TOM is a CEO and a funder of a finacial service company. He decided to increase the salaries of employees by a large margin. Given the stakeholders , what should he have done before increasing the employees’ salaries?
inside stakeholders: employees, original shareholder(30%), himself
outside stakeholders: competing companies， potional investors, consumers
Answers
Being a CEO and a funder of a financial service company, TOM has decided to increase the salaries of employees by a large margin.
What should he have done before increasing the employees' salaries, given the stakeholders?TOM, before increasing the employees' salaries, should have done a feasibility study by analyzing the following factors:
i) The financial feasibility of the pay hikes.
ii) The implications for the original shareholders who hold 30 percent of the company.
iii) The impact of increased salaries on the staff morale and satisfaction.
iv) The effect of salary hikes on the recruitment and retention of skilled workers.
v) The views of potential investors on this salary increase.
vi) The company's market position and performance relative to that of competing businesses.
vii) The effect of increased salary on consumer sentiments and demand.
The feasibility analysis would enable TOM to determine whether the wage hikes would be advantageous to the firm's long-term interests or not.
For example, TOM could employ a compensation committee comprising representatives from various stakeholders (such as employees, shareholders, and investors) to deliberate on the proposal and provide feedback.
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Related Questions
There are several schools of thought about personality and many theorists within each school. What are some of the philosophical issues that theories must address and explain regardless of approach/school
Answers
Regardless of the approach or school of thought, theories of personality must address and explain certain philosophical issues.
Here are some of the key issues that theories need to consider:
Nature vs. Nurture: The debate between nature (genetic and biological factors) and nurture (environmental and social factors) is a central issue in understanding personality. Theories need to address the extent to which personality traits are influenced by genetic factors versus environmental influences, and how these factors interact.
Free Will vs. Determinism: The question of whether individuals have free will or if their behavior is determined by internal or external factors is another important philosophical issue. Personality theories need to explain the extent to which individuals have control over their actions and whether personality traits are fixed or can be changed.
Conscious vs. Unconscious Processes: The role of conscious and unconscious processes in shaping personality is a fundamental issue. Theories must address the extent to which conscious awareness influences behavior and the role of unconscious motivations, desires, and conflicts in shaping personality.
Stability vs. Change: The issue of stability versus change in personality over time is another philosophical consideration. Theories need to explain whether personality traits remain relatively stable throughout life or if they can be modified or transformed by experiences, development, and other factors.
Individual Differences vs. Universal Principles: Theories of personality need to account for both the uniqueness of individuals and the existence of universal principles that apply across individuals. They must address how personality traits vary among individuals while also identifying common patterns or principles that underlie human behavior.
Mind-Body Connection: The relationship between the mind and body and how they interact in shaping personality is a philosophical issue that theories must address. This includes understanding the interface between cognitive processes, emotional experiences, physiological responses, and their impact on personality development.
Subjectivity vs. Objectivity: The balance between subjective experiences and objective measurement of personality is an ongoing consideration. Theories need to address the challenge of capturing and studying subjective aspects of personality while also striving for empirical rigor and scientific objectivity.
These philosophical issues are crucial for theories of personality to grapple with, as they provide a foundation for understanding the nature, development, and dynamics of personality across different approaches and schools of thought.
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Sally owns a $1,000-par zero-coupon bond that has six years of remaining a. What is the expected price of the bond at the time of sale?
Answers
Answer:
$647.96
Explanation:
Sue the following formula to calculate the price of the bond at the time of sale
Price of Bond = Face value of the bond / ( 1 + Market interest rate )^numbers of years
Where
Face value of bond = $1,000
Market interest rate = 7.5%
Numbers of years = 6 years
placing values in the formula
Price of Bond = $1,000 / ( 1 + 7.5% )^6
Price of Bond = $647.96
A medium of exchange is:
A. a measure by which prices are expressed
B. an asset that is used to settle future debts
C. the thing traded when barter takes place.
D: an object that sellers will accept as payment
Reserves are __________.
