Credit unions lend to and accept deposits from "members," who are typically a group of people who work for the same business.
Members are what depositors are known as at credit unions. Each member of the credit union is a shareholder. Customers of banks are those who make deposits. Financial institutions are owned by investors; customers have no ownership interest in them.
A commercial bank is a kind of financial organization that accepts deposits, provides checking account services, makes business, personal, and mortgage loans, and gives customers access to fundamental financial products including certificates of deposit (CDs) and savings accounts. A credit union is a non-profit financial organization that is owned by the clients it serves. The same services and products that are provided by a typical bank, such as credit cards, checking and savings accounts, and loans, are also available to credit union members.
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how many bones of human body
Solution : (Valuing preferred stock) Kendra Corporation’s preferred shares are trading for $25 in the market and pay a $4.50 annual dividend. Assume that the market’s required yield is 14 percent. a. What is the stock’s value to you, the investor? b. Should you purchase the stock?
A. The stock's value to the investor is $32.14.
B. Yes, the investor should purchase the stock as it is trading at a price lower than its value.
a. The stock’s value to you, the investor:
The annual dividend of the Kendra Corporation's preferred shares = $4.50
The market price of the stock = $25
Market's required yield = 14%
To calculate the stock's value to an investor, we use the formula:
P=D/R
Where,
P = stock’s value to you, the investor
D = Annual dividend
R = Required yield of the market
By putting the given values, we have: P= 4.5/0.14P= 32.14
Hence, the stock's value to the investor is $32.14.
b. Should you purchase the stock:
Yes, the investor should purchase the stock as it is trading at a price lower than its value. Since the stock's value to an investor is greater than its current market price, this is considered a good investment opportunity. Therefore, the investor should purchase the stock.
A brief explanation: Since the stock's market price is lower than its actual value, it indicates that the investor will receive a higher yield on the investment if they purchase the stock. In other words, the difference between the stock's market price and its value represents a discount for the investor. Therefore, it is a good investment opportunity.
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Kendra makes custom baby quilts embroidered with the baby’s name and date of birth. Although quilts can be partially completed in advance, all quilts remain in the Work in Process Inventory account until the final embroidery is completed. Quilt BBGR12 was completed in July. At the beginning of July, costs accumulated on the quilt were direct materials of $50, direct labor of $75, and overhead of $20. Completing the quilt required 2.5 hours of direct labor at $12 per hour. Overhead is applied at $3 per direct labor hour. What is the total cost on the job cost sheet for Job BBGR12 at the end of July? (Show your work.)
Answer:
$182.50
Explanation:
Calculation of the total cost on the job cost sheet for Job BBGR12
Manufacturing Costs Schedule
Beginning Work In Process Inventory :
Direct Materials $50.00
Direct labor of $75.00
Overhead of $20.00
Incurred during the year :
Direct labor (2.5 hours × $12) $30.00
Overheads (2.5 hours × $3) $7.50
Total cost on the job cost sheet $182.50
The CEO is interested in learning more about probability and how it works. The CEO is also asking about how probability and analytics can be integrated into the business model. In the process of looking for information on probability, you find that it is important to understand optimization and forecasting and how they can be applied to benefit the business. Do some research and present the results for the CEO. The following is the necessary information to complete this lab assignment. Deliverables Step 2: Probability Research • Considering the CEO's request, you determine that some research needs to take place. • Define the following terms for the CEO and locate some chart examples of each type of analysis. o Probability o Optimization o Forecasting Step 3: Integrating Data Research for Business • In one to two paragraphs, discuss what role probability and statistics play in business decisions. • In one to two paragraphs, discuss any ethical considerations when doing probability. • Summarize by explaining why probability is a good method for the CEO to consider.
Step 2: Probability Research Probability, Optimization, Forecasting.
Step 3: Integrating Data Research for Business.
Probability:
Probability is a branch of mathematics that deals with the likelihood of events occurring. It is a measure of uncertainty and is expressed as a number between 0 and 1, where 0 represents impossibility and 1 represents certainty.
Optimization:
Optimization involves finding the best possible solution from a set of alternatives. It aims to maximize desired outcomes or minimize undesirable ones, considering constraints and objectives.
Forecasting:
Forecasting is the process of predicting future events or outcomes based on historical data and statistical models. It helps businesses anticipate demand patterns, market trends, and other factors that can influence decision-making.
Step 3: Integrating Data Research for Business
Probability and statistics play a crucial role in business decisions. They provide a framework for analyzing and interpreting data, assessing risks, making predictions, and supporting evidence-based decision-making.
