the parties have discharged their original contract via the method of Accord and Satisfaction.
An accord and satisfaction is a legal agreement between two parties to settle a tort claim, contract, or other liability for a sum based on terms that are different from the contract's or claim's initial value. Prior to going to court, legal matters are frequently resolved through agreement and satisfaction.
The agreement on the revised terms of the contract is referred to as the accord, and compliance with those conditions is referred to as the satisfaction. All past claims to the matter are waived whenever there is an agreement and satisfaction, and the performance (or satisfaction) has been carried out.
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what differentiates an estate for years from an estate from period-to-period is that an estate for years
The basic contrast between estate for years and estate from period-to-period to another is the requirement for a notification to empty. Bequest for a really long time doesn't need a notification to clear as the date is determined in the rent, while domain from one period to another requires a notification to empty.
What number of sorts of estates are there?
Homes in land are partitioned into two fundamental orders: freehold domains and Non freehold bequests. Freehold homes are those including proprietorship, while Non freehold bequests are those including inhabitants.
What is estates regulation?
It is a sort of private property and envelops land possession, rental and different plans that give individuals the option to utilize land. This is particular from sway over the land, which incorporates the right to government and tax collection.
What are the 3 estates?
France under the Ancien Regime (before the French Upset) separated society into three bequests:
The Principal Home (church)
The Subsequent Domain (honourability) and
The Third Domain (ordinary citizens).
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Otto mistakenly pays property taxes that should have been assessed against Pip. Otto can recover the amount from Pip in quantum meruit
Only if Pip consents
Even if Pip was not aware of the error
Only if Pip tried to conceal the error
Only if Pip was aware of the error
Otto pays Pip's property taxes, which he ought to have been responsible for. In quantum meruit, Otto can get the money back from Pip even if Pip was unaware of the mistake.
You must supply at least one requirement to install; see pip help install. How do you fix this?You must specify at least one installation prerequisite (see "pip help install") Version 9.0. 3 of pip is available; however, you are currently using version 9.0. The command "python -m pip install —upgrade pip" should be used to upgrade.
How can you fix the pip is not recognized issue?When you improperly install the package installer for Python (pip), which is required to execute Python on your computer, an error stating "pip: command not found" appears. You can either install pip on your command line or reinstall Python, making sure to click the box to add Python to your PATH.
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capri industries is considering an investment that has an initial cost of $26,500 and the following expected cash inflows: year cash inflow 1 $6,000 2 $8,000 3 $10,000 4 $5,000 5 $3,000 the expected payback period is years. multiple choice question. 4 5 3 2
Capri industries is considering an investment that has an initial cost of $26,500 and the following expected cash inflows, The expected payback period is 3.5 years.
A cost is the value of money that has been expended in the production or delivery of a good or service and is therefore no longer available for use in accounting, retail, research, or accounting. In business, the cost may be one of acquisition, in which case the cost is the sum of the money used to acquire it. An asset or item purchased with the intention of generating income or appreciation is referred to as an investment. The term "appreciation" describes a rise in an asset's value over time. When a person buys a product as an investment, they don't intend to use it right away; instead, they plan to use it to make money later on.
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in 2022, the ceo of crimson, inc., entertains 7 clients at a skybox in memorial stadium for a single athletic event during the year. substantive business discussions occurred at various times during the event. the box cost $2,000 per event and seats 10 people. (the cost of a regular, nonluxury box seat at memorial ranges from $55 to $100.) refreshments served during the event cost $700 (the refreshments were obtained from a local restaurant and were separately itemized on the bill crimson received). how much of these costs may crimson deduct?
The amount that Crimson may deduct on the bill is $350 for Meals Deductible.
What is a bill?A bill or invoice is a commercial document that a seller issues to a buyer on a sale transaction and that includes the items, quantities, and agreed-upon prices for products or services the seller has given to the customer.
Payment conditions will typically be included on an invoice. These papers could stipulate that the buyer has a set amount of days to pay in addition to granting a discount if the complete amount is paid before the due date. The buyer may already be up to date on payments for the goods or services listed on the invoice. Some sellers clearly indicate in huge, capital letters on an invoice if it has already been paid in order to eliminate ambiguity and the ensuing needless contacts from buyers to sellers.
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a car dealer will sell you a used car for $6,598 with $798 down and payments of $161.51 per month for 48 months. what is the simple interest rate?
