Answers
A business is anything which a person engages in that involves the buying and selling of products and/or services.
With this inn mind, if a business owner wants to legally register his business, then he has to follow the above steps so that it can be legally recognised and the government can also easily tax the business.
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Related Questions
How is refutation different from concession?
Answers
Answer:How is refutation different from concession?
Concession – a sentence or two acknowledging that there could be some truth to the Counterargument. Refutation (also called Rebuttal) – sentences which explain why the Counterargument is not as strong as the original Argument.
Multiple Choice
Which option identifies the best source of data to start with in the following scenario? A fly-fishing
specialty shop wants to market a new, very expensive fly rod.
Answers
The option is incomplete. Hence I have gone ahead to write on the sources of data
What are the sources of data in a market research?There are various sources of data that market researchers can use to gather information about a particular market, product, or consumer behavior. Some of the common sources of data in market research include:
Primary data: This is information that is collected directly from the source through surveys, interviews, focus groups, or observations. Primary data is specific to the research question and can provide valuable insights into consumer preferences, behavior, and opinions.
Secondary data: This is data that has already been collected by others, such as government agencies, trade associations, or market research firms. Secondary data can include market reports, industry statistics, or published research studies. It can provide a broader perspective on the market or industry trends and help researchers validate their findings.
Internal data: This is data that is collected by the company itself, such as sales data, customer feedback, or website analytics. Internal data can provide insights into the company's performance, strengths, and weaknesses, and can be used to identify opportunities for growth.
External data: This is data that is collected from external sources, such as social media, online reviews, or news articles. External data can provide insights into consumer sentiment, brand reputation, or market trends.
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Bonita Company's inventory records show the following data:
Units Unit Cost
Inventory, January 1 10900 $8.00
Purchases: June 18 8700 8.10
November 8 5700 5.00
A physical inventory on December 31 shows 5700 units on hand. Under the FIFO method, the December 31 inventory is:_______
Answers
Answer:
$28,500
Explanation:
FIFO will give the same result whether you use perpetual or periodic system.
Ending Inventory = Units Left × Earliest Price
Therefore,
Ending Inventory = 5700 units × $5.00
= $28,500
What do insurance sales agents do?
Answers
Answer:
Explanation:
Insurance sales agents contact potential customers and sell one or more types of insurance. These agents explain various insurance policies and help clients choose the plans that suit them
Auctio sells sprockets in a perfectly competitive market. Below are its short-run total variable costs at different output levels. The firm's fixed cost is $5. The market price of one sprocket is $8. Units Total Variable Cost 0 $0 1 $12 2 $18 3 $22 4 $28 5 $35 6 $43 What is the average total cost of the 5th unit
Answers
Answer:
$36
Explanation:
Average total cost = total variable cost + fixed cost ) / output
total variable cost = variable cost x output
35 x 5 = 175
175 + 5) / 5 = 36
The NASDAQ is a floor-based exchange.
t or f
Answers
A Potato Chips factory produces 60,000 potato chips each week and decided to buy an expensive machine for RM 13,000 equipment to increase output, with an operating life of 5 years for the new machine. It would reduce labor costs to RM 11,000 per year. Will it be a good decision to consider purchasing this equipment? The existing machines productivity is RM 195 per potato packet.
Answers
Answer:It could benefit others but you still have to spend and loose the other machine could break any day so i think it was a good idea
Explanation:
if I make $2,000 a day how much is that monthly?
Answers
Answer:
$60,000
Explanation:
If there is an average of 30 days in a month, then you would take $2,000 and multiply it by 30. So,
30 * 2,000 = 60,000
Thus, you would make around $60,000 monthly.
Hope this helps!! If you have questions please ask!
using 5-2 in your reading material determine inland empire bancorps sales in the third quater of 2004
Answers
From the reading material, the sales revenue of Inland Empire in the third quarter of 2004 surpassed $1 billion.
What is the sales revenue for the quarter?The sales revenue refers to all the money a business generates from operating activities or normal business operations during a specific period, for example, a quarter.
Sales revenue forms the basis for determining a company's profitability, business sustainability, and financial performance.
What drives sales revenue?Sales revenue is driven by strategic factors, including value offerings, market positioning, and product pricing.
Every sales strategy is dependent on the organization's market, customer, processes, products, and business approach
Thus, based on the reading material, the sales revenue of Inland Empire in the third quarter of 2004 surpassed $1 billion.
