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3 years ago

Which of the following statements is TRUE? (economics)

Business

1 answer:

Angelina_Jolie [31]3 years ago

6 0

Answer:

Explanation:

Banks are other lending entity's has access to a customer borrowing history. Through credit rating agencies, a bank can know whether a customer has a bad history in making loan repayments.

When a customer takes up a loan, banks share that information with a credit rating agency. The agency updated its records with the customer's national identity, such as the social security number. The banks keep on updating agencies on how each customer is meeting their obligation. Credit card payments are considered as loans.

Credit agencies rates each customer creditworthiness by assessing how they been repaying their debts. A higher credit score means the customer repays his loans promptly without missing installments. The information of each customer is available to all banks and lenders upon request.

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Camilo and Isa have three children all under the age of ten. The two youngest children, who are three and five years old, attend

tangare [24]

Answer:

The correct option is B

Explanation:

As per Child and Dependent care credit, the credit is taken for dependent or children only till the age of 13. In the present situation, all three children are less than 13 years of age. Therefore, all are eligible under the scheme.

And as per rules, the amount which can be claimed for 1 dependent is $3,500 and for two or more dependent, the amount is maximum to $7,000. So, the amount spent on the 2 youngest children is $3,500 whereas amount spent on the oldest children is $1,000. Therefore, the aggregate amount is $4,500 ($3,500 + $1,000), which can be used for determining the dependent and child care credit.

In the present case, Camilo and Isa having total income of $36,000 ($12,000 + $24,000), which is more than $4,500. So, the whole amount will be used for determining the Child and Dependent care credit.

Therefore, B option is Correct.

4 0

3 years ago

Bramble's Bakery makes a variety of home-style cookies for upscale restaurants in the Atlanta metropolitan area. The company's b

jolli1 [7]

Answer:

$15.51 per Double chocolate almond supreme

Explanation:

Calculate the standard cost for a pound of Mama Fran's double chocolate almond supreme cookies.

1. Standard Material Cost (Ratio Denominator = 10 + 5 + 1 = 16)

Std. Mat Cost = 10 Ounces /16 * $0.80 + 5 Ounces /16* $6 + 1/16* $18

Standard Material Cost = $3.5 per Double chocolate almond supreme

2. Standard Direct Labor Cost

Std. Labor Cost = 1 /60 Hours * $12.7 per Hour + 7/60 Hour * $19 per Hour

Std. Labor Cost = $2.4283 per Double chocolate almond supreme

3. Standard Variable Overhead Cost

Std. Variable OH. Cost = 6/60 Hours * $35.8

Standard Variable overhead cost = $3.58 per Double chocolate almond supreme

4. Standard Fixed Overhead Cost

Std. Fixed Overhead per cake = 6/60 Hours * $60 per Hour

Standard Fixed overhead cost = $6 per Double chocolate almond supreme

Now Standard cost for a pound is calculated as under:

Standard cost for a pound = 2.9375 + 2.4617 + 3.70 + 6

Standard cost for a pound = $15.51 per Double chocolate almond supreme

8 0

3 years ago

__________ is a market failure that the government might seek to change through intervention

hammer [34]

Answer: A positive externality, negative externality and asymmetric information

Explanation:

A market failure is one of the type of economical situation in which the the various types of products and the services are distributions in an inefficient manner.

A positive externality, negative externality and an asymmetric information are the market failure that the government wants to change by the process of intervention

Externality is one of the type of advantage or cost that basically affect the third party in the economics so the free market under consuming the various types of products. Therefore, the given answer is correct.

5 0

3 years ago

Mining Corporation purchases the business assets of Open Pit Inc., including its equipment and supplies, for an agreed-to price,

11Alexandr11 [23.1K]

Answer:

A sales.

Explanation:

The uniform commercial code (UCC) is a set of standardized business laws which are put in place for the regulation of financial contracts and commercial transactions used across different states in the United States of America.

In this scenario, Mining Corporation purchases the business assets of Open Pit Inc., including its equipment and supplies, for an agreed-to price, payable in installments. Under the UCC, this transaction is a sales.

4 0

2 years ago

Kingston Co. uses the percentage-of-receivables basis to record bad debt expense.

Troyanec [42]

Answer:

Explanation:

The journal entry to record the bad debt expense is shown below:

Bad debt expense A/c Dr $2,700

To Allowance for doubtful debts $2,700

(Being bad debt expense is recorded)

The computation of the bad debt expense is shown below:

= (Accounts receivable × estimated percentage given ) - (credit balance of Allowance for Doubtful Accounts)

= ($420,000 × 1%) - ($1,500)

= $4,200- $1,500

= $2,700

4 0

3 years ago