A. gold in a bank's vault plus its gold at federal reserve banks
B. cash in a bank's vault plus its its gold at federal reserve banks
C. cash in a bank's vault plus the cash carries by its customers
D. cash in a bank's vault plus its deposits at federal reserve banks.
Answers
The amount of reserves that a bank must keep on hand is determined by the legally required reserve ratio. Excess reserves are funds that a bank has beyond the required reserves.
A medium of exchange is: D: an object that sellers will accept as payment. Reserves are D: cash in a bank's vault plus its deposits at federal reserve banks. A medium of exchange is an object that is widely accepted in exchange for goods and services. Mediums of exchange are objects that are widely accepted in exchange for goods and services. They help facilitate transactions by providing a common unit of value. A medium of exchange is, therefore, an object that sellers will accept as payment. A medium of exchange may be a physical object such as money or a digital token used to make purchases online or in a store. Money is the most commonly used medium of exchange. Money is also used as a store of value and a unit of account. Reserves refer to the funds that a bank keeps on hand to satisfy withdrawals, meet its daily operational needs, and maintain the legally required reserve ratio. Reserves include deposits that a bank holds at a Federal Reserve Bank and cash that is held in a bank's vault. Reserves are a way to ensure that a bank has sufficient funds to meet its customers' demands for withdrawals. Reserves are classified as either required or excess. The amount of reserves that a bank must keep on hand is determined by the legally required reserve ratio. Excess reserves are funds that a bank has beyond the required reserves.
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option D is the correct answer.
A medium of exchange is an object that sellers will accept as payment. Reserves are cash in a bank's vault plus its deposits at federal reserve banks.What is a medium of exchange?A medium of exchange is an object that sellers will accept as payment. This is the main answer. An asset that is used to settle future debts is called a unit of account. The thing traded when barter takes place is called a commodity. A measure by which prices are expressed is called a standard of value. Therefore, option D is the right answer.Reserves are cash in a bank's vault plus its deposits at federal reserve banks.
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When the productivity of the workers in a Firm increases what would happen to the demand for labour in that firm if the quantity demanded for the product does not change?
Answers
Answer:
The demand for labour would decrease because it will be costly for the business keeping the workers.
Explanation:
If the quantity demanded for the product does not change while workers productivity increase this will make the quantity demanded for labour decrease because its costly to keep workers if the consumers demand does not change this means that the business is not making any profit.
Which of the following riders pays back the premiums paid into a life insurance policy as long as the insured dies within the time as specified in the policy?
Return of cash value allows a whole life policy's cash value to be included in the death benefit. The automatic premium loan allows the insured to automatically use cash value to pay an overdue premium. The excess interest provision pertains to a policy's interest rate and the ability of the policy to build excess cash value. Return of premium pays back premiums paid into the policy.
The correct answer is: Return of premium
Answers
As long as the insured dies within the time as specified in the policy, among the options: the return of premium pays back premiums paid into the policy
The Return of premium rider is a life insurance policy rider that pays back the premiums paid into the policy if the insured individual dies within the specified time period mentioned in the policy. This rider provides a benefit where, if the insured person outlives the policy, they receive a refund of the premiums paid.
It is important to note that the Return of premium rider typically results in higher premium costs compared to a standard life insurance policy without this rider.
The rider provides an added level of financial protection and can be appealing to individuals who want the option to receive a refund of their premiums in case they do not utilize the death benefit during the policy term.
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What taxes are paid directly to the government by taxpayers?.
Answers
Direct Taxes, as the name suggests, are unit taxes that are unit directly paid to the govt by the remunerator. it's a tax applied on people and organizations directly by the govt e.g. income tax, corporation tax, wealth tax etc.
Indirect Taxes are area units applied on the manufacture or sale of products and services. There are unit 2 forms of taxes particularly, direct taxes and indirect taxes. The implementation of each of the taxes differs. The intermediator later files a come back|income tax return|return|legal document|legal instrument|official document|instrument} and forwards the tax return to the government with the return.
