Income Statement for Year 1:Sales Revenue 50,000; Less: Sales Returns (25,000); Net Sales Revenue 25,000; Cost of Goods Sold 22,500; Gross Profit 2,500; Salary Expense 40,000; Depreciation Expense 2,000.
To create financial statements for Year 1, we need to record the transactions in an Excel template and make adjusting entries where necessary. Here is the template with the transactions and adjusting entries:
Account
Cash 1,000,000 Bank Loan 500,000 Common Stock 1,000,000Additional Paid-in Capital 500,000Inventory 225,000 Cash 225,000Salary Expense 40,000 Salaries Payable 5,000Salary Expense 5,000Accounts Receivable 50,000 Sales Revenue 50,000Vehicles 50,000 Cash 50,000Depreciation Expense 2,000 Accumulated Depreciation-Vehicles 2,000Accounts Receivable 25,000 Sales Returns 25,000Accounts Receivable 200,000 Service Revenue 200,000Retained Earnings 5,000 Dividends 5,000Note Receivable 2,500 Cash 2,500Note: Inventory is calculated by multiplying the number of golf balls purchased (75,000) by the cost per ball ($3).
Now we can use this data to create financial statements for Year 1.
Income Statement for Year 1:
Sales Revenue 50,000Less: Sales Returns (25,000)Net Sales Revenue 25,000Cost of Goods Sold 22,500Gross Profit 2,500Operating Expenses Salary Expense 40,000Depreciation Expense 2,000Learn more about Income Statement: brainly.com/question/15169974
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A B C D for each one
Identify the letter for the principle or assumption from A through \( D \) in the blank space next to each numbered situation that it best explains or justifies. In preparing financial statements for
For the given situations, the letters A, B, C, and D correspond to the Historical Cost Principle, Materiality Principle, Going Concern Assumption, and Matching Principle, respectively.
In preparing financial statements, certain principles and assumptions are used to ensure accuracy and consistency. Let's identify the principles or assumptions for each situation:
1. Going Concern Assumption (C): This principle assumes that the entity will continue to operate in the foreseeable future. It justifies the inclusion of long-term assets and liabilities in the financial statements.
2. Historical Cost Principle (A): This principle states that assets should be recorded at their original cost. It justifies the use of historical cost rather than market value for assets in the financial statements.
3. Matching Principle (D): This principle requires that expenses be recognized in the same period as the revenues they help generate. It justifies the allocation of costs to the period in which they contribute to generating revenue.
4. Materiality Principle (B): This principle states that financial information should only be disclosed if it would influence the decisions of users. It justifies omitting insignificant details from the financial statements.
For the given situations, the letters A, B, C, and D correspond to the Historical Cost Principle, Materiality Principle, Going Concern Assumption, and Matching Principle, respectively. These principles and assumptions ensure the reliability and comparability of financial statements.
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The presence of a price control in a market for a good or service usually is an indication that.
In the absence of price regulations, officials considered that the price that was in place in that market was unjust to either buyers or sellers.
What is the difference between the buyer and seller?Buyer is the one who buys or purchase the goods and services from the seller, he has to give some amount of money to purchase the commodity
Seller is the one who sells or give the goods and services to the buyer in return for the money.
Thus, In the absence of price regulations, officials
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_____ make it possible for owners to sell their stocks and bonds to other investors.
Stock and bond markets make it possible for owners to sell their stocks and bonds to other investors.
These markets are essentially platforms where buyers and sellers come together to exchange ownership of securities. Investors can buy and sell stocks and bonds through exchanges, such as the New York Stock Exchange or the Nasdaq, or through over-the-counter markets. These markets provide liquidity for investors, allowing them to buy and sell securities quickly and easily. In addition, they also provide pricing information, enabling investors to determine the value of their holdings. Stock and bond markets are essential for the functioning of the modern financial system, as they facilitate capital formation and investment, which ultimately drive economic growth.
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b Identify and explain two reasons why the primary sector is relatively more Important to Botswana than India.
Answer: The primary sector refers to industries that are involved in the extraction of natural resources and the production of raw materials. This sector includes activities such as agriculture, forestry, fishing, mining, and oil and gas production.
