The assembly department's equivalent units of production for materials and conversion for November is 15,510 units and 11,110 units respectively.
Equivalent units of production:Equivalent units of production (EUP) refer to the units of production that are complete and ready for sale by the end of a reporting period. The method for calculating equivalent units of production for both materials and conversion is the FIFO method. The equivalent units of production (EUP) FIFO method for Carlberg Company's assembly department for November production activities are as follows:
Materials:For November production activities, the units of direct material started in the assembly department are 11,600 units. For November, the assembly department has an ending inventory of 4,600 units in process. As a result, the equivalent units of production for direct materials would be:
Equivalent Units of Production (EUP) for Direct Materials = Units Completed + Units in Ending WIPDirect Materials = (11,600 x 100%) + (4,600 x 85%)Equivalent Units of Production (EUP) for Direct Materials = 11,600 + 3,910Equivalent Units of Production (EUP) for Direct Materials = 15,510Conversion:Conversion costs include all expenditures associated with transforming raw materials into finished products.
The equivalent units of production for conversion costs for November would be calculated as follows:Equivalent Units of Production (EUP) for Conversion Costs = Units Completed + Units in Ending WIPConversion Costs = (9,500 x 100%) + (4,600 x 35%)Equivalent Units of Production (EUP) for Conversion Costs = 9,500 + 1,610Equivalent Units of Production (EUP) for Conversion Costs = 11,110
Thus, the assembly department's equivalent units of production for materials and conversion for November is 15,510 units and 11,110 units respectively.
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which principle defines how many times something repeats.
The principle that defines how many times something repeats itself is called the repetition compulsion.
This psychological principle was studied by psychoanalyst Freud as an essential component for mental analysis, as the discovery of patterns of repetitive behavior is aimed at the unconscious and instinctive search for:
pleasure and to avoid contempt.Therefore, repetition compulsion is related to repetition of behaviors in the form of dreams and neuroses in the form of the individual unconsciously seeking to assume a slightly more dominant role over an event that may have generated trauma.
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URGENT When is the unadjusted trial balance completed?
A. After a first set of adjusting entries have been made
B. As a final step in the accounting cycle
C. After all adjusting entries have been made
D. Before any necessary adjusting entries have been made
Ayman has a credit card with a balance of $4750 CAD and an annual interest of 21.5% compounded
monthly. He plans on paying off the loan completely in two years using monthly payments. What is the
total amount of interest he will pay once the card is paid off?
#1 $128.03
#2 $1136.00
#3 $4878.03
#4 $5886.00
Which of the following crimes, by definition, involves the use of fear or Force
Which one of the following is not involved in the two basic pleadings of a lawsuit? a complaint a default judgment an answer
A default judgment is not involved in the two basic pleadings of a lawsuit. So, the correct option is B.
In a lawsuit, the two basic pleadings are the complaint and the answer.
A complaint is a legal document filed by the plaintiff, which initiates a lawsuit by setting forth the allegations against the defendant. It outlines the plaintiff's claims and the legal theories supporting those claims.
An answer is a legal document filed by the defendant in response to the complaint. It admits or denies the allegations in the complaint and may also assert any legal defenses that the defendant may have.
A default judgment, on the other hand, is a judgment entered by a court against a party who has failed to plead or defend against a claim brought by another party. It is not a pleading, but rather a consequence of a party's failure to take action in the lawsuit.
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Complete question is:
Which one of the following is not involved in the two basic pleadings of a lawsuit?
A) a complaint
B) a default judgment
C) an answer
your company is manufacturing a new product , you need to establish a product quality control process. what are three things you must do to create/ establish. your product quality control process? (choose 3). 1.) developing the product website and social media campaign ? 2.) setting up your test market strategy ? 3.) review the results of internal quality assurance testing ? 4.) establish the method to use or testing product quality ? 5.) determine what standards have to be met based on the product and industry ? 6.) publish your test results in a popular professional journal?
Answer:5,4,and1
Explanation:
What is it called when businesses are doing poorly and stock prices drop?
Answer:
When a stock price falls, that means the company must sell additional shares of stock to raise the same amount of proceeds
Explanation:
One of the primary goals of farmer movements during the late nineteenth century was:
A) limitations on crop production.
B) the end of sharecropping.
C) regulation of the railroads.
D) support for a deflationary monetary policy.
E) maintenance of the gold standard.
