a contract is essentially an agreement that creates an obligation. group of answer choices true false

Answers

Answer 1

A contract is essentially an agreement that creates an obligation is true.

A legally enforceable agreement between two or more parties known as a contract establishes, clarifies, and regulates the parties' respective rights and obligations.

The transfer of commodities, services, money, or a promise to transfer any of those at a later time are common components of contracts. The damaged party may seek legal remedies like damages or rescission in the event of a contract breach. Agreements must be kept, which is the foundation of contract law, a branch of the law of obligations that deals with contracts.

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Related Questions

Drag each option to the correct location.
Match the scenarios to the factors that affect the labor market.
foreign direct investment
outsourcing
immigration

Answers

Each scenario should be matched to the factors that affect the labor market as follows:

Immigration: Carlos is moving from Mexico to the United States because he got a job in a bank. He had his interview last month, and the bank agreed to hire him because he was willing to work for 10% less than most American workers, even though he has the same qualifications.Foreign direct investment: A US supermarket chain is going to open a few supermarkets in Europe because a recent survey showed that the chain has a huge potential for profits in Europe.Outsourcing: A renowned US information technology firm has recently signed a contract with a company based in the Philippines. The Filipino company will handle the accounts of the US firm. The US firm made this decision to reduce labor costs.

What is immigration?

Immigration can be defined as the movement of a group of people from one geographical region to another geographical destination such as a city, especially in search of any of the following:

Good governanceSecurityBetter living conditions.WorkJobsSocial amenities

What is a foreign direct investment?

A foreign direct investment (FDI) simply refers to a type of investment which is made by an individual or business organization (investor) into an investment market that is located in another country.

In conclusion, an example of foreign direct investment (FDI) is a US supermarket chain that is planning to open a few supermarkets in a country in Europe.

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Drag each option to the correct location.Match the scenarios to the factors that affect the labor market.foreign

Answer:

Post Test: Free Market and Businesses

Unit: 2

Economics

Question #12

__________________________________________________________

This is 100% right because I took the test

Go to explanation for picture with answers

l

l

Explanation:

Here's the picture and I hope this helped!

Have a nice day!

Drag each option to the correct location.Match the scenarios to the factors that affect the labor market.foreign

What types of planning can be done to improve a nation’s economy?
A nation can undergo ____ planning or ___ planning in order to improve its economy.

Answers

Answer:

A nation can undergo long-term planning or constructive planning in order to improve its economy. Long-term planning involves setting goals and implementing policies that will have an impact over a period of several years. This type of planning may involve investments in education, infrastructure, and research and development, among other areas. Constructive planning involves implementing policies that encourage economic growth and development, such as reducing barriers to trade, promoting entrepreneurship and innovation, and investing in key industries. These types of planning can help a nation to create jobs, increase productivity, and improve living standards for its citizens. THANK YOU

This graph compares the cost of an education at different institutions in Texas.

A graph titled The Cost of Tuition in Texas from 2012 to 2013 has type of school on the x-axis, and yearly cost in thousands of dollars on the y-axis. Public 4-year university is about 7,000, and private 4-year is 23,000. Public community college is 2,000, and private community college is 9,000. Technical school is 4,000.

This graph demonstrates that

private universities can cost three times as much to attend as public universities.
public universities can cost three times as much to attend as private universities.
community colleges can cost five times as much to attend as technical schools.
technical schools can cost five times as much to attend as community colleges.

Answers

Answer:

private universities can cost three times as much to attend as public universities.

Explanation:

Private universities are more expensive to attend compared to public universities. As per the graph, the public university is cost 7,000 while private university costs 23,000 to attend.  It is then correct to say that private universities cost more than three times as public universities ( 23,000/7,000= 3.29).

Community college costs 9000, while technical schools cost 4000; the cost is not five times more.

Technical schools 4,000 and community colleges are 9000; the costs are only two and a half more.

The graph is a pictorial representation of the data given.

The graph shows the relationship between two quantities whether it is linear or inversely proportional etc.

The given graph depicts that:

Private universities can cost three times as much to attend as public universities.

The given data tells that

                                         Costs

                                a)Public                 b)  Private

University                7000                        23000

College                    2000                        9000

Dividing b by a gives

23000/7000=3.286

9000/200= 4.5

Choice b public universities can cost three times as much to attend as private universities is incorrect.

Choice c community colleges can cost five times as much to attend as technical schools  is also incorrect.

