A researcher has jus finished designing and validating a scale meant to measure "employee high-performance potential", which he hopes to monetize and market to organizations.
The scale is a 30-item questionnaire that measures "the ability of respondents to demonstrate agile thinking and critical insign when faced with complex organizational challenges".
As the senior leadership team being pitched this idea, your group must vet the researcher's work and decide if it's worth investing in. To do this:
1) Identify a potential contaminating variable, and how you would assess discriminant validity.
2) Identify a relevant outcome, and how you would assess criterion validity.
Answers
In summary, to assess discriminant validity, the researcher can include items to detect social desirability bias. To assess criterion validity, the researcher can compare scale scores with actual job performance data.
1) One potential contaminating variable that may affect the validity of the researcher's scale is social desirability bias. Social desirability bias
refers to the tendency of respondents to provide answers that they believe are socially desirable or favorable, rather than answering truthfully.
To assess discriminant validity and minimize the impact of social desirability bias, the researcher can include a set of items in the questionnaire that are designed to detect socially desirable responses.
For example, the researcher can include statements that are highly desirable but not directly related to employee high-performance potential, such as "I always go above and beyond my job responsibilities."
By comparing responses to these items with responses to the main scale items, the researcher can evaluate whether respondents are providing consistent and honest answers, thereby ensuring the scale's discriminant validity.
2) A relevant outcome that can be used to assess criterion validity of the scale is actual job performance.
Criterion
validity refers to the extent to which the scale is able to predict or correlate with an external criterion, in this case, job performance.
The researcher can collect objective performance data, such as sales figures, customer satisfaction ratings, or performance
evaluations
, for a sample of employees who have completed the scale.
By examining the correlation between the scores on the scale and the employees' actual job performance, the researcher can assess the criterion validity of the scale.
A strong positive correlation between scale scores and job performance would indicate that the scale accurately predicts high-performance potential, while a weak or nonsignificant correlation would raise concerns about the criterion validity of the scale.
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Related Questions
why is south africa regarded as a developing country
Answers
Answer:
This is due to the fact that South Africa is currently in a state of poverty and has very high unemployment rates, meaning there are a lot of poor people on the streets and it is uneasy/many do not have jobs either.
Explanation:
Question 5 of 10
One example of a short-term savings strategy is:
A. a free checking account.
B. an employer-sponsored 401(k) plan.
C. a low-interest bank account.
D. a high-risk stock market investment.
SUBMIT
Answers
Answer:
A. a free checking account.
Explanation:
Saving involves putting money aside in a safe place for future use. Banks and financial institutions offer saving accounts as safe and secure platforms for firms and individuals to save.
A checking account is among the types of savings accounts offered by financial institutions. This type of savings account allows customers to save money that they do not wish to spend immediately. A checking account is risk-free and, therefore, a good strategy for short term saving.
Answer:
a low-interest bank account.
Explanation:
i got this right
A company acquired a building, paying a portion of the purchase price in cash and issuing a mortgage note payable to the seller for the balance. In a statement of cash flows, which of following included in financing activities for the above transaction?
A.Zero
B.Cash Payment
C.Mortgage amount
D.Acquisition price.
Answers
C. Mortgage amount is included in financing activities for the above transaction.
In the given transaction, the acquisition of a building by a company involves both cash payment and the issuance of a mortgage note payable. In the statement of cash flows, the financing activities section records cash flows related to obtaining or repaying capital, such as borrowing or issuing debt.
The mortgage amount represents the financing activity in this transaction since it involves the issuance of a mortgage note payable to the seller. The cash payment would be reflected in the operating activities section as a cash outflow related to the purchase of the building.
The acquisition price itself would not be directly included in the financing activities section of the statement of cash flows.
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Susan works for a salary of $3,600 per month. She has federal income tax withheld at the rate of 15%, Social Security tax at the rate of 6.2%, Medicare tax at the rate of 1.45%, and health insurance premiums of $48 per month. Susan also contributes to a savings plan. Each month, 2% of her gross pay is placed in the plan.
