when does measurement error occur

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Answer 1

A measurement error arises when the actual value of the variable being measured differs from the measurement.

When the value that is actually recorded or observed differs from the true value of the variable being measured, measurement error has occurred. When the results are published without references to sample size and margin of error, measurements error will become an ethical problem. It can happen in a number of ways, including instrumentation error, which happens when a measuring device has issues, like a faulty or inaccurate thermometer or scale.

Similar to the former, sampling error happens when the population being sampled be it people or things is not representative of the entire population.  Random error, which can occasionally produce minor fluctuations in the readings, can happen when there is natural variation in the data being measured.

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Related Questions

Which punctuation style uses a colon after the salutation and a comma after the complimentary close?
a. mixed punctuation
b. open punctuation
c. block style
d. closed punctuation

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The commas and colons you generally employ at the end of sentences, such as the colon after the salutation and a comma after the complementary close, are known as terminal punctuation.

What exactly does having an employment entail?

It refers to receiving money from someone as a salary or pay. Those that work there have received a lot of kindness from the company. The defendant was then employed by a transport business. Personnel is hired by employers. Having a job is a requirement for having a job. A better way to use the word is with the noun employ, which stands for job or service. Nearly always, phrases like "in their employ" refer to the word in this sense.

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Punctuation style uses a colon after the salutation and a comma after the complimentary close is known as closed punctuation. Thus, option D is correct.

What is punctuation?

Punctuation, also known as interpunction, is the use of white space, traditional signs (also known as punctuation marks), and specific typographical methods to help readers understand and interpret written material correctly, whether they are reading it silently or loudly.

"It is the practice, action, or system of inserting points or other small marks into texts to aid interpretation; division of text into sentences, clauses, etc., by means of such marks," is another definition. Punctuation is essential in written English to disambiguate, or eliminate confusion from, sentence meaning. For instance, the phrases "woman, without her man, is nothing" (emphasizing the value of men to women) and "woman: without her, man is nothing" (emphasizing the value of women to men), as well as "eats shoots and leaves," have quite different meanings.

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What is the difference between margin account vs cash account?

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The difference between margin account vs cash account is of Trading Capabilities, Risk and Requirements.

Here are the main differences between the two:

Trading Capabilities:

Cash accounts, In a cash account, you can only trade with the money you have deposited into the account. You cannot borrow funds from the broker to make trades.

Margin accounts, In a margin account, you can borrow money from your broker to purchase securities. This means you can buy more shares than you would be able to with just the cash in your account.

Risk:

Cash accounts, Trading in a cash account is considered less risky because you can only use the funds you have deposited. You cannot lose more money than you have in the account.

Margin accounts, Trading in a margin account can be riskier because you can borrow money from the broker. This means that losses can exceed the amount of cash in your account, and you can end up owing your broker money if your trades go against you.

Requirements:

Cash accounts, To open a cash account, you only need to deposit the minimum amount required by the broker.

Margin accounts, To open a margin account, you need to meet the broker's minimum requirements, which typically include a certain amount of cash and securities in your account, and you must also agree to the terms and conditions of the margin account.

In summary, the key difference between a margin account and a cash account is the ability to borrow funds from the broker to make trades. Margin accounts allow you to take on more risk and potentially make larger gains, but they also come with the risk of losing more money than you have in the account. Cash accounts are considered less risky, but you have limited trading capabilities since you can only use the cash you have deposited in the account.

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when it's second nature for you to consider the risks before doing anything—even marketing yourself—you’ve adopted a ""_____________"" mindset.

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When it's second nature for you to consider the risks before doing anything, you've adopted a "risk management" mindset.

This mindset involves the ability to identify, assess, and prioritize risks, and then take actions to mitigate or eliminate those risks. In the context of marketing, a risk management mindset would involve considering potential risks associated with a particular marketing campaign or strategy.

For example, a marketer might consider the potential negative impact of a controversial advertisement or the risk of alienating a particular customer segment by using a specific tone or message. By identifying and assessing these risks, marketers can make more informed decisions and take actions to mitigate or avoid potential negative consequences.

Overall, a risk management mindset is an important attribute for any business professional, as it allows individuals to make more informed decisions, minimize potential risks, and maximize the likelihood of success.

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who are stakeholders? (choose every correct answer.) multiple select question. customers employees dissolved rival firms community members government agencies

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Stakeholders are individuals, groups or organizations that have an interest or concern in the activities and performance of a company or organization.

Who are stakeholders among the given options?