7.4% is the simple interest rate for a car with $6,598 as price, $161.51 as monthly installments and $798 as the down payment for 48 months.
What is simple interest?Simple interest is a method of calculating interest that ignores the impact of compounding. While compound interest frequently compounds throughout the course of a loan's set periods, simple interest does not. Simple interest is calculated by multiplying the principal amount by the interest rate, the number of periods (time) and then divided by 100.
"The period must be expressed in terms of the rate's temporal range. The number of periods must also be given in years if, for instance, the interest is expressed as a yearly rate, such as in a loan with a 5% annual interest rate. Be aware that basis points (BPS) may occasionally be used to describe changes in interest rates.
To solve the question :
Given,
Actual price of the car =$6,598
Monthly installments = $161.51
Down payment for the car = $798.
Duration of installments = 48 months.
In order to calculate the total amount that has to be paid for the car :
= Down payment +( Duration of installments × Monthly installment)
= $798 + (48 months × $161.51)
= $798 + 7752.48
= $8550.48
The extra amount paid is counted under the interest of the car.
Thus,
Interest = (Total amount to be paid for the car - Actual price)
= $8,550.48 - $6,598
= $1,952.48
Now, to find the rate :
P=$6598,
R = R,
Time= 48 months that is 4 years, and
Interest = $1,952.48
I = P × R × T/ 100
1952.48 = $6598 × R × 4/ 100
1952.48 = $26392 × R / 100
R = 100 × (1952.48/ $26392 )
= 7.4%
Thus, 7.4% is the simple interest rate.
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kehlani started a new job in a print shop. she worries about the different chemicals in the workplace, so she requests information about them from her employer. which employee right under the osh act is kehlani exercising?
Kehlani started a new job in a print shop. She worries about the different chemicals in the workplace, so she requests information about them from her employer. Under the OSH Act, Kehlani is exercising her right to have dangerous substances identified.
The workplace is a place where employee have certain rights that must be respected by their employers. These rights include the right to a safe and healthy working environment, the right to fair wages and working hours, and the right to freedom from discrimination and harassment.
When these rights are violated, employees have the right to file a complaint with the appropriate authorities.
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what are the core processes of business identified by bossidy and charan? (choose every correct answer.)
Understanding the backgrounds of the two authors can help you better understand this management technique. Larry Bossidy has successfully led a number of businesses to great success. He changed the business while serving as CEO of Allied Signal, earning him the 1998 CEO of the Year award.
Additionally, he was the COO and the Chairman and Former CEO of Honeywell International. Ram Charan serves as a board of director and senior executive advisor. He has done business with firms like GE, Bank of America. Based on the authors' experience, there is positive news for leaders in execution.
The capacity to make a strategy and follow it to achieve great things is a skill that can be learnt, just like any other discipline. But it necessitates a little different mentality than what most leaders are used to.
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Suppose the newsvendor model describes a firm’s operations decision. Is it possible to have positive stockout probability and positive expected leftover inventory? choose the best answer.
positive projected residual inventory and positive stockout probability Yes, they both represent expectations for a wide range of potential outcomes, none of which will be positive for both.
To determine the remaining inventory, deduct the value of the goods sold from the total stock. In either a perpetual inventory system or a periodic inventory system, the amount attributed to sales revenue represents the value of the products sold.
If your account shows a negative balance (overage), you have a credit balance, and you will receive a refund.
The projected profit maximization is the model's default goal in the newsvendor scenario. The likelihood of achieving a predetermined and fixed target profit level is another objective that has been researched in the literature. It is known as the "satisficing"—or "aspiration-level"—objective.
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the critical path on a project can change as the project progresses. group of answer choices true false
The critical path of a project can change as the project progresses is true. Thus the correct option is true.
What is the critical path of a project?In project management, a critical route is a series of steps that would need the least amount of time to complete a project.
The critical route is a series of related tasks that have a direct impact on the project's completion deadline. If any key route work is late, the entire project is late. The critical route is a set of activities that governs the project's calculated start or conclusion date.
The CPM would describe the most time-consuming sequence. For example, if you're building a house, you'd have the following job sequences: Each work needs a unique amount of time and resources. Building walls and laying the roof takes longer than installing faucets and fixtures.