Answers
Answer:
$2,664.68
Explanation:
Salary $3,600
Overtime $0
Gross Pay:$3,600
Required Deductions:
Federal Tax(15%*3,600) $540
Social Security Tax(6.2%*3,600) $223.2
Medicare Tax(1.45%*3,600) $52.12
Voluntary Deductions:
Health Insurance 48
Union Dues $0
Retirement $0
Savings:( 2% *3,600)72
Other:
Total Deductions:935.32
Net Pay: (3,600-935.32) $2,664.68
Therefore Susan Net pay will be $2,664.68
20 A number of football clubs are now ..... on the Stock Exchange.
Answers
A number of football clubs are now listed on the Stock Exchange, enabling them to raise capital through the sale of shares to investors. This allows the clubs to fund various activities such as stadium improvements, player acquisitions, and overall operations.
Being publicly traded provides financial benefits and increased visibility, but also subjects the clubs to market fluctuations and investor expectations. Some prominent examples of football clubs listed on the stock exchange include Manchester United (NYSE: MANU), Juventus (BIT: JUVE), and Borussia Dortmund (ETR: BVB). These clubs have successfully navigated the financial markets and utilized the capital raised to enhance their competitiveness and brand value. Investing in football clubs can be an attractive opportunity for investors who are passionate about the sport and want to support their favorite teams financially. However, the investment also carries risks associated with market volatility, performance of the team, and overall economic conditions. In conclusion, listing football clubs on the Stock Exchange provides them with access to capital for growth and development, while offering fans and investors a unique opportunity to invest in their favorite teams. It is essential for potential investors to consider the inherent risks involved in investing in such stocks and to research the financial health and prospects of the clubs before making an investment decision.
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To be a kindergarten teacher do you need university
Answers
assume a division of hewlett-packard currently makes 10,000 circuit boards per year used in producing diagnostic electronic instruments at a cost of $34 per board, consisting of variable costs per unit of $24 and fixed costs per unit of $10. further assume sanmina corporation offers to sell hewlett-packard the 10,000 circuit boards for $34 each. if hewlett-packard accepts this offer, the facilities currently used to make the boards could be rented to one of hewlett-packard's suppliers for $27,000 per year. in addition, $5 per unit of the fixed overhead applied to the circuit boards would be totally eliminated.
Answers
A value is the price of cash that has been used up to supply some thing or supply a service, and as a result isn't to be had to be used anymore.
The required details for cost in given paragraph
$240,000 $340,000
$100,000 $50,000
Total cost Increase in total cost:
Total increase in cost due to outsourcing is $23,000 hence, won manufacturing is preferred.
50 (527,000)
$340,000 $363,000
The value can be one in every of acquisition, wherein case the quantity of cash expended to accumulate it's far counted as value. In this case, cash is the enter this is long past as a way to accumulate the thing. This acquisition value can be the sum of the value of manufacturing as incurred with the aid of using the unique producer, and similarly expenses of transaction as incurred with the aid of using the acquirer over and above the rate paid to the producer.
Usually, the rate additionally consists of a mark-up for income over the value of manufacturing.
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Complete question
Assume a division of hewlett-packard currently makes 10,000 circuit boards per year used in producing diagnostic electronic instruments at a cost of $34 per board, consisting of variable costs per unit of $24 and fixed costs per unit of $10. further assume sanmina corporation offers to sell hewlett-packard the 10,000 circuit boards for $34 each. if hewlett-packard accepts this offer, the facilities currently used to make the boards could be rented to one of hewlett-packard's suppliers for $27,000 per year. in addition, $5 per unit of the fixed overhead applied to the circuit boards would be totally eliminated.??
Variable cost
Details
Manufacturing Outsourcing
Fixed cost
Rental income
What is the function of product and service management? Choose the answer.
