Scotty Heinz lives at 4800 Forbes Avenue in Pittsburgh, PA. Scotty must go to the doctor for a visit. The trip takes 30 minutes each way (1 hour total). The pecuniary cost of the travel (gas, parking) is $10. He waits 20 minutes to see the doctor (must be a Pitt grad . . . ), and spends 10 minutes with the doctor. The price of the doctor visit is $80. Scotty has a coinsurance rate of 0.5. The opportunity cost of his time is $20 per hour (college mascots are woefully underpaid).
(a) What is the "Total Price" of his visit (sum of money and time costs)?
(b) Scotty’s demand curve is described by M = 30 −0.2 ×Total Price
i. What is his elasticity of demand with respect to the Total Price?
ii. What is his elasticity of demand with respect to the price of the doctor visit?
iii. What is his elasticity of demand with respect to the coinsurance rate?
iv. What is his elasticity of demand with respect to time?
(c) Assume that the price of the doctor visit ($80) equals the marginal cost of production. Given Scotty’s demand curve, the price of a doctor visit, and the coinsurance rate, what is the deadweight loss due to moral hazard from health insurance?
Answers
(a) The total price of Scotty's visit, is $120. (b) i. The elasticity of demand is (-0.2) × (Total Price / M). ii. (0.2) × (Price of doctor visit / M). iii.0. iv.0 (c) The deadweight loss cannot be determined.
(a) To calculate the total price of Scotty's visit, we need to consider the monetary cost and the opportunity cost of his time. The monetary cost includes the cost of travel ($10) and the cost of the doctor's visit ($80). The time cost includes the time spent on travel (1 hour) and the time spent waiting and seeing the doctor (30 minutes). The opportunity cost of his time is $20 per hour. Therefore, the total price of his visit is $10 + $80 + $20 + $10 = $120.
(b)i. The elasticity of demand with respect to the Total Price can be calculated using the formula: Elasticity = (% change in quantity demanded / % change in Total Price). Since the demand function is given as M = 30 − 0.2 × Total Price, we can differentiate it to get the derivative: dM/d(Total Price) = -0.2. Multiplying it by (Total Price / M) gives us the elasticity of demand with respect to the Total Price: Elasticity = (-0.2) × (Total Price / M).
ii. The elasticity of demand with respect to the price of the doctor visit can be calculated similarly. Since the demand function is M = 30 − 0.2 × Total Price, we can differentiate it to get the derivative: dM/d(Price of doctor visit) = 0.2. Multiplying it by (Price of doctor visit / M) gives us the elasticity of demand with respect to the price of the doctor visit: Elasticity = (0.2) × (Price of doctor visit / M).
iii. The elasticity of demand with respect to the coinsurance rate can be calculated using the formula: Elasticity = (% change in quantity demanded / % change in coinsurance rate). As the demand function does not explicitly depend on the coinsurance rate, the elasticity of demand with respect to the coinsurance rate is zero.
iv. The elasticity of demand with respect to time can be calculated similarly. Since the demand function is M = 30 − 0.2 × Total Price, we can differentiate it to get the derivative: dM/d(Time) = 0. Multiplying it by (Time / M) gives us the elasticity of demand with respect to time: Elasticity = 0 × (Time / M), which is zero.
(c) The deadweight loss due to moral hazard from health insurance can be calculated by comparing the quantity of healthcare consumed at the given price ($80) and coinsurance rate (0.5) to the quantity that would be consumed in a hypothetical scenario where there is no insurance and the price is equal to the marginal cost of production. The demand curve equation M = 30 − 0.2 × Total Price can be used to determine the quantity demanded at the given price and coinsurance rate. However, without information about the marginal cost of production, we cannot precisely calculate the deadweight loss. In general, deadweight loss arises when insurance reduces the price paid by consumers, leading to an increase in healthcare utilization beyond the socially optimal level. This excess utilization creates inefficiency in the allocation of resources and represents the deadweight loss. The magnitude of the deadweight loss would depend on the specific details of the demand and supply curves, as well as the specific context of the healthcare market.
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Related Questions
in what type of economy do people/companies, make the most of the decisions involving the three basic economic questions
Answers
In a market economy, individuals and businesses tend to decide on the three fundamental economic issues the most.
