events and activities to foster a sense of belonging among residents, providing opportunities to socialize and network.
By providing these amenities, Coli Spaces aims to create a comfortable and inclusive co-living environment that meets the needs of modern urban dwellers.
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which of the following professions require substantial or extensive database skill and knowledge? advertising manager financial planner human resource manager economist
Answers
The correct option is D. Economist professions require Substantial or Extensive database skills and knowledge.
The monetary Database in GFD presents facts on employment and the labor force, production and output, money aggregates, worldwide liquidity, the financial zone, and fee indices (consumer, wholesale, and manufacturer). other GFD databases blanketed are trade fees, authorities & Debt, and country-wide bills.
Information has come to be a key input in current monetary manufacturing alongside land, capital, hard work, and oil. It feeds synthetic intelligence algorithms whose predictions power applications from driverless cars to drug testing to credit provision to advert concentrated on. financial records provide an empirical foundation for monetary research, whether descriptive or econometric. information records also are a key input for assessing the replicability of empirical findings and to be used in selection-making as to financial coverage.
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Complete Question:
Which of the following professions require Substantial or Extensive database skills and knowledge?
a. Financial Planner
b. Human Resource Manager
c. Advertising Manager
d. Economist
Which secondary effect of advertising refers to a change in the customer’s opinion of the product over a period of time?
Answers
Read the “Did United Sacrifice a Customer’s Well-Being to Its Own Needs” example on p. 82 in Ch. 3 of Management: A Practical Introduction. In your response:
Discuss whether you feel that this is how businesses view their customers.
Examine whether an airline’s need to staff or cancel a flight is more important than passengers’ needs to travel to their destinations.
Explain what may happen if an airline makes a poor choice, as in Dr. Dao’s case, that affects its external stakeholders by jeopardizing its stock price.
Answers
1. Some of the big organizations look at their customers differently by keeping their needs first and then the needs of the customers.
2. It is the worst situation to cancel the flight than to lose the few customers.
3. Many of the customers have declined travelling in the airlines as because of the viral video.
What is customer?
Customer refers to the person who fulfills is needs and desires through the purchase of the product.
The majority of businesses do not view their clients in this manner, but I believe that some large organizations and corporations do.
The flight cancellation is the worst situation than losing the few customers as it degrades the reputation of the company. Even if all of the demands of the paying customers must come first, the airline generally considers its profitability.
Yes, a significant number of United's regular customers have begun to decline to fly with United any longer as a result of the viral video, which depicts what many people perceive to be abuse.
Thus decline in the customer base led to the drop of the stocks which ultimately resulted negatively affects all shareholders.
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find three examples of managers
you would describe as master managers. Write a paper describing these individuals
as managers and why you think they deserve this title.
ms
Answers
Answer:
All managers must be comfortable with three main types of activities or roles. To do their jobs, managers assume these different roles. No manager stays in any one role all of the time, but shifts back and forth. These roles are leadership (or interpersonal), informational, and decision making.
Explanation:
Hope it helps kahit na ndi ko na sagot ung main question.
The three examples of managers that we would describe as master managers are advertisement manager, accounting manager and analytics manager. The roles of managers are leadership, informational, and decision making.
What is an information?An information refers to something that has the power to inform. At the most fundamental level information pertains to the interpretation of that which may be sensed.
The digital signals and other data use discrete signs or alogrithms to convey information, other phenomena and artifacts such as analog signals, poems, pictures, music or other sounds, and the electrical currents convey information in a more continuous form.
Information is not knowledge itself, but its interpretation is important. An Information can be in a raw form or in an structured form as data. The information available through a collection of data may be derived by analysis by expert analysts in their domain.
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If Amelia would like to double her money in twelve years, how much interest does she need to earn O 12 percent O 16.6 percent O 6 percent 10 percent
Answers
Out of the given answer choices, the interest rate that Amelia needs to earn to double her money in twelve years is 16.6 percent.
To find out how much interest Amelia needs to earn to double her money in twelve years, we need to use the compound interest formula.
This formula is used to determine the future value of an investment based on the principal, the interest rate, the number of compounding periods, and the time involved.
The formula is as follows: FV = PV x (1 + r/n)^(n*t)where FV = future value, PV = present value (the amount of money Amelia currently has), r = annual interest rate, n = number of times the interest is compounded per year, and t = time in years.
To double her money, Amelia needs to have a future value that is twice her present value. Therefore, we can set FV = 2PV and solve for r.