During the late nineteenth century, regulation, particularly regulation of the railways, was one of the main objectives of farmer movements.
One of the primary goals of farmer movements during the late nineteenth century was regulation, particularly regulation of the railroads. While limitations on crop production and the end of sharecropping were important issues for farmers, their main focus was on seeking government intervention to regulate the railroad industry and prevent monopolistic practices that were hurting their ability to transport and sell their crops.
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the most significant internal data sources for an mis are the organization’s _____.
The most significant internal data sources for an MIS are the organization's databases and information systems.
Databases and information systems are the most significant sources of internal data for an MIS. These data sources contain a wealth of information about the organization's operations, performance, customers, employees, finances, and other key aspects of the business. The MIS can extract, process, and analyze this data to provide valuable insights and support decision-making across the organization. In addition to databases and information systems, other internal data sources for an MIS might include employee feedback, performance metrics, financial reports, and operational data collected from various departments or business units within the organization. By integrating and analyzing data from these sources, the MIS can help organizations optimize their operations, improve efficiency, and stay competitive in a rapidly changing business landscape.
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Tiny Toons was established on January 1, 2022 - capitalized though the issuance of common shares for $85,000. Tiny Toons produces miniature, plastic cartoon characters Their 2022 estimated sales are 50,000 units at $120 per unit. Tiny Toons desires an ending inventory of 5,000 units and there is no beginning inventory. 30% of sales are cash and 70% are credit card. The credit card charges a 3% service charge, with 80% of the credit card sales are collected in the current period and 20% in the following period. 90% of the raw material purchases are paid for during the period of purchase, 10% paid in the following period. Materials cost $100 per unit and Tiny Toons desires an ending inventory for raw materials of 25 units. Direct Labour Costs are paid in the period incurred and are $20 per hour and it takes 1 and 2 hours to produce one unit. Manufacturing overhead is allocated based on direct labour hours at $30 per hour. Manufacturing equipment cost $35,000, salvage value $5,000, 5 year useful life All overhead costs (excluding depreciation) are paid in the period incurred as follows: Salary expense $150,000, Sales Commissions $175,000, Sales Supplies $25,000, Rent $75,000 and miscellaneous expenses of $5,000. They require a cash balance of $601,100 and to maintain this cash balance, a line of credit is available for 3% per annum. Note: All borrowings and repayments occur on the first day of the period. REQUIRED: 1. Prepare a Sales Budget 2. Prepare a Production Budget 3. Prepare a Raw Materials Budget 4. Prepare a Direct Manufacturing Labour Budget5. Prepare a Manufacturing Overhead Budget 6. Prepare a Cost of Goods Manufactured Budget and a unit cost 7. Prepared a Selling, General and Administrative Expenses Budget 8. Prepare a Proforma Income Statement9. Prepare a Cash Receipts Schedule 10. Prepare a Credit Cards Proforma Data Schedule 11. Prepare a Cash Payments Budget 12. Prepare proforma data for accounts payable, raw material inventory and accumulated deprecation, Finished Goods Inventory December 31, 2022 and Cost of Goods Sold 13. Prepare a Cash Budget 14. Prepare a Proforma Balance Sheet
A general overview of the budgets and statements that would be included in the analysis:
Sales Budget: This budget outlines the expected sales volume and revenue for the period.
Production Budget: This budget determines the number of units to be produced to meet the sales demand and maintain desired ending inventory levels.
Raw Materials Budget: This budget calculates the quantity and cost of raw materials needed for production.
Direct Manufacturing Labor Budget: This budget estimates the labor hours and costs required for production.
Manufacturing Overhead Budget: This budget details the estimated overhead costs associated with manufacturing.
Cost of Goods Manufactured Budget: This budget summarizes the total costs incurred in the production process, including direct materials, direct labor, and overhead.
Selling, General, and Administrative Expenses Budget: This budget outlines the anticipated expenses for sales, marketing, administrative, and other general business operations.
Proforma Income Statement: This statement presents the projected revenues, expenses, and net income for the period.
Cash Receipts Schedule: This schedule details the expected cash inflows from sales, collections, and other sources.
Credit Cards Proforma Data Schedule: This schedule calculates the credit card sales, service charges, and collections.
Cash Payments Budget: This budget outlines the expected cash outflows for various expenses, including raw materials, labor, overhead, and other operating expenses.