Choice d technical schools can cost five times as much to attend as community colleges is incorrect as well.

The best answer from the given choices is option a: private universities can cost three times as much to attend as public universities.

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write a short note on meditation​

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Answer:

Explanation:Meditation is a practice where an individual uses a technique – such as mindfulness, or focusing the mind on a particular object, thought, or activity – to train attention and awareness, and achieve a mentally clear and emotionally calm and stable state.

Meditation meditation meditation meditation meditation meditation meditation session meditation meditation meditation meditation made a To integers between eight is six and seven

To integers between eight is six and seven

A "Pure Project" organizational structure means one in which: The team members often feel they have too many bosses. A self-contained team of different specialists work together full-time on a single project A project is housed within one functional division within company The X-bar and R-bar charts are always in complete contr

Answers

A "Pure Project" organizational structure means that a self-contained team of different specialists work together full-time on a single project.

In a Pure Project organizational structure, a dedicated team of specialists from various fields collaborate exclusively on a single project. This structure allows for increased focus, efficient decision-making, and effective resource allocation.

Team members often report to a single project manager, mitigating the risk of having too many bosses.

Unlike other structures, such as a functional division, a Pure Project is specifically designed for the successful completion of the project at hand. Note that the X-bar and R-bar charts are unrelated to this concept and should not be considered in this context.

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Major automobile brands such as ford, toyota, gm, and honda are interested in consumers’ interest in "smart" technology in new automobiles. Gm recently studied consumers’ interest in buying self-driving vehicles. The automobile brands must stay abreast of changing technology as well as consumer trends regarding the use of technology. The automobile company’s collection of this type of information is referred to as _______.

Answers

The automobile company's collection of information on changing technology and consumer trends regarding the use of technology in automobiles is referred to as **market research**.

Market research involves the systematic gathering, recording, and analysis of data and information about customers, competitors, and market trends. In this context, major automobile brands such as Ford, Toyota, GM, and Honda conduct market research to stay abreast of changing technology and understand consumer interest in "smart" technology and self-driving vehicles. By collecting and analyzing this type of information, automobile companies can make informed decisions about product development, marketing strategies, and overall business planning to meet the evolving needs and preferences of their target consumers.

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Which of the following affects employers’ decisions on how much to pay their workers? Maximizing costs
Maximizing profits
Minimizing profits
Minimizing benefits

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What  affects employers’ decisions on how much to pay their workers is : Maximizing profits.

What is  profit maximization?

Profit maximization can be defined as the way in which a company or an organization tend to determine the price level that enables them  to maximize profit.

Every company or organization  goals is to make profit based on this company that is determine to make profit must tend to make use of profit maximization approach.

Profit maximization is important as it can tend to lead to sustainable growth for companies which is why  most companies make use of  profit maximization strategy so as to make higher profit.

Therefore what  affects employers’ decisions on how much to pay their workers is : Maximizing profits.

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Which are costs of a college education? Check all that apply.

•tuition

•federal grants

•books and fees

•room and board

•student loan interest

•academic scholarships

Answers

-tuition (you need to pay for your education)

-books and fees (materials you need and other miscellaneous fees)

-room and board (you obviously need a place to stay while in college)

-student loan interest (if you opt to get a loan instead of paying for your tuition on the spot)

The cost for college education are tuition, books and fees, room and board, student loan interest.

What is a cost?

A cost is the value of money that has been expended to create something or provide a service and is therefore no longer available for use in production, research, retail, and accounting. In the case of a purchase cost, the money spent on the acquisition is considered the cost. In this instance, money is the resource used to obtain the item.

The cost of a college education involves:

tuition - The fees we need to pay for our education.books and fees - The materials we need and other miscellaneous fees.room and board - We obviously need a place to stay while in college.student loan interest - If we opt to get a loan instead of paying for our tuition on the spot.

Therefore, all the cost required for a college education is mentioned above.

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______ Is a market in which a large number of suppliers compete with each other to satisfy the needs and wants of a large numbers of consumers at a competitive price.???

Answers

Answer : Monopolistic competition

Answer:

Monopolistic Competition

Explanation:

In a monopolistic competitive market, there are large numbers of sellers who do not sell identical products instead they sell differential products. They compete with each other at a competitive price. The products could be differentiated in many ways including quality, style, location and even brand name. Since they compete at a competitive price, if there is a substantial rise in the price of any of the products, the buyers could quickly shift from one product to another. The most crucial factor behind product differentiation is because of geographical factors. Under a monopolistic competitive market, the sellers do not have any influence over customer loyalty and limited control over the price.

In general, progressives differed from labor and farm advocates because the progressives:________

Answers

In general, progressives differed from labor and farm advocates because the progressives were mostly middle-class urban reformers.

What are progressives?

Progressives advocate for increased social and economic equality as well as advancement in feminism and homosexual rights. They also support government-run social programs, and they want social movements to have more influence in the US.

What philosophies did Progressives hold?

Progressives were those who supported the notion of human advancement and the virtues of democracy. They believed that society should be built on the idea of human rights and that it is the responsibility of the state to ensure the wellbeing of its citizens.

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A Suspense Account was opened for an
error of $30 found in the Trial Balance. Later
it was observed that sales were understated
by $30. This item would be corrected in the
journal by

Answers

The main answer is: Debiting Sales Account and Crediting Suspense Account.

To correct the error of understating sales by $30 in the journal, the Sales Account should be debited and the Suspense Account should be credited. This will rectify the understatement of sales and ensure that the Trial Balance reflects the accurate financial information.

When an error is identified in the Trial Balance, a Suspense Account is created to temporarily hold the amount of the error until it is corrected. In this case, an error of $30 was found in the Trial Balance, indicating that the sales figure was understated. To correct this error, the Sales Account, which represents the revenue generated from sales, needs to be increased by $30. Hence, the Sales Account is debited.

On the other hand, the Suspense Account, which was initially created to balance out the Trial Balance, now needs to be reduced by $30 since the error has been identified and will be corrected. Therefore, the Suspense Account is credited to decrease its balance by $30.

By debiting the Sales Account and crediting the Suspense Account, the error of understating sales by $30 is rectified. The Trial Balance will now accurately reflect the corrected sales figure, ensuring the financial statements present a true and reliable representation of the company's financial position.

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which of the following is true regarding the gordon growth model?a.the dividend growth rate is assumed to be greater than the required return on equityb.dividends are assumed to grow at a constant rate forever.c.both a and b of the above.d.neither a nor b of the above

Answers

The true statement regarding the Gordon growth model is Dividends are assumed to grow at a constant rate forever .

Option A is correct .

What Is the Gordon Growth Model( GGM)?

The Gordon growth model( GGM) is used to judge the natural value of a stock grounded on a unborn series of tips that grow at a constant rate. It's a popular and straightforward variant of the tip reduction model( DDM). The GGM assumes that tips grow at a constant rate in infinity and solves for the immediate value of the horizonless series of unborn tips.

About Gordon growth model :

The Gordon growth model( GGM) attempts to compute the fair worth of a stock irrespective of the conquering market conditions and takes into account the tip payout factors and the request's anticipated returns.However, also the stock is considered to be underrated and should be bought, If the GGM value is advanced than the stock's current market price.

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The presentation recommends updating and modifying your budget how often?

Answers

The recommended frequency for updating and modifying your budget is monthly or weekly. Hence option B is correct.

What is the budget   about?

It is recommended to update and modify your budget regularly, typically at least once a month. This allows you to track your spending, make adjustments as needed, and ensure that you are staying on track with your financial goals.

Therefore,  By regularly updating your budget, you can make informed decisions about your spending and better manage your finances. In addition, it allows you to identify areas where you may be overspending or underspending, and make changes to your budget accordingly. Regular budget updates and modifications can help you stay in control of your finances and make the most of your resources.

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See full question below

Q.

The presentation recommends updating and modifying your budget how often?

answer choices

Annually or quarterly

Monthly or weekly

Daily or whenever making purchases

Never

record the sale of 125 units with a list price of $720, a 30% trade discount (if applicable), with terms of 2/10, n/30 under the gross method.

Answers

Terms of 2/10, n/30 is a sales discount of 2% when paid within 10 days

What is Trade Discount?

A trade discount is given to reduce the cost of merchandise when the seller buys goods from the manufacturer. Sales discounts are discounts that are provided to the buyers on the original price of goods or services. The purpose of providing these discounts is to motivate customers to make purchases and maintain the buyer's loyalty. There are two types of sales discounts, one is a cash discount and the other is a trade discount. The cash discount is given to encourage buyers to pay their bills quickly.

To record the sale of 125 units with a list price of $720, a 30% trade discount (if applicable), with terms of 2/10, n/30 under the gross method, the following journal entry should be made:

Accounts Debit Credit Accounts receivable 75,600, Sales 75,600  [The sales amount is calculated by multiplying the number of units sold (125) with the net price (504).]

