Creating a lasting legacy in a family business requires succession planning, which includes deciding when family members can work there, how earnings should be dispersed, who should sit on the board, how to prepare for future leadership, as well as other issues like taxes and liability.
Families are intricate, emotional systems, and as such, the history, health, and complexity of the family relationships have a significant impact on what may appear to be simple commercial decisions. That's why it's so challenging.
Why is succession important?Making sure a business always has the correct executives in place in case a change occurs rapidly is the goal of succession planning.
Your business might not get another chance if it doesn't adjust right away after a key player quits the company or passes away if you don't make an organized strategy for succession.
The success of Tire Rack stem from the fact that the family gets along so well. They also have a great customer service.
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mcgill p1-1 preparing an income statement , statement of stockholders equity and balance sheet answer key
Company's Financial Statements include Income statement, Statement of Stockholder's Equity & Balance Sheet that are used to assess the financial situation of a company.
Answer is attached in the attachments.
Income Statement: A financial statement may be a financial plan that lists the revenue and expenses of the corporate. Additionally, it displays a company's profit or loss over a selected time-frame. you will better comprehend your company's financial situation by comparing the financial statement to the record, income statement, and income forecast.
Statement of Stockholder's Equity: The difference between total assets and total liabilities, which is usually measured monthly, quarterly, or annually, is that the statement of stockholders' equity. It will be found on the record, one in all three crucial financial records for all small firms.
Balance Sheet: An organization's assets, liabilities, and shareholder equity are listed on a record, which could be a plan. one among the three primary financial statements wont to assess an organization is that the record. It offers an image of a business's financial situation (what it owns and owes) as of the publication date.
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How will opportunities at purdue support your interests, both in and out of the classroom?.
Students can participate in numerous clubs and intramural sports as well. Students from Purdue perform in musical and theatrical productions. There are several chances for students at Purdue University to pursue your interests both in and out of the course.
A person can major in a huge range of disciplines at Purdue University. Purdue University provides programs in French, Russian, Japanese, and Spanish, among many other languages, for students who want to major in a certain language. There are a number of majors available for those interested in education. Acting and theater are other majors offered at Purdue. There are numerous degrees available in a variety of disciplines, such as in history, economics, and agriculture. Additionally, Purdue has majors in additional disciplines. There are various possibilities for kids to participate outside of the classroom. There are almost 1,000 different student organizations to pick from. Due to Purdue's affiliation with the Big Ten Conference, there are numerous sporting events to attend. Additionally, students can participate in a variety of clubs and intramural sports. Theatrical and musical productions at Purdue include student participation. The chances for students to pursue their passions both in and outside of your classroom are numerous at Purdue University.
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equipment with a sales price of $150,000 is purchased at a discount of 14% by aaron company. at what value should the equipment be recorded in aaron company's records?
Under the cost concept, the equipment should be recorded at the price paid for the asset:
$150,000 × 10% = $15,000;
$150,000 - $15,000 = $135,000
what's cost concept with example?
Allows take an instance of a business that purchases a constructing worth 200,000 in coins or bank. Inside the accounting facts, following the cost concept of accounting, the value of the constructing may be entered at its cost charge means 200000. After 4 years, the price of the constructing rises to 1000,000.
What's cost concept in accounting principle?
The cost concept is an accounting principle that facts property at their respective coins quantities on the time the asset changed into bought or acquired. The quantity of the asset this is recorded won't be multiplied for upgrades in marketplace price or inflation, nor can or not it's up to date to mirror any depreciation.
What are cost concept standards?
On the way to understand the overall cost concept, it is vital to realize the subsequent sorts of expenses: Accounting charges and economic costs. Outlay fees and opportunity costs. Direct/Traceable fees and oblique/Untraceable prices. Incremental expenses and Sunk prices.
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True/false: symptoms of lead poisoning include memory problems, irritability, dementia and hallucinations.
This is true statement. Symptoms of lead poisoning include memory problems, irritability, dementia and hallucinations.
Publicity to high lead poisoning may additionally reason anemia, weak point, and kidney and mind harm. Very excessive lead publicity can motive loss of life. Lead can cross the placental barrier, which means pregnant women who're uncovered to guide also divulge their unborn baby. Lead can harm a growing baby's anxious machine.