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Answer:
$180 million
Explanation:
It was shown in the chart for the 3rd quarter and the year.
You 1st look at the year 2004
Then in the next column, you look for the quarter
and the next column has the amount
All of the following are examples of primary market research EXCEPT
Direct mail surveys
Fee product samples
Focus groups
Promotional email campaigns
Answers
Answer:
Fee product samples
Explanation:
makes pay
Click this link to view O'NET's Tasks section for Film and Video Editors.
Note that common tasks are listed toward the top, and less common tasks are listed toward the bottom. According to
O‘NET, what are common tasks performed by Film and Video Editors? Check all that apply.
marketing and selling movies and films to customers
giving direction to actors to make sure they follow scripts
organizing and stringing together raw footage into a whole
determining the audio and visual effects and music needed
reviewing assembled films or edited videotapes
trimming film segments and reassembling segments
Answers
Answer:
3 4 5 6
Explanation:
just did it on edg 2021
The common tasks for Film and Video editors are organizing and stringing together raw footage into a whole, determining the audio and visual effects and music needed, reviewing assembled films or edited videotapes and trimming film segments and reassembling segments.
What is Video editing?
The arranging and alteration of video shots is known as video editing. All video content, including movies, television series, video advertising, and video essays, is organized and presented using video editing.
Post-production is another name for the process of editing videos.
The three main phases of a video are:
Pre-productionproduction, and post-productionThe main objective of editing is to make the video as orderly and fluid as possible. To do this, the editor collaborates with the director, producer, and others.
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When an employee leaves a position, how should the human resources department respond?
A. Post a job description to fill the position as quickly as possible.
B. Review the position to determine whether and when the position
should be filled again.
C.Train another employee to fill the position as quickly as possible.
D. Meet with college career advisors to advertise the position.
Answers
When an employee leaves a position, the right response of the human resources department will be to review the position to determine whether and when the position should be filled again.
What is the role of human resources department?In management, a Human resources refers to the division of a business that is charged with finding, screening, recruiting as well as training the job applicants. The HR managers also administers employee-benefit programs.
The department of human resources HR is an essential component of any business regardless of an organization's size. The department is mainly tasked with maximizing employee productivity and protecting the company from any issues that may arise within the workforce.
In conclusion, these HR managers plays an important role in helping companies deal with a fast-changing business environment and a greater demand for quality employees in the 21st century.
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Answer:
B. - Review the position to determine whether and when the position should be filled again.
Explanation:
EASY ANSWER FOR 20 POINTS HERE YOU GO
Before you begin writing on a job application you should _____.
sign the job application
write neatly
answer questions honestly
read the entire application
Answers
Answer:
Read the entire application
Explanation:
I'm on Odyssey - ware at this moment so if you're on there that should be it. In the sections 4 of 5 it stats " Read the entire job application before beginning. This helps you decide what information is required and where it will be placed on the application. "
Sorry I'm very late, but hope this helps anyone doing this question as well!
Answer:
D read the entire application. Mark brainlest.
Explanation:
a pregnant employee who violated several attendance rules due to her physical conditions. She is about to get fire by hr manager of the company.discuss what business ethics issues present on this situation. what can be done?
Answers
Answer:
answer is no
Explanation:
You cannot be fired for being pregnant under most circumstances.employers from terminating employees due to pregnancy and pregnancy-related conditions
Which one of the following parts of the inventory process do you feel is most important for your business concept and why (Ordering, Receiving, Storage (FIFO), Issuing, preparation, portioning, order taking)?
Based on your business concept, do you feel inventory should be completed daily, weekly, or monthly and why?
How does inventory management relate to budgeting?
Answers
To make sure that the institution receives exactly what has been ordered, it is important to develop a regular procedure for accepting orders for items.
What is an example of an institution?
To make sure that the institution receives exactly what has been ordered, it is important to develop a regular procedure for accepting orders for items.
Societies create social structures, or institutions, that endure because they contribute to the survival of the society. The family, the educational system, the governmental system, the religious system, and the economic system are some of these institutions.
an important custom, connection, or group within a society or culture. the institution of marriage. also: something or someone strongly connected to a location or object. She has established herself as an institution in the theater.