Calculation: List price for 125 units = 125 × $720 = $90,000

Trade discount at 30% = $90,000 × 30/100 = $27,000

Net price = $90,000 – $27,000 = $63,000

Net price per unit = $63,000 / 125 units = $504.

Terms of 2/10, n/30 is a sales discount of 2% when paid within 10 days; the gross method, on the other hand, recognizes the revenue at the full selling price without any reductions. Therefore, the full amount of the revenue is recorded in the sales account, and the sales discounts are recorded in a separate account. Since this question is asking for the gross method, the discount will not be deducted.

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ISTP-T create a paragraph connect to your personalities ​

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The ISTP-T personality type is frequently associated with autonomous, analytical, and practical individuals. People with ISTP-T personalities frequently describe them as brave, daring, and self-assured.

What is ISTP-T?

One of the sixteen personality types identified by Isabel Myers and Katharine Briggs is known by the initials ISTP. Introverted, Sensing, Thinking, and Perceiving is its initials.

They are renowned for their capacity to take on difficult jobs and work through complicated issues.

They frequently choose to work alone or in small groups and are typically quite adept at analyzing situations, dissecting them into smaller components, and then developing original solutions.

They frequently exhibit risk-taking tendencies and a strong sense of independence. Individuals with this personality type frequently excel at changing their behavior to fit new circumstances.

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what are different types of leadership styles? Give 4 examples of leadership styles and explain them.

Answers

It's important to note that no single leadership style is always effective in all situations, and leaders may need to adapt their style based on the needs of their team or organization.

What is Leadership?

Leadership is the ability to inspire, motivate, and guide individuals or groups towards achieving a common goal or vision. It involves the ability to make strategic decisions, solve problems, and communicate effectively. A leader is someone who sets the direction, creates a vision, and inspires others to follow.

Autocratic leadership: In this style, the leader makes all decisions and controls all aspects of the team or organization.

Democratic leadership: In this style, the leader seeks input and feedback from team members and encourages participation and collaboration.

Transformational leadership: In this style, the leader inspires and motivates team members to work towards a shared vision or goal.

Servant leadership: In this style, the leader focuses on serving the needs of their team members and putting their needs and interests ahead of their own.

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What are u guys thankful for

Answers

Answer:

God waking me up this morning also thx for asking how bout you

Explanation:

expert that helps you learn core concepts.
See Answer
Suppose that the U.S. textile industry is competitive and there is no international trade in textiles. In long run equilibrium, the price per unit of cloth is $30.
a. Describe the equilibrium using graphs for the entire market and for an individual producer.
b. Assuming that U.S. textile producers have large fixed costs, what is the short-run effect of these imports n the quantity produce by an individual producer? What is the short-rub effect on profits? Illustrate you answer with a graph.
c. What is the long-run effect on the number of U.S. firms in the industr

Answers

The given question is incomplete. Hence, can not be answered. Still, adding some relevant information for your reference.

What is equilibrium ?

In physics, a system is said to be in equilibrium when neither its internal energy state nor its state of motion tend to vary over time. If a simple mechanical body experiences neither linear acceleration nor rotational acceleration, it is said to be in equilibrium. If this state is not disturbed by an external force, it will persist unbrokenly. If all of the forces operating on a single particle are vector summated to zero, equilibrium occurs.

When minor, externally generated displacements from an equilibrium result in forces that tend to counteract the displacement and bring the body or particle back to the equilibrium state, the equilibrium is said to be stable.

The given question is incomplete. Hence, can not be answered. Still, adding some relevant information for your reference.

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what is the major work of dentist?​

Answers

Answer:

Dentists diagnosis and treat dental issues and help patients developed better oral hygiene regimens.

Someone offers to sell you a concert ticket for $50, and you reply, "I’ll give you $40." The seller refuses to sell at the lower price, and you say, "Okay, okay, I’ll pay you $50." Clearly, no contract has been formed because you made a counteroffer. If the seller has changed her mind and no longer wants to sell for $50, she doesn’t have to. But is this fair? If it is all part of the same conversation, should you be able to accept the $50 offer and get the ticket?

Answers

When you made a counteroffer of $40, you essentially rejected the original offer of $50 and made a new offer. This means that the seller has the right to accept or reject your counteroffer.

