Process through which a supply chain moves from producing to a forecast to producing to customer demand the supply chain needs to manage its customers demand.
Are projections based on historical or numerical data, whether it be from inside or outside the organization demand management is a planning methodology. companies use it to forecast and plan how to meet demand for services and products. demand management improves connections between operations and marketing. the result is tighter coordination of strategy, capacity and customer needs demand forecasting allows manufacturing companies to gain insight into what their consumer needs through a variety of forecasting methods. these methods include: predictive analysis, conjoint analysis, client intent surveys, and the method of forecasting.
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\builds to foster better relationships and improved interactions. removes , resolves problems and prevents issues. provides which improves efficiency. increases and engagement. strengthens to foster innovation.
The top five benefits of effective communication are 3. productivity, 2. barriers, 1. teamwork, 5 clarity and 4 trust.
The process of exchanging ideas, thoughts, opinions, knowledge, and data so that the message is received and comprehended with clarity and purpose is known as effective communication. Both the sender and the receiver are satisfied when we communicate successfully.
Communication can take numerous forms, including verbal and nonverbal communication, writing, visual communication, and listening. It can happen in person, online (on forums, social media, and websites), over the phone (through apps, calls, and video), or through the mail.
Communication must be clear, correct, complete, brief, and empathetic in order to be effective. These are the five C's of communication, albeit they may differ depending on who you ask.
While communication effectiveness is difficult to quantify, its impact is tough to deny.
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Correct question:
Arrange the sequence of the words below so they best complete each of the statements below. the top five benefits of effective communication are: builds ________ to foster better relationships and improved interactions. removes _________, resolves problems and prevents issues. provides _________ which improves efficiency. increases _________ and engagement. strengthens _________ to foster innovation.
When an entry is recorded in the general journal?
The formal record of a financial transaction is a general journal entry. The transactions are listed in the order that they happened, chronologically.
When is a new entry made in the main journal?The asset accounts are listed first when transactions are entered in a general journal, followed by the liability and owner's equity accounts. The initial account title is indented around half an inch from the left margin of the description column when a transaction is entered in a general diary.
What is written in an all-purpose journal quizlet?A general diary where all transactions could be recorded. a document used as the basis for a purchase or sale that includes details such the amount, price, date, and terms of payment. a list of business transactions organized by date.
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allocates expenses to revenues in the proper period
The accrual basis principle is the accounting presumption that allocates cost toward revenues in the appropriate period.
What does a company's revenue actually mean?The fundamental definition of revenue is the total amount of money obtained by an ongoing basis over a set period of time. Before deducting any expenses, a business's revenue is its income.
Does revenue equate to gain?You should be aware that "revenue" refers to the whole money the company makes before deducting any expenses when comparing revenue and income. The other hand, "income" is determined by deducting corporate expenses like depreciation, amortization, taxes, and other charges from revenues.
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did you take a tax free distributions from a 529 plan for payments toward a qualified education loan?
Yes, you can take a tax-free distribution from a 529 plan for qualified education loan payments. This is permitted under Section 529 of the Internal Revenue Code.
A qualified education loan is defined as any loan that has been made to pay for qualified education expenses. This includes tuition, fees, books, supplies, and equipment needed to enroll in or attend an eligible educational institution. The loan must be in the name of the student or parent, or in the name of both the student and the parent. In addition, the loan must be used to pay qualified education expenses that were incurred in the same tax year as the loan was taken out. A 529 plan distribution must be used to pay off the loan within 60 days of the distribution date. If the funds are not used within this period, the withdrawal will be taxed as a nonqualified distribution.
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ou invest $1,000 in a fund. you check your statement at the end of april and you have lost 13%. when the statement for may comes, you see you have gained 13% in may. what is the value of your account? round to the nearest dollar. a) $850 b) $917 c) $983 d) $1,057
The correct answer is B) $917. At the end of April, your account was worth $870 after a 13% loss. After earning 13% in May, your account value will increase to $917. This means your account value has increased from $870 to $917, an increase of $47. So your account value at the end of May is $917.
To calculate this, you need to use the formula: new value = initial value * (1 + rate of return). In this case, the initial value is $870 and the rate of return is 13%. So your new account value is $870 * (1 + 0.13) = $917. Therefore, your account value at the end of May is $917.
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why did physicians remain independent of corporate settings even after the medical profession became well recognized
Physicians often remain independent of the corporate environment because of the autonomy and freedom it affords them. Without an enterprise system, doctors are able to make decisions about their own practices without having to follow the protocols and regulations of a larger organization.
Independent practice gives doctors the freedom to decide how to practice medicine and the ability to practice as one sees fit. In addition, some physicians may feel that corporate systems may limit their ability to provide quality care because the corporate structure may not allow for the same level of care that many independent physicians strive to provide.
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estimated manufacturing overhead $450,000 estimated direct labor hours 150,000 actual manufacturing overhead $405,000 actual direct labor hours 180,000 based on this information, the amount of overhead allocated to a job that used 300 direct labor hours is $
Predetermined overhead rate per hour of direct labour is $3.
The ratio of calls answered to calls received by the call centre is referred to as the rate.
The sum of money that a business must pay a worker to labour for them for a day:
As per the data given in the above question are as bellow,
Estimated manufacturing overhead $450,000
Estimated direct labor hours 150,000
Calculation of the fixed overhead rate per hour of direct labour:
Predetermined overhead rate per direct labour hour equals estimated manufacturing overhead / estimated number of hours of direct labour (450000/150000 = $3).