Direct tax may be a tax that someone or an organization pays on to the entity that obligatory it. Examples embrace taxation, property tax, and private property tax.
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How many quarters of negative growth for recession.
Answers
The quarters of negative growth for recession is two. A recession is defined as a period of significant economic decline, which is typically characterized by a contraction in gross domestic product (GDP) over two consecutive quarters.
In other words, a recession occurs when there are two quarters of negative growth in a row. However, it is important to note that other factors such as rising unemployment rates, declining consumer confidence, and a decrease in business investment can also contribute to a recession.
Therefore, while the number of quarters of negative growth is a key indicator of a recession, it is not the only factor to consider. Overall, policymakers and economists closely monitor a range of economic indicators to track the health of the economy and to identify potential risks for a recession.
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suppose maestro's had cost of goods sold during the year of $230,000. beginning merchandise inventory was $35,000, and ending merchandise inventory was $45,000. determine maestro's inventory turnover for the year. round to the nearest hundredth.
Answers
In simpler terms, the inventory turnover ratio measures how many times a company sells and replaces its inventory during a year.
To determine Maestro's inventory turnover for the year, we can use the formula: Inventory Turnover = Cost of Goods Sold / Average Inventory.
First, let's calculate the average inventory. Average Inventory = (Beginning Inventory + Ending Inventory) / 2.
Average Inventory = ($35,000 + $45,000) / 2 = $80,000.
Next, we'll use the given information: Cost of Goods Sold = $230,000.
Now, we can calculate the inventory turnover using the formula: Inventory Turnover = Cost of Goods Sold / Average Inventory.
Inventory Turnover = $230,000 / $80,000 = 2.875.
Rounding to the nearest hundredth, the inventory turnover for Maestro's during the year is 2.88.
In simpler terms, the inventory turnover ratio measures how many times a company sells and replaces its inventory during a year. A higher ratio indicates efficient inventory management, while a lower ratio suggests slow inventory turnover. Maestro's inventory turnover of 2.88 indicates that their inventory turned over nearly three times during the year.
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To determine Maestro's inventory turnover for the year, we need to divide the cost of goods sold (COGS) by the average inventory.
Step 1: Calculate the average inventory.
To find the average inventory, we add the beginning inventory and the ending inventory, and then divide the sum by 2.
Average Inventory = (Beginning Inventory + Ending Inventory) / 2
Average Inventory = ($35,000 + $45,000) / 2
Average Inventory = $80,000 / 2
Average Inventory = $40,000
Step 2: Divide the COGS by the average inventory to find the inventory turnover.
Inventory Turnover = COGS / Average Inventory
Inventory Turnover = $230,000 / $40,000
Inventory Turnover = 5.75
Conclusion:
Maestro's inventory turnover for the year is 5.75. This means that, on average, Maestro's inventory was sold and replaced approximately 5.75 times during the year.
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BoTeck is a full-service technology company. It provides equipment, installation services, and training services. For a recent major group sale, the transaction price had a variable component contingent upon a threshold being reached. Revenue allocated to equipment and installation services was recognized in fiscal year 2015; revenue allocated to training services is being recognized over the next two years through the end of 2017. Now, in February 2016, the contingent outcome previously expected has proven to be false and the transaction price has changed such that additional revenue should be recognized for these performance obligations. What is the proper accounting for this change in transaction price for equipment and installation services
Answers
The proper accounting for the change in transaction price for equipment and installation services in this scenario would be to adjust the previously recognized revenue to reflect the new transaction price. This adjustment would result in the recognition of additional revenue for the equipment and installation services.
According to the accounting principle of revenue recognition, revenue should be recognized when it is earned and when it is measurable. In this case, revenue was initially recognized for equipment and installation services in fiscal year 2015 based on the original transaction price. However, due to a change in the transaction price in February 2016, additional revenue needs to be recognized to reflect the updated price. This adjustment would be made by revising the revenue recognized in fiscal year 2015 to reflect the new transaction price.