The correct answers to this multiple select question are:

CustomersEmployeesDissolved rival firmsCommunity membersGovernment agencies

The interests of stakeholders can vary, and may include financial or economic interests (such as investors or employees), social or environmental interests (such as local communities or environmental groups), or regulatory interests (such as government agencies).Companies must consider the interests of their stakeholders when making decisions, as the actions of the company can impact the stakeholders.

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which companies/organizations advertised commercials during this year’s super bowl? will they experience a benefit from this promotion?

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Super Bowl 2023 commercials companies were: Amazon · In-house ; Amazon Prime,  Astellas, Saatchi & Saatchi ; Avocados, etc.

What is the super bowl?

Companies and organizations that advertise during the Super Bowl often experience significant benefits from the promotion.

Therefore, the Super Bowl is one of the most-watched television events of the year, with a massive audience that spans across the globe. Advertising during the Super Bowl provides a platform for companies to reach a massive audience and potentially increase brand awareness and sales. Many companies spend millions of dollars on their Super Bowl commercials, but they may also see a significant return on investment if their ad resonates with the audience and leads to increased sales.

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An increase in demand combined with no change in supply causesa. a decrease in demand because the supply curve does not shiftb. the equilibrium price to fallc.a movement rightward along the demand curved. the equilibrium price to rise.

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Whenever there is an increase in demand, but the supply remains the same, unchanged, the demand curve tends to divert towards the right. Thus the correct option is 'c'.

With the increasing demand, there comes a situation of rise in demand with the price at equilibrium. Thus to manage such situations prices tend to go upward leading to a higher equilibrium price and quantity. Due to the increasing demand, we may see a rise in market competition as well. To survive this market price also end up increasing. Thus with an increase in demand and supply remaining constant, there will be a rightward movement along the demand curve and the equilibrium price will rise.

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what is the socially-optimal quantity of output in this market?

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To determine the socially-optimal quantity of output in a market, we need to find the point where the marginal social benefit (MSB) of the good is equal to the marginal social cost (MSC) of production.

The socially-optimal quantity of output can be found by graphing the demand curve, which represents the marginal social benefit (MSB), and the supply curve, which represents the marginal social cost (MSC). The point where these two curves intersect is the socially-optimal quantity of output.

If the demand curve is downward-sloping, as it typically is, and the supply curve is upward-sloping, as it typically is in a competitive market, then the socially-optimal quantity of output is less than the market equilibrium quantity.

To achieve the socially-optimal quantity, governments may use a variety of policies, such as taxes or subsidies, to internalize external costs or benefits and align private incentives with social welfare.

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Woofer Company sold $1,800,000 worth of merchandise, had $150,000 returned, and then the balance was received during the 2% discount period. What were the company's net sales? Select one:A. $1,617.000 B. $1,320,000 C. $1,530,000 D. $1,350,000

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The Woofer company's net sales among the following were $1,617,000. (Option A)

How do you calculate the net sales of Woofer Company?

To calculate the net sales of Woofer Company, we need to subtract the returns from the total sales and then subtract the discount that was taken by customers who paid within the discount period.

Total sales = $1,800,000

Returns = $150,000

Net sales = Total sales - Returns = $1,800,000 - $150,000 = $1,650,000

Discount = 2% of net sales = 0.02 x $1,650,000 = $33,000

Net sales after discount = Net sales - Discount = $1,650,000 - $33,000 = $1,617,000

Therefore, the answer is A. $1,617,000.

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how can an implied agency arise in tennessee?

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In Tennessee, an implied agency can arise when the actions of the principal lead a third party to reasonably believe that the agent has been authorized to act on behalf of the principal, even if no formal agreement has been made between the principal and the agent.

This type of agency is known as an "agency by estoppel" and arises when the principal has created an appearance of agency by words or conduct, and a third party relies on this appearance to their detriment.

For example, if a principal regularly allows an individual to act on their behalf and the third party believes that the individual is authorized to act as the principal's agent, an agency relationship may be established through the actions of the principal. The principal may be estopped from denying the agency relationship even if no formal agreement was made.

In order to prove an implied agency relationship in Tennessee, the third party must show that the principal's actions created a reasonable belief that the agent was authorized to act on their behalf and that the third party relied on this belief to their detriment.

