1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
natali 33 [55]
3 years ago
10

What common business mistake can cost you everything?

Business
2 answers:
disa [49]3 years ago
8 0

Answer:

Failure to buy adequate business insurance

Explanation:

velikii [3]3 years ago
5 0
<h3>Hello there!</h3>

Your question asks what is the common business mistake that can cost you everything.

<h3>Answer: Failure to buy adequate business insurance</h3>

The reason why "Failure to buy adequate business insurance" is the correct answer because anything can happen in a business, and if you don't have coverage for it, then you could lose the business and everything with it.

Owning and/or running a business is very time consuming and rough, and if you don't have the right coverage for the business, everything can go down the wrong path. From losing the building, to getting sued, a business could get shut down easily without insurance.

There are many different types of coverages/premiums that business owners could get for there business.

Coverages/Premiums:

  • Liability
  • Property Insurance
  • Compensation for workers
  • Etc.

Liability is a very important premium for a business, due to the fact that anyone in the business could cause some sort of damage to their or other's property. Therefore, they need coverage in order to be able to pay for those damages. If a business doesn't have this insurance, and someone damages something from someone else or their own, then that will be a huge financial cost for the business, and could possibly shut them down.

Property insurance is also another important thing for a business to have. This is important because you don't know if the property could one day burn down to the ground, and you would need insurance to cover those expenses. If you don't have this insurance, and something happens to the property, you could lose part of or the whole property, and that will cause a fortune for the business, maybe causing the business to shut down.

Compensation for workers is especially a very important premium for a business, since there might be a chance someone could get hurt while at work. If someone gets hurt at work, and you don't have insurance to cover their injuries, then they could sue the business for a lot of money due to the fact that they got hurt on the job, and it would be hard for the business to use their well-owned money to pay someone's hospital bill, and hospital bills are expensive, therefore it could lead the business to shutting down.

<h3>I hope this helps!</h3><h3>Best regards,</h3><h3>MasterInvestor</h3>
You might be interested in
Crane Company has a balance in its Accounts Payable control account of $9,250 on January 1, 2014. The subsidiary ledger contains
kondor19780726 [428]

Answer:

$4,375

Explanation:

Given that,

Crane Company balance = $9,250

Balance of Hale company = $3,000

Balance of Janish company = $1,875

January 1 balance in the Valdez Company subsidiary account:

= Crane Company Accounts Payable control account + Hale Company balance + Janish Company balance

= $9,250 + $3,000 + $1,875

= $4,375

5 0
2 years ago
Dudley Transport Company divides its operations into four divisions. A recent income statement for its West Division follows. DU
Ghella [55]

Answer:

Companywide income would increase by $6,000 if West Division is eliminated.

Explanation:

The amount by which the companywide income will increase or decrease if West Division is eliminated can be determined by comparing Revenue with avoidable cost.

Avoidable cost refers to the cost that will be eliminated or not incurred if a firm decides to change the course of a business.

In this question, avoidable cost is simply the cost or expenses that will be eliminated if West Division is eliminated.

Among all the expenses in the question, only Companywide facility-sustaining costs which is $78,000 cannot be eliminated if West Division is eliminated.

Therefore, avoidable cost can be calculated as follows:

Avoidable cost = Salaries for drivers + Fuel expenses + Insurance + Division-level facility-sustaining costs = 210,000 + 30,000 + 42,000 + 24,000 = $306,000

Since, Revenue = $300,000

Decision rule:

1. If revenue is greater than avoidable cost, we have a decrease in income. Therefore, the division should not be eliminated.

2. If revenue is less than avoidable cost, we have an increase in income. Therefore, the division should be eliminated.

Since the revenue of $300,000 is less than the avoidable cost of $306,000, it implies we have an increase in income based on the decision rule 2. The increase in income is calculated as follows:

Increase in income if West Division is eliminated = Avoidable cost – Revenue = $306,000 - $300,000 = $6,000

Therefore, companywide income would increase by $6,000 if West Division is eliminated

Since there would be an increase in income of $6,000, West Division should therefore be eliminated.

4 0
3 years ago
Eleni's landscaping company placed two orders. *The first order was for 13 bushes and 4 trees and totaled $487. *The second orde
Maksim231197 [3]

Answer:

Price of One Bush is $ 23

Explanation:

Suppose

bushes = B

trees = T

According to given condition:

13B + 4T = 487 (Eq: 1)

6B + 2T = 232 (Eq: 2)

Multiplying (Eq: 2) by 2

12B + 4T = 464 (Eq: 3)

Substractign (Eq: 3) from (Eq: 1)

13B + 4T - (12B + 4T) = 487 - 464

13B + 4T - 12B - 4T = 23

B = 23

By putting value of B in (Eq: 1)

(13 x 23) + 4T = 487

299 + 4T = 487

4T = 487 - 299

4T = 188

T = 188 / 4

T = 47

Price of One Bush = B = 23

5 0
2 years ago
RJ Miller Manufacturing Company produces a product that sells for $120. A selling commission of 10% of the selling price is paid
djverab [1.8K]

Answer:

$48

Explanation:

Contribution = Sales - Variable Costs

where,

Sales = $120

Variable Costs = $120 x 10% + $60 = $72

therefore,

Contribution = $120 - $72 = $48

The contribution margin per unit is: $48

6 0
2 years ago
You visit a tropical island that has only four goods in its economy—oranges, pineapples, coconuts, and bananas. there is no mone
Reil [10]
I don’t know sadly I don’t know I don’t know sadly I don’t know
8 0
3 years ago
Other questions:
  • Selected operating data for two divisions of Outback Brewing, Ltd., of Australia are given below: Division Queensland New South
    14·1 answer
  • A company borrowed $40,000 cash from the bank and signed a 6-year note at 7% annual interest. the present value of an annuity fa
    12·1 answer
  • Mercury Company sells tickets in advance for its weekly productions and records the proceeds as Unearned Revenue. At the end of
    12·1 answer
  • Consider the following per unit data for Jennifer Company, a seller of tables and chairs: What is the weighted-average unit cont
    9·1 answer
  • A firm is considering changing their credit terms. It is estimated that this change would result in sales increasing by $1,600,0
    10·1 answer
  • Net income for the year for Carrie, Inc. was $750,000, but the statement of cash flows reports that net cash provided by operati
    6·1 answer
  • Assume that you have a subsidiary in Australia. The subsidiary sells mobile homes to local consumers in Australia, who buy the h
    8·1 answer
  • Jubilee, Inc., owns 30 percent of JPW Company and applies the equity method. During the current year, Jubilee buys inventory cos
    9·1 answer
  • Common stock holders: Group of answer choices have one vote in the election of how the company operates. are last in line to rec
    15·1 answer
  • . Department C is the first stage of Cohen Corporation's production cycle. The following equivalent unit information is availabl
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!