It is important to note that this adjustment should only be made for equipment and installation services, as revenue allocated to training services is being recognized over the next two years through the end of 2017. Therefore, any changes in the transaction price for training services would be recognized over the remaining recognition period.
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You need to create a legal structure for your small business. You would like some benefits enjoyed by large corporations, but do not want to be taxed twice. You do not plan to sell stock and you want to personally be protected from business liabilities.
S- Corporation
C- Corporation
Limited Liability Company
Sole Proprietorship
Answers
Answer:
s corporation
Explanation:
it's not llc. i got that wrong.
Suppose that Chillmax Company now sells both pairs of shoes and fabric carryalls. The pairs of shoes are priced at $60 and have variable costs of $21 each. The carryalls are priced at $36 and have variable costs of $9 each. Total fixed cost for Chillmax as a whole equals $91,500 (includes all fixed factory overhead and fixed selling and administrative expense). Next year, Chillmax expects to sell 3,500 pairs of shoes and 875 carryalls.
Required:
1. Form a package of shoes and carryalls based on the sales mix expected for the coming year.
Answers
Answer:
The package of shoes and carryalls based on the sales mix expected for the coming year is:
= 4:1
Explanation:
a) This means for every 4 shoes, there is 1 carryall.
b) Data:
Company-wide Fixed costs = $91,500
Unit price of a pair of shoes = $60
The variable cost = $21
This gives a contribution to the fixed cost = $39 ($60 - $21) per unit
Unit price of carryalls = $36
The variable of carryalls = $9
This gives a contribution to the fixed cost = $27 ($36 - $9) per unit
Estimated quantity of pairs of shoes to be sold next year = 3,500
Estimated quantity of carryalls to be sold next year = 875
The ratio of shoes to carryalls = 3,500:875
= 3,500/875
= 4:1
The sales mix for Chillmax Company refers to the proportion of the company's total sales for each type of product sold (pairs of shoes and carryalls).
An interest rate of 12% per semiannually compounded monthly is the same as Select one: a. an effective 26.8% per year. b. an effective 1.5% per month. c. an effective 12.16% per year.
Answers
The interest rate of 12% per semiannually compounded monthly is the same as : (c) an effective 12.16% per year.
To find the effective interest rate, we need to consider the compounding periods. In this case, the interest is compounded semiannually but calculated monthly within each semiannual period.
To convert the nominal interest rate of 12% per semiannually compounded monthly to an effective annual interest rate, we use formula:
Effective Annual Interest Rate = (1 + (Nominal Interest Rate / Number of Compounding Periods))ⁿ - 1,
where, n = Number of Compounding Periods,
In this case, the nominal interest rate is 12%, and since it is compounded semiannually, the number of compounding periods is 2.
Substituting the values,
We get,
Effective Annual Interest Rate = (1 + (0.12 / 2))² - 1
= (1 + 0.06)² - 1
= 1.06² - 1
≈ 1.1236 - 1
≈ 0.1236 ≈ 12.36%.
Therefore, the correct option is (c) an effective 12.16% per year.
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The given question is incomplete, the complete question is
An interest rate of 12% per semiannually compounded monthly is the same as : Select one:
(a) an effective 26.8% per year.
(b) an effective 1.5% per month.
(c) an effective 12.16% per year.
combine like terms to simplify 13q2 + 4q2
Answers
Answer:
17q^2
Explanation:
you add the like terms and 13+4 is equal to 17
The pros and cons of new product concepts are analyzed during the idea generation phase of new product development.
