Answer:
This question is incomplete, here are the missing answers:
<em>a. medium of exchange</em>
<em>b. unit of account</em>
<em>c. backed by a precious metal</em>
<em>d. store of value</em>
<u>The answer is </u><u>c.</u>
Explanation:
Money has three general functions (characteristics):
- <em>medium of exchange</em> - Mainly created as the substitute of barter, money has the elementary use as an intermediary when exchanging goods or services.
- <em>unit of account</em> - In order to compare the value of certain goods and services, it is essential to measure them. This is where money applies as unit of account.
- <em>store of value </em>- Given that the money is stable (purchasing power and limited inflation), it is a general option for storing value. That means it can always be easily exchanged into goods or services, no matter the time.
According to basic elimination, <u>c. is the correct answer</u>. Also, it is also known that <em>backing money with gold</em> or silver reserves is an old practice which is irrelevant for most currencies nowadays. Today, the government is backing up the value of its currency. Such money is called <em>fiat money</em>.
Answer:
The externality that affected me was the U.S. recession of 2018.
Explanation:
The externality is the term that refers to a variation in a outside factor that end up affecting persons involve in a business that is not related directly to the outside factor that changed.
1. The 2008 recession made harder for me to get a job in the restaurant sector even though the prices of the restaurants and hotels continued to be the same, many person have to cut their expenditure in tourism as the recession significantly impacted the financial institutions and many persons were laid off from their jobs which decreased consumption.
2. The effects of the recession were: increase in the unemployment, decrease in the consumption, increase in foreclosures.
3. I experienced decrease in my quality of life as it was harder for me to keep a job for a long time. Most of jobs were part time therefore it was a time where I have to live on my savings.
4. Pollution is best reduced if companies take conscience of the fact that they have a greater impact on the environment than individuals. This will lead to better business practices in the manage of residuals and raw materials.
5. A positive externality can create a bubble in the prices and overestimate the actual value of an asset e.g. cryptocurrencies bubble was a positive effect for some investor that really knew the value of this securities but in the long run it created a bubble and people that did not know about cryptocurrencies invested and lost most of their money.
Answer:
The correct answer is D
Explanation:
Empirical rule is the rule in statistics, which defined as that for the normal distribution, that is as:
68% of the data fall under one standard deviation of mean.
Data which is 95% lie under the two standard deviations of the mean.
Data (All) which is 99.7% lie under the three standard deviations of the mean.
So, in this case, the sample mean fall under second category, which is as:
= Sample mean ± 2 (Standard deviation)
= $150 ± 2($20)
= $150 ± $40
= $150 + $40 and $150 - $40
= $190 and $110
Answer:
Explanation:
The journal entry is shown below:
Cash A/c Dr $388,000
Service charge expense A/c Dr $12,000
To Account receivable A/c $400,000
(Being sale is recorded)
The service charge is an expense that is why it is debited and it is computed by
= Sales × service charge
= $400,000 × 3%
= $12,000
Since the sales is made so the company would received the cash that is why we debited the cash account and credited the accounts receivable account
Answer:
These costs should be reported on the income statement in the profit and loss section under selling and administrative expenses. Any liability arising from the employment benefits should be shown in the balance sheet under liabilities.
Explanation:
