The economic theory most likely to make a person oppose taxing imports is "<u>Laissez-faire"</u>
"Laissez-faire" is an economic theory that opposes the government's involvement in economic affairs.
Imposing a tax on imports can have implications for local businesses.
Thus, this theory gained popularity in the USA in the 18th century opposing the government's intervention in economic affairs.
It's a French phrase that means "Let us do," because people believed that imports and exports should be managed by states and not the central government.
Scholars believed that economies go down when governments start imposing taxes on imports.
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Answer:
b. $790,000.
Explanation:
The computation of the taxable income for X purpose is shown below:
Federal Taxable income $750,000
Add: Deduction for state income taxes non-deductible $50,000
Less: Interest on federal obligations i.e. deductible $10,000
Taxable income $790,000
Hence, option b is correct
Answer:
Companies that use ABC allocate all costs including direct materials, direct labour and manufacturing overhead to the product based on an activity cost allocation rate.
This statement is False.
Explanation:
In ABC, it is only the overhead that will be allocated to the product based on an activity cost allocation rate (cost drivers). Direct material cost and direct labour cost will be recorded at the actual cost incurred on direct material and direct labour.
Answer:
It provides definite objective for evaluating performance
Explanation:
Budgeting: It can be defined as the process of deciding an efficient way of spending money.
A budget is a financial plan which shows the estimation of income and expenditure over a specified future period of time. A budget can be made by an individual, business organzations or government of a country.
A budget can either be surplus or deficit.
1. A surplus budget is a budget in which the estimate of income is more than expenditure.
2. A deficit budget is a budget in which the estimate of expenditure is more than income.
Benefits of budgeting includes;
1. It provides definite objectives for evaluating performance.
2. It requires all levels of management to plan ahead on a recurring basis.
3. It facilitates the coordination of activities.
Answer: Contrast Effect.
Explanation:
Contrast effect involves making a comparison between two encounters or events that had different outcomes. Jessica would make use of contrast effect to judge Carrie's personality. In which Jessica would compare Carrie's cheerful personality to Michelle's unfriendly personality.