In Botswana, the primary sector is relatively more important than it is in India for several reasons:
Explanation:
1. Dependence on Natural Resources: Botswana is heavily dependent on its natural resources, particularly diamonds, which account for over 70% of the country's exports. The primary sector plays a crucial role in the country's economy, and its importance is reflected in the high levels of investment in the sector.
2. Agriculture and Livestock Production: While agriculture and livestock production plays a relatively minor role in India's economy, they are significant in Botswana, where they provide food and income for a large number of rural households.
Read more about the primary sector dependence of India and Botswana:
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https://en.wikipedia.org/wiki/Economy_of_Botswana
Your friend, Abu, has come to you for some assistance in evaluating a company he is considering investing in. Abu has provided you with the income statement, balance sheet and statement of cash flows for the year ended December 31, 2021 as well as some industry standards for select ratios. Abu knows you have taken a financial accounting course & is hoping you can help him decide whether or not he should invest in the company D Required: 1. Calculate 12 ratios to help you analyze the company. 2. Review the Statement of Cash Flows for Genie's Carpets and describe 3 strengths or weaknesses. 3. Based on your answers from Part 1 and 2 would you recommend Abu invests in the company. You must discuss at least 4 ratios in providing your answer.
Based on the analysis of the ratios and the statement of cash flows, it is recommended that Abu should not invest in the company.
The 12 ratios calculated are as follows:
Current ratio: 1.56
Quick ratio: 0.81
Debt-to-equity ratio: 1.16
Gross profit margin: 32%
Operating profit margin: 11%
Net profit margin: 7%
Return on assets: 5%
Return on equity: 6%
Inventory turnover: 6 times
Days sales outstanding: 47 days
Fixed asset turnover: 1.2 times
Interest coverage ratio: 2.5 times
Strengths of the statement of cash flows include positive cash flow from operating activities, while weaknesses include negative cash flow from investing and financing activities.
Based on these ratios and the statement of cash flows, it appears that the company may struggle to meet its financial obligations, and there may be concerns about its ability to generate sustainable profits.
Additionally, the negative cash flow from investing activities may indicate a lack of investment in growth opportunities. Therefore, it is recommended that Abu should not invest in the company.
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A callable bond:
A. would usually have a lower yield than a similar non-callable bond.
B. is attractive to the buyer because the immediate receipt of principal and premium usually produces a higher return.
C. is more apt to be called when interest rates are high because the interest savings will be greater.
D. generally has a higher credit rating than a similar non-callable bond.
E. is attractive to the issuer because it allows the issuer to prepay outstanding debt if new debt can be issued at lower rates.
Answer:
cookies
Explanation:
no reason
The idea of value-based marketing requires firms to charge a price that:
a. covers costs and generates a modest profit
b. includes the value of the effort the firm put into the product or service
c. captures the value customers perceive that they are receiving
d. prioritizes customer excellence above operational excellence
e. matches competitors' prices
The idea of value-based marketing requires firms to charge a price that captures the value customers perceive that they are receiving.
Option (c) is the correct answer. Value-based marketing is a customer-centric approach that focuses on delivering superior value to customers. It emphasizes understanding and meeting customer needs and preferences while creating a competitive advantage for the firm. In value-based marketing, the price charged by the firm should align with the value customers perceive they are receiving from the product or service. This means that customers should feel that the price they pay is fair and justified based on the benefits and value they expect to receive. It goes beyond simply covering costs or matching competitors' prices. Value-based pricing takes into account the customer's perspective, emphasizing the value proposition.
Of the product or service and aiming to create a mutually beneficial exchange between the customer and the firm. By charging a price that captures the perceived value, firms can effectively communicate and deliver the value proposition to customers, leading to customer satisfaction, loyalty, and long-term profitability.
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Which of the following is a common heuristic for assembly line balancing?
A) first come, first served
B) least preceding tasks
C) earliest due date first
D) ranked positional weight
E) most preceding tasks
D
A common heuristic for assembly line balancing is option B) least preceding tasks. This heuristic aims to allocate tasks to workstations on an assembly line based on minimizing the number of tasks preceding each task. The idea is to prioritize assigning tasks to workstations that have fewer tasks already assigned to them.
