BUSINESS HIGH SCHOOL

Which statement explains why people benefit from making a budget?A)competition holds prices down
B)surpluses are less desirable than deficits
C)people have scare resources and must make choices
D) the government allows freedom of choice

Answers

Answer 1
Answer: C)people have scare resources and must make choices

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Andrea and Karl got married a year ago and are ready to move out of their apartment and into a new home. After looking at several houses, they have developed a list of features that are important to them and that are different among the homes they have visited. The features on their list are called __________.
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Why accountants important?

Answers

The last reason that accounting is a business necessity is because the government requires reporting financial data to the IRS for tax purposes. It's very important that the dollar amount reported for both income and expenses be accurate.

Closing entries and a post-closing trial balance are steps in the accounting cycle that occur

Answers

Explanation:

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Good Life Inc. is a luxury condominium-building company that is based in the country of El Verdad. It sells highly priced homes to consumers in El Verdad as well as to consumers in other countries. It has extremely high brand loyalty. The industry it operates in is characterized by low pressure for local responsiveness and low pressure for cost reductions. In this scenario, GoodLife Inc. most likely pursues a(n) _________ strategy.a. localization
b. multidomestic
c. transnational
d. international

Answers

Answer:

d. international

Explanation:

Based on the information provided within the question it seems that GoodLife Inc. most likely pursues an international strategy. This is a business strategy in which the company's subsidiaries which are located internationally act completely independently as if they were local company's, with very little intervention from the parent company. Which is what GoodLife Inc seems to be using since they sell highly priced homes to consumers in El Verdad as well as to consumers in other countries.

The income statement of Benning Co. for the month of July shows net income of $1,400 based on Service Revenue $5,500, Wages Expense $2,300, Supplies Expense $1,200, and Utilities Expense $600. In reviewing the statement, you discover the following.Insurance expired during July of $400 was omitted.
Supplies expense includes $200 of supplies that are still on hand at July 31.
Depreciation on equipment of $150 was omitted.
Accrued but unpaid wages at July 31 of $300 were not included.
Services provided but unrecorded totaled $500.
Instructions

Complete the correct income statement for July 2010. (List amounts from largest to smallest eg 10, 5, 3, 2.)

Benning Co.
Income Statement
For the Month Ended July 31, 2010
Revenues
Service RevenueAccrued RevenueDepreciation ExpenseSupplies ExpenseEquipmentSuppliesUtilities ExpenseWages ExpenseUnearned RevenueAccumulated DepreciationInsurance ExpenseWages PayablePrepaid Insurance $
Expenses
Wages PayableInsurance ExpenseSuppliesUtilities ExpenseAccumulated DepreciationWages ExpenseService RevenueUnearned RevenueDepreciation ExpenseAccrued RevenueSupplies ExpenseEquipmentPrepaid Insurance $
Prepaid InsuranceAccrued RevenueInsurance ExpenseService RevenueWages PayableEquipmentSuppliesUnearned RevenueAccumulated DepreciationUtilities ExpenseDepreciation ExpenseSupplies ExpenseWages Expense
Utilities ExpenseEquipmentDepreciation ExpenseWages PayableService RevenueSupplies ExpenseUnearned RevenueAccrued RevenueInsurance ExpenseWages ExpensePrepaid InsuranceSuppliesAccumulated Depreciation
Accrued RevenueAccumulated DepreciationUtilities ExpenseEquipmentDepreciation ExpenseUnearned RevenueWages ExpenseWages PayableSupplies ExpensePrepaid InsuranceInsurance ExpenseService RevenueSupplies
Wages PayableWages ExpenseSupplies ExpenseService RevenueUtilities ExpenseAccumulated DepreciationPrepaid InsuranceUnearned RevenueSuppliesAccrued RevenueEquipmentDepreciation ExpenseInsurance Expense

Answers

Answer:

Net Income = $1,250

Explanation:

Benning Co.

Income Statement

For the Month Ended July 31, 2010

Particulars                             $                     $

Revenues                                                6,000 (1)

Expenses:

Wages Expense               2,600 (2)

Supplies Expense            1,000 (3)

Utilities Expense                600

Insurance Expense            400

Depreciation Expense       150

Total expenses                                      4,750  

Net Income                                            $1,250

Note:

1. Revenues =5,500 + 500 (Adjustment 5) = $6,000

Performed services not recorded will add.

2. Wages expense = $2,300 + 300 (Adjustment 3) = $2,600

Accrued wages not paid will add to the wages expense.

3. Supplies Expense = $1,200 - 200 (Adjustment 2) = $1,000

Supplies expense includes supplies on hand will decrease the supplies expense.

"Charles sent a letter to a teacher who had requested a tour of his company. In the letter he included the sentence ""Although we would love to have your class visit our company, much of the work area is too dangerous for group tours."" What has Charles done that might lead to legal difficulties?a. By trying to make himself look good, he is guilty of the ""good-guy syndrome.""b. He has used careless language.c. He has used abusive language.d. He has done nothing wrong."

Answers

Answer:

The answer is: B) He has used careless language.

Explanation:

The use of careless language is a major cause of legal problems for individuals and specially businesses.

In this case Charles admitted that some work areas were too dangerous. In case some employee has an accident in the factory, he can use the letter as proof that the working conditions were not appropriate and were dangerous for the workers.

Give an outline of the differentiating characteristics of a monopolistic competition and an oligopoly market structure.

Answers

Both Monopoly and Oligopoly have large market shares. Unlike monopoly where only one business holds 100% of the market, oligopoly is composed of a few businesses that have market shares. Each movement or decision made by any companies in an oligopoly will greatly affect the market.

Monopoly = 100% market share, has a say on supply and price of goods or services offered.

Oligopoly = 2 or 3 companies share the market. Each have at least 33% of the market. Any change made by one business will affect the other remaining businesses.
In an oligopoly, few companies produce the same product and in a monopolistic competition some companies produce similar products, but each one of them produces a slightly different product.

Let's imagine a market in which there are only 2 producers of chocolate- that is an oligopoly (it would not be one if there were 30) .

Now, let's imagine that one of them only produces dark chocolate, and the other only milk chocolate - now, that's a monopolistic competition!
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