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3 years ago

Explain at least two elements of the free enterprise system here in the U.S.

Business

1 answer:

Andreas93 [3]3 years ago

4 0

Answer:

1. Private ownership of factors of production

2. Freedom to engage in commercial activities

Explanation:

<u>1. Private ownership of factors of production</u>

In the US, individuals and firms are allowed to own properties. A significant percentage of the factors of production are in the hands of the private sector. Firms and individual influences the production of goods and services because they allocate resources to meet market demand.

<u>2. Freedom to engage in commercial activities</u>

Entrepreneurs have the freedom to choose the type of business they want to start. They can also select the location and the time they want to operate. There are no upper limits to firms that can participate in the market. Consumers are free to choose their suppliers. The market presents a variety of goods and services to consumers to pick from.

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An internal control system consists of all policies and procedures used to protect assets, ensure reliable accounting, promote e

GenaCL600 [577]

Answer:

Explanation:

1. True

Separation of record keeping for assets from custody over assets in custody over assets reduces theft and fraud . except in a case of collusion.

Fraud and theft of assets can be easily perpetrated and covered up when an individual combines the role.

2. False

Internal control focuses more on the internal operation of an organization rather than the external. Even though it can still be of impact in checking the excesses of external parties like the government agencies , but that is not its primary objective

3.True

Internal control's main objectives can be best accomplished when there is an operational system with managerial policies that protect waste , fraud and theft , being the major factors targeted to control

4.False

Separating the responsibility for a transaction between two or more individuals or departments is a major way of preventing creation of fictitious invoices and payment as it could have easily be detected if different individuals are involved in approval and payment of invoices.

7 0

3 years ago

a person was able to invest 1,000 per month for 30 years with interest rate of 5%. 1. find out how much the person will have in

sveticcg [70]

Answer:

1. $832,258.64

2. $616,550.50

3. $476,407.77

Explanation:

As the question is concerned, we are to calculate the Future value for the following data

1. PV = 0

PMT = 1,000

N = 30*12 = 360

I = 5%/12

Future Value = PV (PMT, N, I)

Future Value = PV(0, 1,000, 360,0.05/12)

Future Value = $832,258.6354

Future Value = $832,258.64

2. PV = 0

PMT = 1,500

N = 20*12 = 240

I = 5%/12

Future Value = PV (PMT, N, I)

Future Value = PV (0, 1,500,240, 0.05/12]

Future Value = 616,550.5028

Future Value = $616,550.50

3. PV = 0

PMT = 800

N = 25*12 = 300

I = 5%/12

Future Value = PV (PMT, N, I)

Future Value = PV (0, 800, 300, 0.05/12]

Future Value = 475,407.7668

Future Value = $476,407.77

7 0

3 years ago

Careers in the Hospitality and Tourism career cluster are

son4ous [18]

Answer:

The correct answer is: B. Bountiful and expected to continue to grow.

The tourism and hospitality industry is a fast growing and developing industry, so in the future, it is expected to grow, and become more bountiful.

Let me know if this helps!

8 0

2 years ago

Read 2 more answers

Cost ConceptOn February 3, Clairemont Repair Service extended an offer of $360,000 for land that had been priced for sale at $40

guajiro [1.7K]

Answer:

The land should be recorded in Clairemont Repair Service’s records at $380,000

Explanation:

According to the historical cost principle, the recording of the fixed assets should be recorded at the purchase price or cost price which is to be shown in the assets side under the balance sheet.

So, according to the question, on February 28, the repair service accepted the seller's counteroffer which means that the land was purchased on February 28 for $380,0000. So, by $380,000 amount, the land would be recorded.

Other costs which are mentioned in the question is ignored.

7 0

3 years ago

Jane is 22 years old. for her job, she needs to take an intelligence test. which would be the most appropriate test for her age

Makovka662 [10]

The most appropriate intelligence test would be the WAIS IV test. This test is used for anyone between the age of 16 and 90 years old. It is frequently used to test adults and older adolescents. This intelligence test can be used for many different purposes (anything from job qualifications to treating psychological disorders).

6 0

3 years ago