By using the least preceding tasks heuristic, the goal is to distribute the workload evenly across workstations and minimize the potential bottlenecks or imbalances in the assembly line. This heuristic helps to optimize the efficiency and productivity of the assembly process by ensuring that tasks are allocated in a way that reduces the overall time required to complete the entire production process.
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A common heuristic for assembly line balancing is option B) least preceding tasks. This heuristic aims to allocate tasks to workstations on an assembly line based on minimizing the number of tasks preceding each task. The idea is to prioritize assigning tasks to workstations that have fewer tasks already assigned to them.
By using the least preceding tasks heuristic, the goal is to distribute the workload evenly across workstations and minimize the potential bottlenecks or imbalances in the assembly line. This heuristic helps to optimize the efficiency and productivity of the assembly process by ensuring that tasks are allocated in a way that reduces the overall time required to complete the entire production process.
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Stakeholders and their influence- Who are the stakeholders of your business? How do these stakeholders influence your business? for a pharmacy business
Answer:
The stakeholders of a pharmacy business include:
Customers: They are the primary stakeholders of the business. They influence the business by determining the demand for the products and services offered by the pharmacy.
Employees: They are responsible for the day-to-day operations of the business. They influence the business by their level of productivity, job satisfaction, and employee retention.
Suppliers: They supply the products and services needed to run the business. They influence the business by their ability to deliver products and services on time and at a reasonable cost.
Shareholders: They own the business and have a vested interest in its financial performance. They influence the business by providing capital and by making decisions about the direction of the business.
Government: They regulate and oversee the pharmacy industry. They influence the business by imposing regulations and laws that the pharmacy must comply with.
Competitors: They also influence the business by determining the level of competition and the prices of products and services in the market.
Community: The community in which the pharmacy is located also influences the business through public opinion and support.
Health Care Providers: They play a vital role in the pharmacy business as they prescribe the medications and influence the demand of the products and services offered by the pharmacy.
Stakeholders influence the pharmacy business by making decisions, providing support, creating competition, and setting regulations. A pharmacy must take into account the interests and needs of all of its stakeholders in order to be successful in the long term.
Explanation:
What is an example of global dependency?
One example of global dependency is the dependence of many countries on oil imports from the Middle East.
Many economies rely heavily on the oil industry and therefore rely heavily on the countries that produce and export large amounts of oil. This dependence can have a significant impact on the global economy, as well as on the political and social dynamics of the countries involved.
For example, a disruption in oil production or exports from the Middle East can lead to major economic downturns and political instability in other countries that rely on those imports.
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Which aspect of Darron's career matches his lifestyle but is also in conflict with some of his desires? busyness while at work earning money frequent travel strong competition
Answer:
frequent travel
Explanation:
Since in the question it is mentioned that Darron loves his carrier as it fits with his lifestyle. He knows how to make a money and how to keep busy also he loves travelling plus he wish that he could spend more time with his family members
So here the frequent travel fits in the given situation as he loves travelling so he travel frequently
Therefore the same is considered
Answer:
its travel
Explanation:
the divergence between money costs and opportunity costs is the least in which of the following situations? colleen quits her job to stay at home and raise her children. a university, using a private contractor, builds a field house on land it purchased at full market value from a local farmer. wilhelm, an engineer at exxon, is drafted-his army salary is $2,000 per month. china uses millions of otherwise unemployable workers to build roads with picks and shovels.
The situation in which the divergence between money costs and opportunity costs is least is when a university, using a private contractor, builds a field house on land it purchased at full market value from a local farmer. In this case, the money costs incurred by the university align with the opportunity costs, resulting in a minimal divergence between the two.
In this situation, the costs incurred by the university, such as the purchase of land and the fees paid to the private contractor, directly reflect the money costs. The opportunity costs, on the other hand, are relatively low because the university is utilizing its resources (money and land) in a way that aligns with its primary purpose of providing facilities for its students and community.
The opportunity cost of using the land and funds for the field house is minimal as it is being utilized for its intended purpose rather than being foregone for other potentially more valuable alternatives.
The situation in which the divergence between money costs and opportunity costs is least occurs when a university builds a field house on land purchased at full market value from a local farmer. In this case, the money costs incurred by the university align with the opportunity costs, resulting in a minimal divergence between the two.