When working with probability, ethical considerations are important. It is essential to ensure that data used in probability analysis is collected ethically, respects privacy and confidentiality, and adheres to relevant legal and regulatory requirements.
Probability is a valuable method for the CEO to consider because it provides a systematic and quantitative approach to analyzing uncertainty and making informed decisions.
By integrating probability into the business model, the CEO can better understand risks, optimize resource allocation, improve forecasting accuracy, and ultimately enhance strategic decision-making and business performance.
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A bond issued by the U.S. Treasury with a maturity of 90 days is sold on the
O capital market.
O money market
O primary market.
O secondary market.
A bond issued by the U.S. Treasury with a maturity of 90 days is sold on the money market.
What is money Market?
Money market are market that provides money both large and small amount of money for business opportunities, banks, and the government.
Government can sell to money market.
Therefore, A bond issued by the U.S. Treasury with a maturity of 90 days is sold on the money market.
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Bonds and Financial Assets Quick Check
Answer:
1. Junk Bonds
2. $510
3. Money Market
4. an investor sells a bond to another investor
5. One of the bonds was sold at face value while another was sold below face value.
Hope This Helps!
For Future Generations
in a survey of companies, it was found that 45 were in the mining sector, 72 were in
the financial sector, 32 were in the IT sector and 101 were in the production sector,
Answer:
0.288
0.308
Explanation:
Given :
Mining sector = 45
Financial sector = 72
IT sector = 32
Production sector = 101
Total number of companies :
(45 + 72 + 32 + 101) = 250
A.)
Probability that a randomly selected company is in the financial sector
Recall :
Probability = required outcome / Total possible outcomes
P(company = financial) = (number of companies in financial sector / total number of companies)
P(company = financial) = 72 / 250 = 0.288
B.)
Company is either a mining or IT company :
P(company = Mining or IT) = (number of mining + number of IT Companies) / total number of companies
P(company = Mining or IT) = (45 + 32) / 250 = 77 / 250 = 0.308
In the following table, list five examples of products or services for which you have noticed price changes. Identify the product or service; show whether the price change was an increase or decrease; and identify the reason for the price change. Answers will vary. WRITE A TABLE
The five examples of products or services for which one notices the price changes includes gas, onions, rice, data service, and call rate.
The breakdown of the products or services mentioned is explained below:
Gas (increase in the price): the price changes due to the War in Russia which resulted in its supply.
Onions (increase in the price): there is an increase in price of onions due to the long season of locust (pest) which destroyed a lot of farm produce.
Rice (increase in the price): the price changes as a result of importation ban on rice and the consequence of the flooding.
Data service (decrease in price): this change is caused by the availability of wifi access which is now killing the idea of data subscription.
Call rate (decrease in price): the change in the price of voice call is as a result of the competition that now exists among the service providers.
The given question is incomplete, the complete question is-
In the following table, list five examples of products or services for which you have noticed price changes. Identify the product or service; show whether the price change was an increase or decrease; and identify the reason for the price change. Answers will vary.
Product or service Price Increase or Decrease Reason for price change
Name food Did the food price
increase or decrease
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suppose the income of consumer increased from 8000 to10000 birr. because of the change in income, quantity purchased from10 units to 12 ,how much is the income elasticity of demand,what types of goods the consumer buys and consume, explain result
The income elasticity of demand is 0.8, indicating that the good is a normal good and consumers buy and consume more of it as their income increases.
How to calculate Income Elasticity of Demand?To calculate the income elasticity of demand, we use the formula:
Income Elasticity of Demand = (Percentage Change in Quantity Demanded) / (Percentage Change in Income)
Given that the income increased from 8000 to 10000 birr, which is a 25% increase, and the quantity purchased increased from 10 units to 12 units, which is a 20% increase, we can plug these values into the formula:
Income Elasticity of Demand = (20% / 25%) = 0.8
Since the income elasticity of demand is positive (0.8), we can conclude that the good is a normal good. Normal goods are those for which demand increases as income rises, indicating that consumers buy and consume more of the good as their income increases.
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Rupali’s financial advisor tells her that she needs a personal balance sheet. Rupali has no idea what this is. What should the financial advisor tell her about a personal balance sheet?
a) Her bank can print one out for her if she requests it.
b) Emergency expenses are listed at the top of this document.
c) It ultimately will show her what her net worth totals.
d) It describes her cash flow situation over the past few months.
Answer:
d) It describes her cash flow situation over the past few months.