 Explanation:

You asked if it is fair for the seller to refuse the $50 offer after you initially made a counteroffer of $40 for a concert ticket, and if you should be able to accept the $50 offer and get the ticket if it is all part of the same conversation.
In this situation, no contract has been formed because your counteroffer of $40 essentially rejected the original offer of $50. Legally, the seller has the right to change their mind and refuse the $50 offer after your counteroffer. Whether or not this is considered "fair" can be subjective, but it is important to remember that both parties have the right to accept, reject, or counter an offer during negotiations. If you want to secure the ticket at the $50 price, it is crucial to accept the original offer before making any counteroffers.

In general, it's important to remember that negotiation and bargaining are common in many transactions, including buying concert tickets. It's always a good idea to be respectful and courteous in your negotiations, and to make sure that you are clear about your intentions and expectations. If you want to avoid any confusion or misunderstandings, you may want to consider putting your agreement in writing, or using a third-party service like StubHub or Ticketmaster to purchase tickets.  

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Using the allowance method of accounting for uncollectibles, when is bad debt expense recorded ?.

Answers

The allowance method estimates bad debt expense at the end of the fiscal year, setting up a reserve account called allowance for doubtful accounts.

An allowance is a quantum of plutocrats given or distributed generally at regular intervals for a specific purpose. In the environment of children, parents may give an allowance to their child for their eclectic particular spending. In a nutshell, an allowance can give children the necessary first-hand experience of handling their own plutocrats and making their own opinions and miscalculations to allow them to learn further about good particular financing.

An allowance is a quantum of else taxable income that you can earn each time, without paying duty on it. A work allowance is a quantum that you can earn before your Universal Credit payment is affected. You'll be eligible for a work allowance if you( and/ or your mate) either have responsibility for a child. limited capability for work.

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It is sometimes necessary for a _________________ economy to live with a degree of uncertainty over _______________ that would be politically unacceptable in the high-income economies. developing; unemployment converging; inflation disconnected; fundamentals of growth converging; trade imbalances

Answers

Answer:

converging; inflation

It is sometimes necessary for a converging economy to live with a degree of uncertainty over inflation that would be politically unacceptable in the high-income economies.

Why is it so important to have a checking account?

A. Without a checking account, you are unable to cash your paycheck or pay your taxes.
B. A checking account facilitates the rest of financial life by making your money available when and where you need it while also keeping
it safe.
C. Opening a checking account is the first step in building your credit history, which you will need
in order to receive loans, scholarships, and grants for college.
D. Opening a checking account is the only way to gain access to a savings account, which is
essential if you want to make money by investing.

Answers

Checking account makes one's money available when and where you need it while also keeping it safe.

Let first understand that Checking account is an account that facilitates easy withdrawal and deposit at any period of time while Saving account is an account used primarily for savings.

Usually, a saving account does not allow withdrawal until maturity period, but the Checking account is opposite because its an account that is made ready for withdrawal of money therein.

In conclusion, a debit card are issued with the Checking account to ensure your money is available when and where you need it.

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Which is an example of a small business showing social responsibility to individuals within the company?
A. starting an office recycling program
B. developing sustainable business practice
C. donating money to local organizations
D. allowing employees to work from home

Answers

Starting an office recycling program, developing sustainable business practice and donating money to local organizations are examples of a small business showing social responsibility to individuals within the company.

Company have a social responsibility to the communities in which they operate. This includes ensuring that they are good corporate citizens, providing support for local causes and charities, and protecting the environment.

Sustainable business is a term that is often used to describe businesses that are environmentally friendly or that have a positive social impact.

Hence, the correct options are "A, B & C".

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your company has developed and implemented countermeasures for the greatest risks to their assets. however, there is still some risk left. what is the remaining risk called? answer residual risk risk loss exposure

Answers

The portion of risk that still exists after the execution of a countermeasure is known as residual risk.

Which phrase describes a danger that endures even after measures have been put in place?

The risk that is still there after efforts have been made to detect and reduce some or all categories of risk. Remaining risk is significant for a number of reasons. The risk that remains after applying security measures and process improvements is the first thing to take into account.

Which of the following expressions best describes the idea of residual risk?

In risk management, inherent risk and residual risk are closely related. The number of risks that exist without any controls or measures being taken to address or mitigate them is referred to as inherent risk.

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f. Compose an essay that argues which health care system is better in terms of economics. Analyze the reasons for your determination by covering these points:
• scarcity and allocation of resources
• incentives
• role of the government
• how prices are determined
• benefits and drawbacks for consumers in the UK and US
• benefits and drawbacks for producers in the UK and the US

Be sure to include specific reference to sources and a counterargument. Your essay should include an introduction, transitions, and a conclusion.