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In the calculation of the CPI, teas is given greater weight than beer if
1.How does a teacher maintain the quality of education. write in brief.
2 why do you think that the teaching job is the most important. give reasons
3. do you like teaching job?why or why not?give reasons as much as you can.
4. Differentiate between teaching profession and other professions in the context of our country.
Answer:
Explanation:
Simple Guidelines To Improve Teaching Quality and Effectiveness In The Classroom
Introduce technology in the classroom. ...
Personalise the learning experience of the students. ...
Involve Parents in The Classroom. ...
Empower students to be active learners.
Which of the following is NOT a characteristic of an objective?
A. measurable
B. universal in nature
C. expressed in writing
D. challenging but attainable
The objectives must include quantitative or descriptive measures that indicate quantity, quality, cost, etc. Focusing on audible actions and outcomes is advised. Achievable. The aims should be attainable by utilising the resources, influence, and control of exercise play and participant actions.
What kind of activity is this, specifically?
Remember that verbs of action can represent both mental and physical actions. Anthony is the one who is flinging the football. She volunteered for the post. He gave the exam and his careless mistake some thought.
When something is actually done as opposed to being thought about or uttered, it qualifies as an action.
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During the two years he has been working, Jeffrey has saved some money to buy a house. His parents have agreed to loan him part of the down payment, and he has started to look for a house he can afford. He discovered a great house that has two apartments in it. He has looked at all the information carefully, done his budget, and thinks he can afford the house because he will live in only part of it and will rent out the other half. If Jeffrey buys this house, lives in the apartment upstairs and rents out the apartment downstairs, which of the following is true?
Answer:
you have to give "the following"
Who is called father of new economics?
Adam Smith was an eighteenth-century scholar famous as the dad of current financial matters, and a significant defender of free enterprise (non-impedance from the public authority) monetary strategies.
Adam Smith was the 'forefather' of entrepreneur thinking. His supposition that was that people were self-serving commonly yet that as long as each individual were to look for the satisfaction of her/his responsibility, the material necessities of the entire society would be met.
The field started with the perceptions of the earliest financial experts, for example, Adam Smith, the Scottish logician prominently credited with being the dad of financial aspects — even though researchers were mentioning monetary observable facts well before Smith composed The Abundance of Countries in 1776.
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How does the way you feel about yourself affect hiw others see you?
I don't think my reality influences how I am viewed by others. It is the other way around, though.
If I ALLOW IT, how people see me will influence how I see myself. It depends on the person in a positive or negative way.
Everyone has their own reality; they have their own vision of how they see themselves and others. If someone is mad at me, then I don't take it personally as much as possible because I know they represent their reality, not mine, to me.
Niat ny mau bikin dua akun tapi malah kesasar :(
Answer:
I'm lost and I don't understand your language
One disadvantage of using a company’s tuition reimbursement program is that _______.
a.
You may have to extend your contract with the company
b.
Your ongoing education costs will rise considerably
c.
It may decrease your job satisfaction if you become more skilled
d.
Ongoing education has been proven to decrease worker motivation
One disadvantage of using a company’s tuition reimbursement program is that you may have to extend your contract with the company.
Tuition reimbursement is offered by employers as a way to pay back employees for education expenses. The people who participated still have to pay out of pocket for the courses they take. At the end of the course, the employee can get back some or all of the tuition expenses.
Answer:
is A. You may have to extend your contract with the company
Explanation: I took the test and is right
Adams, a general contractor, Brinks, an architect, and Carson, an interior decorator, formed the Dex Home Improvement General Partnership by contributing assets as follows: Fair % of Partner Share Adjusted Market in Capital Asset Basis Value Profits and Losses Adams Cash $40,000 $40,000 50% Brinks Land $12,000 $21,000 20% Carson Inventory $24,000 $24,000 30% The land was a capital asset to Brinks, subject to a $5,000 mortgage, which was assumed by the partnership. Brinks' initial basis in Dex is:
Answer:
8,000
Explanation:
Calculation to determine what Brinks' initial basis in Dex is:
Carryover Basis of Land Contributed by Brinks $12,000
Less Mortgage Assumed by the Partnership ($5,000)
Add Mortgage percentage Kept by Brinks $1,000
(.20 x $5,000)
Brink's Initial Basis $ 8,000
($12,000-$5,000+$1,000)
Therefore Brinks' initial basis in Dex is: $8,000
You need to schedule a meeting with your boss. Which of these options would most likely be both efficient and effective? check all that apply.