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the formula to compute the units to purchase in a merchandise purchases budget is: multiple choice question. desired ending merchandise inventory units minus budgeted sales units plus beginning merchandise inventory units desired ending merchandise inventory plus budgeted sales units plus beginning merchandise inventory units budgeted sales units plus desired ending merchandise inventory units minus beginning merchandise inventory units desired ending merchandise inventory minus budgeted sales units minus budgeted beginning merchandise inventory units
Find out the combined value of the starting inventory, the ending inventory, and the cost of the commodities sold. Add finishing inventory to beginning inventory. The difference between the beginning and ending inventories should be multiplied by the cost of products sold.
How are the starting and final inventories determined?Add the cost of items sold from the previous period to the ending inventory to get the beginning inventory cost at the beginning of the accounting period. Subtract the quantity of stock you bought during that time from that total. The resultant figure is the starting inventory cost for the following accounting period.The price of the period's purchases is increased by the cost of establishing inventory. The price of the things that are for sale is this. To calculate the projected cost of goods sold, multiply sales by the gross profit %. To determine the ending inventory, deduct the cost of the items that are still available for sale from the cost of the items that were sold.To learn more about Ending inventory refer to:
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over armoir, inc. purchased a patent totaling $1,000 for cash during the year and equipment for $10,000 cash. assuming these are the only transactions affecting the investing activities, it will report net cash flows from investing activities of . multiple choice question. $11,000 $(11,000) $(9,000) $9,000
The net cash flows from investing activities for Over Armoir Inc, can be found to be $ (11, 000).
How to find the cash flow from investing activities?Cash flows from investing activities include all cash transactions that had to do with the purchase or sale of fixed assets.
The cash transactions for fixed assets include the purchase of a patent and the equipment.
Net cash from investing activities is:
= ( -1, 000 ) + ( -10 , 000)
= $ - 11, 000
The reason the cash flow is negative is that the company was spending, not receiving.
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when the minimum-maximum inventory system is used, the minimum number of purchase units that must always remain in inventory is called:
When the minimum-maximum inventory system is used, the minimum number of purchase units that must always remain in inventory is called: Safety level
What is safety level?To avoid running out of a product, safety stock is an excess supply that is kept in the warehouse. It provides protection from shifts in demand.
The phrase "safety stock" is used by logisticians to refer to a quantity of extra stock that is kept on hand to reduce the risk of stockouts (a shortage of raw materials or packaging) brought on by unforeseen fluctuations in supply and demand. Business operations can run as planned with sufficient safety stock levels.
The safety factor, which ranges from 20% to 40%, is determined instinctively without taking any particular factors into account. The effectiveness of this strategy depends on the stock controller's expertise, experience, and the company's acceptance of this component.
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lg electronics recently introduced the fridge-tv with a 15-inch television screen mounted in the right-hand side refrigerator door. this is an example of which type of innovation?
This is an example of dynamically continuous innovation.
Innovation is the practical implementation of thoughts that bring about the advent of the latest items or offerings or improvements in supplying goods or services.[1] ISO TC 279 inside the general ISO 56000:2020 [2] defines innovation as "a brand new or modified entity realizing or redistributing fee". Others have unique definitions; a common element in the definitions is a focal point on newness, development, and the unfolding of thoughts or technology. Innovation often takes vicinity thru the development of more-powerful merchandise, methods, services, technologies, artistic endeavors [3] or business models that innovators make to be had to markets, governments, and society. Innovation is related to, however no longer similar to, invention:[4] innovation is greater apt to involve the sensible implementation of an invention (i.E. New/improved capacity) to make a significant effect in a marketplace or society,[5] and now not all improvements require a brand new invention.
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in the mid-90s, the u.s. government grew concerned that microsoft was a , exercising disproportionate control over the available choices and prices of computers.?
In the mid-90s, the u.s. government grew concerned that microsoft was a monopoly , exercising disproportionate control over the available choices and prices of computers.
What is a monopoly example?Monopoly is a company that sells its product exclusively and without any close substitutes is said to have a monopoly. An unchecked monopoly has the ability to set prices and has market power. Examples include Microsoft and Windows, De Beers and diamonds, and the natural gas provider in your community.Typically, when there is no economic competition, a monopoly scenario develops. A simple monopoly exists when there are no other companies producing the good or service that consumers need. A further prerequisite is that the good or service must be unique or irreplaceable in kind.To learn more about monopoly refer to:
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What can happen if you do not pay back money you have borrowed?
A. You can be offered more credit.
B. You can ignore late payment notices.
C. You can be charged penalties and fees.
D. You can get an increase in your credit.
The answer is C.