True
False
Answers
1. Job that helps you earn money to pay for college
Answers
Answer:
work - study
Explanation:
Answer:
work ..... study
Explanation:
Lake Company reported beginning and ending Total Assets of $25,000 and $35,000 respectively. The Net Sales for the year were $15,000. What is the asset turnover ratio
Answers
Answer:
0.50
Explanation:
Calculation for What is the asset turnover ratio
Using this formula
Asset turnover ratio=Net sales /Average total assets
Let plug in the formula
Asset turnover ratio=$15,000 / (($25,000 + $35,000)/2)
Asset turnover ratio=$15,000/($60,000/2)
Asset turnover ratio=$15,000/$30,000
Asset turnover ratio= 0.50
Therefore the asset turnover ratio will be 0.50
Another question. Can you think of any other examples of markets "talking"? Explain.
Also, what has been the effect of price floors in the U. S. Sugar industry?
Answers
One example of markets "talking" is through the use of price signals in the stock market. When there is a significant change in the price of a particular stock, it can indicate important information to market participants and potentially trigger reactions across the market.
In the stock market, price changes can reflect various factors such as company performance, market sentiment, or economic conditions. When a stock's price rises sharply, it can signal positive news, such as strong earnings or new product releases. This positive signal can attract more investors, leading to increased demand and potentially driving the price even higher. Conversely, when a stock's price drops significantly, it can indicate negative news or poor performance, causing investors to sell their shares and leading to a further decline in price.
For example, suppose a company releases its quarterly earnings report, and the results exceed market expectations. As a result, the stock price surges by 20%. This sudden increase in price sends a signal to other market participants that the company is performing well. Traders and investors who monitor such price movements may interpret it as a positive sign and decide to buy the stock, anticipating further gains. This increased demand can push the price even higher, reflecting the market's reaction to the positive news.
The stock market is an example of a market where price movements serve as a form of communication or "talking." Price changes can convey information about a company's performance, investor sentiment, and overall market conditions. Market participants closely monitor these price signals to make investment decisions and assess the state of the market. Understanding and interpreting these signals are essential for investors and traders in navigating the stock market effectively.
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Which of the following is an example of inventory at a company?
A.
A scooter that has been purchased at a store by a customer
B.
An employee who provides technical expertise
C.
Fancy dishes and silverware used at a restaurant
D.
A list of products that a hardware store wants to order
Answers
Answer is option c) Fancy dishes and silverware used at a restaurant
what is inventory at a company ?
The term "inventory" refers to all the products, materials, goods, and merchandise that a company has on hand and intends to sell to customers for a profit. Inventory at a manufacturing company includes raw materials utilised in production, as well as semi-finished goods stored in warehouses or on factory floors, in addition to the finished product that has been manufactured and is available for sale. In a service industry, since there is no exchange of physical stock, the inventory is mostly intangible in nature. So the service industry inventory mostly includes the steps involved before completing a sale.
Inventory is:
An asset, tangible or intangible,An asset that can be realized for revenue generation or has a value for exchange, orAn asset which is in process but is meant for sale in the market.Different types of inventory :
Raw materialsWork in progressFinished goodsMRO inventoryBuffer inventoryCycle inventoryDecoupling inventoryTransit inventoryFor any manufacturing or trading company, inventory is a crucial asset, thus it's critical for business leaders to comprehend what it truly means. In addition to the general definition, some sectors of the economy, such as manufacturing and services, employ specialised definitions that take into account all of the assets specific to those sectors. Business owners can better understand how their inventory is serving them by understanding the many forms of inventory, including those that aren't directly used in accounting.
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______is a corporate-level strategy that emphasizes re-investing a company's profits in strengthening its competitive position in its current industry. A. Concentration on a single industry.B. Forward vertical integration.C. Diversification.D. Backward vertical integration.E. International expansion.
Answers
Answer:
A. Concentration on a single industry
Explanation:
The concentration strategy refers to the strategy in which the company wants to compete successfully handling a single industry. The company focused on a single product or the single market in this type of strategy
Here in the given situation, the reinvesting a company profits to strengthen the competitive position in the current industry represents the concentration on a single industry
Hence, the correct option is A.
what is the limit of money the u.s. government is authorized to borrow called
Answers
The debt ceiling, also referred to as the borrowing limit, is the maximum amount of money that the United States government is permitted to borrow.