Scheduling a meeting with your boss: Call the boss's assistant and request a meeting. Future meetings can be planned using scheduled meetings, either as one-time events or recurrent ones.
You can send an email invitation to create the meeting or access your calendar (or manually open the calendar of any contacts) to plan upcoming meetings. However, if you're searching for a broad window of time, our research indicates that mid-morning, between 10 am and 12 pm, is the tried-and-true optimum time to plan a meeting. Everyone should remember this, regardless of their position, field, or location. A schedule is a plan that outlines a series of activities.
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What do you think has to be improved in order to keep the Philippines' computer and electronics industries at the top, given their rising economies? Elaborate your answer.
The Philippines' computer and electronics industries have been booming lately due to the country's growing economy. However, there are still some areas that need to be improved to ensure their continued success and growth such as Infrastructure and Logistics, Human Resource Development, Research and Development, and Intellectual Property Protection.
The Philippines' computer and electronics industries can improve in the following areas:
1. Infrastructure and Logistics- The country's infrastructure and logistics systems are outdated and in dire need of improvement. One of the biggest challenges faced by the computer and electronics industries is the lack of reliable and efficient transportation systems. This issue can be addressed by investing in modern and efficient infrastructure, such as ports, airports, and highways.
2. Human Resource Development- The computer and electronics industries require a highly skilled workforce. The country's education system must provide relevant and up-to-date training to students to ensure they are equipped with the necessary skills. The government and the private sector should work together to invest in vocational training programs to address the skills gap.
3. Research and Development- Investing in research and development is crucial to the success of the computer and electronics industries. The government should provide incentives to encourage private companies to invest in research and development. The private sector should also work together to form partnerships and collaborations with academic institutions to promote research and development.
4. Intellectual Property Protection- Intellectual property protection is crucial for the computer and electronics industries. The government should ensure that there are effective laws and regulations in place to protect intellectual property rights. This will encourage foreign investors to invest in the country's computer and electronics industries, which will help boost the industry's growth.
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Which of these can you invest in without assuming any risk?
(1 point)
bonds
property
stocks
none
Answer:
none
Explanation:
correct
A perfectly competitive firm has the cost function TC = 1000 + 2Q + 0.1 Q2. What is the lowest price at which this firm can break even?
Answer:
Concept & example of breakeven point
Explanation:
Break Even point is where, Total Revenue = Total Cost. So, dividing entire equation by Q, Average Revenue ie Price = Average Cost.
TC = 1000 + 2Q + 0.1 Q^2 , AC = TC / Q , AC = 1000 / Q + 2 + 0.1Q Lowest Price ie AR for breakeven, is where P = AC. So, P = 1000/Q + 2 + 0.1Q
Eg : For quantity Q = 100, minimum price for breakeven, at P = AC is (1000 / 100) + 2 + 0.1 (1000) = 100 + 2 + 100 = 202
List four people you know who would be good references to include on a job application. What is their relationship to you? Explain why you have selected them.
Answer:
Explanation:
Someone you have worked with previously (a coworker). They would be able to speak for how well you work with other people, how you contribute to the environment etc.
Boss from previous job. They can testify to the quality, quantity, regularity and consistency of work + how responsible and dependant you are.
Someone you do volunteer work with or anything extra-curricular related to job. Shows passion and character outside of a professional environment.
A teacher (if its your first job), who can show how well you learn new skills and how willing you are to be critiqued and improve.
Answer:
My friend Sanatana, we worked together really well. My other friend Feliciti, we worked on register together. My friend Daniel, he and I worked salads together. My mom, who would be a good character reference.
What is an investment portfolio?
A. A selection of varied accounts
B. A selection of varied instruments
C. A selection of varied applications
D. A selection of varied stocks and bonds
Answer:
In finance, a portfolio is a collection of investments aka stocks and bonds!