2
budgeting for a product development or financing a sale
15
activities or functions associated with promoting and selling a product or service
18
looking at the best ways to meet customers needs
direct communication with customers to help satisfy their purchasing needs
Answers
Answer:
activities or functions associated with promoting and selling a product or service
Explanation:
15 is dah answer
Activities or functions associated with promoting and selling a product or service are the functions of product and service management. The correct option is B.
What is a service management function?Value delivery to customers and customer relationships are the two main focuses of service management. The interactions of IT technical staff with customers and clients can be organized using the framework provided by service management.
Based on consumer preferences and the state of the market, PSMs guide decisions regarding products and marketing. This prevents businesses from spending money on features they won't actually use. It also aids in marketing by helping to center messaging around the features and advantages that customers have been requesting.
Thus, the ideal selection is option B.
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The steps used by businesses to develop a customer profile survey include___.
O market research
O surveys
O marketing mix
O individualize
Answers
Answer:
A,B, D:
Market Research
Surveys
Individualize
I just got a 100 on this quiz
The steps used by businesses to develop a customer profile survey include surveys.
What are Surveys?In order to gather information about a service, product, or process, a survey is described as the act of looking at a process or questioning a predetermined sample of people.
Surveys used to gather data ask a specific set of people about their beliefs, actions, or knowledge.
Further Surveys provide a rich collected data or learning ability more in areas like demography and social research. Survey research is frequently used to evaluate ideas, beliefs, and emotions. Surveys may have narrow, specialized objectives or they may have more general, extensive objectives.
Therefore for business to develop customer profile survey they start with market survey & make results out of it.
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to be counted as unemployed in the united states a person has to be
Answers
In the United States, to be counted as unemployed, a person has to be willing and able to work but has no work.
Unemployment is defined as the number of people who are willing and able to work but who cannot find jobs during a specified period of time. The unemployment rate is determined by dividing the number of unemployed persons by the total labor force and multiplying the result by 100.
There are several types of unemployment, including frictional, structural, cyclical, and seasonal unemployment. Frictional unemployment occurs when people are in the process of changing jobs or entering the labor force for the first time.
Structural unemployment occurs when people's skills or qualifications do not match the needs of the labor market. Cyclical unemployment is caused by changes in economic conditions, while seasonal unemployment is associated with changes in the demand for labor in certain industries or at certain times of the year.
In the US, the unemployment rate is calculated and reported monthly by the Bureau of Labor Statistics (BLS) as part of its Current Population Survey (CPS).
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What four major healthcare challenges affecting all Americans have been identified by the National Priorities Partnership?
O Inadequate funding, understaffed hospitals, lack of trained personnel, and overutilization
O Uninformed consumers, rising costs of medical testing, lack of urgent care centers, and wasteful spending
O Eliminating harm, eradicating disparities, reducing disease burden, and removing waste
O Keeping well people well, treating acute illness, managing chronic disease, and providing compassionate care for the dying
Answers
The four major healthcare challenges identified by the National Priorities Partnership are Eliminating harm, Eradicating disparities, reducing disease burden, removing waste.
This challenge focuses on addressing and eliminating health disparities that exist among different populations, such as racial and ethnic minorities, socioeconomically disadvantaged individuals, and marginalized communities.
The aim is to ensure equitable access to quality healthcare and improve health outcomes for all. This challenge involves efforts to prevent and manage chronic diseases, promote healthy behaviors, and improve population health outcomes.
It includes initiatives for disease prevention, early detection, effective treatment, and management of conditions like diabetes, cardiovascular diseases, cancer, and mental health disorders.
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prepare a memo that addresses the following questions: 1. which if any of the resources are overallocated? 2. assume that the project is time constrained and try to resolve any overallocation problems by leveling within slack. what happens? 3. what is the impact of leveling within slack on the sensitivity of the network? include a gantt chart with the schedule table after leveling within slack. 4. assume the project is resource constrained and resolve any overallocation problems by leveling outside of slack. what happens?