The maximum severe neurological effect of lead exposure is lead encephalopathy, a response to very excessive doses of lead that effects in improvement of irritability, headache, intellectual dullness and attention difficulty, memory loss, tremor, and hallucinations inside weeks of exposure.
Signs and symptoms of lead poisoning encompass complications, belly cramps, constipation, muscle/joint ache, trouble sound asleep, fatigue, irritability, and loss of intercourse drive. Maximum adults with lead poisoning do not appearance or sense unwell.
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How can high-tech collection of performance data be done consistently with the basic human rights upheld by the u.s. constitution, such as the rights of free speech and due process?
The established announcement of Human Rights was followed by way of the United countries standard assembly 70 years ago subsequent yr. The announcement is a groundbreaking agreement that affirms individual individuals' rights, together with the proper to be freed from discrimination, the proper education, and the right to live in a free and world, among others.
The Fourth Business Transformation is a technological revolution this is changing the way we stay, work, and interact with one another. It also has the functionality of each challenging and protecting human rights.
AI and automation are changing the worldwide activity market and having an effect on the proper honest and first-rate work. specialists predict that through 2020, 85 percent of all purchaser interactions could be treated without the assistance of human rights, with self-provider technologies presenting assistance.
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the demand curve for a normal good will always slope downward because: a even though the substitution effect and the income effect move in opposite directions, the substitution effect dominates, and it always displays an inverse relation between price and quantity demanded. b the substitution effect and the income effect reinforce each other, and the income effect always displays an inverse relation between price and quantity demanded. c even though the substitution effect and the income effect move in opposite directions, the income effect dominates, and it always displays an inverse relation between price and quantity demanded. d the substitution effect and the income effect reinforce each other, and the substitution effect always displays an inverse relation between price and quantity demanded. e even though the substitution effect and the income effect move in opposite directions, the two effects cancel each other out.
So the option d (the substitution effect and the income effect reinforce each other, and the substitution effect always displays an inverse relation between price and quantity demanded) is the correct answer.
Substitution Effect
The substitution effect is one component of the effect of a change in the price of a good on the amount of that good requested by a consumer in economics, notably in consumer choice theory, the other being the income effect.
Demand curve
A demand curve is a graph in economics that depicts the relationship between the price of a commodities and the quantity of that commodities that is requested at that price. Demand curves can be used to model the price-quantity connection for a single consumer or for all consumers in a given market.
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in the process of market segmentation, what step occurs after identifying product-related need sets?
In market segmentation the step that occurs after identifying product-related need sets is grouping customers with similar need sets.
Market segmentation is a marketing term that refers to grouping prospective buyers into groups or segments with similar needs and responses to marketing actions. Market segmentation allows businesses to target different types of consumers who perceive the full value of different products and services differently.
Market segmentation assists businesses in reducing risk by determining which products are most likely to capture a share of a target market and the best ways to market and deliver those products to the market.With risk reduced and clarity about the marketing and delivery of a product increased, a company can then focus its resources on the most profitable efforts.Market segmentation can also help a company expand its demographic reach and discover products or services that it had not previously considered.Learn more about market segmentation here:
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technology is used today in manufacturing, health care, and the transportation industry, but education has not yet embraced it.
Technology is used today in manufacturing, health care, and the transportation industry, but education has not yet embraced it. This statement is false.
Technology is the application of scientific knowledge to the practical purposes of human life, or, as it is sometimes expressed, to the modification and manipulation of the human environment. Information technology is important in our lives as it helps us deal with the dynamics of everyday life. This technology provides a variety of tools to facilitate development and share information. Both are IT goals to make tasks easier and solve many problems.
Technology is the way scientific knowledge is applied to practical purposes. It includes not only machines (such as computers), but also technologies and processes (such as how computer chips are made). All technology may seem electronic only, but that's just the latest technology.
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sub sandwiches of america made the following expenditures related to its restaurant. required: sub sandwiches of america credits cash for each of these expenditures. select the account it debits for each.
Accounts debits for each will be
1. Plant and Equipment and Fixed Assets
2. Land Enhancement
3. Cost of maintenance and repairs
4. Paid-Up Insurance
5. Additional operational costs
What are debits and credits?In double-entry accounting, debits and credits are entries made in account ledgers to record value changes brought on by company transactions. Each transaction transfers money from credited accounts to debited accounts. A debit entry in an account reflects a transfer of value to that account, and a credit entry represents a transfer out of that account. A renter might include a credit for the bank account on which the rent check is written and a debit for the rent expense account, for instance, when writing a rent check to a landlord. In a similar manner, the landlord would record a credit in the tenant's rent income account and a debit in the account where the check is placed.
