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Misha Larkins [42]
3 years ago
9

Match each term with the correct definition.

Business
1 answer:
yaroslaw [1]3 years ago
7 0

Answer:

1. Market.

2. Private property.

3. Competition.

4. Freedom of enterprise.

5. Self-interest.

6. Mutually agreeable.

7. Freedom of choice.

Explanation:

A. Market: An institution that brings buyers and sellers together.

B. Private property: the right of private persons and firms to obtain, control, employ, dispose of, and bequeath land, capital, and other property.

C. Competition: The presence in a market of independent buyers and sellers who compete with one another and who are free to enter and exit the market as they each see fit.

D. Freedom of enterprise: The freedom of firms to obtain economic resources, decide what products to produce with those resources, and sell those products in markets of their choice.

E. Self-interest: What each individual or firm believes is best for itself and seeks to obtain.

F. Mutually agreeable: Economic transactions willingly undertaken by both the buyer and the seller because each feels that the transaction will make him or her better off.

G. Freedom of choice: The freedom of resource owners to dispose of their resources as they think best; of workers to enter any line of work for which they are qualified; and of consumers to spend their incomes in whatever way they feel is most appropriate.

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Anthony Roofing's budgeted manufacturing costs for 50,000 squares of shingles are: Fixed manufacturing costs $30,000 Variable ma
liberstina [14]

Answer:

Total budgeted manufacturing cost = $824,000

Explanation:

The total budgeted manufacturing cost is the sum of the variable  and fixed manufacturing cost

The fixed manufacturing cost of $30,000 would be absorbed (i.e charged to the units produced using overhead absorption rate (OAR).

OAR = Budgeted fixed manufacturing cost / Budgeted production squares

      = $30,000 /  50,000 squares = $0.6 per square

Absorbed fixed manufacturing cost= OAR × actual production of squares

Absorbed fixed manufacturing cost=  $0.6 × 40,000 = $24,000

Variable manufacturing cost = $20.00 × 40,000 =800,000

Total budgeted manufacturing cost = $24,000  + $800,000  = $824,000

Total budgeted manufacturing cost = $824,000

5 0
3 years ago
Engineworks Co. provides the following fixed budget data for the year: Sales (20,000 units) ……………………………. ​ $600,000 Cost of sale
marysya [2.9K]

Answer:

Flexible Contribution Margin <u>147,000</u>

<u>Actual </u>Contribution Margin <u>139,000</u>

<u>Variance 8000 unfavorable</u>

Explanation:

Engine Works Company

Flexible Budget Performance Report

For the year using the Contribution Margin Format

                                      Actual                      Static                Flexible

                                    (21,000 units)       (20,000 units)     (21,000 units)

Sales                       …$651,000                 $600,00             630,000 Fav

V. Cost of goods sold: ​ ​ 512,000              $ 460,000           483,000 Unfav

Direct materials .$231,000 ​                     $200,000             210,000

Direct labor   168,000 ​                              160,000               168,000

Variable overhead  73,500 ​                       60,000               63,000

Variable Operating Expenses 39,500       40,000             42,000

<u>Contribution Margin    $139,000                140,000          147,000  Unfav</u>

Fixed Expenses

Fixed Operating Expenses 12,000 ​ 12000           12000

Fixed overhead 77,500           80,000                  84,000

<u>Income from operations  ​ $ 49,500    $ 48,000            $51,000  Fav</u>

<u></u>

<u>Working</u>

Flexible Calculations = (600,000/20,000)*21,000= $ 630,000

V. Cost of goods sold= ($ 460,000 /20,000)*21,000= 483,000

Direct materials .   =  $200,000 /20,000)*21,000=   210,000

Direct labor =    160,000/20,000)*21,000=    168,000

Variable overhead  =  60,000 /20,000)*21,000=    63,000

Variable Operating Expenses =  40,000 /20,000)*21,000= 42,000

All calculations are carried out in the same way. Dividing the amount in the given budget with the number of units and multiplying it with actual number of units.

Flexible Contribution Margin 147,000 and Actual Contribution Margin 139,000 which shows a Variance  of 8000  which is unfavorable.

4 0
2 years ago
Salespeople selling in foreign markets should tailor their presentations and closing styles to each market.​
Rasek [7]

The best answer to this question would be (A) True.

This is because culture will impact how your potential customers view your product. Even in the same country, different approaches should be used if the cultural divide is too vast between one area to the other.

An approach that works, for example, for urban customers in New York City, might not work with another set of urban customers based in Tokyo. Recognizing what works for each market means that you will be able to reap the best outcome possible from all of them.

3 0
2 years ago
Monika's gift barn has cash of $316, accounts receivable of $687, accounts payable of $709, and inventory of $2,108. what is the
kondaur [170]
Given:
Cash = $316
Accounts receivable = $687
Accounts payable = $709  (Liabilities)
Inventory = $2,108 (Assets)

Total assets = Cash + Receivables  
                    = 316 + 687 = $1,003
Liabilities = $709

By definition, the quick ratio is
QR = (Assets - Inventory) / Liabilities
      = (1003 - 2108)/709
      = -1.5585

This means that the gift barn is over-leveraged and struggling to grow.

Answer: -1.56 
3 0
3 years ago
Richard, an engineer, supervises the construction of a new mountainside roadway. When the road collapses in a landslide due to f
vredina [299]

Answer: Other Engineers

Explanation:

Richard can be sued by motorist in the event of the collapse of the road which he supervised construction, and the case would be considered with the already established engineering standards. The engineer standard directs that during construction or fabrication in engineering, the engineer should give little or no allowance for failure, because failure can lead to serious injuries or loss of life.

7 0
3 years ago
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