Answers
A sample memo that addresses the following questions: 1. "which if any of the resources are overallocated?" is given below:
To: All the directors
Make an evaluation of the resources in use and find out which ones are overallocated and give me an immediate feedback.
What is a Memo?This refers to the term that is used to describe and define a written communication. These messages, which are sometimes abbreviated "memos," are typically succinct and made to be quickly comprehended. Thus, memos can effectively convey crucial information in order to implement dynamic changes.
Hence, it can be seen that from the sample memo above, you would have a good idea on how to make subsequent memos and this would help you achieve your goals and answer the questions, and most importantly, pass your class test and exercises.
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Which economic tool would most likely be used as part of a contractionary
monetary policy?
A. Lowering the reserve requirement
O B. Raising interest on reserves
C. Buying treasury securities
D. Reducing the discount rate
SUBMIT
Answers
Answer:
O B. Raising interest on reserves
Explanation:
The Federal Reserve expects banks to keep a percentage of customer deposits as reserves. The reserves cater to both the normal and unexpected withdrawals. The Federal Reserve (Fed) also uses reserve requirements as a monetary policy tool.
Interest on reserves is one of the monetary policy tools that the Fed uses regularly. The Fed pays interest on any excess reserves held by the banks. Increasing the interest paid on reserves encourages banks to hold more money. Decreases the interest prompts the banks to lend out more. Contractionary monetary policies are measures aimed at decreasing the money supply in the economy. Increasing interest on reserves increases money held in the banking sectors, thereby slowing down money circulation.
Answer: B. Raising interest on reserves
Explanation:
Just got it right!!!
When listing work experience,class project, special skills in activities on your résumé, what is important to remember?
Answers
Answer: Employers, Role, Responsibility, Where and Dates
Explanation: To make sure you're not lying they would want to look into when and where this happened.
So the easiest way to do that is to include where you were, or were working at. As well as who hired you + What the job's name was. Make sure to always include important details
Answer: You should list the things that are related to the job you are applying for
Explanation: When making your resume for a new job, you should list your experiences, class projects, and or special skills that are related to this job. If you have random things in your resume, they will be less than helpful to getting your new position.
who is the supervisory body for the federal reserve system?
Answers
Answer:
The Board of Governors--located in Washington, D.C.--is the governing body of the Federal Reserve System. It is run by seven members, or "governors," who are nominated by the President of the United States and confirmed in their positions by the U.S. Senate.
Explanation:
Soledad and winston are partners who share income in the ratio of 1:3 and have capital balances of $49,800 and $71,700, respectively, at the time they decide to terminate the partnership. after all noncash assets are sold and all liabilities are paid, there is a cash balance of $63,700. what amount of loss on realization should be allocated to soledad?
Answers
The amount of loss on realization to be given to soledad will be $16700 if there is a remaining cash balance of $63700.
What is cash balance?The sum of cash that a business has on hand is known as its cash balance. To cover any unforeseen cash outflows, this money is maintained on hand. Businesses can find themselves unable to pay their expenses without this safety net. Normally, cash balances are put towards debt repayment or given back to investors in the form of a dividend. You obtain it by adding the money received and deducting the money expended. The quantity of cash on hand is called the cash balance. You obtain that by adding this month's cash flow to the previous month's cash balance, or deducting if the cash flow is negative.
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what is repurposing? how does it affect the use of new technologies in training?
Answers
Repurposing refers to the practice of utilizing existing technologies or resources for different purposes than originally intended. It involves adapting or modifying existing tools, systems, or knowledge to address new challenges or fulfill different objectives. Repurposing can have a significant impact on the use of new technologies in training.
When it comes to training, repurposing allows organizations and individuals to leverage existing technologies to support learning and development initiatives. It can involve repurposing hardware, such as using smartphones or tablets for mobile learning, or repurposing software platforms for e-learning or virtual training environments. Repurposing can also extend to content, where existing resources are modified or repackaged to suit specific training needs.