Explanation:
Balance sheet is a statement of account of an individual, which showcases the cash flow situation of that particular individual. That is, the debt and the credit associated with the bank account statement of the individual in question.
It is used to keep track of the financial growth and net-worth which helps in making a balanced decision. In her case, assuming she is applying for a loan, the cash flow situation of hers would enable the financial advisor in a bank to be clear on the actual amount she could eligible to get as a loan.
Answer:
It ultimately will show her what her net worth totals.
Explanation:
Correct for Gradpoint
Explain how each of the following events would affect the equilibrium price and quantity of new textbooks. (Explain which curve(s) would shift and in which direction(s).)
The events that would affect the equilibrium price and quantity of new textbooks include changes in production costs, shifts in student enrollment, changes in government policies etc.
How do these events impact the equilibrium price and quantity?The changes in production costs will shift the supply curve of new textbooks. If production costs increase, the supply curve would shift to the left resulting in decrease in the equilibrium quantity and an increase in the equilibrium price.
But if production costs decrease, the supply curve would shift to the right leading to an increase in the equilibrium quantity and a decrease in the equilibrium price of new textbooks.
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The following selected amounts are reported on the year-end unadjusted trial balance report for a company that uses the percent of sales method to determine its bad debts expense.
Accounts receivable $ 438,000 Debit
Allowance for Doubtful Accounts 1,280 Debit
Net Sales 2,130,000
Credit All sales are made on credit. Based on past experience, the company estimates 1.0% of credit sales to be uncollectible. What adjusting entry should the company make at the end of the current year to record its estimated bad debts expense?
A) Debit Bad Debts Expense $20,020; credit Allowance for Doubtful Accounts $20,020.
B) Debit Bad Debts Expense $22,580; credit Allowance for Doubtful Accounts $22,580.
C) Debit Bad Debts Expense $21,300; credit Allowance for Doubtful Accounts $21,300.
D) Debit Bad Debts Expense $4,380; credit Allowance for Doubtful Accounts $4,380.
E) Debit Bad Debts Expense $5,660; credit Allowance for Doubtful Accounts $5,660.
Answer:
C) Debit Bad Debts Expense $21,300; credit Allowance for Doubtful Accounts $21,300.
An employee works 52 hours (52 - 40 were overtime hours) during a workweek in December of 2021. He earns $11,000/month, with his employer paying 1.5 times the regular rate of pay for overtime hours. To date, he has earned $144,200 during the year. He has requested that his employer withhold 8% of gross pay, which is to be contributed to a 401(k) plan.
The employee's gross pay for the workweek in December 2021 would be $15,950, and the net pay after the 8% 401(k) contribution would be $14,674.
To calculate the employee's gross pay for the workweek in December 2021, we need to determine the regular pay and the overtime pay separately.
Given; Regular rate of pay = $11,000/month
Overtime hours worked = 52 - 40 = 12 hours
Overtime pay rate = 1.5 times the regular rate of pay
The regular pay for 40 hours (assuming the employee worked the regular 40 hours in the workweek) would be;
40 hours x $11,000/month ÷ 4 weeks = $11,000
The overtime pay for 12 hours (the overtime hours worked) would be;
12 hours x 1.5 x $11,000/month ÷ 4 weeks = $4,950
The total gross pay for the workweek would be the sum of regular pay and overtime pay;
$11,000 + $4,950 = $15,950
The employee has requested that 8% of the gross pay be withheld for the 401(k) plan;
8% x $15,950 = $1,276
The net pay for the workweek would be the gross pay minus the 401(k) contribution;
$15,950 - $1,276 = $14,674
Therefore, $14,674 is to be contributed to a 401(k) plan.
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During the month, Bavarian Auto Co. received $379,550 in cash and paid out $320,350 in cash. a. Does this information indicate that Bavarian Auto Co. had net income of $59,200 during the month? No
Net income is ✓ the net change in all assets and liabilities from operating (revenue and expense) transactions.
b. If the balance of the cash account is $85,800 at the end of the month, what was the cash balance at the beginning of the month?
Answer:
No, $59,200 shows only the change in the net cash not in the net income.
The beginning cash balance for the month is $26,600.
Explanation:
a. When the difference of the cash received that is $379,550 and cash paid that is $320,350 is taken it shows only the net change in the cash balance that is $59,200, irrespective of the net income, as this might or might not include some of the revenues or expenses which are in the cash form.
b. When the ending cash balance is $85,800, and the net cash changes is $59,200; then the beginning cash balance will the difference of the ending cash balance and the net cash changes; this will amount to $26,600.