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in which of the following circumstances is a registered public accounting firm's independence impaired with respect to an issuer? a the firm is a member of a trade association that is an audit client. b the firm's affiliate provides tax advisory services to a member of the board of directors of the issuer. c the firm recommends a human resources software system to the issuer and receives a commission from the software vendor. d the firm advises the issuer on the tax consequences of alternative ways of structuring a transaction after receiving approval of the audit committee.

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Independent judgement is threatened by received power and self-review if the member assumes management responsibilities for a continuing function, process, or activity.

A firm is it a company?

A firm is a type of commercial entity that aims to turn a profit by selling products and services. The words "firm" and "business" are interchangeable. Businesses can be organised in a variety of ways, such as sole proprietorships or corporations.

What makes anything a firm?

It is said to have derived from German Firma signifying 'a corporation, trademark of a company,' which comes from the Italian term Firma, meaning 'mark' and Firmare 'one sign'. Firmare, which originally meant "to make firm, affirm," also came to signify "confirm (by signature)" in late Latin.

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The importance of the pro forma income statement is to provide a projection of how much ______ is anticipated over the ensuing time period.

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The importance of the pro forma income statement is to provide a projection of how much profit is anticipated over the ensuing time period.

A pro forma income statement is an adjusted income statement when certain assumptions, such as one-off items, restructuring charges, are excluded, or when a loss-making company is established. means how

A business plan's pro forma income statement is a statement made by an entity to make projections of future expected revenues and expenses, subject to certain assumptions such as:  Level of competition in the market, market size, growth rate, etc.

It can be made before the transaction to predict the future situation of the company. For example, if a company is planning to acquire another company, a pro forma income statement format can be created to estimate the financial impact of the acquisition.

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one focus of strategic trade policy is to help domestic companies gain Multiple Choicemore competition to lower prices. a first-mover advantage. monopoly status. less competition to raise prices. exclusive intellectual property rights.

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The correct option is A. One focus of strategic trade policy is to help domestic companies gain a first-mover advantage.

Strategic trade policy refers to that trade policy that affects the outcome of strategic interactions between firms in an actual or potential international oligopoly.

Strategic trade policies are implemented by the government in order to increase national income through the strategic use of export subsidies. The main idea behind this is to raise the economy by shifting profits from the foreign market to domestic markets.

Governments can aid domestic companies in establishing a presence in developing markets or industries by enacting strategic trade policies like subsidies, tariffs, and other types of protectionism. They may be able to establish a dominant position as a result, making it challenging for later entrants to compete successfully.

Helping domestic businesses gain a first-mover advantage is one of the main goals of strategic trade policy because it can give them a significant competitive edge in the international market. The advantages that a business can get by being the first to enter a market or introduce a new product or technology are referred to as first-mover advantages.

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when determining if a loan is a hoepa loan, there are three tests. the first test:

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When determining if a loan is a hoepa loan, there are three tests ,the first test is prepay.

As an addition to the Truth in Lending Act (TILA), the House Ownership and Equity Protection Act (HOEPA) was passed in 1994 to prevent abusive practices in refinances and closed-end home equity loans with high interest rates or high fees.

A loan that significantly limits the borrower's capacity to prepay, renegotiate, or refinance their mortgage is known as a closed-end home equity loan. To assess and establish whether refinances and home equity loans are considered high cost, HOEPA first used a high-cost coverage criteria.

By providing specific disclosure standards for particular mortgages that have high rates of interest or impose excessive fees and points, the Home Equity Protection Act (HOEPA) safeguards customers from misleading and unfair practices in home equity financing.

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On september 1, tsang company began a contract to provide services to wilson company for six months, with the total $21,600 payment to be made at the end of the six-month period. equal services are provided each month. the firm uses the account fees receivable to reflect amounts due but not yet billed.What proper adjusting entry would best company make on december 31, the end of the accounting period (no previous adjustment has been made?

Answers

The correcting entry would be to debit Accounts Receivable for $10,800 and Credit Service Revenue for that amount.

What is Crediting Service Revenue?

The revenue a company makes from providing services to customers is recorded as "Credit to Service Revenue" in the bookkeeping system. Service revenue is the money made by a company through the provision of services as opposed to the selling of goods. Typically, the client is billed for the work, and the business records the payment as accounts receivable. As the service is provided and payment is received, the company credits Service Revenue with the amount earned. This accounting entry increases the company's revenue account on the income statement, which ultimately affects the net profitability of the business. In order to evaluate the company's financial stability and profitability, service revenue must be recognized correctly and promptly.

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what is An advantage of the separation of ownership from management in corporations is that the company can raise money from investors but the investors

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An advantage of the separation of ownership from management in corporations is that the company can raise money from investors but the investors are not involved in daily operations.