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what are possible advantages and disadvantages of using automatic withdrawal to pay bills? check all that apply.not having to keep track of the balance in a checking accountavoiding late payment feeshaving to share your account informationnot having to find a stamp and a mailboxnot knowing when the payment will be taken out of your accountpossible overdraft fee
The automatic bill payment is the process of paying or transferring funds from one account to another on a real-time basis. In this, the amount of recurring bills, loans, EMI's are paid on scheduled time.
The advantages of using automatic withdrawal to pay bills are correct in the following options:
Avoid late payment fees, this is because in automatic payment the payments schedule can be fixed for all the time periods of payments.
Not having to find a stamp and a mailbox, because there does not exist any physical movement of the parties for the payment of bill.
The disadvantages of using automatic withdrawal to pay bills are correct in the following options:
Has to share your account details and information with another party for the fund transfer, this is put the user into trouble if their passwords and credential information are leaked by the payment methods.
Has to pay a fee for the online services, the internet banking, or the online portals working for the automatic fund withdrawal and transfers for bill charges fixed or variable amount over the amount of fund transferred.
Therefore, in the new era of automatic withdrawal to pay the bills, there is an equal number of advantages and disadvantages.
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Costs such as transportation-out, sales commissions, uncollectible accounts receivable, and advertising costs are sometimes called:______.
Costs such as transportation-out, sales commissions, uncollectible accounts receivable, and advertising costs are sometimes called downstream costs. Costs incurred prior to manufacturing are referred to as upstream costs, whereas costs incurred after production are referred to as downstream costs (such as advertising and transportation).
Upstream Costs refers to the raw materials required for production, whereas downstream is the opposite end, where products are manufactured and dispersed. The final steps in the manufacture and selling of goods, when finished products are created and sold to consumers, are referred to as downstream operations. Sales can be wholesale, business-to-business (B2B), or retail, business-to-consumer (B2C).
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A tobacco company taking a reactive stance to the claims that smoking causes cancer would:______.
A tobacco organization taking a reactive stance to the claims that smoking causes most cancers might: prevent promoting cigarettes as they're harmful to your health and cigarette smoking increases the danger of lung most cancers that's speculation.
Cancer is a disorder in which a number of the body's cells grow uncontrollably and unfold to different elements of the body. In Greek, these phrases check with a crab, maximum probable applied to the disease because the finger-like spreading projections from most cancers referred to as to mind the form of a crab. The Roman physician, Celsus (25 BC - 50 advert), later translated the Greek term into cancer, the Latin phrase for crab.
Cancer cells have gene mutations that turn the cellular from a regular cell into a cancer mobile. these gene mutations can be inherited, expand over the years as we become old and genes put on out, or develop if we are around something that damages our genes, like cigarette smoke, alcohol or ultraviolet (UV) radiation from the solar.
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ace electronics sold $5,000 of goods to customers of which $3,000 has been collected. using accrual accounting, ace electronics should report revenues of .
$5,000 in revenue should be reported by Ace Electronic.
Tell us about the revenue.Revenue is the sum of money that a business receives in return for its products and services, or, in the other direction, the price that a client pays for a business's products or services. On the first line of the income statement, a company's revenue is typically reported as revenue, sales, net sales, or net revenue.Companies focus more on this one line item than any other, excluding the bottom line (net income). The biggest element affecting how their firm is performing is that. It plainly identifies how much money a business is making from the sale of its goods.To know more about revenue visit:
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According to the service quality dimensions, where should kate focus to improve customer experience?
According to the service quality dimensions, kate should focus to improve customer experience in
The following five factors affect service quality:
1. Reliability
This relates to a company's capability and consistency in providing a certain service in a way that meets the demands of its clients. The delivery or execution of the item or service, prompt and accurate issue resolution, and competitive pricing are all parts of this process. Customers anticipate a certain level of dependability when they purchase a certain product, and a business' success often on its capacity to fulfil those demands.