The debt ceiling, which is often referred to as the borrowing limit, is a statutory cap placed by the US Congress on the total amount of national debt that the federal government is permitted to incur. The debt ceiling instead sets a ceiling on how much money the government can borrow in order to pay its spending. When the government reaches the debt ceiling, it is unable to continue issuing Treasury bonds to fund operations and must either increase the debt ceiling or cut spending in order to stay current with its debt payments. Political parties have disagreed on whether to raise the cap or cut spending, making the debt ceiling a divisive topic in recent years.
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What could be the reason of engaging in underhanded tender agreements with certain clients?
Answers
In Underhanded tender deals, a business manipulates the bidding procedure to guarantee that a specific customer receives the contract.
Financial gain is one of the main motives for businesses to enter into dubious contract deals. They can guarantee that their favoured client gets the contract by manipulating the bidding process, frequently at an exorbitant cost.
Secure a long-term business connection with the customer is another reason why businesses enter into shady tender deals. The business can build a strong connection with a specific client by making sure they receive the contract, which may open up new business possibilities.
In conclusion, engaging in underhanded tender agreements is an unethical practice that can have severe consequences. Companies should prioritize transparency and fairness in their bidding processes to build trust with clients and avoid legal and reputational risks.
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During the proofreading task of the completion stage of a business message, be sure to
O add hyperlinks to change the style of the message.
Oplan the printing and distribution of the message.
O rewrite to clarify any confusing content.
O review for errors in writing, design, and layout.
Answers
Review for errors in writing, design, and layout.
An it company wants to run a log backup process every monday at 2 am. The usual runtime of the process is 5 minutes. As a cloud practitioner, which aws services would you recommend to build a serverless solution for this use-case? (select two).
Answers
As a cloud expert, Cloudwatch and Lambda are the AWS services I would suggest using to create a serverless solution for this use case.
By "cloud practitioner," what do you mean?A technical expert who is proficient in cloud computing and has a solid understanding of AWS is known as an Amazon Web Services (AWS) certified cloud practitioner and is capable of supporting cloud operations in a variety of verticals and sectors.A fundamental understanding of AWS Cloud principles, services, and terminology is provided by the AWS Certified Cloud Practitioner certification. For people in non-technical roles who have no prior IT or cloud expertise or for those with on-premises IT experience looking for basic AWS Cloud fluency, this is a fantastic place to start.
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PLEASE HELP I'VE BEEN TRYING TO FIGURE THIS OUT FOREVER Select the correct answer. According to TARP, on average, what percentage of unhappy customers leave without complaining?
A. 10 percent
B. 25 percent
c. 95 percent
d.50 percent
Answers
The answer is 95%.
The percentage is 95%, it is actually 96% but 95 is the closest answer.
Answer:
c.) 95 percent
Explanation:
took on edmentum is correct
Early on in an amortized loan the interest portion of each payment is typically ______ than the principle portion. Towards the end of the loan term the interest portion of each payment is typically ______ than the principle portion. This is because the principle remaining _______ over the life of the loan. A) less / greater / increases B) greater / less / increases C) greater / less / decreases D) less / greater / decreases
Answers
Answer:
C
Explanation:
An amortized loan is a form of loan which the principle together with the accrued interest component is gradually written off over an agreed period of time at a specified rate.An equal amount is regularly paid over the extended period.
The interest component of an amortized loan is firstly settled before considering the principle amount , which makes the interest component to be higher that the principle at the initial stages. This process leads to a reduction in the volume of the principle balance with time . Moreover , as the principle reduces with time , the interest expenses also reduces , and it eventually gets to a point where the principle component of repayment becomes greater.
What documents will you include in your portfolio?
How will creating a portfolio benefit you with future employment?