In a market economy, people and companies make the most decisions involving the three basic economic questions: what to produce, how to produce it, and for whom to produce it. In this type of economy, prices and the forces of supply and demand guide decision-making, allowing individuals and companies to make choices based on their own self-interest. The government's role in a market economy is limited, as individuals and companies are largely responsible for determining what goods and services are produced and how they are distributed. This allows for greater efficiency and innovation, as companies are incentivized to produce goods and services that are in high demand and to do so in the most cost-effective manner possible.
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Wilbur has $800 to open a checking account. He can maintain a minimum balance of at least $500. He plans to use the ATM twice a month and he maintains a savings account at the same bank. His employer has direct deposit and he sometimes overdrafts his account. Bank Account Terms and Conditions Bank Account terms and conditions. Bank A is best for Wilbur. Wilbur wants a checking account with the lowest fees. Which checking account would be best for Wilbur? Account A Account B Account C Account D.
Answers
Answer:
Account A
Explanation:
It should be noted that the checking account that would be best for Wilbur is Account A.
A checking account simply means a type of bank account that allows one to easily deposit and withdraw money to carry out transactions.
From the complete information, it can be noted that Wilbur wants a checking account with the lowest fees. Therefore, the best option that should be chosen is Account A.
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"price" in the statement of the law of supply refers to:
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In the law of supply, "price" refers to the market price, which is determined by supply and demand.
In economics, the price refers to the amount of money or another commodity that is required to purchase a product or service. In simple terms, the law of supply refers to the quantity of goods that a seller or manufacturer is willing and able to sell at a certain price level.
The statement of the law of supply states that as the price of a good increases, the quantity supplied of the good will also increase, assuming all other factors are held constant.This means that if the price of a product rises, the suppliers will be more motivated to produce more of it.
This is because they will be making more profit by selling the product at the higher price. On the other hand, if the price falls, suppliers will be less motivated to produce the product. This is because they will be earning less profit from selling the product at a lower price.
As a result, the relationship between price and quantity supplied is direct. Higher prices usually lead to an increase in the quantity supplied of goods, while lower prices usually lead to a decrease in the quantity supplied of goods. This relationship is fundamental to the law of supply.
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Airing an ad during the Super Bowl is MOST representative of which type of marketing?
Answers
The Super Bowl offers sponsors their biggest marketing opportunity of the year. With a global audience of over 112 million spectators, having an advertisement during the game gives brands a unique opportunity to market to new consumers.
High-profile television advertisements that are shown during the Super Bowl, the National Football League's championship game, are referred to as Super Bowl commercials or Super Bowl ads (NFL). For those viewers, the advertisements offer amusement and a way to connect with other sports lovers without having to be familiar with the game. Additionally, given the high stakes for advertisers, audiences anticipate Super Bowl ads to be funnier and more engaging than regular ones. Keep in mind that the expensive advertising rates on NBC, the network airing the Super Bowl, are only to secure airtime. That excludes production costs, and some businesses even shell out a ton of money for celebrity cameos.To learn more about Super Bowl
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What are stakeholders from Monopolistic competition, oligopoly, and monopoly?
Answers
Explanation:
Monopolistic competition
Monopolistic competition, many seller that differentiated products - products that differ slightly but sever similar purpose. By making consumer aware of product difference, seller exert some control over price.
Oligopoly
In an oligopoly, a few sellers supply sizable portion of products in the market. They exert some control over price, but because their products are similar, when one company lowers prices, the others follow .
Monopoly
In a monopoly, there is only one seller in the market. The market could be a geographical area, such as a city or a regional area, and does not necessarily have to be añ entire country. The single seller is able to control prices
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The inventory term that describes ability to scan large volumes of inventory or tag items at a time
Answers
Retail frequency is an inventory term that describes the ability to scan large volumes of inventory or tag items at a time.
What is retail?When goods and services are sold to consumers, as opposed to wholesale, which is sold to a business or institutional customers. Retailers buy goods in bulk either directly from manufacturers or through wholesalers and sell them in small quantities to consumers at a profit. The retailer is the last link in his chain of farm-to-table supplies.Retail markets and stores have a very old history dating back to ancient times. Some of the early retailers were hawkers. Over the centuries, retail stores have transformed from 'hacky huts' to modern sleek malls. In the digital age, more and more retailers are trying to tap into the wider market by selling across multiple channels, including both physical stores and online retail. Digital technology is also impacting how consumers pay for goods and services. Retail support services may also include providing credit, shipping services, consulting services, stylist services, and various other support services.Most modern retailers typically make decisions at a strategic level, such as the nature of their stores, the markets they serve, the optimal product range, customer and support services, and the overall market positioning of their stores. Once a strategic retail plan is in place, retailers develop a retail mix that includes products, pricing, location, advertising, staffing, and presentation.learn more about retail
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In the U.S., shoe sizes are defined differently for men and women, but in Europe, both sexes use the same shoe size scale. The accompanying histogram shows the European shoe sizes of 269 male and female college students, converted from their reported U.S. shoe sizes. What might be the problem with either the mean or the median as a measure of center?