What is the separation of ownership?

The separation of ownership and control is a common practice in modern corporate governance, which keeps the shareholders out of managerial responsibilities and empowers the directors to take day-to-day decisions to run corporations smoothly. In modern corporate governance, the separation of ownership and control permits some hierarchical decision-making which indirectly creates multiple conflicts among the shareholders and directors.

The investors may not know what happens within the company and the directors or employees always cannot imagine what the shareholders are thinking regarding any important matter.

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In order for an audience to be able to follow the progression of the ideas in your speech from beginning to end, you need to use:_____________

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In order for an audience to be able to follow the progression of the ideas in your speech from beginning to end, you need to use Transitions.

Transitions are words, phrases, or sentences that connect the ideas within a speech, indicating a relationship between them and helping the audience follow the progression of ideas. They provide a road map for the audience, indicating where the speaker has been, where they are going, and how the various parts of the speech relate to each other.

Transitions can be used to signal the introduction of new ideas, show the relationships between ideas, summarize points, or indicate a shift in direction or focus. Examples of transition words and phrases include "however," "in addition," "furthermore," "on the other hand," and "in conclusion."

Using transitions in a speech helps the audience follow the progression of ideas, making the speech easier to understand and remember. It also helps the speaker stay organized and focused, ensuring that the speech flows smoothly and effectively communicates the intended message.

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market structure in which a few large sellers dominate the market and have the ability to affect prices in the industry is called?

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Oligopoly. Few companies control an oligopoly, which has little competition. They can work together or fight with one another to use their combined market power to raise prices and increase their profit.

The goal of marketing is to generate interest in the goods and services that your business offers.Understanding the preferences of your target market and doing market research are both helpful in this. Marketing encompasses all aspects of developing products, selling them, planning for distribution, and advertising.In order to encourage more sales of its goods or services, a company's marketing initiatives include developing, distributing, delivering, and trading offers that are useful to customers. The primary goal of marketing campaigns is to increase sales for the business. As a result, all aspects of producing, disseminating, delivering, and exchanging goods that customers value are included in the marketing process.

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A signed listing contract does NOT grant a Broker the right to: 1. Sign for the seller to facilitate the sale of the property
2. Accept earnest money deposits pursuant to a proposed sales contract
3. Have agreements with other sellers to market and sell their properties
4. Seek assistance from and offer compensation to brokers outside of the listing company

Answers

A signed listing contract does not provide a broker the right to: (1) Sign on behalf of the seller to facilitate the sale of the property.

A listing contract is an agreement in the real estate sector where the owner of a property grants the broker an authority to acts as an agent on the owner's behalf and accomplish the sale of the property. By the signing of this agreement, the owner receives a commission in exchange for this service.

Broker is an agent who acts as the mediator between the seller and buyer of any property in the real estate sector. The broker has the authority to find the best buyer for the property. However he is not supposed to take the final decisions in absence of the seller.

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how are the balance sheet and the statement of cash flows linked?

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The cash flow statement's actions are reflected in the assets and liabilities on the balance sheet.

All 3 financial statements are linked to each other. The balance sheet and cash flow statement receive net revenue from the income statement.

In order to calculate PP&E on the balance sheet, depreciation is added back and capital expenditures are subtracted from the cash flow statement.

With the exception of interest, which is reflected on the income statement, financing operations mainly have an impact on the balance sheet and cash from closing.

The ending cash balance on the balance sheet is calculated as the sum of the closing cash balance from the previous period and the cash from operations, investing, and financing from this period.

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Public goods should be produced up to the point at which the marginal cost of production equals:
a. the maximum price any individual is willing to pay for that unit.
b. zero, which is the marginal cost of allowing another individual to consume the good.
c. the highest marginal benefit from any individual consumer of the good.
d. the sum of the individual marginal benefits from all consumers of that unit.

Answers

Public goods are those goods that are non-excludable and non-rivalrous in consumption, meaning that they are available to all individuals and one individual's consumption of the good does not reduce the availability of the good for others. Here option C is the correct answer.

Because of the unique characteristics of public goods, their production and consumption are not guided by the same principles as private goods.

In the case of public goods, the optimal level of production occurs where the marginal cost (MC) of producing an additional unit of the good is equal to the marginal benefit (MB) received by society from consuming that unit. In other words, the socially efficient level of production occurs where MC=MB.