Answers

Mate, I don’t think anyone is gonna write a whole essay

Answer:

In terms of economics, I believe the US healthcare system is superior because it is private and has a lower wait time. Private healthcare, such as Medicare and Medicaid, provides services to certain portions of the population in the United States. Workers and health facilities are also private since they are private, whereas they are public in the UK. Another advantage of being private is that they can provide speedier treatment and more improved technology, which makes them highly dependable in the United States. This leads me to my second argument about how the times are shorter in the United States than in the United Kingdom. People in the United Kingdom may have to wait months, if not years, for some treatments. In the United States, the waiting period might be a few days or weeks.

Both healthcare systems have significant economic problems. Both the United States and the United Kingdom have healthcare issues. I can't tell which is better because I've only been treated in the United States, but after conducting the thorough study, I can honestly state that I prefer the United Kingdom's healthcare system. I'd rather cope with the issues of free healthcare than with the difficulties of excessively expensive healthcare. I haven't had to deal with the flaws in this system yet because of my age, but I'm sure I will.

The United States government prefers to spend its money elsewhere. Because of its free healthcare, the United Kingdom does not face this issue. That isn't to say it isn't plagued by other problems. Inefficiencies emerge because profit is not the primary motivation for the NHS, and prices do not play the same role as they do in a free market economy. Because of the strength of a competitive market, the right amount and quality of health care would be delivered at the lowest possible cost to fulfill customer demand. The NHS, on the other hand, is not in this situation. They expect physicians to behave in their best interests, but in a free market, this may not be the case.

The United States boasts one of the greatest medical research systems in the world. The NHS's major goal in the United Kingdom is to offer a high-quality service based on clinical need rather than the capacity to pay. It is also a major employer. It boosts the economy's production by keeping the workforce healthy. It also boosts GDP by increasing life expectancy and, as a result, the average working life. Finally, neither system is flawless, and whether you think the US healthcare system is superior to the UK's is entirely up to you. However, I believe that the system in place in the United Kingdom is superior. Despite the fact that some of them are destitute, their government genuinely cares about each and every one of them.

People who purchase goods or services from a business are:
a. Customers
b. Frequent Flyers
c. Patients
d. Visitors

Answers

Customers since they are the clients who are purchasing the supply

Answer: A

Explanation:

Custormer

When setting prices of products, businesses want to make sure they can
cover their costs and make
A. a markup
B. an allowance
C. a discount
D. a profit

Answers

Answer:

When setting prices of products, businesses want to make sure they can cover their costs and make:

D. a profit

The setting prices of products, businesses want to make sure they can cover their costs and make a profit. Thus, option (d) is correct.

What is businesses?

The term “business” refers to earning a profit. The business is taking the risk and earning the profit. The business is mainly focused on the activities of the creation, distribution, and selling of concepts. The businesses are interested in the investment as a future perspective.

The business is the main motive for earning the profit. Businesses are increasing productivity as a result of rising profits. From the location to the facilities such as medical facilities, proper furniture, employee liberty of work, training, internet facilities, and furniture, etc., businesses are improving. The cost plus extra amount is called the profit.

As a result, in the setting prices of products, businesses want to make sure they can cover their costs and make a profit. Therefore, option (d) is correct.

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A child-tax credit (deduction) would
show up on which form?
A. 1040
B. 1099
C. 19

Answers

Answer:

see the answer

Explanation:

I think It is A

smartbook the system that compares actual results to a budget so that significant deviations can be flagged and investigated further is called

Answers

The system that compares actual results to a budget, flagging significant deviations for further investigation, is called Variance Analysis. Variance Analysis is a critical tool for financial management and control. It allows organizations to monitor their financial performance and identify areas that may require attention or improvement. The process involves the following steps:

1. Create a budget: This is an estimation of expected revenues and expenses for a specific period.

2. Record actual results: Keep track of the actual revenues and expenses that occur during the same period as the budget.

3. Calculate variances: Determine the difference between the actual results and the budgeted amounts, for both revenues and expenses.

4. Analyze variances: Examine the variances to identify significant deviations from the budget. This may include reviewing the causes of the variances and determining if they were due to changes in market conditions, operational issues, or other factors.

Variance Analysis is essential for effective financial management, as it helps organizations stay on track with their financial goals and make informed decisions for future planning.

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