By repurposing technology, training programs can benefit from cost savings, quicker implementation, and increased accessibility. It allows for the integration of new technologies without completely discarding existing infrastructure, thus maximizing resources. Repurposing encourages innovation and flexibility in training, enabling organizations to adapt and evolve their learning strategies in response to changing needs and emerging technologies.
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TABLE 11.4 VALUES OF Po FOR MULTIPLE-SERVER WAITING LINES WITH POISSON ARRIVALS AND EXPONENTIAL SERVICE TIMES Number of Servers (k) 2 3 4 5 Ratio λ/μ 0.15 0.8605 0.8607 0.8607 0.8607 0.20 0.8182 0.8
Answers
In a single-server waiting line, one person at a time is served by a single server. However, in multiple-server waiting lines, there are many servers available to assist the customers.
In a single-server waiting line, one person at a time is served by a single server. However, in multiple-server waiting lines, there are many servers available to assist the customers. The number of servers used in a system is denoted by k.Poisson arrival and exponential service times are used in waiting line analysis. In a Poisson process, the probability of an event occurring in the interval t is given by P (N (t) = k), where N (t) is the number of events that occur in the interval t. In addition, the Poisson distribution can be used to calculate the probability of events occurring in a specific interval of time.The exponential distribution, on the other hand, is used to model service times in waiting line systems. The probability of a service being completed in t time units is given by P (X > t), where X is the service time.Random arrivals, service times, and queue lengths are all used to calculate waiting line performance measures such as the average time spent in the queue and the average number of customers in the system.Table 11.4 gives Po values for multiple-server waiting lines with Poisson arrivals and exponential service times. The table has 4 columns, one for the number of servers (k), one for the ratio λ/μ, and two for the Poisson values for each server (Po).The ratio λ/μ represents the traffic intensity in the system, with λ being the average arrival rate and μ being the average service rate. The Po values in the table are used to calculate the probability of having no customers in the system (P0).In conclusion, the Po values in Table 11.4 are used to calculate the probability of having no customers in the system (P0) in a multiple-server waiting line system with Poisson arrivals and exponential service times.
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Why is having a professional profile recommended over a simple objective statement?
Answers
Answer:
The resume profile is usually slightly longer than the objective and should quickly communicate to hiring managers why you are a good fit for the position. Some employers prefer a profile over an objective because they'll typically learn more about the candidate's background.
Explanation:
that way the person interviewing you knows what ur good at and what ur abt if uve been to jail or prison or was a bad kid in ur childhood
an employee can be dismissed if their job surplus to requirements' outline why this state ment is false
Answers
Malick has a videoconference with two
coworkers this afternoon and is trying to
position his camera for the best results.
Which of these would provide the BEST
background?
Answers
When there is a videoconference, the one that would provide the best background is a blank wall with a plant and some books on a shelf. Hence, Option A is correct.
What is a video conference?Through the use of video conferencing technology, remote employees can communicate. The technology allows two or more people who are dispersed across several locations to have live audio and video connections.
A style of teleconference in which there are more than two participants and who use a computer, smartphone, etc. to send and receive both audio and video data.
Therefore, Option A is correct.
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A Bakery stocks daily five gourmet fancy fruit-topped cakes. All the cakes that are not sold during the day are thrown away, and the bakery restocks the next day with new cakes, bringing the in-stock level up to five at the beginning of each day. If daily demand is greater than the five cakes in stock the bakery loses sales. The special cake sells for $32 and costs the store $10. The probability distribution of daily demand for the cake is as shown below daily demand - 0, 1,2,3,4,5,6,7 Px - 0.01, 0.02, 0.04, 0.06, 0.20, 0.60, 0.05, 0.02
Answers
Answer:
The answer is "$1.98".