Among the options provided, option (b) is incorrect because it does not consider the marginal benefit of the public good. Option (a) is incorrect because it assumes that the price of the good is based on an individual's willingness to pay, which is not relevant for public goods. Option (d) is also incorrect because it assumes that the marginal benefits of individual consumers can be added up to determine the social benefit, which is not true for public goods.

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what does the bank have that makes it attractive to thieves?

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the bank has a lot of money and gold

Sales promotions include all of the following except:a. point-of-purchase displays b. coupons c. free samples d. online ads

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The right answer is d). Online advertisements are not sales promotions.

 Online ads are a type of advertising that uses the internet to send marketing and promotional messages to consumers. Online advertisements may be intended to boost sales, but they are rarely seen as standalone sales promotions.

What led to the widespread use of sales promotions?

Sales promotions have become cluttered as a result of their extensive use.

When a consumer receives a large number of promotional messages or materials each day, it is referred to as sales promotion clutter. When there are too many marketing messages, it is challenging for a company to stand out from the crowd. Today, hundreds of promotional messages are broadcast on TVs, radios, newspapers, and billboards. To stand out from the competition in the market, the company needs to be innovative.

In the market, sales promotions are still necessary. Businesses must come up with inventive and successful ways to draw in customers when promoting sales. For instance, businesses produce hilarious commercial videos and post them on social media platforms. Businesses can use the senses of sound, sight, touch, and smell to attract customers in strategic locations like shopping malls, retail spaces, or traffic jams.

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Customers are so used to misleading advertising that it does not infuriate them anymore.
a. True
b. False.

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It is False to say that Customers are so used to misleading advertising that it does not infuriate them anymore. Customers do get infuriated by these misleading advertisements.

Advertising that contains false or deceptive information is considered misleading under consumer law. Advertising can also be deceptive if key details are omitted. Manufacturers, distributors, and retailers all make claims to consumers that constitute deceptive advertising. The content of advertisements, catalogs, websites, social media, etc.

These days with the help of social media it is very easy to identify misleading advertisements and it can impact the brand image of the company, people will tend to voice their opinion against any such activity rather than just sitting back.

When you engage in false advertising, your consumers will perceive you as untrustworthy. Both the customers you already have and any potential new customers will tend to feel like you betrayed them and take their business elsewhere. Your customers won't be loyal anymore and that will ruin your business.

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Which one of the following correctly defines the retention ratio?
a. net income minus additions to retained earinings
b. addition to retained earnings divided by dividends paid
c. addition to retained earnings divided by net income
d. net income minus cash dividends
e. one plus the dividend payout ratio

Answers

In the above question, The correct definition of the retention ratio is (b) addition to retained earnings divided by dividends paid.

The retention ratio is a financial metric measuring the percentage of earnings a company retains after paying dividends to its shareholders. The formula for the retention ratio is the addition to retained earnings divided by dividends paid.

Option (a) net income minus additions to retained earnings, is incorrect as it does not take into account dividends paid to shareholders.

Option (c) addition to retained earnings divided by net income, is incorrect as it does not consider the dividends paid to shareholders, which is an important part of calculating the retention ratio.

Option (d) net income minus cash dividends, is incorrect as it does not take into account the portion of earnings that the company chooses to retain.

Option (e) one plus the dividend payout ratio, is incorrect as it does not account for the earnings retained by the company.

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The Connection has an equity multiplier of 1.13, a total asset turnover of.56, and a net profit margin of 18.8 percent. What is the return on assets? O 11.90% O 10.53% O 9.20% O 2.40% O 11.67%

Answers

11.90% is return assets. Other methods of calculating ROE include DuPont analysis. There are two of them, one of which decomposes ROE in three steps and the other in five:

ROE = Net Profit Margin x Asset Turnover x Equity Multiplier)

ROE = (Earnings before tax/Sales) x (Sales/Assets) x (Assets/Equity) x (1 - Tax Rate)

Investors can utilise return on equity (ROE), a key financial indicator, to assess management's effectiveness in utilising equity financing from shareholders. It evaluates the firm's equity in relation to net income. The greater the number, the better, but it's crucial to compare like businesses, i.e., those who are engaged in the same industry, as every sector has unique traits that will affect businesses' revenues and methods of financing.