Explanation:
So when you have a credit line and you spend money using that credit, you are borrowing money from someone else. You not paying it is the same as not paying back debt. To help keep people from just stealing money there is a system in place to make someone owe more money the longer they don't pay their debt, even going so far as to jail people, sue them, or collect collateral damage to pay the debt.
johnson company has 500 obsolete desk calculators that are carried in inventory at a total cost of $720,000. if these calculators are upgraded at a total cost of $210,000, they can be sold for a total of $270,000. as an alternative, the calculators can be sold in their present condition for $50,000. what is the financial advantage (disadvantage) to the company from upgrading the calculators?
The price per calculator is $540
Inventory on hand that cannot be used or sold in the future is referred to as obsolete inventory. Due to a lack of demand, obsolete inventory will frequently be recorded as a loss, though it can also be the result of new technology and innovation.
Calculators at the present condition
Sales $50,000
Less: Cost $720,000
Loss from Sales. $670,000
Calculators with rework costs
Sales $270,000
Less: Cost (720,000+210,000) $930,000
Loss from Sales $660,000
Sales $270,000
Divided by: no. of obsolete calculator 500
Sales Price per calculator $540
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(time-based competition) is effective for shortening time to introduce a new product to the market. a. recycling b. remanufacturing c. design for logistics d. concurrent engineering
Concurrent engineering is effective for shortening time to introduce a new product to the market.
Concurrent engineering is a methodology used to optimize the design and development process of a product or system by concurrently considering all aspects of the design, including function, form, manufacturability, assembly, serviceability, and cost.
The concurrent engineering approach seeks to identify and resolve potential problems early in the design process, before the product or system is finalized. It is efficient and cost-effective.
Hence, the correct option is "D".
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maurice lives in a common law state and owns his primary residence worth $800,000 jointly with bixby. maurice also owns a vacation home in another state titled as jtwros with bixby. the fmv of the vacation home is $400,000. maurice bought an office suite with a business partner and contributed $150,000 toward the $250,000 purchase price. they titled the property as tenants in common. the fmv of the office suite is $320,000. if maurice dies today, what is the value of the real property included in his gross estate? assume bixby did not contribute anything towards the real properties.
The survey revealed a misrepresentation in the factor under consideration (the amount of the land), therefore Maurice has the option of voiding it or not.
A contract that is voidable is one that has that option. Maurice is the only party that is hurt in this situation, hence only he has the option of nullifying it or not. It is up to him whether they bargain over a discount or something else.Dream Home as a reference. On the lake, Maurice discovers his ideal house. He wants to purchase it but is concerned if he will be approved for a loan.With the seller, he enters a contract stating that, subject to financing, he will purchase the house.In his contract with the seller, Maurice additionally stipulates that the seller will repurchase the house from him for the same price if the sale goes through but he loses his job within a year. Maurice made the decision to have new windows installed in the house after obtaining a loan and purchasing the property. He signed an agreement with a window builder. The window installer came to the house, but Maurice was never there.
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lou sends a letter to his niece mary saying that he will give her $5,000 if she does not smoke before she is 25. mary complies, but lou refuses to pay her the money. lou says there was no consideration for his promise. if mary were to sue for breach of contract, how would the court rule? question 22 options: 1) there was no contract, because lou just promised to make a gift. 2) there was a contract, because the promise not to smoke was consideration. 3) there was no contract, because not smoking is not a detriment. 4) there was no contract because there was not a sufficient writing.
The court rule would be that there was a contract, because the promise not to smoke was consideration.
Any violation of the specified terms and conditions of a legally binding contract is regarded as a breach of that contract. Any number of infractions, from late payments to more serious transgressions like the failure to deliver a promised asset, can constitute a breach.
A contract is legally binding and will stand up in court. The victim would typically receive what they were promised if it could be demonstrated that a contract was broken. Punitive damages are infrequently granted for failure to fulfill contractual obligations, and contract breaches are not regarded as crimes or even torts.
When one party disobeys the terms of a contract between two or more parties, that party commits a breach of contract. This includes instances where a contractual obligation is breached entirely, such as when a tenant vacates their apartment without paying six months' worth of back rent, or when it is not fulfilled at all.
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A retailer has two merchandizers, sue and bob, who are responsible for setting order quantities for the products they manage. For all of their products, the critical ratio is 0. 7 and the coefficient of variation of their demand forecasts is 0. 35. At the end of the season, sue is proud to report that she has sold the entire inventory she purchased. Bob, on the other hand, sold only about a third of his products. Who is more likely to be choosing quantities that maximize expected profit?.