2PV = PV x (1 + r/n)^(n*t)Dividing both sides by PV, we get:2 = (1 + r/n)^(n*t)
Taking the natural logarithm of both sides, we get: ln(2) = ln[(1 + r/n)^(n*t)]
Using the power rule of logarithms, we can simplify the right side of the equation to ln(2) = (n*t) ln(1 + r/n)
Dividing both sides by (n*t), we get:ln(2) / (n*t) = ln(1 + r/n)
Finally, we can solve for r by raising both sides as the power of e: e^(ln(2) / (n*t)) = 1 + r/n
Subtracting 1 from both sides and multiplying by n, we get:r = n x (e^(ln(2) / (n*t)) - 1)
Plugging in the values given, we get:r = n x (e^(ln(2) / (n*12)) - 1)
We don't know the value of n, so we can try each of the answer choices to see which one gives us a value of r that works.
Using a financial calculator or a spreadsheet program like Excel, we can calculate the values of r for each interest rate.
Using 12 percent: r = 1 x (e^(ln(2) / (1*12)) - 1) = 0.0956 or 9.56 percent
Using 16.6 percent: r = 1 x (e^(ln(2) / (1*12)) - 1) = 0.1407 or 14.07 percent
Using 6 percent: r = 1 x (e^(ln(2) / (1*12)) - 1) = 0.0488 or 4.88 percent
Using 10 percent: r = 1 x (e^(ln(2) / (1*12)) - 1) = 0.0794 or 7.94 percent
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The order of presentation of activities on the statement of cash flows is______________
1 point
a) Operating, Investing, and Financing.
b) Operating, Financing, and Investing.
c) Financing, Operating, and Investing.
d) Financing, Investing, and Operating.
Answers
The order of presentation of activities on the statement of cash flows is Operating, Financing, and Investing.
The option (B) is correct.
Cash flows are classified and introduced into working exercises (either utilizing the 'immediate' or 'circuitous' technique), contributing exercises, or funding exercises, with the last two classes commonly introduced on a gross premise. as it shows whether the business has sufficient fluid money to put in now is the ideal time and invest in assets.
When creating your income statement, list incomes first. Then, at that point, drill down any costs your organization had during the period and take away the costs from your income. The lower part of your pay proclamation will let you know whether you have a net gain or shortfall for the period.
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Which of the following is considered the more industrial form of fishing?
A: Grouping
B: Netting
C: Gathering
Answers
Answer:
B
Explanation:
I hear netting a lot when people talk about fishing. I don't hear the other two when talking about fishing.
What is one way investment consultants protect their clients’ money during periodic performance reviews?
Answers
Answer:
Investment consultants check that the portfolio manager's performance was based on skill investing in the agreed-upon stocks or sectors
Explanation:
because it is
In a bid to ensure that money is adequately channeled and client's finances are safe, investment consultant analyses the stocks and portfolio's in other to ensure they are based on the advise offered and agreed upon.
The investment consultant offers expert advise on profitable stocks and portfolio's which could be invested in. The portfolio manager handles and monitors client's investment and finances. Hence, the investment consultant and portfolio manager work hand in hand in other to ensure that the right stock is chosen and invested in.Therefore, investment consultant ensures that portfolio managers do not deviate from the agreement made.
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Question 2 of 17:
Select the best answer for the question
2. Which of the following key performance indicators can be used to measure whether all employees in the company are reaching their sales goals?
A. Number of sales per employee
O B. Overall company growth
O C. Number of sales per day
D. Profit made per sale
Answers
The major performance indicator used to gauge whether all employees in the organization are meeting their sales targets is the number of transactions per day.
Meaning of the word "employee"?Employees are those who receive compensation for doing work for another individual or company. Employers need merely pay their employees for the work they do; full-time employment is not necessary for eligibility.
What's the primary objective of an employee?Employee meaning is really the sense of value that employees derive from their work and the degree to which their ideals are shared by a company. It ultimately boils to giving staff the tools and support they need to infuse value into their workdays and professional settings.
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Market research concerns what aspects of your target market:
a) Characteristics
b) Spending habits
c) Location and needs
O d) All of the above
Answers
Answer:
D--All of the above
Explanation:
Just took the quiz.
Market research concerns characteristics, spending habits, location, and needs of the target market. Therefore, option d is correct.
Market research is a systematic process of gathering, analyzing, and interpreting data about a specific target market to gain insights into its characteristics, preferences, behavior, and needs.