a. The distribution is bimodal, so it is more useful to report the modes than the mean or median.
b. The distribution does not have any modes, because it is uniform.
c. The distribution has one mode from 44 to 49. This is due to the students having noughly the same mean shoe size.
d. The distribution has one mode from 38 to 40. This is due to the students having noughly the same mean shoe size.
Answers
The problem with using the mean or median as a measure of center is that a) the distribution of the data is bimodal, indicating that there are two distinct groups of shoe sizes.
The histogram shows that one group has shoe sizes from 38 to 40, while the other group has shoe sizes from 44 to 49. This suggests that the two groups have roughly the same mean shoe size, but different distributions.
Therefore, the mean or median are not good measures of center because they do not accurately reflect the underlying distribution of the data. It would be more useful to report the modes instead, which represent the most frequent shoe sizes in the data.
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Your roommate told you she doesn’t need renter’s insurance because her parent’s homeowner’s policy covers her stuff. Is she correct? Explain your answer.
Answers
Answer: no she is not correct because if she has her own house or apartment then no she is not on homeowner's insurance. now she has to get her own.
Explanation:
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The roommate should not be correct.
What is insurance?Insurance represents the arrangement where the company or the government agency gives the guarantee with respect to the compensation for the particular loss, damage and in return, the payment should be made with respect to the premium. Also, she is not correct since she has her own house so it is not the homeowner insurance.
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Which style of decision making will consumers who develop brand loyalty use?
A.extensive decision making
B.limited decision making
C.routine decision making
D.opportunity based decision making
Answers
According to taylor's principles, which of these might help to improve workers' productivity?
Answers
According to Taylors principles the option that wouldn't help to improve the productivity of workers would be to carefully select workers according to their abilities and give workers training.
What does it mean to give workers training?This has to do with all of the activities that the business would have to carry out by carefully choosing to ensure that the workers are well trained in all of the departments that they are to work. The business would do this by organizing trainings and other forms of seminars foir the the workers.
What it means to work according to ability?This means getting people to work in the areas that they are known to be best suited. Based on the ways that they have shown their skills and their experiences, they can be selected to work in the departments.
Hence we can say that According to Taylors principles the option that wouldn help to improve the productivity of workers would be to carefully select workers according to their abilities and give workers training.
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current period depreciation expense is listed: group of answer choices on neither the balance sheet nor the income statement; it is a noncash expense. on the balance sheet. in the investment section of the cash flow statement. on the income statement.
Answers
The current period depreciation expense is listed on the income statement. Depreciation is an accounting method used to allocate the cost of a long-term asset over its useful life.
While it is a noncash expense because it does not involve an actual outflow of cash, it is still an important expense that impacts a company's profitability.
Depreciation expense is typically included as part of the operating expenses on the income statement. It is subtracted from the company's revenues to calculate the operating profit or loss. By including depreciation as an expense, the income statement reflects the ongoing decrease in the value of the company's assets that are used in its operations.
The income statement provides a summary of the company's revenues, expenses, and profits or losses for a specific period, such as a quarter or a year. Depreciation is an essential component of the income statement as it helps in assessing the true profitability of the business by accounting for the wear and tear or obsolescence of its long-term assets.
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Kamal, Kamala, Krishna invert a sum of RS= 30,000 on a business in the ratio 2 : 3 : 5. Find the each of their investment.
Answers
Answer:
3000kamal
9000kamala
15000krishna
Explanation:
let the unknown investment be x
now
2x+3x+5x=30000
10x=30000x
x=30000/10
x=3000
again;
2x=2×3000=6000
3x=3×3000=9000
5x=5×3000=15000
wise it is correct
Answer:
Kamal
2×30000÷10 = 6000
Kamala
3×30000÷10= 9000
Krishna
5×30000÷ 10= 15000
Explanation:
Kamal _ RS = 6000
Kamala _RS =9000
Krishna _RS=1,5000
what is spam?