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frederick taylor believed that more efficient workers should be paid higher wages than their lower-performing coworkers, a system referred to as the

Answers

Answer:

piece rate system

Explanation:

Piece-rate, or piecemeal pay, means that employees are paid by the unit when completing a particular task, for instance, bushels harvested, trees pruned, or acres mowed. In this case, a worker is compensated by individual output and not by an hourly rate.

approximately what percentage of ideas do not make it past the screening stage? A. 80% B. 90% C. 100%

Answers

The percentage of ideas that do not make it past the screening stage can vary depending on the company and the industry, but typically it is around 80%. Therefore, option A, is the closest approximation.

This means that out of every 10 ideas generated, only 2 will make it past the screening stage, and the rest will be eliminated. The purpose of the screening stage is to evaluate ideas based on predetermined criteria and eliminate those that do not meet the company's objectives or are not feasible.

This helps to focus resources and attention on the most promising ideas and increase the likelihood of success in the product development process.

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anaiah is currently consuming 20 eggplants and 30 kiwis. his marginal utility per dollar spent on the 20th eggplant is 160 utils and his marginal utility per dollar spent on the 30th kiwi is 190 utils. the price of an eggplant is $3 and the price of a kiwi is also $3. he has $180 to spend.
how much is anaiah curruntly spending on the good’s?

Answers

We can use the concept of marginal utility per dollar spent to determine how much Anaiah is spending on each good. The marginal utility per dollar spent on each good is the additional utility that Anaiah gets from spending one more dollar on each good.

Given that the marginal utility per dollar spent on the 20th eggplant is 160 utils and the price of an eggplant is $3, we can calculate the marginal utility per eggplant as follows:Marginal Utility per Eggplant = 160 utils / $3 = 53.33 utils per dollarSimilarly, given that the marginal utility per dollar spent on the 30th kiwi is 190 utils and the price of a kiwi is $3, we can calculate the marginal utility per kiwi as follows:Marginal Utility per Kiwi = 190 utils / $3 = 63.33 utils per dollar We can now use the concept of equimarginal principle, which states that a consumer will allocate their income such that the marginal utility per dollar spent on each good is equal. In other words, Anaiah will spend his $180 on eggplants and kiwis such that:Let X be the number of eggplants Anaiah buys, and Y be the number of kiwis Anaiah buys. Then we can set up the following system of equations:X * 53.33 = Y * 63.33 (equimarginal principle) 3X + 3Y = 180 (budget constraint) Solving this system of equations, we get:X = 10 eggplants,Y = 30 kiwis .Therefore, Anaiah is currently spending $90 on eggplants (10 * $3) and $90 on kiwis (30 * $3), for a total spending of $180.

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What is the premium added as a compensation for the risk that an investor will not get paid in full?

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The premium added as a compensation for the risk that an investor will not get paid in full is called a credit risk premium.

A credit risk premium is an additional return that investors require in order to compensate them for the risk that the issuer of a bond or other debt instrument will default on its payments. This premium reflects the likelihood of default, as well as the potential losses that investors could incur if they are not paid in full. The credit risk premium is typically higher for debt issued by companies or governments with a higher risk of default, as investors demand a higher return to compensate for the added risk. In contrast, debt issued by companies or governments with a lower risk of default will typically have a lower credit risk premium, as investors are willing to accept a lower return in exchange for the relative safety of their investment. The credit risk premium is one of several factors that determine the yield on a bond or other debt instrument. Other factors include the prevailing interest rate environment, the time to maturity of the bond, and the credit rating of the issuer. In summary, a credit risk premium is the additional return that investors require in order to compensate them for the risk that the issuer of a bond or other debt instrument will default on its payments. This premium reflects the likelihood of default and potential losses that investors could incur, and is typically higher for debt issued by higher-risk companies or governments.

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A common economic situation where an economy's resources are insufficient to meet the existing wants and must be used judiciously is referred to as __________. a. scarcity b.allocation c.distribution d.poverty

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A common economic situation where an economy's resources are insufficient to meet the existing wants and must be used judiciously is referred to as a. scarcity

When an economy's total resources are constrained and it is impossible for it to fully meet all of the requirements and needs of society, there is a fundamental economic problem known as scarcity. Human wants and needs are limitless, yet resources like land, labor, cash, and enterprise are scarce. To allocate these scarce resources effectively, individuals, firms, and societies are forced by scarcity to make decisions.

Due to scarcity, people and businesses must compromise and decide what products and services to produce and consume, as well as how much of each to produce and use. These choices depend on the cost and availability of resources and the relative prices of commodities. While deciding how to distribute public resources, such as public commodities, infrastructure, and social programmes, among competing demands, governments and politicians must also deal with the problem of scarcity.

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