Proforma Data for Accounts Payable, Raw Material Inventory, Accumulated Depreciation, Finished Goods Inventory, and Cost of Goods Sold: These statements provide projected figures for the corresponding accounts.
Cash Budget: This budget summarizes the expected cash inflows and outflows, helping to determine the cash position for the period.
Proforma Balance Sheet: This statement presents the projected financial position of the company, including assets, liabilities, and shareholders' equity.
To perform a comprehensive analysis and prepare all these budgets and statements, it would be best to use spreadsheet software like Ex-cel or specialized accounting software.
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Identify at least one benefit and one disadvantage of both "simple" and "compounding"
interest. What are some of the reasons why someone might choose simple interest over
compounding interest? Why would one choose compounding interest over simple
interest? Given the information you have from the article, and other sources, which
would "you" choose, and why.
An advantage of simple interest is that it is simpler to understand and cheaper. Regarding the disadvantages, they are associated with the difficulty of being found and in case of delay there are higher associated fees.
Compounding interest, on the other hand, has the benefits of investment advantages, as funds grow more than simple interest over a period of time. The disadvantages are related to cost, which depending on economic factors can increase or decrease.
How to make good investments?Is necessary for the investor to be aware of the risks inherent in any investment, so the ideal is that the investment portfolio is varied, to mitigate the risks. Some other important tips are carrying out financial planning, knowing your investor profile and the discipline necessary to manage your investiments in an advantageous and profitable way.
Therefore, if a choice had to be made to invest, perhaps compound interest would be a better option, as it has a higher yield over time.
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Post-Assessment
Question 2 of 5
Why is buying a car considered "bad debt"?
It decreases in value over time
It increases your net worth as it build equity
It gives you transportation to and from your job
It is worth more than any other investment
Submit
Continue
E
The reason why buying a car considered "bad debt"is that It decreases in value over time. option A
What is bad debt?The term bad debt can be described as the amount of money that a creditor must write off as a result of a default on the part of the debtor in a case whereby the creditor has a bad debt on the books, then things turn to uncollectible and is recorded as a charge-off.
It should be noted that a case can be regarded as bad debt because the value of the asset you receive from the loan depreciates quickly however in some cases interest charges increase how the amount that is been paid for the vehicle. and in thius case cost is higher compare to what it would be if you'd purchased the car outright with cash.
Hence, option A is correct.
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A BFB - Assigned in excess of a balance of Encumbrances Control indicates:
An excess of voucher's payable over encumbrances
An excess of purchase orders over invoices received
A recording error
An excess of appropriations over encumbrances
A BFB - Assigned in excess of a balance of Encumbrances Control indicates An excess of appropriations over encumbrances.
When a BFB (Budgetary Fund Balance) is assigned in excess of a balance of Encumbrances Control, it indicates that the amount of budgeted appropriations (allocated funds for specific purposes) exceeds the amount of encumbrances (commitments made to purchase goods or services). This means that more funds have been allocated for specific purposes than have been committed or encumbered. It may indicate that the organization has not utilized the full amount of budgeted funds for the specified purposes or that there has been a miscalculation or underutilization of the allocated funds.
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Business Ethics Nine-point Checklist Questions
You own a business in the United States that you have determined needs to move out of the country in order to survive. Choose one of the companies below to complete your quiz.
As you prepare to leave, you need to identify those who are helped (individuals in the new country) and those who are hurt. Next, you need to define your ethical responsibilities to all your shareholders (the individuals in the US).
Choose one of these companies as your company to answer the Business Ethics Checklist.
Apple
IBM
Cisco Systems
Nike
Wal-Mart
What are the facts? Who is affected? Is there an ethical problem? Is it simply right vs. wrong? Is this an ethical dilemma: Right vs. wrong? What resolution principles might be applied? What are your options? Is there a third way? Reflect on why you think this is the best decision? PLEASE SOMEONE HELP ASAP!!!!!!!
YOULL GET 100 POINTS!!!!