Answers
Answer:
./Table of Contents
./Career and professional development goals, tailored for each ./interviewer
./Work philosophy statement; personal mission statement
./List of areas of expertise
./Works in progress (activities and projects)
./Samples of your best work from academic, employment, and internship settings
./Resume, references, transcripts, letters of recommendation
./Evaluations from work/volunteer experiences, agendas of meetings you conducted
./Certificates, diplomas, licenses, awards, letters of appreciation you received
./Records of community service/volunteer work
./Professional memberships and service activities
./Work reports or excerpts from term papers
./Grants or proposals you wrote
./Newspaper clippings featuring you, media clips of your work, promotional materials you designed
./Photographs of you in a professional setting
./Printouts/links to websites, web pages, or blogs you created
./Certificates of attendance from seminars or workshops
./Documentation of leadership experience
this will help you greatly in the future when it comes to people looking to higher you as it shows your skills/weaknesses
Explanation:
brainliest pls
If you are unhappy about the current transportation system, which of the following politicians will you vote for?
A. Politicians who advocates going to war abroad
B. Politicians who wants to improve roads and highways
C. Politicians who aim to improve the educational system
D. Politicians who suggest increasing the sales tax
Answers
Answer:
It would be B because these politicians would improve the roads and the means of transportation
This answer is most associated with the topic of the transportation system. The improvement roads and highways would also improve on transportation.
Find the area of a rectangle with the length measuring 8 km and the width measuring 5 km.
A. 26 m2
B. 40 m2
C. 40 km2
D. 26 km2
Answers
Answer:
The answer is C. 40 km^2
8km*5km = 40
A = L*W
L = 8 km
W = 5 km
The balance on a credit card, that charges a 15.5% APR interest rate, over a 1 month period is given in the following table:
Days 1-5: $200 (initial balance)
Days 6-20: $350 ($150 purchase)
Days 21-30: $150 ($200 payment)
What is the finance charge, on the average daily balance, for this card over this 1 month period?
finance charge = $ [?]
Round to the nearest hundredth.
answer is $3.34
Answers
If the balance on a credit card, that charges a 15.5% APR interest rate. finance charge on the average daily balance for this credit card over the 1 month period is $3.36.
How to finance charge?To calculate the finance charge for the credit card over the 1 month period, we need to calculate the average daily balance and then apply the interest rate. Here are the steps to follow:
Step 1: Calculate the number of days in each period.
Days 1-5 = 5
Days 6-20 = 15
Days 21-30 = 10
Step 2: Calculate the average daily balance for each period.
Average daily balance for days 1-5 = $200
Average daily balance for days 6-20 = ($200 x 5 + $350 x 15) / 20 = $305
Average daily balance for days 21-30 = ($200 x 5 + $350 x 15 - $150 x 10) / 30 = $225
Step 3: Calculate the weighted average daily balance for the entire month.
Weighted average daily balance = (average daily balance for days 1-5 x 5) + (average daily balance for days 6-20 x 15) + (average daily balance for days 21-30 x 10) / 30
Weighted average daily balance = ($200 x 5 + $305 x 15 + $225 x 10) / 30 = $263.33
Step 4: Calculate the finance charge for the month.
Finance charge = weighted average daily balance x daily periodic interest rate x number of days in the billing cycle
Daily periodic interest rate = APR / 365 = 15.5% / 365 = 0.0004247
Finance charge = $263.33 x 0.0004247 x 30 = $3.36
Therefore, the finance charge on the average daily balance for this credit card over the 1 month period is $3.36.
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a chart type useful for illustrating comparisons among related numbers
Answers
A column chart is useful for illustrating comparisons among related numbers.
It displays data as vertical bars, where the length of each bar represents the value being compared. The chart allows for easy visual comparison of values and helps identify patterns, trends, and disparities. It is particularly effective when comparing multiple categories or subcategories, as each column can represent a distinct category, and the height of the column corresponds to its value. The chart's simplicity and clarity make it a popular choice for presenting numerical data and facilitating data-driven decision-making processes.
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