A unauthorized email featuring anonymous threats
B unauthorized email asking for sensitive information
C unauthorized email advertising services and events
D unauthorized email accidentally sent to the wrong address
Answers
Hope this helped
Maricopa's Success scholarship fund receives a gift of $ 165000. The money is invested in stocks, bonds, and CDs. CDs pay 5.75 % interest, bonds pay 5 % interest, and stocks pay 6.8 % interest. Maricopa Success invests $ 40000 more in bonds than in CDs. If the annual income from the investments is $ 9645 , how much was invested in each account
Answers
Answer:
$ 65,000 were invested in stocks, $ 70,000 were invested in bonds, and $ 30,000 were invested in CDs.
Explanation:
Since Maricopa's Success scholarship fund receives a gift of $ 165000, and the money is invested in stocks, bonds, and CDs, and CDs pay 5.75% interest, bonds pay 5% interest, and stocks pay 6.8% interest, and Maricopa Success invests $ 40000 more in bonds than in CDs, if the annual income from the investments is $ 9645, to determine how much was invested in each account, the following calculation must be performed:
95,000 x 0.068 + 55,000 x 0.05 + 15,000 x 0.0575 = 10,072.5
75,000 x 0.068 + 65,000 x 0.05 + 25,000 x 0.0575 = 9,787.5
70,000 x 0.068 + 67,500 x 0.05 + 27,500 x 0.0575 = 9,716.25
65,000 x 0.068 + 70,000 x 0.05 + 30,000 x 0.0575 = 9,645
Therefore, $ 65,000 were invested in stocks, $ 70,000 were invested in bonds, and $ 30,000 were invested in CDs.
Sophia used the Consumer Reports website to research an economical choice for a new washer and dryer for her apartment, and she trusted the information because the website was not affiliated with the sellers of these products. This is an example of which type of information source in the purchase decision process
Answers
The public source of information is used in the purchase decision process by Sophia.
What is a public source of information?A public source of information refers to a source of information of a non-confidential nature that are publicly available for all.
The public source of information are access through:
internet search means.information service subscription.materials created and sent to members of the public.In conclusion, the public source of information is used in the purchase decision process by Sophia.
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Steve, a retiree, wants to use his savings to open a day care facility for dogs. After deciding on the services that he would provide to his customers, he calculates costs versus the demand and the profit he could make depending on the volume of sales. After extensive deliberation, Steve decides to take a bank loan because the needed initial investment is too high for opening the facility, Steve is currently in the_____________ stage of the new product development process. a. commercialization b. business analysis c. idea generation d. test marketing
Answers
Based on the given information, Steve is currently in the business analysis stage of the new product development process.The correct answer is b. business analysis.
In the new product development process, the business analysis stage involves evaluating the feasibility and profitability of the proposed product or service. It involves conducting a thorough analysis of the market, competition, costs, and potential profits associated with the new venture.
In this scenario, Steve, the retiree, has already gone through the idea generation stage where he came up with the concept of opening a dog daycare facility. After that, he moved on to the business analysis stage, where he assessed the costs and potential profits associated with the venture.
During the business analysis stage, Steve would have calculated the initial investment required to open the facility and compared it to his savings. Since the needed initial investment was too high for his savings, he decides to take a bank loan. This decision demonstrates that Steve has analyzed the financial aspects of the business and made a strategic decision based on the cost-benefit analysis.
The commercialization stage (option a) comes after the business analysis stage and involves launching and promoting the product or service to the target market. Test marketing (option d) is a stage where the product is introduced to a limited market to assess its acceptance and gather feedback. These stages come after the business analysis stage in the new product development process.
Therefore, based on the given information, Steve is currently in the business analysis stage of the new product development process.
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What is the purpose of process management at k&n, and how important are team members in ensuring that process management activities are implemented flawlessly and seamlessly?
Answers
The purpose of process management is to align a business's goals, and working processes, and to educate & train team members to manage all tasks effectively.
It is a systematic approach used to ensure the efficiency and smoothness of all business processes. It plays an important role in business success.
The role of team members in ensuring the smoothness of working processes plays an important role in achieving the company's goals.
The team members can ensure the effectiveness of management processes with collaboration, necessary coaching, training, knowledge, and feedback.
Moreover, involving your team members throughout the decision-making processes also streamlines the working processes.
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Tejas has decided to finance his college education through student loans. He is planning on taking out $100,000 in loans to become a nursery school teacher. On average, would this be something a finance professional would recommend?