2. Tangibility
This is the capacity of an organization to convey service excellence to its clients. A company's very physical quality may be attributed to a variety of elements, including the aesthetics of its headquarters, the look and behaviour of its personnel, the materials used for marketing, and the level of customer service department.
3. Empathy
The manner a business provides its services so that it appears sympathetic to the needs and wants of its clients is known as empathy. A client is more likely to remain loyal to a business if they feel that it genuinely cares about their well-being.
4. Responsiveness
This demonstrates a business' commitment to and capacity for offering quick services to clients. Responding quickly to client requests, comments, questions, and concerns entails being responsive to such requests, questions, and difficulties. Customer communications are always responded to as fast as possible by a business with good service quality, which is frequently a sign of how much importance the business focuses on client happiness.
5. Assurance
Customers' confidence and trust in a certain business is referred to as assurance. This is crucial when a customer is using services There must be some level of faith in the servicing organization's capacity to offer what the customer might see as being above their capacity to comprehend and appropriately assess. If a company wants to keep its consumers, its personnel must be conscious of gaining their trust.
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ohn, an engineer in a multinational corporation, e-mails coworkers from india and taiwan on a weekly basis. john's communication illustrates the imperative for studying intercultural communication.
ohn, an engineer in a multinational corporation, e-mails coworkers from india and taiwan on a weekly basis. john's communication illustrates the technology imperative for studying intercultural communication
Although technology helps the economy and people, it can also have negative effects like resource depletion, pollution, or societal problems like technical unemployment brought on by automation. As a result, discussions about the function and use of technology, its ethics, and the mitigation of technology's potential drawbacks have become philosophical and political issues [6]. The pervasiveness of technology is criticized by historical and modern movements like neo-Luddism and anarcho-primitivism, while transhumanists and techno-progressives actively encourage technological advancement since they see it as emancipatory. [9] Through technical advancements like renewable energy in industry and transportation,[10] genetically modified crops to address soil depletion,[11] and space exploration to reduce the dangers of a worldwide cataclysm, many of technology's negative effects can be alleviated.
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When companies embrace ________, they appeal not only to their shareholders but also to all of their key stakeholders. conscious marketing social media conscious advertising profit-sharing csr
When companies embrace conscious marketing, they appeal not only to their shareholders but also to all of their key stakeholders.
What is conscious marketing?Conscious marketing means that when a company engages in marketing, they do not only do so in order to target people such that they will make more profit.
They also include considerations of how their marketing will affect key stakeholders in the company from the community.
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A new loan in the amount of $73,550 is being originated. what is the amount of the state intangible tax on the mortgage?
A new loan in the amount of $73,550 is being originated. $147.10 is the amount of the state intangible tax on the mortgage.
A mortgage is the lending of money with the aid of one or more people, organizations, or other entities to other individuals, corporations and many others. The recipient incurs a debt and is typically liable to pay hobby on that debt until it is repaid in addition to to repay the fundamental quantity borrowed.
A loan is a shape of debt incurred via an individual or different entity. The lender—generally a organization, financial institution, or government—advances a sum of money to the borrower. In return, the borrower agrees to a certain set of phrases which includes any finance expenses, hobby, reimbursement date, and different situations.
A loan is money borrowed from a financial institution or economic organization.
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these managers provide the glue that holds the organizations together. one of the most important things they do is to network throughout the organization.
Middle managers are the managers provide the glue that holds the organizations together.
What is the role of Middle managers?The responsibility for facilitating any necessary organizational changes and creating a productive workplace falls on middle managers. They keep an eye on daily activities, monitor performance, and make sure everything is done in accordance with the demands of the company.
In the middle of the management chain, a manager is someone who oversees and directs an organization rather than making managerial decisions. The level of management below the top level is known as middle management.
Thus, they are middle managers.
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Which describes the market position and market share that an hso sets as its goals?
Strategic Intent is the term that describes the market position and market share that an HSO sets as its goals.
Strategic Intent demonstrates the pre-defined future goal which the firm or organization aims to reach within a particular stipulated duration of time. The term expresses the beliefs and values of a firm. It encompasses the aspirational plans, overarching purpose, or intended direction of travel required to access an organization's vision.
The concept of strategic content was popularized by Gary Hamel and C.K Prahalad. This acts as a key factor in driving organizations to maintain a competitive edge. It leads to the enhancement of specific change initiatives within a portfolio structure. This term reflects the long-term goals as well as the philosophical foundation of an organization.