The person who will be more likely to choose quantities that maximize the expected profit will be Bob.
Bob will take this step because Sue has sold all his items while bob has only sold one- third of the items. this means that bob is ordering more items than what is demanded in the market that is why he has more amount of goods left. The market runs in this manner only. A customer demands a certain product which the seller of the retailer buys from the manufacturer and sells it to the customer. Suppose if the customer is no longer in need of the product, then the goods which the retailer buys from the manufacturer will not be sold and it will lie in the inventory of the retailer. This creates the imbalance for the retailer as the demand of the goods have decreased.
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a(n) blank allows an individual or company to share posts with an audience; however, they are designed to be used with mobile devices and limit the size of posts.
A microblog enables a person or business to publish postings with an audience; however, they are limited in size and meant to be utilized on mobile devices.
Writing brief blog posts with a specific, time-sensitive audience is known as microblogging. These brief blogs can contain a variety of content types and are distributed via social media platforms.
Microblogging combines immediate messaging with content creation. By using a microblog to share quick comments, you can increase interaction with an online audience.
You might not be able to incorporate all the material because microblogging focuses on creating brief content for readers. Writing on a specific topic in only 140 characters is a difficult undertaking.
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O Search result Should a petrol station owner be allowed to charge Rupees 500 a litter, if his store is the only store with petrol
If the store is the only store with petrol, the petrol owner should not do this as this is dishonest business practice. Thus the correct option is C.
What is the importance of ethics in business?As defining appropriate behavior outside the scope of governmental regulation, business practices strengthen the law. People follow ethical principles when they tell the truth, maintain their commitment, or assist a stranger as It controls people's conduct.
In the given case, it is asked that a petrol station owner be allowed to charge Rupees 500 a litter if his store is the only store with petrol is against the business ethics as having a single owner should exploit the consumers according to the business ethics principles.
Therefore, option C is appropriate.
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The complete question is Probably
A.
Yes, if the person is not a regular customer
B.
Yes, this is honest business practice.
C.
No, this is dishonest business practices
D.
It depends on how long he has been in business.
when an auditor becomes aware of a possible act of noncompliance with laws or regulations, the auditor should obtain an understanding of the nature of the act to
When an auditor becomes aware of a possible act of noncompliance with laws or regulations, the auditor should obtain an understanding of the nature of the act to evaluate the effect on the financial statements.
The balance sheet, income statement, and cash flow statement are the three primary forms of financial statements. These three statements reflect a company's assets and liabilities, revenues and costs, and cash flows from operating, noncompliance, and financing operations. Financial statements are a picture of a company's financial health, providing information about its performance, operations, and cash flow. Financial statements are essential since they detail a company's revenue, expenses, profitability, and debt.
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you are considering buying some stock in continental grain. which of the following is an example of nondiversifiable risk?
The following is an example of non-diversifiable risk C. Risk resulting from a general decline in the stock market.
Berkshire Hathaway is the world's maximum pricey stock. one of the main reasons why the company's inventory is so luxurious is as it never went through an inventory split. The corporation's CEO, Warren Buffet, intentionally decided towards a cut-up to save you short-time period buying and selling which might result in higher volatility.
Traders should not allow the bears to scare them out of taking benefit of selloffs, but they also shouldn't chase profits when there may be loads of marketplace power. ultimately, 2022 may be a good enough yr for the marketplace return standard, just no longer as robust as what we've got visible in the last few years.
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when tom began helping his aunt joan with her finances, he discovered she had never gotten a cell phone because she felt her land line was good enough for her. aunt joan is a(n) blank in the diffusion of innovation process for telephones.
When Tom began helping his Aunt joan with her finances, he discovered his aunt was still renting a rotary-dial telephone from the phone company. Aunt Joan is a(n) laggard in the diffusion of innovation process for telephones.
What was innovative about the telephone?Telephone allows people to get an immediate commerce. The telephone is an extremely precious and important invention because it allows for a wordy exchange of information by discussion. People do not need to spend a lot trouble to communicate with each other.
What made the telephone invention successful?Telephone had proven that different tones would vary the strength of an electric current in a line. To achieve success, thus, they demanded only make a working transmitter with a membrane able of varying electronic currents and a receiver that would reproduce these variations in audible frequentness.