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On January 1, 2017, Swen paid $184,000 for $200,000 of the 8%, 20-year bonds of Penn Corporation, issued on January 1, 2013, at par. The bonds are held as an investment. Determine the gain and the character of the gain if the bonds are sold on January 1, 2019, for a. $191,000 b. $185,750 C. $183,000
Answers
The determination of the gain and the character of the gain if the Penn Corporation bonds are sold by Swen on January 1, 2019, for the proceeds of each sale is as follows:
(a) (b) (c)
Sales proceeds $191,000 $185,750 $183,000
Carrying value $185,600 $185,600 $185,600
Capital gain (loss) $5,400 $150 ($2,600)
What is the carrying value of bonds?The carrying value of a bond is the net amount between the bond's face value plus (minus) any unamortized premiums or discounts.
The carrying value is the book value of the bond.
When a bond receivable is sold, capital gain or loss is realized from the sale, which gives rise to capital gain tax.
Data and Calculations:Bond's price = $184,000
Face value of bonds receivable = $200,000
Premium received = $16,000 ($200,000 - $184,000)
Interest rate = 8%
Maturity period = 20 years
Payment date = January 1, 2017
Straight-line amortization of premium = $800 ($16,000/20)
Carrying value after two years, January 1, 2019, = $185,600 ($184,000 + $1,600)
(a) (b) (c)
Sales proceeds $191,000 $185,750 $183,000
Carrying value $185,600 $185,600 $185,600
Capital gain (loss) $5,400 $150 ($2,600)
Carrying value:
Face value $200,000
Unamortized premium $14,400 ($16,000 - $1,600)
Carrying value $185,600
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Costa Rica is a top exporter of coffee. The highest-quality coffee is sold abroad, and the lower-quality coffee is consumed by the native Costa Rican people.
Which basic economic question is not addressed in this information?
A What to produce?
B Why to produce?
C How to produce?
D For whom to produce?
Answers
The basic economic question not addressed in this information is for whom to produce . Option D is an appropriate response.
What are the basic economic questions?
Economists address these three questions:
what to producehow to producefor whom to produceThe problem of whom to produce deals with the issue of deciding the category of people who will consume the goods. To make items for the wealthy or the impoverished. Due to a lack of resources, the economy must choose for whom to produce.
Every good created is made for a certain section of society because no single product can satisfy every section of society due to variations in consumer purchasing power.
Hence, Option D is an appropriate response
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Argue, as precisely as you can, that strategy C of player 1 in the game in 1.3 is not strictly dominated by any mixed strategy. 1.3 Consider the following normal-form game: 2 I D A 3,2 1,4 1 B 1,3 2,1 C 2,2 2,0
Answers
As we can see player 1 will benefit from his choice of strategy C. Thus, none of the mixed strategies in the aforementioned game strictly influence player 1's plan C.
A corporate strategy or plan for reaching a long-term objective is referred to as a strategic option in business. Successful businesses develop their backup plans using specific approaches. They begin by deciding on long-term objectives. After that, they evaluate any potential valuable assets. This analysis takes into account all internal resources, including material, financial, and human ones. Choosing which strategies to deploy while simultaneously creating and assessing viable alternatives is the aim of strategy analysis and decision. The goal of strategy analysis and decision-making is to determine various courses of action that would most effectively aid the company in achieving its goals and mission.
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A decrease in the Supply of Loanable
Funds increases the interest rate. With
which of the following does this
correlate?
A. leftward shift in supply
B. rightward shift in supply
C. no shift in supply
Answers
A decrease in the supply of loanable funds causes a leftward shift in the supply curve.
Hence, Option A is CorrectA movement to the left on the demand curve indicates a decline in the demand for loanable funds. The amount of loanable money will decline, and real interest rates will rise, as a result of these two changes.
The actual interest rate will decline as loanable funds become more plentiful.
The actual interest rate will rise as the availability of loanable money declines.
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How would an economy with low unemployment be affected by an increase in individual households incomes?
Answers
Answer:
Because not many members of a household may bring in enough money to sustain them all.
Explanation:
What are the six stages of the product adoption process?
Answers
The 15-year average return for the S&P 500 from January 1973 to December 2016 (29 separate 15 year periods) was as high as a 20% average annual return and as low as a 3.7% average annual return. Additionally, the average dividend yield for the S&P is 4.11% and the average annual dividend growth rate is 6.11%.