At times during problem solving it might be necessary to use a third party to help come to a decision. Which of the following involves using a third party?
arbitration
mediation
both mediation and arbitration
compromise
(both mediation and arbitration)
Answer:
both mediation and arbitration
Explanation:
Mediation is a procedure in which the parties discuss their disputes with the assistance of a trained impartial third person(s) who assists them in reaching a settlement.
Arbitration is a procedure in which a dispute is submitted, by agreement of the parties, to one or more arbitrators who make a binding decision on the dispute. In choosing arbitration, the parties opt for a private dispute resolution procedure instead of going to court.
contractors who sell to government agencies would be most likely to use which of the following cost methods in pricing their products
Contractors who promote to authorities organizations could be maximum possibly to apply which of the subsequent fee strategies in pricing their products.Total costs.
The required details about total costs is mentioned in below paragraph.
Total costs in economics, the sum of all expenses incurred through a company in generating a positive stage of output. It is commonly expressed because the mixture of all constant expenses (e.g., the expenses of a constructing rent and of heavy machinery), which do now no longer alternate with the amount of output produced, and all variable expenses (e.g., the expenses of labour and of uncooked materials), which do alternate with the extent of output. If constant expenses aren't altered (e.g., through acquiring a bigger constructing or through obtaining greater heavy machinery), the charge of boom of variable expenses with growing output could be gradually more withinside the lengthy run, owing to diminishing returns on extra devices of output. In different words, withinside the lengthy run, gradually fewer devices of output could be yielded through total costs of variable expenses.
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true or false:
Not-for-profit organizations have the same goals as for-profit organizations
Answer: False
Explanation:
The ultimate goal of a non-profit should be to ensure that there are enough earnings to continue making a difference, whereas the ultimate goal of a for-profit firm is usually to maximize earnings and financial benefits for its owners and/or shareholders.
[Disappointing Boat Purchase] Ava went to purchase a new boat. She wanted a boat she could use in a nearby lake and also take to the coast for use in ocean waters. Ava saw a boat she liked in the showroom. She showed the boat to Brock, the sales representative at the dealership, and stated that she wanted a boat for both lake usage and ocean usage. Brock told her that the dealership had the best boats in the state, that the engine was great in the boat she liked, and that she would have no problem with steering or with the carburetor. He said nothing about whether or not the boat was an appropriate vessel for ocean waters. Ava purchased the boat. She immediately began to have significant problems with it. The engine did not perform adequately, and there were problems with the steering and carburetor. Additionally, Ava attempted to take the boat onto ocean waters and had significant difficulty. She later discovered that it was not an ocean-going vessel. It was only appropriate for lake usage. Which of the following is true concerning Brock's statement that the boats at the dealership were the best in the state?
Answer:
Implied warrenty
Explanation:
The sale itself constituted an implied warranty of merchantability but not an express warranty or a warranty of fitness for a particular purpose.
coffeehouse sells a pound of coffee for $9.75 Expenses are $4500each month
Answer:
an interoduction to the organzation andmanagement strcture
when you owe money to another lender you are a
When you owe money to another lender you are a debtor.
What is a lender and debtor?A lender is anyone who makes money accessible to a person or business with the idea that they will pay them back, whether they are an individual, a public or private organisation, or a financial institution. Payment of any interest or fees is considered repayment. A financial organisation known as a lender will lend money to a business or an individual borrower in the hope that the money will be repaid at a later time. A legal entity that owes money to another is referred to as a debtor or debitor. The entity could be a person, a business, a government, a corporation, or another type of legal person. The other party is referred to as a creditor. The debtor is more frequently referred to as a bank when a bank is the counterpart of this debt agreement.
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Advise business on the role of intermediaries in the distribution process.
Here are some key advantages of intermediaries:
Market Reach
Efficiency and Expertise
Cost Savings
Market Information
Risk Management
Intermediaries play a crucial role in the distribution process of a business. They act as a link between producers and consumers, facilitating the movement of goods and services from the point of production to the point of consumption. Here are some key advantages of intermediaries:
Market Reach: Intermediaries, such as wholesalers, retailers, and distributors, have established networks and access to a wide customer base. They can help businesses reach a larger market and expand their customer reach.
Efficiency and Expertise: Intermediaries specialize in distribution activities, including logistics, warehousing, transportation, and marketing. They possess knowledge and expertise in these areas, allowing businesses to benefit from their efficiency and experience.
