Answer:
Explanation:Cost Benefit Principle is an accounting principle and it states that, "the cost of providing financial information in the financial statements must not outweigh the benefit of that information to the users". It can also be referred to as
cost benefit relationship and it simply says that no financial information is free.
b. talking about problems
c. solving problems
d. making more money
The cotton gin cleaned cotton fiber, which could then be made into clothing and other textiles.
When you take out an insurance policy your monthly premium is the amount you pay each month to keep your insurance. In this case, the $200 a month premium allows you to file a claim if something were to happen because you are paying for the insurance services. When you set up your premiums they will base your monthly service rates off of your deductible amount if you need to file a claim. The out-of-pocket for a car accident with a deductible of $700 is $700. Once the deductible is paid, the insurance will pay out for the damage.
The maximum amount of out-of-pocket expenses is $700.
Further Explanation:
Deductible in health insurance:
The deductible is the amount that the insured person has to pay for the health care services before the insurance company starts to pay. An insurance company pays for the health care bills after a specific limit. The insured person has to pay the health expenses up to a specific limit. This limit is known as the deductible.
Out-of-pocket expenses:
It is the maximum amount of expenses that the insured person has to pay for medical expenses. It includes the deductible, coinsurance, and co-payment. Premium paid on the insurance policy is not considered in the out-of-pocket expenses.
Out-of-pocket expenses in case of a car accident:
In the given case, the deductible is $700. The out-of-pocket expense includes the deductible, coinsurance, and co-payment. There is no provision of coinsurance and co-payment in the given case. Therefore, $700 will be considered as out-of-pocket expenses.
Thus, the maximum amount of out-of-pocket expenses is $700.
Learn more:
1. Learn more about health care insurance
2. Learn more about the insurance rules
3. Learn more about the insurance cover
Answer details:
Grade: Senior School
Subject: Business Studies
Chapter: Insurance
Keywords: Your, auto, insurance, policy, has, a $200, monthly, premium, and, $700, deductible, What, is, the, maximum, amount, you, will, have, to, pay, out-of-pocket, for, a, car, accident, before, your, insurance, covers, your, costs.
Answer:
First city was= $ x = $ 5604
Second city was =$(x +1000) = $6604
Explanation:
The tax in the first city was 8.5%
The tax in the second city was 5.5%
Let the hotel charge amount before tax for the first city be $x
Let the hotel charge amount before tax for the second city be: $(x+1000)
Applying the tax
First city will be;
8.5/100*(x) = $0.085 x
Second city will be;
5.5/100* (x+100) =0.055(x+100) = $ (0.055x+5.5)
Total hotel tax paid for the two cities was ;
0.085 x + 0.055 x + 5.5 = $(0.14 x + 5.5)
This expression for total hotel tax paid for the two cities is equal to $790
$(0.14 x + 5.5) = $ 790
0.14 x = 790 -5.5
0.14 x = 784.5
x= 784.5/0.14
x=5603.57
x= $5604 ( nearest $)
Before tax, hotel charge for;
First city was= $ x = $ 5604
Second city was =$(x +1000) = $6604
The group paid $ 5250 at first city and $ 6250 at second city
Solution:Let x = the charge in 1st city before taxesLet y = the charge in 2nd city before taxesThe hotel charge before tax in the second city was $1000 higher than in the firstThen the charge at the second hotel before tax will be x + 1000y = x + 1000 ----- eqn 1The tax in the first city was 8.5% and the tax in the second city was 5.5%The total hotel tax paid for the two cities was $790Therefore, a equation is framed as:8.5 % of x + 5.5 % of y = 7900.085x + 0.055y = 790 ------- eqn 2Let us solve eqn 1 and eqn 2Substitute eqn 1 in eqn 20.085x + 0.055(x + 1000) = 7900.085x + 0.055x + 55 = 7900.14x = 790 - 550.14x = 735x = 5250Substitute x = 5250 in eqn 1y = 5250 + 1000y = 6250Thus the group paid $ 5250 at first city and $ 6250 at second city