1-Fill in the following table for a product in a purely competitive market. The market price for the good is $32. Use the total revenue–total cost approach to evaluate at what quantity the firm can maximize its profits.
Total
product
output
Total
fixed
cost
Total
variable
cost
Total cost
Total revenue
Profit/Loss
Marginal Revenue
Marginal Cost
0
$50
$ 0
$_____
$_____
$_____
$_____
$_____
1
50
5
_____
_____
_____
$_____
$_____
2
50
15
_____
_____
_____
$_____
$_____
3
50
30
_____
_____
_____
$_____
$_____
4
50
50
_____
_____
_____
$_____
$_____
5
50
75
_____
_____
_____
$_____
$_____
6
50
105
_____
_____
_____
$_____
$_____
7
50
140
_____
_____
_____
$_____
$_____
8
50
185
_____
_____
_____
$_____
$_____
2- ECON Apples is selling apples in a purely competitive market. Its output is 5000 pounds, which it sells for $5 a pound. At the 5000-pound level of output, the average variable cost is $4.00, the marginal cost is $4.25, and the average total cost is $4.50 a pound. Should the firm increase output, decrease output, or not produce? Why? How should the firm determine the optimal level of output?
3. Firms in the market for footballs are selling in a purely competitive market. ECON Footballs has an output of 5,000 balls, which it sells for $10 each. At the output level of 5,000 the average variable cost is $6.00, the average total cost is $7.50, and the marginal cost is $10.00. What would you expect the firm to do in the short run? The market in the long run?
In a purely competitive market, the firm maximizes its profits by producing at the quantity where marginal revenue equals marginal cost. The optimal level of output is determined by comparing marginal revenue and marginal cost.
To evaluate the profit-maximizing quantity for the given product in a purely competitive market, we can use the total revenue-total cost approach. In the table provided, we observe different levels of total product output, total fixed cost, total variable cost, total cost, total revenue, profit/loss, marginal revenue, and marginal cost. To find the quantity at which the firm can maximize its profits, we look for the quantity where marginal revenue equals marginal cost. At this point, the firm is maximizing its efficiency by producing the output level where the additional revenue from selling one more unit (marginal revenue) is equal to the additional cost of producing one more unit (marginal cost).
For the second question, in the case of ECON Apples, where the firm is selling apples in a purely competitive market, we consider the average variable cost, average total cost, and marginal cost at the output level of 5,000 pounds. Based on the information provided, the firm should continue producing in the short run as long as the price exceeds the average variable cost. However, in the long run, if the price falls below the average total cost, the firm may consider exiting the market to avoid incurring losses.
In the third question, the firm in the market for footballs is selling in a purely competitive market. At the output level of 5,000 balls, the average variable cost, average total cost, and marginal cost are given. Given that the marginal cost is equal to the price, it indicates that the firm is covering its variable costs and earning zero economic profit. In the short run, the firm may continue to produce as long as the price exceeds the average variable cost. However, in the long run, if the price falls below the average total cost, the firm may need to consider exiting the market to avoid sustained losses.
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if braun introduced a new electric razor that sonically removes hair and priced it first at $175 and then at $150 before reducing the price to $100, the firm's initial pricing strategy is known as a. price lining. b. psychological pricing. c. odd-even pricing. d. price skimming. e. penetration pricing.
The firm's Initial price Strategy is known as Skimming Price .
What is Skimming Price ?When a product is first introduced to the market, its price is set relatively high for a set period of time. As time goes on, however, the corporation lowers the price of that specific product, a practice known as skimming.
In a day where new items are released on a daily basis, this method helps the product stay in the market for a long time since, as time goes on, the price of the specific commodity drops and consumers can still purchase it at a much cheaper price.
According to the given information
We get
If Braun introduced a new electric razor that removes hair acoustically and initially priced it at $175, then at $150, and finally at $100, the company's initial pricing approach is referred to as Skimming Price
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What can Lena do to avoid the risk of having short supplies in times of need?
Lena works in an artificial jewelry-manufacturing unit. It is a family run business and they have been depending on a single supplier for years. As Lena is a proactive person, she can avoid the risk of being in short supplies of raw material by keeping a (blank) supplier for every one main supplier.
Answer:
backup
Explanation:
The correct answer is "Backup"