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3 years ago

4)

Business

1 answer:

vova2212 [387]3 years ago

4 0

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.

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In one day madison laundry washed 4,000 pounds of laundry with 5 workers who each worked 8 hours. what was its productivity?

JulijaS [17]

Per wash load, productivity is $0.47.

<h3>Define productivity.</h3>

A common definition of productivity is the ratio of input volume to output volume. In other words, it assesses how effectively an economy uses labor and capital as production inputs to create a particular amount of output.

Being able to create, especially quickly and with excellent quality, is a sign of productivity. Making excellent school tasks in a short amount of time is an example of productivity. How quickly toys can be produced in a toy factory is an illustration of productivity.

It is computed by dividing a company's outputs by the inputs it used to achieve those outputs.

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5 0

2 years ago

the standards for the new galaxy phone specify 4.1 direct labor-hours per unit at $12.10 per direct labor-hour. last month 1,600

hammer [34]

a.The labor rate variance for the month $2,640 (Favorable).

b.The labor efficiency variance for the month $484 (Unfavorable).

<h3>Solution:</h3>

The following is a calculation of labor rate variation and labor efficiency variance:

Variation in labor rates = Actual cost - (Actual hours x Standard rate)

= $77,220 - (6,600 × $12.10)

= $77,220 - 79,860

= $2,640 Favorable

Variation in labor efficiency = Standard rate (Actual hours - Standard hours)

= $12.10 × (6,600 - 1,600 × 4.1)

= $12.10 × 40

= $484 Unfavorable

<h3 /><h3>Direct Labor:</h3>

Direct labor (DL) expenses in accounting are the costs connected with paying people to produce a product or perform a service. Workers must be explicitly involved in the production or delivery of the product or service. One of the costs associated with manufacturing a product or delivering a service is direct labor expenditures. Furthermore, direct labor costs differ from indirect labor expenses.

The following are some examples of direct labor costs:

1.Wages paid to assembly line workers in a manufacturing context.

2.Wages given to restaurant kitchen staff in a service setting.

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4 0

1 year ago

Beginning raw materials inventory $ 15,200 Raw material purchases 60,000 Ending raw materials inventory 16,600 Beginning work in

garik1379 [7]

Answer:

$58,600

Explanation:

Calculation for what Healey Company's direct materials used for the year is:

Using this formula

Direct materials used for the year=Beginning Raw Materials + Raw Materials Purchased - Ending Raw Materials

Let plug in the formula

Direct materials used for the year = $15,200 + $60,000 - $16,600

Direct materials used for the year= $58,600

Therefore Healey Company's direct materials used for the year is:$58,600

3 0

3 years ago

Structural unemployment is sometimes said to result from a mismatch between the job skills that employers want and the job skill

Liono4ka [1.6K]

Answer:

False

Explanation:

Due to the fact that the same amount of training is needed in each of the industries, wages would be the same. If wages were higher in the air craft industry, their would be an excess supply of labour in the airline industry. This would pull the wages in the airline industry down until the same wages are earned in both industries

8 0

3 years ago

Which of the following is not true about the law of diminishing returns? It is a short run phenomenon. It refers to diminishing

Natasha2012 [34]

Answer:

All of the above are true.

Explanation:

The law of diminishing returns was first formulated by the classic economist David Ricardo. It presupposes a technical relationship between input and output, which is not scientifically demonstrable but only empirically. In practice, in a generic production system, at any contribution of any factor, that is, land, labor, capital, machines, etc. there is no proportionally increasing production increase.

Normally it is assumed that the law does not always come into operation but only when the variable input exceeds a certain threshold. For example, the increase of workers on an assembly line certainly allows a proportional increase in production, but only until the entire system begins to suffer from malfunctions due to logistics or work organization, precisely because of the its getting bigger. Large industrial plants have shown that they must be divided into sections, however coordinated, precisely because of the decreasing returns. This is because the increase in the number of workers and the mass of the plants does not correspond to a consequent increase in production.

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3 years ago