The business Ethics Nine-Point Checklist aids in making ethical decisions. The one for Wal-Mart is as follows:
The background: I'm leaving and I have to identify those who have helped and those who have hurt.The facts? I will be leaving and I have to ensure that my absence does not hurt the company.Who is affected? The company as a whole will be affected if I don't put proper succession plans in placeIs there an ethical problem? Yes. My responsibility within the company is to ensure that the company continues to exist and function legally and separately from my person so that other stakeholders (staff and investors) are not put at a disadvantage.Dilemma? The dilemma only exists if the solution to my absence is such a difficult one. The conflict is between my personal interests and that of the company.What resolution principles may be applied? Succession planning and change management is crucial in this case.Is there a third way? Yes. The third way would be to reexamine the reason why I want to leave in the first place and see if there is a possible solution to thatWhat is the best decision? This would be dependent on a lot of subjective factors.What is ethics?Ethics, often known as moral philosophy, is a philosophical field that "involves systematizing, defending, and advocating conceptions of good and bad action." The field of ethics, like aesthetics, is concerned with considerations of worth; together, these subjects compose the branch of philosophy known as axiology.
The Fundamental Ethics Principles The four ethical principles are beneficence, nonmaleficence, autonomy, and justice.
Ethics is what motivates us to speak the truth, honor our promises, and assist those in need. On a daily level, an ethical framework underpins our lives, assisting us in making decisions that have a good influence and directing us away from unjust consequences.
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When making decisions, managers often must decide between doing what is beneficial for the firm in the short term, and what is beneficial for both the firm and society in the long term. To address this conflict, a firm must
When making decisions, managers are often faced with a conflict between what is beneficial for the firm in the short-term and what is beneficial for both the firm and society in the long-term.
This conflict arises because the actions that benefit the firm in the short-term may not necessarily align with the interests of society as a whole, which can lead to negative consequences for both the company and society in the long-term.
To address this conflict, a firm must adopt a long-term orientation and consider the broader social and environmental impacts of its decisions. This means looking beyond immediate financial gains and recognizing that actions taken today can have far-reaching implications for the company's reputation, customer loyalty, employee morale, and overall sustainability.
Firms that prioritize social responsibility and sustainable business practices are more likely to build strong relationships with stakeholders, including customers, employees, investors, and regulators. They are also better equipped to weather economic downturns and other disruptions, as they have diversified their risk and invested in building resilient supply chains and communities.
Ultimately, the key to addressing the conflict between short-term gains and long-term benefits is a commitment to corporate social responsibility (CSR) and sustainable business practices. By prioritizing the needs of society and the environment alongside those of shareholders, firms can create value for all stakeholders over the long-term, ensuring their continued success and impact.
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At what price will the stock reach an ""equilibrium"" at which it is perceived as fairly priced today?.
it's equilibrium price is $55.75.
An equilibrium rate is a balance of demand and grant factors. There is a tendency for expenditures to return to this equilibrium except some characteristics of demand or supply change. Changes in the equilibrium price manifest when both demand or supply, or both, shift or move.
How do you discover equilibrium price?To find the equilibrium rate a mathematical system can be used. The equilibrium fee components is primarily based on demand and furnish quantities; you will set volume demanded (Qd) equal to quantity supplied (Qs) and resolve for the price (P). This is an instance of the equation: Qd = one hundred - 5P = Qs = -125 + 20P.
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It allows you to rent a car while yours is being repaired. a. auto replacement c. personal damage liability b. comprehensive physical damage d. rental reimbursement
Answer:
I'm pretty sure the answer is d
Explanation:
Alternatively, you may pay out-of-pocket for your rental then seek reimbursement from the other insurance company once it completes its investigation.
Answer:
D
Explanation:
What is a business opportunity?
Answer:
a packaged business investment that allows the buyer to begin a business.
Explanation:
studies show that during the march madness college basketball tournament, the productivity of the average company in the united states falls considerably. this is an example of
The studies show that during the march madness college basketball tournament, the productivity of the average company in the united states falls considerably is an example of-Moral hazard
What is Moral Hazard?When one of the parties to a contract can take risks without facing repercussions, moral hazard may exist. Moral hazard is prevalent in the loan and insurance industries, but it can also exist in interactions between employees and employers.
Example- The readiness of some homeowners to default on a mortgage was a previously unanticipated moral hazard that contributed to the financial crisis of 2008.
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Natalie wants to deposit $2,000 into a savings account at a 1.25 percent interest rate. The interest is compounded every six months. How much interest will she earn over two years?
Answer:
Natalie will earn $50.31 in interest over two years assuming that the interest is compounded every 6 months.
Explanation:
Natalie will earn $50.31 in interest over two years, assuming that the interest is compounded every six months.
Here's how to calculate it:
- First, we need to figure out how many times the interest will be compounded over two years. Since the interest is compounded every six months, there will be four compounding periods per year, or a total of eight compounding periods over two years.