Explanation:
calculating the profit per cake \(= \$32 -\$10 =\$22\)
\(\text{if demand}=6 , \ lose =\$22 \\\\\text{if demand}= 7,\ lose = \$44\\\)
Calculating E(profit lost):
\(=\$22 \times 0.05+ \$44 \times 0.02\\\\ =\$ 1.1+\$ 8.8\\\\=\$ 1.98\)
Currently the UK market for Salt Pipes is worth €1.85m. It is estimated that over the next 3 years this will
Increase by around 225%.
04:Calculate the anticipated value of the UK salt pipe market in 3 years' time (4)
£1.85m - increases by 225%
1.85m/1000.0185
0.0185 * 1%
0.0185 x 225 4.1625
£1.85m 44.1625 s £6.0125
1
I
Answers
Answer:
€4.1635
Explanation:
The current market is worth €1.85m
In the next three years , it will increase by 225%
The value in three years time will be 225% of €1.85m
=225/100 x €1.85m
=2.25 x €1.85m
= €4.1635
Put the following volcanic eruptions in order from the smallest to the largest (based on size of eruption and the volume of eruptive deposits): Mt St Helens, Mt Mazama (formed Crater Lake), Yellowstone Mt Mazama (formed Crater Lake), Yellowstone, Mt St Helens Yellowstone, Mt St Helens, Mt Mazama (formed Crater Lake) Mt St Helens, Yellowstone, Mt Mazama (formed Crater Lake)
Answers
The correct order from smallest to largest volcanic eruptions based on the size of eruption and volume of eruptive deposits is: Mt St Helens, Mt Mazama (formed Crater Lake), Yellowstone.
The eruption of Mt St Helens in 1980 was a significant volcanic event, but its size and volume of eruptive deposits were smaller compared to the other two.
Mt Mazama, which eventually formed Crater Lake in Oregon, had a larger eruption than Mt St Helens, but it is still smaller than the eruption of Yellowstone.
Yellowstone is known for one of the largest volcanic eruptions in history, which occurred approximately 640,000 years ago. The eruption of Yellowstone had a tremendous impact, covering vast areas with ash and releasing an enormous volume of eruptive material.
In summary, Mt St Helens had the smallest eruption, followed by Mt Mazama (formed Crater Lake), and the largest eruption was from Yellowstone.
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Jordan is living out the american dream; at long last he is ready to purchase his dream home, a two-story house in a modern, happening suburb just outside los angeles. Before he can purchase the house, though, he needs a loan. At the loan office, a credit check is performed on jordan despite the fact that he insists that he is fiscally responsible. The loan office discovers that jordan has bad credit due to unpaid credit card bills and refuses to give him a loan, dashing his dreams of his first home. This credit check is an example of moral hazard. Signaling. Screening. A sin tax
Answers
This credit check is an example of screening by the company given that a credit check is being performed on Jordan. Option 3
What is a credit check?A credit check, sometimes referred to as a credit search, is when a business examines data from your credit report to comprehend your spending patterns. Although they don't always require your permission to do this, they must have a good reason (e.g. you applied for a loan with them).
Your credit reports detail the kinds of credit accounts you've had, your payment history, and other details including your credit limitations.
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april has joined a team with members from the sales customers service and shipping and receiving departments which term best describes the team april joined
Answers
Answer:
A cross-functional team
Explanation:
A cross-functional team is composed of members with different skills, experiences, and backgrounds. In organizations, cross-functional teams will have members from various departments. The teams are formed to undertake projects that require input from different experts.
April has joined a cross-functional team. The team has members from many departments. Cross-functional are temporally and get dissolved when the project is complete.
Son los que se produjeron en determinado periodo: los costos de los productos vendidos o los costos de los que se encuentran en proceso
Answers
La respuesta correcta para esta pregunta abierta es la siguiente.
A pesar de que no se anexan opciones o incisos para responder, podemos decir lo siguiente.
Aquí estamos hablando de los costos históricos. Estos costos son los que se produjeron en determinado periodo: los costos de los productos vendidos o los costos de los que se encuentran en proceso.