Cost Savings: By utilizing intermediaries, businesses can reduce their own costs associated with storage, transportation, and marketing. Intermediaries often benefit from economies of scale, allowing them to provide cost-effective solutions.
Market Information: Intermediaries are in direct contact with customers and have valuable insights into market trends, consumer preferences, and competitor activities. They can provide businesses with market intelligence that helps in strategic decision-making.
Risk Management: Intermediaries can help businesses mitigate risks associated with distribution, such as inventory management, payment collection, and product returns. They assume some of the risks and provide financial and logistical support.
However, businesses should carefully select and manage their intermediaries to ensure alignment with their objectives and maintain control over their brand and customer relationships. Regular evaluation and communication with intermediaries are essential to optimize the distribution process and achieve business goals.
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Imagine you win $10,000 in a state competition and decide to invest your prize. First, determine your risk tolerance. Then, choose two investment options from the lesson for your money. Describe your investment plan in a detailed paragraph. Be sure to include responses to the following questions: • Why did you choose these two options? • How may taxes, fees, and inflation affect your investments? • How do your choices reflect your tolerance for risk? • How do you plan to divide your money between the two investment options you chose? Be sure to include the following terms in your explanation: o diversification o risk o rate of return o interest rate
Some possible investments that a person that won $10,000 make are:
CryptocurrenciesStocksWhat is Risk Tolerance?This refers to the ability of a person to be able to endure losses that can come from making an investment.
Hence, we can see that after making a good risk assessment to find the risk tolerance, if it is between medium to high, then it is advised to invest a good portion in cryptocurrencies and stocks and then put the remaining in a trust fund.
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Ataxia Fitness center is considering an investment in some additional weight training equipment. The equipment has an estimated useful life of 10 years with no salvage value at the end of 10 years. Ataxia's internal rate of return is 14%. It's discount rate is also 14%. The payback period on this equipment is closest to:___________.
a. 2.70 years
b. 1.90 years
c. 5.22 years
d. 3.70 years
Answer:
6.71 years
Explanation:
Solution
Recall that,
Ataxia Fitness center has an equipment with a useful life estimated to be = 10 years
No Savage value at the end of = 10 years
Internal rate of return of equipment = 8%
rate of discount = 8%
Now,
From the Exhibit 13B-1 and Exhibit 13B-2,
Let the initial outlay be $50000
The present value of inflows at irr be =present value of outflows.
let value of present annuity=Annuity[1-(1+interest rate)^-time period]/rate
Thus,
Be entering the values we get
Annuity[1-(1.08)^-10]/0.08 =50000
5000 =Annuity[1-(1.08)^-10]/0.08
50000=Annuity*6.710081399
Annuity=50000/6.710081399 = =$7451.474435
So, the period of payback =initial outlay/annual cash flows
=(50000/7451.474435)
=6.71 years
Therefore the pay back period on this equipment is = 6.71 years
I have $10,967.74 in a brokerage account, and plan to deposit an additional $6,000.00 at the end of every future year until my account totals $270,000 and I expect to earn 13% annually on the account. How many years will it take
Note that with respect to the deposite, it will take approximately 8.19 years for the account to reach $270,000.
How is this so?To determine how many years it will take for the account to reach $270,000,we can use the future value of an annuity formula.
The formula is -
FV = P x [(1 + r)ⁿ⁻¹] / r
Where -
FV = Future value ($270,000)
P = Annual deposit ($6,000)
r = Interest rate per period (13% or 0.13)
n = Number of periods (number of years)
We need to solve for n, so we can rearrange the formula as -
n = log((FV x r / P) + 1) / log(1 + r)
Plugging in the values -
n = log((270000 x 0.13 / 6000) + 1) / log(1 + 0.13)
Using a calculator, we find that n is approximately 8.19.
thus, it is corect to state that, it will take approximately 8.19 years for the account to reach $270,000.
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What does the communication technique "slow down and be patient" mean
Answer:
Slow your speech so the person has time to think about each word you say.
Explanation:
These are the options for the question
Avoid looking at your watch when giving care. Slow your speech so the person has time to think about each word you say. Slow your body movements and wait as long as it takes for the person with dementia to respond.
Communication technique are ways of passing information from one person to another, the communication technique "slow down and be patient" symbolized that when you are making a speech, you need to Slow your speech so the person has time to think about each word you say, and a he/she will be able to give the necessary response or act accordingly to the speech.
Firm’s latest financial statements, what does bottom line means?