- Next, we can use the formula A = P(1 + r/n)^(nt) to calculate the amount of money Natalie will have in her account after two years, where:
- A is the amount of money in the account after two years
- P is the principal (the initial amount of money deposited)
- r is the annual interest rate (1.25%)
- n is the number of times the interest is compounded per year (4, since it's compounded every six months)
- t is the number of years (2)
Plugging in these values, we get:
A = 2000(1 + 0.0125/4)^(4*2)
= 2000(1.00625)^8
= 2100.31
- Finally, we can subtract the initial principal from the final amount to find the amount of interest earned:
Interest = A - P
= 2100.31 - 2000
= 100.31
Rounding to the nearest cent, Natalie will earn $50.31 in interest over two years.
Answer:
$4050.16
Explanation:
using the formula 2000(1+.0125/2)^2(2) to represent the 6 month period (A=P(1+r/n)^nt) you get 4050.15625 which rouned to the nearest tenth is 4050.16 to represent the change
Which of the following factors is most likely to be a reason not to outsource HR activities?A. vendors have little expertiseB. vendors are less flexible to meet changing needsC. vendors have few resources to offerD. vendors meet resistance within HR and line management
The most likely reason not to outsource HR activities would be option D: vendors meet resistance within HR and line management.
Outsourcing HR activities involves delegating certain human resources functions to external vendors or service providers. While outsourcing can offer various benefits such as cost savings and access to specialized expertise, it may also face challenges. Among the options provided, resistance from HR and line management is a significant factor that can deter organizations from outsourcing HR activities.
Resistance within HR and line management can arise due to concerns about loss of control, potential conflicts with organizational culture, and uncertainties about the quality and reliability of outsourced services. HR plays a critical role in managing employee relations and ensuring the alignment of HR practices with organizational goals. Line management relies on HR to support their workforce management needs. If there is resistance from these key stakeholders, it may impede the successful implementation and integration of outsourced HR activities.
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A football player on a 2 million dollar contract who refuses to show up to training camp because another similar football player has a contract for more money is an example of ________.
Answer:
Equity Theory.
Explanation:
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P.S, Brainliest if correct! Thanks!
The Sarbanes-Oxley Act specifically gives the SEC the authority to intervene in any extraordinary payments made by a company that may be the subject of an SEC investigation. True or False
The statement is true because the Sarbanes-Oxley Act was passed in response to a series of corporate scandals in the early 2000s, including Enron and WorldCom.
The act aims to improve corporate governance and accountability by requiring companies to establish and maintain internal controls and financial reporting procedures. One of the provisions of the act is the requirement for companies to disclose any material off-balance sheet transactions and arrangements, which may include extraordinary payments.
The act also grants the SEC the authority to intervene in any such payments made by a company that is under investigation by the SEC. This intervention can take the form of a temporary freeze on the payment or a requirement for the company to seek approval from the SEC before making the payment.
Overall, the Sarbanes-Oxley Act aims to improve transparency and prevent fraudulent activities in corporate America.
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what is the difference between an implicit and user-defined database constraint?
The main difference between the two is that implicit constraints are automatically enforced by the DBMS, while user-defined constraints must be created and enforced by the user.
An implicit database constraint is one that is automatically enforced by the database management system (DBMS) without any input from the user. For example, a primary key constraint, which ensures that each record in a table has a unique identifier, is an implicit constraint. The DBMS automatically enforces this constraint without the user having to define it.
A user-defined database constraint, on the other hand, is one that is created by the user to enforce specific business rules. For example, a user may create a constraint that requires all employees to have a valid email address. This constraint would be user-defined, as it is not automatically enforced by the DBMS.
Both implicit and user-defined constraints are important for ensuring data integrity and consistency in a database.
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Your friend operates a business and has the following demand curve. Complete the table, and use the information provided to find your friend's profit-maximizing price and level of output.
a. Fill in the blanks in the table. Quantity price for painting Total Revenue Marginal Revenue Marginal Cost 1. $9,000 $9,000 $9,000 $2,000 2. $8,000 ……. $7,000 $1,000 3. $7,000 $21,000 ……. $2,000 4 $6,000 $3,000 ……. $3,000 5 $5,000 $25,000 ……. $4,000 b. The profit maximizing price and output are: A. Price = $6,000; Quantity = 4 B. Price = $5,000; Quantity = 5 C. Price = $6,000; Quantity = 5 D. Price = $7,000; Quantity = 3
The output level at which marginal revenue equals marginal cost can be used to calculate the price and output that maximises profits. The price that maximises profit is $6,000, and the output level is 4.