A. No, because he is taking out more debt then he will ever be able to pay back.
B. Yes, because you should always finance your education.
C. Yes, because he is using the money to advance his career.
D. No, because you should never take out student loans.
Answers
Answer: A. No, because he is taking out more debt then he will ever be able to pay back.
Explanation:
Getting the finance to foot one's bills could come from many different sources, one of which is to put in for a loan. However, the advice to secure a loan might best be given by a finance expert who has the knowledge and expertise required to adequately access the value of the loan, the probable return on investment and ayher embedded considerations. In the scenario given above, taking out a loan of up to $100,000 in other to target the job of finally landing a teaching job at a nursery school which would on average return a meagre pay than cannot be pitted with the loan value would be considered unreasonable on average by a finance professional simply because the return on investment will probably be nothing near the value of the loan. This way, the debt incurred from due to the loan application may never be returned from the intended job.
Waylon is back-to-school shopping with his mom at a large
department store. He's picked out the following items: 3 pair of
pants for $87 total, 4 t-shirts for $48 total, 1 backpack for $35, 1
hoodie for $26, 1 pair of shoes for $37. When they get to the
register, they see this sign:
BIGGEST BACK TO SCHOOL SALE OF THE SEASON
Spend $100
Spend $200
Spend $300
Spend $400
Save 10%
Save 15%
Save 20%
Save 30%
Answers
Section A is 85% of 233 since thats the total, making the answer to section A $198.05. The answer to section B depends because if he wants more school supplies, then yes, he would want to buy more things for better deals. But if he’s on a budget, then he wouldn't want to spend as much money since saving 20% on something over $300 is more than saving 15% on something over $200. THIS IS ONLY THE ANSWER IF YOU SEE A SIGN IN THE ASSIGNMENT THAT SAYS: Spend $100, save 10%, spend $200, save 15%, spend $300, save 20%, and spend $400, save 30%.
interview any business owner on impact of crime
Answers
Answer:
Businesses that had been affected by crime were found to be 17 to 22 percent less likely to increase employment. Almost half the businesses said that fear of crime among their clients or customers had had a negative impact on their businesses. This figure was particularly high in townships and inner city locations.
Explanation:
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how has the right to education addressed to differently able persons?How far is it appropriate to keep such provision with view of justice?Present your logics.
Answers
Answer:
,
Explanation:
i think this is answer right
Why are so many Americans quitting their jobs recently?
Answers
Multiple factors. A lot of states with elevated quits are states with higher-than-average c*ovid cases, but a lot of it is due to work market stress
Accountability relationships are crucial to god's plan for maturing followers of christ.
a. true
b. false
Answers
Accountability relationships are crucial to god's plan for maturing followers of christ. a. true
Accountability is a guarantee that an individual or an enterprise might be evaluated on their performance or conduct associated with something for which they may be responsible. The time period is associated with duty but seen extra from the attitude of oversight.
Duty removes the time and effort you spend on distracting sports and other unproductive conduct. whilst you make human beings accountable for their movements, you're efficiently coaching them to price their paintings. while performed properly, accountability can increase your team participants' capabilities and self-belief.
The accountability principle calls for you to take duty for what you do with personal information and the way you observe the opposite concepts. You should have suitable measures and information in the vicinity which will display your compliance.
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Can people boost their points on their questions?
Answers
Answer:
Yes.
Explanation:
which of the following bonds is considered to be safest in terms of default risk, which is the risk that it won't be able to make its promised payments?
Answers
The bond that is considered to be safest in terms of default risk is a Treasury bond issued by the U.S. government.
These bonds are backed by the full faith and credit of the government, which means that the likelihood of default is very low. In contrast, bonds issued by corporations or other entities may carry a higher default risk, as they may be subject to changes in the market or economic conditions that could impact their ability to make payments. Overall, investors should consider the creditworthiness of the issuer and the terms of the bond before investing, regardless of the type of bond. In terms of default risk, U.S. Treasury bonds are considered to be the safest among various types of bonds. This is because they are backed by the full faith and credit of the United States government, which has a strong track record of repaying its debts. As a result, the likelihood of default is extremely low. Investors view these bonds as a secure investment option with minimal risk, despite offering relatively lower returns compared to other bonds with higher default risk.
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When we talked about global linkages, we said that they bind:
Group of answer choices
a)countries, institutions and individuals
b)governments, countries and trading blocs
c)trading blocs and corporations
d)individuals around the world
e) international marketers and their customers
Answers
Global linkages refer to the interconnectedness and interdependencies that exist between various entities on a global scale.
