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IrinaVladis [17]
3 years ago
11

Using your resources wisely means using the smallest amount of resources to produce the greatest amount of output.

Business
1 answer:
Levart [38]3 years ago
7 0

Answer:

True

Explanation:

Using your resources wisely means using the smallest amount of resources to produce the greatest amount of output. In terms of the economic efficiency , when all goods and factors of production in an economy are distributed or allocated to their most valuable uses and waste is eliminated or minimized. Economic efficiency is when every scarce resource in an economy is used and distributed among producers and consumers in a way that produces the most economic output and benefit to consumers. Economic efficiency can involve efficient production decisions within firms and industries, efficient consumption decisions by individual consumers, and efficient distribution of consumer and producer goods across individual consumers and firms.  Effective management is described a use staff, time and resources wisely to minimize unnecessary cost to the organization.

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Exotech has an inventory turn ratio of 60 with $50 million in annual sales, and an average inventory of $250,000. What is Exotec
Goryan [66]

Answer:

$15 million

Explanation:

Data provided in the question:

Inventory turn ratio = 60

Annual sales = $50 million

Average inventory = $250,000

Now,

we know,

Inventory turn ratio  = ( Cost of goods sold ) ÷ ( Average inventory )

thus,

60 = ( Cost of goods sold ) ÷ $250,000

or

Cost of goods sold = 60 × $250,000

or

Cost of goods sold = $15,000,000 or $15 million

8 0
2 years ago
Make a case that development economics might be merely a combination of all the other subfields of economics, only applied to lo
Alina [70]

Answer:

Case explained below

Explanation:

Development economics is a branch of economics which deals with economic aspects of the development process in low income countries. Its focus is not only on methods of promoting economic development, economic growth and structural change but also on improving the potential for the mass of the population, either through health, education and workplace conditions, whether through public or private channels.

Development economics must encompass the study of institutional, political, and social as well as economic mechanisms for modernizing an economy while eliminating absolute poverty and transforming states of mind as well as physical condition.

7 0
3 years ago
Seth Silver had the following items of income during the taxable year: Interest income from a checking account $1,000 Interest i
34kurt

Answer:

c. $3,800

Explanation:

Calculation for the amount of taxable income

Using this formula

Taxable income =Interest income from a checking account+Interest income from corporate bonds +Interest income from federal bonds

Let plug in the formula

Taxable income =$1,000+$2,050+$750

Taxable income=$3,800

Therefore on his current year tax return the amount of his taxable income will be $3,800

6 0
2 years ago
Today, music in the western world focuses on the pentatonic and whole-tone scales.
Zolol [24]

Answer:

False

Explanation:

3 0
3 years ago
Prepare the adjusting journal entries that Del GAto Clinic must record as a result of preparing the bank reconciliation
Goshia [24]

Answer:Please refer to the explanations section

Explanation:

Bank Reconciliation is a process where we reconcile Business's cash books Balances and Bank account Balance.

Journal Entries

a. Dr Outstanding Checks $1829

   Cr           Bank (Bank Account Balance)                      $1829

Del Gato Clinic issued checks amounting to $1829 and The Bank has not processed these checks. This means Del Gato's Bank balance doesnot include the effect of these checks. The Bank account balance must be reduced by $1829

b. Dr Bank Charges expense $16

     Cr           Bank (cashbook balance)                         $16

Del Gato Clinic incurred an expense of $16 in Bank charges. Cashbook balance must reduced by $16.

c. Dr Bank (Bank account balance)   $476

   Cr        utility Bill Payment check  $476

   

   Dr Bank (Cashbook balance)   $476

   Cr        utility Bill Payment check   $476

   

check number 919 was cancelled but Del Gato Clinic mistakenly recorded it in the cashbooks and the bank processed the check. We need to adjust both Cash books and Bank account by processing a reversal journal entry debit Bank and credit Utility Bill payment

d. Dr Bank (Bank account balance) $2856

   Cr            Cash receipts        $2856

Del Gato Clinic placed cash receipts after banking hours, The Bank account balance must be increase by $2856 to reflect the effect of the receipts received

   

6 0
2 years ago
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