It involves various techniques such as surveys, interviews, observations, and data analysis to understand consumer demographics, psychographics, purchasing behavior, and market trends.
The primary goal of market research is to provide businesses with valuable information to make informed decisions regarding product development, pricing, marketing strategies, and overall market positioning.
It helps identify opportunities, assess competition, mitigate risks, and maximize customer satisfaction and profitability in a dynamic and competitive marketplace.
Therefore, option d is correct.
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which of these responsibilities would you least expect to find in a position description for a user support specialist
Answers
Operates a large-scale computer is the responsibilities you would least expect to find in a position description for a user support specialist .
Option C is correct.
What are support services that are outsourced?
An external team of experts is provided by outsourcing support services to assist a company in managing and maintaining its operations. Support for IT, customer service, human resources, accounting, and software development are all examples of these services. Businesses can provide solutions that are both more effective and less expensive by outsourcing these services. In addition, they can save money and resources. Additionally, businesses can benefit from an outsourcing provider's specialized knowledge and resources.
Businesses that lack the personnel or resources necessary to handle particular projects can benefit from this. Outsourcing support services can also help businesses comply with industry standards and remain current on the most recent technologies and trends.
Incomplete question :
Which of these responsibilities would you least expect to find in a position description for a user support specialist?
A.Computer-aided design package
B.Operate a local area network
C.Operates a large-scale computer
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A sandwich shop wants to send out a coupon to people and plans to utilize the United States Postal Service age and income demographics to determine who will receive a coupon. Which marketing method is the sandwich shot using?
a. Television marketing
b. Newspaper marketing
c. Internet marketing
d. Mail marketing
Answers
Answer:
D. Mail marketing
Explanation:
they are sending over mail, therefor its mail marketing
Alfred Home Construction is considering the purchase of five dumpsters and the transport truck to store and transfer construction debris from building sites. The entire rig is estimated to have an initial cost of $125,000, a life of 8 years, a $5000 salvage value, an operating cost of $40 per day, and an annual maintenance cost of $2000. Alternatively, Alfred can obtain the same services from the city as needed at each construction site for an initial delivery cost of $125 per dumpster per site and a daily charge of $20 per day per dumpster. An estimated 45 construction sites will need debris storage throughout the average year. If the minimum attractive rate of return is 12% per year, how many days per year must the equipment be required to justify its purchase?
Answers
Answer:
If the total number of days per year is 1,419 or less, then the company should obtain the services from the city. But if the total number of days per year is 1,420 or more, then the company should purchase the equipment.
Explanation:
alternative 1:
initial outlay = $125,000
useful life 8 years
depreciation per year = ($125,000 - $5,000) / 8 = $15,000
costs:
$40 per day
maintenance $2,000 per year
total annual costs = $40x + $2,000
alternative 2:
$125 x 45 sites = $5,625
$20x
total annual costs = $5,625 + $20x
how large does x need to be in order for alternative 1 to be better using a 12% discount rate
cash flows
year 0 = ($125,000)
year 1 = $40x + $2,000 - $5,625 - $20x = $20x - $3,625
year 2 = $20x - $3,625
year 3 = $20x - $3,625
year 4 = $20x - $3,625
year 5 = $20x - $3,625
year 6 = $20x - $3,625
year 7 = $20x - $3,625
year 8 = $20x - $3,625 + $5,000 = $20x + $1,375
I used the present value of an annuity formula, to determine the value of cash flow:
the PV annuity factor for 12% and 7 periods is 4.5638, so:
24,756.20 x 4.5638 = $112,982
$29,756.20 / (1.12⁸) = $12,018
total = $125,000
$20x - $3,625 = 24,756.20
$20x = $28,381.20
x = $28,381.20 / $20 = 1,419.06 days (including all 45 sites)
That means that if the total number of days per year is 1,419 or less, then the company should obtain the services from the city. But if the total number of days per year is 1,420 or more, then the company should purchase the equipment.
PLEASE HELP ME ASAP I CAN NEVER FIND ANSWERS TO THIS SUBJECT!!!!!!
Which of the following is an example of civil rights regulations that company
agents should be made aware of?
A. The company must not discriminate against employees based on
gender or race.
OB. The company is responsible for properly and accurately describing
all of its products to consumers.
C. The company is legally liable for the activities of its employees
while they are acting in their proper role.
D. The company must ensure that agent and company interests do
not conflict.