Using this information, please compare the investment in the 5% 15-year corporate bond with a $100,000 investment in a stock with a 3.7% dividend yield (10 percent less than the S&P 500 average yield) and a 3% dividend growth rate (50 percent of the S&P 500 dividend growth rate).
The annual investment returns are as follows:
Year 1 (13.40%) Year 2 (23.37%) Year 3 26.38% Year 4 8.99%
Year 5 3.00% Year 6 13.62% Year 7 3.53% Year 8 (38.49%)
Year 9 23.45% Year 10 12.78% Year 11 0.00 Year 12 13.41%
Year 13 29.60% Year 14 11.39% Year 15 (0.73%)
The bond interest payment of 5 percent is paid annually and not reinvested. To compare accurately with the bond investment, the stock dividend will not be reinvested, but paid annually as well.
Please calculate the value of the stock account at the end of each year and the dividend income from the stock on an annual basis.
Once you have performed the calculations, please let me know if you prefer to invest in a 5% corporate bond for 15 years or the stock and why.
What is the value of the stock after year 2? Year 8? Year 11? When does the annual dividend income of the stock exceed the annual interest income of the bond?
Answers
1. The value of the stock account after Year 2 is $155,401.626.
2. The value of the stock account after Year 8 is $96,110.0674.
3. The value of the stock account after Year 11 is $96,110.0674.
4. The annual dividend income of the stock exceeds the annual interest income of the bond at the end of Year 15.
Bond interest rate: 5%
Stock dividend yield: 3.7% (10% less than S&P 500 average yield)
Stock dividend growth rate: 3% (50% of S&P 500 dividend growth rate)
We'll assume an initial investment of $100,000.
Year 1:
Bond interest income: $100,000 * 0.05 = $5,000
Stock dividend income: $100,000 * 0.037 = $3,700
Value of stock account: $100,000 + ($100,000 * 0.2337) = $123,370
1. Year 2:
Bond interest income: $100,000 * 0.05 = $5,000
Stock dividend income: $100,000 * 0.037 = $3,700
Value of stock account: $123,370 + ($123,370 * 0.2638) = $155,401.626
2. Year 8:
Bond interest income: $100,000 * 0.05 = $5,000
Stock dividend income: $100,000 * 0.037 = $3,700
Value of stock account: $155,401.626 + ($155,401.626 * (-0.3849)) = $96,110.0674
3. Year 11:
Bond interest income: $100,000 * 0.05 = $5,000
Stock dividend income: $100,000 * 0.037 = $3,700
Value of stock account: $96,110.0674 + ($96,110.0674 * 0) = $96,110.0674
4. At the end of Year 15, the dividend income of the stock exceeds the interest income of the bond.
Stock dividend income: $100,000 * 0.037 = $3,700
Bond interest income: $100,000 * 0.05 = $5,000
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define risk economics.
Answers
Answer:
its like some part of your business is at risk
jus gave it a try
An employee's gross pay for a period is $720. The employee takes one
withholding for a federal allowance of $79.80. The federal tax table says that
if the amount of wages after subtracting withholding allowances is over $254
but not over $815, the amount of federal income tax to withhold is $18.30
plus 12% of the excess over $254. What is the employee's federal income tax
withholding for the period?
Answers
If an employee's gross pay for a period is $720. The employee's federal income tax withholding for the period is $64.64.
What is federal income tax?Wages = $720 - $79.80
Wages = $640.20
We may use the federal tax table to calculate the amount of federal income tax to withhold because $640.20 is greater than $254 but not greater than $815:
12% of the excess = ( $640.20 - $254) x 0.12
12% of the excess= $386.20 x 0.12
12% of the excess = $46.34
Federal income tax = $46.34 + $18.30
Federal income tax = $64.64
Therefore the federal income tax withholding for the period is $64.64.
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Question 8 of 10
Which of the following responses is the most ethical way to deal with a
problem?
A. Hire a public relations firm to deal with the media fallout.
B. Consider what effects your actions would have over the long term
if they were discovered.
C. Discover who was responsible and terminate their relationship
with the company.
D. Assume that the customer is always right.
Answers
Answer:
B
Explanation:
If you're going to solve it ur going to need to know how it's going to effectively help don't just do it first think.
Out of the choices provided above, it can be concluded to state that considering the effects of one's actions over a long term discovery is one of the ideal responses, and an ethical way to deal with a problem. Therefore, the option B holds true.