These linkages bind not only countries but also institutions and individuals. Here's a breakdown of each option: a) Countries, institutions, and individuals: Global linkages involve the interactions and relationships between nations, governmental and non-governmental institutions, and individuals across borders. These linkages encompass various aspects such as trade, finance, communication, culture, and social connections. b) Governments, countries, and trading blocs: While governments and countries are part of global linkages, the inclusion of trading blocs is not comprehensive enough to cover the broader scope of global interconnections.c) Trading blocs and corporations: Trading blocs and corporations are important actors in the global economy, but global linkages go beyond their involvement and extend to countries, institutions, and individuals.
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what company is credited with developing the lean manufacturing revolution
Answers
Toyota is credited with developing the lean manufacturing revolution. The lean manufacturing revolution was pioneered by the Japanese automaker Toyota.
It was developed in the 1950s by Taiichi Ohno, an engineer at Toyota, and is known as the Toyota Production System (TPS). The TPS revolutionized manufacturing by emphasizing the elimination of waste, continuous improvement, and respect for people. It introduced concepts such as just-in-time production, where materials are delivered exactly when needed, and the use of kanban, a visual signaling system for inventory control. The lean manufacturing principles developed by Toyota have since been widely adopted by companies worldwide across various industries to improve efficiency, reduce costs, and enhance quality.
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Viewing a client's physical facilities and participating in a surprise payroll distributions are examples of the audit procedure known as?
Answers
Viewing a client's physical facilities and participating in a surprise payroll distribution are examples of audit procedures known as "observational procedures."
These procedures involve the auditor physically observing and inspecting various aspects of the client's operations, such as their facilities or the distribution of payroll.
When an auditor visits a client's physical facilities, they examine the premises to assess the adequacy of security measures, the condition of assets, and the overall compliance with relevant regulations. This helps the auditor gain an understanding of the client's operations and verify the accuracy of their financial statements.
Participating in a surprise payroll distribution involves the auditor being present during the distribution of paychecks or wages to employees. This procedure helps ensure that the payroll is being accurately processed and that proper controls are in place to prevent fraudulent activities, such as ghost employees or unauthorized payments.
Observational procedures are an important part of the audit process as they provide firsthand evidence and allow auditors to assess the effectiveness of internal controls. By physically observing the client's facilities and participating in payroll distributions, auditors can gather relevant information to support their conclusions about the client's financial statements.
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Sales for Box Company are expected to be $200,000 for the next month. The following budgeted expenses are expected next month:
Rent Expense: $25,000 per month
Depreciation Expense: $10,000 per month
Insurance Expense: $400 per month
Miscellaneous Expense: 10% of sales
Commissions Expense: 5% of sales
Salaries Expense: $28,000 per month
What is the expected total selling and administrative expenses for the next month?
Question 4 options:
a.$93,400
b.$89,400
c.$96,400
d.$102,400
Answers
To calculate the expected total selling and administrative expenses for the next month, we need to calculate the miscellaneous expense and commissions expense.
Miscellaneous expense = 10% of sales
= 10% of $200,000
= $20,000
Commissions expense = 5% of sales
= 5% of $200,000
= $10,000
Expected total selling and administrative expenses = Rent expense+ Depreciation expense+ Insurance expense+ Miscellaneous expense+ Commissions expense+ Salaries expense
= $25,000 + $10,000 + $400 + $20,000 + $10,000 + $28,000
= $93,400
Therefore, the expected total selling and administrative expenses for the next month is $93,400 (Option a).
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the axiomatic principles are flexible constructs that are developed to fit the realities of the business environment. is the statement true or false?
Answers
True, the axiomatic principles are adaptable frameworks created to fit the realities of the corporate world.
An unquestionable first principle, rule, or maxim that has attained broad acceptance or is thought to be deserving of such acceptance is referred to as a logical axiom. This acceptance may be based on self-evident support or a claim of inherent merit. Axioms need to be accurate because they serve as the basis of mathematics. If there are too few axioms, you can prove very little, and mathematics would not be very interesting. It is possible to prove almost anything when there are many axioms, but mathematics also gets tedious. The axiomatic method is a strategy for creating a complete system in accordance with established rules by utilizing logical inference from a collection of fundamental assumptions, such as axioms or postulates, which are constructed from a few simple phrases.
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