Answer:
I. The three (3) main functions of money in an economy are;
a. Medium of exchange.
b. Unit of account.
c. Store of value.
II. Liquidity is a characteristic of money.
Explanation:
In economics or financial accounting, money can be defined as any asset used by an individual or business entity to make purchases of goods and services at a specific period of time.
Simply stated, money refers to any asset which can be used to purchase goods and services by customers.
This ultimately implies that, money is any recognized economic unit that is generally accepted as a medium of exchange for goods and services, as well as repayment of debts such as loans, taxes across the world.
I. The three (3) main functions of money all over the world are;
a. Medium of exchange.
b. Unit of account.
c. Store of value.
II. The rate at which an asset can be used to purchase any goods or services refers to its liquidity. Thus, liquidity is a quality or characteristics of money as a medium of exchange.
In conclusion, money is a generally accepted medium of exchange around the world and money being a store of value makes it possible to transfer purchasing power between traders and buyers from the present to the future.
Answer:
Profit : $297,000
Explanation:
Revenue is the earnings generated by a business by selling products and services. Expenses are the cost incurred in the process of generating revenue for the business.
A business will make profits if revenue exceeds expenses.
In this case, the revenue ($895,000) exceeds expenses($598,000). Therefore, the business will make a profit.
The profit will be revenue minus expenses
=$895,000 -$598,000
=$297,000
Answer:
Overhead= $6,000
Explanation:
Giving the following information:
Job 403:
Direct material= $40,000
Total manufacturing costs = $50,000
Boxer applies overhead at 150% of direct labor cost.
Total manufacturing costs= direct material + direct labor + allocated overhead
50,000= 40,000 + (direct labor + allocated overhead)
(direct labor + allocated overhead)= $10,000
<u>We know that overhead is 50% higher than direct labor. In 100%, direct labor would de 40% and overhead 60%.</u>
direct labor=10,000*0.4= $4,000
Overhead= 10,000*0.6= $6,000
Answer:
the labor force participation rate is 80%
Explanation:
The computation of the labor force participation rate is given below:
Labor force participation rate = labor force ÷ working-age population × 100
= 400,000 ÷ 500,000 × 100
= 4 ÷ 5 × 100
= 80%
hence, the labor force participation rate is 80%
Answer: a. 10 business days
Explanation:
Curricular Practical Training (CPT) refers to a job that will be beneficial to your program of study such as alternate work/study, internship and cooperative education.
When applying for the CPT, one must keep in mind that in general it takes 5 - 10 business days. However, during Peak application times such as April, September and January, it is recommended that you wait the entire 10 business days.