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Many cell phone users are reluctant to change platforms because they do not want to learn a new system. Marketers could overcome this resistance with_______.
Many cell phone users are reluctant to change platforms because they do not want to learn a new system. Marketers could overcome this resistance with education and communication.
Why many cell phone users are reluctant to change platforms?
People loves to stay in their comfort zone, so it is hard to move onto new things especially when they have no clue about what will happen. There is a fear of change that makes them reluctant into new things and also there will be a possible risk of trying something new.
How marketers can tackle this reluctant issue?
Educating and communicating them about the new features and systems that will help to overcome their reluctance. Marketers also able to explain about what is the benefit of the new feature that will make their lives easier than before.
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suppose a company has a preferred stock issue and a common stock issue. both have just paid a $2 dividend. which do you think will have a higher price: a share of the preferred or a share of the common?
There are two main ways that common stocks differ from preferred stocks. First, common stocks do not pay a fixed dividend like preferred stocks do. Second, whereas preferred stocks do not have voting rights, common stocks do.
The price per share is the discounted present value of future dividends for both common and preferred stocks.
What are the two main distinctions between preferred stock and common stock?The primary distinction between preferred stock and common stock is that common stock grants shareholders voting rights, whereas preferred stock does not. Preferred shareholders receive dividends first because they have priority over a company's income.
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quinn has landed a management position with a pioneering new small business after many years of working as a regional manager for a nationally known nonprofit. as quinn starts her new job, she is likely to find that
Option b) the standards of control are a good deal the equal at huge and small corporations is the appropriate solution as, Quinn will locate that Management Principles do now no longer discriminate in opposition to unique sizes of corporations and that the standards that paintings in a single length can paintings throughout all sizes. She will locate that the equal Principles that helped her in her massive NGO will assist her simply as nicely on this small however pioneering enterprise.
Management function method an hired function wherein an person is liable for directing, supervising, or administering the sports of a collection of or extra human beings with monetary obligation and authority over that group.
Here is the complete question -
Quinn has landed a management position with a pioneering new small business after many years of working as a regional manager for a nationally known nonprofit. As Quinn starts her new job, she is likely to find that:a.due to the significant differences in large and small firms, her previous experience will be of little value in her new position.b.the principles of management are much the same at large and small firms.c.nonprofit organizations are motivated by their desire to help people and so financial management is of little concern.d.planning is more important to a nonprofit organization and less important to a small business so she will need to adjust the time she spends on the planning function
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suppose your investment budget is $100,000. in addition, you borrow an additional $30,000 and invest the total available funds of $130,000 in stock a. if the expected rate of return of stock a is 13%, and you borrow at 6%, what is your expected portfolio return?
The expected portfolio return when the investment budget is $100,000. in addition to an additional $30,000 borrowed is 15.1%.
How to calculate the portfolio return?Based on the information, the expected portfolio return will be:
= (Amount invested in stock A / investment budget) × return on stock A - (Amount borrowed / investment budget ) × borrowing rate
= (130000 / 100000) × 13% - (30000 / 100000) × 6%
= (1.3 × 0.13) - (0.3 × 0.06)
= 16.9% - 1.8%
= 15.1%
In conclusion, the expected portfolio return is 15.1%.
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what term describes a contractual agreement between two companies in which one company gives the other company, in exchange for a lump sum and royalties, the right to operate a retail outlet using a name and format developed by the first company?
The contractual agreement described above which is a way of expanding a business venture, is referred to as franchising.
Describe franchising.
In the marketing and distribution process known as franchising, the owner of a business system (the franchisor) offers a single person or group of people (the franchisee) the right to operate a company that sells goods or renders services using the franchisor's business system.
Franchisees are also permitted, under certain conditions, to use the franchisor's branding, trademarks, and identifying markings. Anyone choosing to launch a business by acquiring a franchise must keep in mind that doing so binds the franchisee to a partnership agreement with the franchisor for a specified amount of time (some exceptions do exist).
It is commonly accepted that Isaac Singer invented franchising as we know it today in the 1850s. When Singer released his sewing machine onto the market following its invention, he ran into two significant issues. The first was that before people would purchase the new product, they needed instruction on how to use it. The second was that Singer lacked the funding necessary to produce his equipment in significant quantities.
In response, Singer and his business partners came up with the concept of selling local businesspeople across the nation the rights to sell the sewing machines as well as provide training for those who purchased one.
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