Un buen contador dentro de la empresa, se basará en estos costos históricos para poder predecir o proyectar los costos predeterminados y tener cierta información de lo que puede suceder a corto o mediano plazo.
Recordemos que esos costos predeterminados son necesarios para que los contadores puedan elaborar presupuestos lo más apegados a la realidad y se puedan ajustar con el tiempo. Para elaborar estos costos predeterminados, el contador hace uso de herramientas estadísticas.
Which of the following is a justification for valuing inventory above historical cost?
a. Inability to determine appropriate prices
b. Immediate marketability of the inventory at a quoted market price
c. All of the items listed are justifications for valuing inventory above historical cost
d. Interchangeability of the units of inventory
Answers
Inventory is an essential item for all businesses. It consists of items that have been manufactured, purchased, or produced to sell. For most companies, inventory is one of the most significant assets and is also the most substantial expense.
Valuing inventory above the historical cost may be necessary when items' current market value is more than the recorded cost.
The following is a justification for valuing inventory above the historical cost.
Immediate marketability of the inventory at a quoted market price.
The justification for valuing inventory above historical cost is that items' current market value is more than their recorded cost.
Immediate marketability of inventory at a quoted market price is a justification for valuing inventory above historical cost.
It suggests that the inventory has a quoted market value that is higher than the historical cost.
Therefore, valuing inventory above historical cost is essential for businesses that want to maintain their profit margins and remain competitive.
In conclusion, Immediate marketability of the inventory at a quoted market price is a justification for valuing inventory above the historical cost.
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What is nation’s plan for answering the key economic questions?
Answers
Explanation:
economic decision-making
process of choosing which wants among several options will be satisfied
producers
individuals and organizations that determine what products and services will be available for sale
economic system
a nation's plan for answering the three economic questions
economic resources
means through which goods and services are produced
needs
things that are required in order to live
scarcity
not having enough resources to satisfy every need
supply
quantity of a good or service that businesses are willing and able to provide
consumer
person who buys and uses goods and services
command economy
system in which resources are owned and controlled by the government
goods
things that you can see and touch
capitalism
private ownership of resources by individuals rather than by the government
traditional economy
system in which goods and services are produced the way they have always been done
mixed economy
system that combines elements of the command and market economies
demand
quantity of a good or service that consumers are willing and able to buy
market price
point where supply and demand are equal
wants
things that add comfort and pleasure to your life
services
activities that are consumed at the same time they are produced (things that others do for you)
trade-off
giving up on something to have something else
opportunity cost
value of the alternative you did not choose
market economy
system in which the resources are owned and controlled by the people of the country
economic choices
you can't have everything so you must choose
what are the 6 tips in the economic decision making?
1. define the problem
2. identify your choices
3. evaluate your choices
4. choose one
5. act on your decision
6. review your decision
(DieCar)
unlimited wants
wants that are never-ending and build off each other
what are the three economic resources or also known as factors of production?
a. natural resources
b. human resources
c. capital resources
natural resources
resources that come from the earth, water, or air (oil, ,gold, copper, etc.)
human resources
people who work to produce your goods and services (people in labor)
capital resources
tools, building, equipment that are used to produce them
what is the basic economic problem for businesses and families?
scarcity
competition
a contest among sells to get consumers to buy their product (you)
freedom of choice
buy what you want and where you want
What is the gig economy?
1) An economic system in which assets or services are
shared between individuals.
2) The number of people in the economy who have
full-time employment jobs.
3) The total availability of employment and labor in the
economy
4) A flexible market that allows you to work short-
term, independent jobs.
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Answers
Answer:
4) A flexible market that allows you to work short-
term, independent jobs.
Explanation:
A gig economy describes a labor market where temporal, short-term employment contacts are common. Companies and organizations prefer to hire independent contractors or freelancers to perform specific tasks for a short period rather than employ full-time workers. The gig economy presents a flexible system or working where companies hire on-demand. The commitment between the organization and the independent contractor is pegged to the completion of the specified task.