Answers
Answer:
A. The company must not discriminate against employees based on
gender or race.
Explanation:
i mean its kinda common sense, its the only one talking about the rights of others
Popcorn consumers that experience diminishing marginal utility will be willing to pay lower prices for more popcorn.
a. true
b. false
Answers
A practice, favored by unions, which contractually binds employers to hire only workers who are already members of the union is called a(n):
Answers
Answer:
The correct answer is: Closed Shop.
Explanation:
To begin with, the name of "Closed Shop" refers to a type of practice well known as "pre-entry closed shop" too that unions favored with the only purpose to obligate the companies to contract workers who are already members of the union itself so in that situation both the company and the union tend to have an agreement of maintaining certain salary price for the workers so they are not in a continous fight. Moreover, this practice allow the workers to be employed by the company only if they are members of the union and as long as they are members of it.
Which decision model in coporates the uncertainty element
Answers
Answer: A decision model that incorporates the uncertainty element is the Bayesian Network. Bayesian Networks are probabilistic graphical models used for reasoning under uncertainty and for making decisions. They are composed of nodes that represent variables and edges that represent the relationships between them. They use probability theory to calculate the probability of certain events occurring given certain conditions. Bayesian Networks are useful for making decisions in uncertain environments, as they allow for the incorporation of prior knowledge, uncertainty, and dynamic changes in the environment.
Problem 6-7 Recording General Journal Transactions
Juanita Ortega is the owner of Outback Guide Service. The following accounts are used to record the transactions of her business.
Answers
The general journal is a journal where transactions that relate to depreciation, adjustment entries, accounting errors, opening stock, etc are recorded.
This is an incomplete information, therefore an overview of the general journal will be given. The transactions under the general journal transactions include purchase transactions, sales transactions, cash payments, cash receipts, etc.
The steps that are involved in recording the transactions will be:
Organize the transactions.Record the journal entries.Post the journal entries to the general ledger.Prepare an adjusted trial balance.Run the financial statements.Close the book of account.Read related link on:
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Wireless Solutions reports operating expenses of $955,000. Operating expenses include both rent expense and salaries expense. Prepaid rent increases during the year by $27,000 and salaries payable increases by $18,500. What is the cash paid for operating expenses during the year
Answers
Answer:
$963,500
Explanation:
Given the that:
Operating expenses = $955,000
Prepaid rent increase = $27,000
Salaries payable increase = $18,500
Then, Cash paid for operating expenses during the year is computed by;
= Operating expenses + Prepaid rent increase - Salaries payable increase
= $955,000 + $27,000 - $18,500
= $963,500
A method where it is possible to investigate, identify, assess, and include the needs of customers in planning processes. Either the Mission statement, Vision statement or Objectives and explain how this reflects customer needs.
Answers
A strategy for investigating, identifying, assessing, and incorporating consumer needs into planning processes. It's called the Mission Statement.
What is the goal of the mission statement?A mission statement is a succinct explanation of why an organization exists. It defines the organization's goal and ultimate intention. The vision is supported by the mission statement, which communicates purpose and direction to employees, customers, vendors, and other stakeholders. What are the three components of a mission statement?
What are the three components of a mission statement?Purpose: An explanation of why the organization exists.
Vision: It is a statement about what the organization hopes to accomplish in the future.
Values: A list of the fundamental principles that influence the organization's actions and decisions.
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The US Senate overwhelmingly passed the 2022 Defense Authorization Act. The $768 billion "Defense Authorization Act" not only exceeds the defense spending proposed by the Biden administration by $25 billion, but also increases the US defense budget by about 5% compared to last year.
Answers
The US Senate passed the 2022 Defense Authorization Act, a $768 billion bill that surpasses the Biden administration's defense spending proposal by $25 billion and represents a 5% increase in the US defense budget compared to the previous year.
1. The US Senate passed the 2022 Defense Authorization Act.
2. The Defense Authorization Act is a bill that determines the budget and expenditures for the US defense sector.
3. The total amount allocated for the Defense Authorization Act is $768 billion.
4. The defense spending proposed by the Biden administration was exceeded by $25 billion in this Act.
5. The Act represents a 5% increase in the US defense budget when compared to the previous year.
6. This increase in the defense budget indicates a commitment to strengthening the country's defense capabilities.
7. The Act was passed overwhelmingly, indicating strong support from the Senate.
8. The Defense Authorization Act is an essential piece of legislation that ensures the funding and resources necessary for the US military to carry out its operations effectively.