What is the significance of an ethical problem?An ethical problem can be referred to or considered as one of the most critical concern for the smooth functioning of a working organization. It is needed to be dealt in an effective way using relevant solutions that can derive positive outputs for the organization.
The consequences of a problem may be ambiguous in nature, and thus, it becomes important to review them well by taking the effects of actions into consideration, and what influence they could have on the organization in the longer run.
Therefore, the option B holds true and states regarding the significance of an ethical problem.
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16 Nadia intends to get married in eight years' time. She estimates that the cost
of the wedding will be RM20,000 then. She intends to save this amount by
making equal monthly deposits at the end of each month in a bank that pays
5% compounded monthly.
(a) How much will this monthly deposit be?
(b) After paying for two years, the estimated cost of the wedding has gone up
to RM30,000
(i) What should the new monthly deposits be?
(ii) Instead of making the additional monthly deposits, Nadia decides
to make a lump sum deposit RMX at the end of two years. Calculate
the value of X.
Answers
Answer:
Nadia
a. Monthly deposit = RM169.86.
b. New monthly deposit = RM309.48
c. The value of X = RM22,393.57
Explanation:
a) Nadia will need to contribute RM169.86 at the end of each period to reach the future value of RM20,000.00.
FV (Future Value) RM19,999.99
PV (Present Value) RM13,417.11
N (Number of Periods) 96.000
I/Y (Interest Rate) 0.417%
PMT (Periodic Payment) RM169.86
Starting Investment RM0.00
Total Principal RM16,306.76
Total Interest RM3,693.23
b) Contribution after two years = RM169.86 * 24 = RM4,076.64
Additional contribution required = RM25,923.36 (RM30,000 - 4,076.64)
Nadia will need to start contributing RM309.48 at the end of each period after two years to reach the future value of RM25,923.36.
FV (Future Value) RM25,923.34
PV (Present Value) RM19,216.00
N (Number of Periods) 72.000
I/Y (Interest Rate) 0.417%
PMT (Periodic Payment) RM309.48
Starting Investment RM0.00
Total Principal RM22,282.27
Total Interest RM3,641.08
c) Nadia will need to invest RM22,393.57 at the beginning to reach the future value of RM25,923.36.
FV (Future Value) RM25,923.36
PV (Present Value) RM22,393.57
N (Number of Periods) 3.000
I/Y (Interest Rate) 5.000%
PMT (Periodic Payment) RM0.00
Starting Investment RM22,393.57
Total Principal RM22,393.57
Total Interest RM3,529.79
Please read a mini case on page 302, chapter 9 and provide the answers to the following questions:
What are some of the major complexities encountered in developing cooperative strategies such as strategic alliances and joint ventures?
What role does competition from rivals play in the eventual success of cooperative strategies? Please explain.
What costs are incurred in developing strategic alliances? How can these costs be managed?
Should cost minimization or opportunity maximization be the primary goal of a cooperative strategy? Can both be achieved simultaneously? Why or why not?
Answers
Answer:
Following are the solution to the given question:
Explanation:
For question 1:
The Strategic Alliance provides several multi-faceted relationships between organizations, spanning intricate, short-term collaborations to long-term, organized contracts. A split is a reflection of strategic partnerships. Because as the margin requirement concept indicates, businesses could be having problems in the process, such as deciding on the need for a coalition, to join the alliance to minimize the transaction risks incurred in a new market. A business needs to determine whether it will be prepared to invest money and cash if it can shift from a strategy to cost control towards a diverse strategy to improve productivity.
The additional complication occurs if you select a partner. The partner should respect business activities and clearly defined limits i.e. Each partnership should have defined goals, goals, or contributions. A partner can also seem opportunist, misinterpret commitment or question the availability of devoted resources. An alliance is difficult to create, but it is a hard task to manage. The cultural differences between the two companies can be a very complicated subject. For example, export privileges, taxes, scaling gaps, capabilities, decision-making type, reporting standards are the major problems.
For point 2:
Its core of competition helps to explain whether an organization's almost cooperative tactics are to avoid this rivalry. Each member must contrast the capital provided by such a partnership with the competition. It will address important issues, like businesses behind the market or before them? How are those entities trying to manage one another to continue to grow? And on and on. So, It will give a consistent purpose or reason to an alliance.