Answer:
The bottom line is a company's net income, or the "bottom" figure on a company's income statement. More specifically, the bottom line is a company's income after all expenses have been deducted from revenues. These expenses include interest charges paid on loans, general and administrative costs, and income taxes.
Explanation:
here is your answer if you like my answer please follow
There is is an acronym that helps you analyze business communication situations. What does each letter in the acronym stand for?A. planning, audience, information, debate, objections, contextB. planning, audience, identity, benefits, contextC. purpose, audience, information, benefits, objections, contextD. None of the above.
Answer:
D. None of the above.
Explanation:
The more likely acronym that is been referred to here which helps one analyze business communication situations is ACE, which stands for;
A- Analyzing,
C- Composing, and
E- Evaluating.
Thus, since this isn't among the options, the correct answer is option D.
Find m2V.
V
W
(2x + 29)
(10x – 27)°
Y
Answer:
31x
17x
Explanation:
we should add 2x+29
we should subtract 10x and 27
discuss a time when you succeeded landing the job that you want! as how you were able to get the job? What resources did you use?
To succeed in landing the job you want, you need to take the following steps:
Step 1: Identify the job that you want Before you start applying for jobs, you need to know what job you want. Identify the job position and the industry that you want to work in. Make a list of the companies that you would like to work for. Doing research about the company and job position is necessary to be able to tailor your resume and cover letter to match their requirements.
Step 2: Update your resume and cover letterThe resume and cover letter are two important tools in the job search process. It’s essential to keep them updated. It is essential to tailor the resume and cover letter for the job position you want. Be specific about the skills and experience that match the job description.
Step 3: NetworkIt’s important to network and make connections with people who work in your industry of interest. Networking could be done through LinkedIn, attending job fairs, or joining clubs or organizations that are related to your industry of interest.
Step 4: Job search engines and recruitment agencies Job search engines and recruitment agencies are excellent resources to help you find jobs in your industry of interest. Some of the popular job search engines are Indeed, Monster, and Glassdoor. Recruitment agencies are also helpful in finding jobs and have a database of available job positions.
Step 5: Prepare for the interview Once you land the job interview, it’s important to prepare and research the company and the job position. Prepare answers to common interview questions. Dress professionally and be on time. Show your enthusiasm and interest in the job position. Be confident and be yourself.
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Benefit costs as a percentage of payroll are classified as a _____ of human resources.
Benefit costs as a percentage of payroll are classified as a Compensation metric of human resources.
Given that the benefits costs as a percentage of payroll come as annual salary or wages. Thus this is considered to be a form of compensation.
There are other benefits categorized under the metric of human resources.
Some of these metrics include the following:
Training metric of human resourcesDevelopment metric of human resourcesStaffing metric of human resourcesHence, in this case, it is concluded that the correct answer is the Compensation metric.
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Jessica purchased a home on January 1, 2021, for $500,000 by making a down payment of $200,000 and financing the remaining $300,000 with a loan, secured by the residence, at 6 percent. During 2021 and 2022, Jessica made interest-only payments on this loan of $18,000 (each year). On July 1, 2021, when her home was worth $500,000, Jessica borrowed an additional $125,000 secured by the home at an interest rate of 8 percent. During 2021, she made interest-only payments on the second loan in the amount of $5,000. During 2022, she made interest-only payments on the second loan in the amount of $10,000. What is the maximum amount of the $28,000 interest expense Jessica paid during 2022 that she may deduct as an itemized deduction if she used the proceeds of the second loan to finish the basement in her home and landscape her yard
Since Jessica used the proceeds of the second loan to improve her acquired home, the two debts are counted as acquisition indebtedness, and she can deduct $28,000 as an itemized deduction for mortgage interest expense.
Data and Calculations:
Home Purchase on January 1, 2021 = $500,000
Down payment made $200,000
Mortgage financing obtained = $300,000
Mortgage interest rate = 6%
Interest-only payments in 2021 and 2022 = $18,000 ($300,000 x 6%) each
Additional mortgage on July 1, 2021 = $125,000
Interest rate for the second mortgage = 8%
Interest-only payment in 2021 = $5,000 ($125,000 x 8% x 6/12)
Interest-only payment in 2022 = $10,000 ($125,000 x 8%)
Total interest-only payment in 2022 = $28,000 ($18,000 +$10,000)
Question Options:
a. $0
b. $10,000
c. $26,353
d. $26,000
e. $28,000
Thus, the maximum amount that Jessica may deduct as an itemized deduction is $28,000.
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