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which can cause a shift in the demand curve? a change in the price of a good the cost of production the technology used by firms one of the determinants of demand which of the choices illustrates the law of demand? pat wants to buy more candy bars at $2 than at $1. none of the choices. wants to buy more candy bars at $1 than at $2. offers more candy bars for sale at $2 than at $1.
The Factors Causing the Demand Curve Shift is critical in shifting the demand curve in Microeconomics. Price changes in related goods such as substitutes and complements cause changes in the demand curve.
What factors are causing the shift in the demand curve in microeconomics?
In microeconomics, the following factors are responsible for the shift in the demand curve:
The cost of related goodsConsumer EarningsConsumer Preferences and FashionTechnological AdvancementChanges in Population Size and CompositionIncome Distribution ModificationFiscal PolicyReal Income VariationExpectationsLearn more about microeconomics here:
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In a ______ decision process, users, influencers, or deciders in the buying center want to change product specifications, price, delivery schedule, or suppliers.
In a modified rebuy decision process, users, influencers, or deciders in the buying centers want to change product specifications, price, delivery schedule, or suppliers.
A modified rebuying process refers to the process where a previously bought product is bought by another customer but with some specific modifications. This means that the entire similar product is not received by the new customer.
The new customer can change the style or version of the product. He can also try to negotiate the price and delivery dates of the product. The customer has the ability to even choose another supplier of the product. Since so many changes are possible, we are calling it 'modified' buying.
Modifying and customizing the product can give it a new feel and also increase its effectiveness.
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Why should I send a cover letter with a resume?
Answer:
so that it looks professional.
Explanation:
carlos, inc. requires a minimum rate of return of 10% on its average operating assets. the housewares department currently has average operating assets of $200,000 and a net operating income of $24,000. the department's residual income is $
The department's residual income is $ $4000
rationale:240000
Residual income: According to managerial accounting, a company's residual income is the amount of operating profit left over after covering all capital expenses incurred to produce revenues. The amount of profit beyond the required rate of return, commonly known as the company's net operating income, is also taken into account.
Residual income: A company's residual income is the amount of operating profit left over after covering all capital expenses incurred to generate revenues, according to managerial accounting. The amount of profit above the required rate of return, known as the company's net operating income, is also considered. The money that continues to flow after an initial investment of time and resources has been completed is referred to as residual income. Artist royalties, rental income, interest income, and dividend payments are all examples of residual income.
The term "residual income" is also used in the following contexts:
In personal finance, residual income can refer to an individual's discretionary income or the total amount of money left over after all personal debts and obligations have been paid.
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Within an organization what type of network is formed more for personal than for professional motives and may not have much to do with the goals of their agency?
Within an organization, kinship networks are sometimes developed for more personal than professional reasons, and they may not have anything to do with the objectives of their company.
Kinship, however its exact definitions are sometimes contested even within the field of anthropology, is the web of social interactions that plays a significant role in every human's life in every society. The study of kinship, according to anthropologist Robin Fox, is the study of what humans do with these fundamental aspects of existence, such as mating, gestation, parenthood, socialization, siblingship, etc.
He contends that what makes human society distinct is that we are "working with the same raw material as exists in the animal world, but [we] can conceptualize and categorize. Its social purposes, which include forming essential economic, political, and religious groupings, as well as the socialization of young people, are served by this.
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What does the bcg matrix evaluate? business growth rates cost of goods sold economies of scale market share
The Boston Consulting Group developed the BCG matrix as a framework for assessing the strategic position and potential of the corporate brand portfolio.
What is the BCG matrix?A business planning tool used to assess the strategic position of a company's brand portfolio is the Boston Consulting Group Matrix, also known as the product portfolio matrix. One of the most often used techniques for portfolio analysis is the BCG Matrix. An analysis of a company's products using a BCG matrix is a tool for long-term strategic planning. Companies can use the matrix to find new chances for growth and choose their future investment strategy. The majority of businesses provide a wide range of items, although some offer better returns than others.