It was not a tactical but a political reply. Competing companies for the same market may develop alliances that are referred to as Co-opetition to its growth. Toyota and GMC vehicles were jointly built in such a joint venture by NUMMI, enabling Toyota & GM to improve Toyota's technology development for entry into the United States. NUMMI has been helping both businesses with economies of scale and scope.
For point 3:
Companies bear considerable costs when structuring a planned relationship and monitoring. They will exam fees whether they follow a chance maximization plan or divide the risks. For example, in and around the 1990s, Kodak and Fuji created films with Nikkor, Canon, and Konica, in collaboration with image sensors, to develop an effective camera with a picture machine. It helped the industry to expand a busy market commodity. Nevertheless, it benefited from the partnership, since it shared expenses through developing a typical market item and reduced risks if either of it had been manufactured novel, but just not suitable, prototypes.
For point 4:
It focuses on the level of trust engaged in a collaborative strategy for each participant. When one of the businesses appears to also be opportunist, cost minimization would be simple as a primary aim, as this would then implement a definite contract that would minimize any cash misuse or gain the partner's tactical skills. The research examines the time benefit of trust and the chance of success between the two organizations. This is the foundation for a chance optimization approach. The agreements are not as strict as it is in the cost reduction method and so fewer expenses are necessary to execute these.
Some of that can be encountered in developing cooperative strategies such as strategic alliances and joint ventures include conflicting goals and cultural differences.
The role that's played by competition from rivals in the eventual success of cooperative strategies is that it makes an organization produce good, quality products.The costs that are incurred in developing strategic alliances is financial costs, monitoring cost, etc.It should be noted that both cost minimization and opportunity maximization can be the primary goals of a cooperative strategy.
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What was the commission system?
Answers
An elected commission system, often made up of three, five, or seven commissioners, is in charge of administering commission. Each commissioner is also in charge of a department or departments.
However, the council-manager system has replaced the commission system in the majority of cities. In a city commission, a small governing body known as a commission with both legislative and executive authority to run the municipality is composed of independently elected officials system. There are a certain number of members on the commission, typically five or seven. A type of variable-pay compensation for goods or services sold are commissions. Salespeople are frequently encouraged and rewarded with commissions.
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Selected accounts from the ledger of McDaniel Corporation appear below. Indicate the nature of each account. Type Of Account
1. Supplies select a type of account
2. Notes Payable select a type of account
3. Service Revenue select a type of account
4. Dividends select a type of account
5. Accounts Payable select a type of account
6. Salaries and Wages Expense select a type of account
7. Common Stock select a type of account
8. Accounts Receivable select a type of account
9. Equipment select a type of account
10. Notes Receivable select a type of account
Answers
Answer:
1. Supplies - ASSETS
Supplies are assets and are debited when they increase.
2. Notes Payable - LIABILITIES.
Current Liabilities owed to creditors.
3. Service Revenue. REVENUE
Revenue that will go to the income statement.
4. Dividends. EQUITY.
These are payments to Shareholders and so are Equity.
5. Accounts Payable. LIABILITY.
These are current liabilities and increase by credit.
6. Salaries and Wages Expense. EXPENSE.
These are expenses that will go to the Income Statement
7. Common Stock. EQUITY.
Common Stock is equity as it represents ownership in the company.
8. Accounts Receivable. ASSET.
Accounts Receivables are current assets and are debited when they increase.
9. Equipment. ASSET.
Equipment are fixed assets and are debited when they increase.
10. Notes Receivable. ASSETS.
Like Receivables these are current assets and are debited when they increase.
what do you think are the adverse effects when sustainable economic development practices in country are not implemented?
Answers
Answer:
Ignoring the issues of sustainable development has many possible consequences, such as rising sea levels, extreme droughts, erosion and loss of forests, increases in slum populations, species extinctions and collapsing fisheries.
The correct statement is that when the sustainable economic developments in the country are not met, a direct impact is seen in its growth and financial position of the country is weakened.
When there is no sustainable development the people of the country would ultimately suffer due to the bad policies being implemented regarding the allocation of funds.
A country should look after the developments of a country by allocation of required funds in the right fields and achieve such financial goals. Citizens must disclose their earnings and pay taxes on the true and fair amounts of such incomes. This will help in collection of taxes making the country less deficit in funds.A direct effect will be seen in country's GDP whenever there is no development. As a result of this there will be inflation in the country which will reduce the consumer's purchasing power.Hence, a country's GDP is affected when there is no proper sustainable economic development practice and also leads to inflation situations.
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