9. The Act covers various aspects of defense spending, including military personnel, equipment, research and development, and strategic initiatives.
10. By passing the Defense Authorization Act, the US Senate has demonstrated its commitment to national security and defense preparedness.
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Eleven years ago, a guitar cost $1,800. Today, that same guitar costs $3,650. What has been the inflation rate on this instrument
Answers
The inflation rate on this instrument has been 102.78%.
How is the inflation rate calculated?To calculate the inflation rate, subtract the starting price ($1,800) from the later price ($3,650), and divide $1,850 by the starting date ($1,800), which is then multiplied by 100.
Data and Calculations:Cost of guitar eleven years ago = $1,800
Current cost of guitar = $3,650
Inflation in dollar terms = $1,850 ($3,650 - $1,800)
Inflation rate on guitar = 102.78% ($1,850/$1,800 x 100)
Thus, the inflation rate on this instrument has been 102.78%.
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for a given inflation rate, an increase in the real money supply the inflation tax. please choose the correct answer from the following choices, and then select the submit answer button. answer choices does not affect increases decreases may increase, decrease, or have no effect on
Answers
The inflation rate, an increase in the real money supply the inflation tax. please choose the correct answer from the following choices, and then or have no effect.
An inflation tax is the economic disadvantage suffered by holders of currency cash and cash equivalents due to the effects of inflation acting as a hidden tax that deducts the value of the currency.
Fiscal inflation exists because when a government prints money to cause inflation, it usually benefits because it can generate more real revenue and reduce the real value of debt. Inflation also helps governments balance their finances without officially raising taxes.
Governments that print money to finance deficits use inflation taxes. Taxes are paid by individuals who own nominal assets such as currency. The cause of inflation is a matter of nexus for central banks that want to use inflation to stimulate production.
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When Jeff receives his credit card bill, he pays the minimum balance, plus $50. When Sue receives her credit card bill, she pays the minimum balance. Since they each have a credit card balance of $3,000, who pays more in
interest?
A) Jeff
B) Sue
Answers
When Jeff receives his credit card bill, he pays the minimum balance, plus $50. When Sue receives her credit card bill, she pays the minimum balance. Since they each have a credit card balance of $3,000, who pays more in interest?
A) Jeff
B) Sue
Monty loaned his friend Ned $15,000 three years ago. Ned signed a note and made payments on the loan. Last year, when the remaining balance was $12,000, Ned filed for bankruptcy and notified Monty that he would be unable to pay the balance on the loan. Monty treated the $12,000 as a nonbusiness bad debt. Last year, before considering the tax implications of the nonbusiness bad debt, Monty had capital gains of $4,800 and taxable income of $40,250. During the current year, Ned paid Monty $10,800 in satisfaction of the debt.
Determine Monty's tax treatment for the $10,800 received in the current year.
The nonbusiness bad debt of $12,000 would have been reported as a
short-term capital loss, and __________ would be included in Monty's gross income this year.
Answers
The nonbusiness bad debt of $12,000 would have been reported as a
short-term capital loss, and $10800 would be included in Monty's gross income this year.
What is the amount that will be included in Monty's gross income this year?When Ned failed to pay the remaining balance on the loan, Monty treated the $12,000 as a nonbusiness bad debt. Since it was a nonbusiness bad debt, Monty could claim a short-term capital loss deduction on his tax return in the year the debt became worthless, which was the year Ned filed for bankruptcy.
Monty had capital gains of $4,800 and taxable income of $40,250 in the year before the current year. The short-term capital loss deduction of $12,000 from the nonbusiness bad debt would reduce his taxable income for that year to $33,050 ($40,250 - $12,000 + $4,800).
During the current year, Ned paid Monty $10,800 in satisfaction of the debt. Since Monty had previously claimed a deduction for the nonbusiness bad debt, he must include the $10,800 in his gross income for the current year, as it is considered a recovery of a previously deducted bad debt.
However, since the debt was previously treated as a short-term capital loss, the recovery of the debt is also treated as a short-term capital gain. Monty's short-term capital gain for the current year would be $10,800, which would be reported on Schedule D of his tax return. The tax rate on short-term capital gains depends on Monty's taxable income for the current year, but it is typically taxed at a higher rate than long-term capital gains.
In summary, Monty must include the $10,800 in his gross income for the current year and report it as a short-term capital gain on Schedule D of his tax return.
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