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red river painting company incurs the following transactions for september. 1. september 3 paint houses in the current month for $13,000 on account. 2. september 8 purchase painting equipment for $14,000 cash. 3. september 12 purchase office supplies on account for $2,100. 4. september 15 pay employee salaries of $2,800 for the current month. 5. september 19 purchase advertising to appear in the current month for $1,100 cash. 6. september 22 pay office rent of $4,000 for the current month. 7. september 26 receive $8,000 from customers in (1) above. 8. september 30 receive cash of $4,600 in advance from a customer who plans to have his house painted in the following month.
Red River Painting Company's journal entries are as follows.
Sep 3
DR Accounts Receivable $13,000
CR Revenue $13,000
What is journal entry?Journal entries are the entries that are posted by the finance department in an organization, these journal entries impact the accounts of organization and record the two sided effect of a transaction and that is why the journal entries are also known as the double entry. This is then posted to T-accounts.
Sep 8
DR Painting equipment $14,000
CR Cash $14,000
Sep 12
DR Office Supplies $2,100
CR Notes Payable $2,100
Sep 15
DR Salaries expense $2,800
CR Cash $2,800
Sep 19
DR Advertisement expense $1,100
CR Cash $1,100
Sep 22
DR Rent expense $4,000
CR Cash $4,000
Sep 26
DR Cash $8,000
CR Accounts Receivable $8,000
Sep 30
DR Cash $4,600
CR Unearned Income $4,600
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suppose that in a given country from one year to the next, the general price level rises while the quantity of goods produced also rises. what can we determine about the values of nominal and real gdploading...?
The general price level rises while the number of goods produced also rises by this we can determine that both the nominal and real GDP will rise, but nominal GDP will increase more.
What is GDP?The market worth of all the finished goods and services produced in a given country during a given time period is measured in dollars by the gross domestic product (GDP). This measurement is frequently reviewed before being regarded as a valid indicator due to its subjective and complicated character. To compare living standards between countries, adopting a basis of GDP per capita at purchasing power parity (PPP) may be more relevant, whereas nominal GDP is more useful for comparing national economies on the global market. GDP (nominal) per capita does not, however, represent differences in the cost of living and the inflation rates of the countries. GDP per capita is calculated as GDP divided by the region's total population (also called the Mean Standard of Living).
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If successful, marketers utilizing the first three es of the 4e framework will have achieved the goal of ________ the customer.
If successful, marketers utilizing the first three es of the 4e framework will have achieved the goal of engaging the customer.
What does it mean to engage the customers?This is the term that is used to refer to all of the ways that a company would be able to engage in having good relationship with their customers. That is the ability to establish a consumer base that would be loyal to the brand that they are using and also create awareness.
If successful, marketers utilizing the first three es of the 4e framework will have achieved the goal of engaging the customer..
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a firm's are timeless, capturing its heart and soul, and serve to inspire and motivate its stakeholders.
A stakeholder may be an extensive kind of human-impacted or invested inside the undertaking. as an example, a stakeholder may be the owner or maybe the shareholder. however, stakeholders also can be personnel, bondholders, clients, suppliers, and carriers. A shareholder may be a stakeholder.
Stakeholders are people, corporations, or organizations directly involved with, or not directly laid low with, a project, product, provider, or business enterprise. As such, stakeholders likewise impact why and how a corporation does commercial enterprise.
The time period stakeholder has its roots in horse racing. A stake race is one in which the prize cash is derived from the access costs that horse proprietors pay to enter the race. The entry price is called a stake, a synonym for threat.
The time period stakeholder has its roots in horse racing. A stake race is one in which the prize money is derived from the entry charges that horse proprietors pay to go into the race. The access price is known as a stake, a synonym for danger.
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On november 21, civic company received $550 from customers in payment of their accounts. the journal entry to record this transaction will include a credit to?
On November 21, the civic company received $550 from customers in payment of their accounts. the journal entry to record this transaction will include a credit to accounts receivable.
Describe a journal post.In accounting records, a journal entry is used to record a business transaction. Although it is more frequently done so in the main ledger, a journal entry can also be done in a subsidiary ledger and then rolled forward into the general ledger once it has been summarized. The general ledger is then used to create the company's financial statements.
The idea of a journal entry states that every business transaction should be recorded in at least two places (known as double entry accounting). For instance, when you make a cash sale, both the income account and the cash account increase. If you make purchases using credit, your inventory and accounts payable will both increase.
As a result, journal entries are important components of the accounting system.
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