Is ATC higher or lower than AVC?Costs are reducing when productivity is increasing. The curves on the left depict the relationship between the average labour product (AP) curve and the average total cost (ATC) and average variable cost (AVC) curves. The ATC curve is above the AVC curve in the graph on the left, although it is not labelled.
$9,000 $9,000 $9,000 $2,000
$8,000 $16,000 $7,000 $1,000
$7,000 $21,000 $5,000 $2,000
$6,000 $24,000 $3,000 $3,000
$5,000 $25,000 $1,000 $4,000
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Economics (FoolProof)
I should do my best to get a credit card from a company that will tell me both my interest rate and my credit limit before I commit to taking the card.
True or False
Answer:True
Explanation:
THIS IS URGENT- How did Jeff bezos change the economy when he created Amazon (I need when he first created it up to now!)
Jeff Bezos when he created Amazon had a tremendous impact in the economy as he created jobs more than any other company had created before and also helped in achieving price stability.
What is Amazon?
Digital streaming, cloud computing, online advertising, and artificial intelligence are the main areas of interest for the American multinational technology business Amazon.com. One of the most valuable brands in the world, it has been called "one of the most significant economic and cultural forces in the globe." Along with Alphabet, Apple, Microsoft, and Meta, it is one of the Big Five American technological firms. On July 5, 1994, Jeff Bezos launched Amazon from his garage in Bellevue, Washington. It began as an online book store but has since grown to include many more product categories.
Hence, Amazon contributed to the economy in terms of sales, price stability and creation of jobs and also providing a alternate option for marketplace in a economy.
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What does the president have the power to do as the commander in chief?
O declare war on another country
veto, or reject, a bill passed by Congress
decide how to interact with other countries
use troops to enforce US laws
According to Article 2, Section-2(1) : The president shall be commander in chief of the army and Navy of the United States, and of the Militia of the several states.
When called into the actual Service of the United States, he may require the opinion, in Writing, of the principal officers in each of the executive Departments, upon any Subject relating to the duties of their respective offices, and he shall have power to grant Reprieves and Pardons for offences against the United States, except in cases of Impeachment.
Under the constitution, the president, in addition to being Chief Executives, is Commander in Chief of the Army and Navy. He holds the prime responsibilities for the conduct of United states foreign relations. These duties carry very broad powers, including the power to deploy American Forces abroad and commit them to military operations when the president deems such action necessary to maintain the security and defense of the United States.
Under our constitution it is the President who must decide when an armed attack has occurred. He has also the constitutional responsibilities for determining what measures of defense are required when the peace and safety of the United states are endangered.
In 1787 the world was a far larger place, and the framers probably had in mind attacks upon the United states. In the 20th century , the world has been grown much smaller then they think about territorial integrity and human right of the people.
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To calculate the number of montly payments required to pay off a loan or meet an investment goal, use the _______ function.
To calculate the number of monthly payments required to pay off a loan or meet an investment goal, use the nper function.
In finance, lending is the lending of money by one or more individuals, organizations, or other entities to other individuals and organizations, etc. The beneficiary incurs a debt and usually has to pay interest on that debt until that debt is also repaid. to repay the principal borrowed.
The promissory note will typically state, among other things, the principal amount of the loan, the interest rate charged by the lender, and the date of repayment. A loan involves reallocation of assets in question over a period of time, between the lender and the borrower.
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How would a single person with a taxable income of $15,000.00 per year and a single person with a taxable income of $300,000.00 per year be treated differently-and similarly-in terms of national taxes?
Answer:
Would a person earning $15,000 per year and a person earning $300,000 per year be in the same federal tax bracket? ... No, because federal income tax is progressive. If single in 2014, the $15,000 would be in the 15% marginal bracket, the $300,000 would be in the 33% marginal bracket. When would you have to pay a gift tax?
Explanation:
Because the national tax is based on progressive tax method, then, the tax rate will be higher for high income earners and vice versa.
What is the progressive tax method?This is a taxation method that works that imposing a tax rate based on the taxpayer ability to pay them.
The progressive tax imposed higher rate for high income and lower rate for low income.
Therefore, the national tax is based on progressive tax method which is reflected in the question aksed.
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