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a company that uses job order costing purchases $68,000 in raw materials for cash. it then uses $25,000 of raw materials as indirect materials and uses $32,800 of raw materials as direct materials.prepare journal entries to record the (a) purchase of raw materials, (b) use of indirect materials, and (c) use of direct materials.
Indirect material usage is $12,000, direct material use is 32,000, and raw material purchase is $50,000. The inventory or input commodities that a business requires to make its products are known as raw materials.
Materials or substances used in the first stages of producing or manufacturing items are known as raw materials. On commodity markets across the world, raw materials are commodities that are purchased and sold. Because raw materials are production factors, businesses trade them on the factor market. Various sorts of raw materials can be employed in a wide range of goods. The inventory or input commodities that a business requires to make its products are known as raw materials. For instance, a car manufacturer would employ steel used in the construction of automobiles as a raw material. Raw materials inventory for manufacturing enterprises need thorough budgeting and a unique structure for accounting on the balance sheet and income statement.
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the management function of planning is blank . multiple choice question. motivating and inspiring high performance by employees monitoring performance and making needed changes assembling and coordinating the human, financial, physical, information, and other resources needed to achieve goals systematically making decisions about the goals and activities that an individual, a group, a work unit, or the organization will pursue
The management task of planning include deciding on a course of action for achieving goals and creating objectives.
What is meant by management function?Planning, organising, staffing, leading, and managing are the five general management tasks. The fundamental components of management as a discipline are these five main tasks.The five duties listed above are part of a larger framework of principles and management-related convictions.The four management functions include, for instance, scheduling checkpoints into a project schedule to assist your team in meeting the final deadline, giving team members tasks that match their skill sets, setting an excellent example by taking on tasks yourself, and adjusting the workload as necessary. The five general management functions include planning, organizing, staffing, leading, and controlling. These five general functions make up the core of management as a discipline.To learn more about management function, refer to:
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on december 31, year 1, grove co. leased a machine from farm, inc. for the machine's 7-year useful life. equal annual payments under the lease are $105,000, including $7,500 allocated annually for taxes and insurance, and are due on december 31 of each year. the first payment was made on december 31, year 1. the present value of lease payments at the inception of the lease was $576,500. the lease is appropriately accounted for as a finance lease by grove. in its december 31, year 2, balance sheet, grove should report a right-of-use asset equal to
The present value of lease payments at the inception of the lease ($576,500) minus any un amortized lease payments as of December 31, Year 2.
What is lease payment?A lease payment is a regular payment made by a lessee (the person leasing a property or asset) to a lessor (the person or company who owns the property or asset being leased) for the use of the property or asset.The lease payment is typically made on a regular basis, such as monthly or annually.The amount of the lease payment is usually determined by the terms of the lease agreement and may include factors such as the length of the lease, the value of the property or asset, and any additional expenses such as taxes or insurance.The lease payments are usually made in advance, before the use of the property or asset.The lease payments are usually non-refundable.Lease payments can be used for various assets like real estate, equipment, vehicles, etc.The lease payments can also include additional charges like maintenance, repair, insurance, property tax, and other costs.Lease payments are a regular and predictable source of income for lessors.Lessees can claim the lease payments as an expense on their income statement.Lease payments are used to amortize the asset over the useful life of the asset.Overall, lease payments are a common financial arrangement used to gain access to valuable assets without having to purchase them outright.To learn more about lease payment refer:
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What did American farmers in the late 1880s see as two of their main problems ?
Typically, they attributed low pricing to overproduction. Second, farmers claimed that grain elevators and railways with monopolies imposed inflated pricing on their services.
What do you mean by monopolistic?having complete control over something or striving to do so, especially over a corporate sector, without allowing others to participate: She didn't believe that the fine would be sufficient to prevent monopolistic practices by major firms. The company is accused of engaging in monopolistic activity.
What is an illustration of monopoly?being familiar with monopolistic competition
Restaurants, hair salons, home products, and clothing are some examples of industries with monopolistic competition. To sell, market, and set prices for products like dish soap and hamburgers, several competitor enterprises compete.
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(Microeconomics/Macroeconomics) is the discipline that examines the performance and behavior of an economy as a whole.
Macroeconomics is the discipline that examines the performance and behavior of an economy as a whole.
What is Macroeconomics?The study of entire economies is known as macroeconomics; it is the area of economics that is focused on big-picture or general economic aspects and how they interact with one another throughout economies. Macroeconomics ties together the various laws, materials, and innovations that enable economic growth. Poverty reduction and social fairness are impossible without appropriate macromanagement. The fact that theorists of macroeconomics (including classical, Keynesian, monetarist, New Classical, and New Keynesian) differ so sharply is one reason why the subject is challenging to teach. The fact that the textbooks disagree over so little adds to the difficulty.
Correct one is: Macroeconomics
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in the appraisal process, the capitalization rate is used by an appraiser to determine which type of value?
Present value of an income-producing property.
What kind of value?The present worth of an income-generating property. The capitalization formula calculates the present value of an income-producing property using current net operating income (NOI). The income approach is a real estate valuation method that estimates fair value based on the revenue generated by the property. It is determined by dividing net operating income by capitalization rate.
The income approach encompasses any means of transforming a revenue stream into a market value indication. The income technique is also known as the capitalization approach since capitalization is the act of transforming predicted income into a market value indication.
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economic action done or brought about by free choice. answer choices. a. voluntary exchange. b. profit motive. c. modified free enterprise economy. d. competition.
The correct answer is A. Voluntary exchange is an economic action done or brought about by free choice.
What is Voluntary exchange?Voluntary exchange is an economic system where two or more parties exchange goods or services for mutual benefit. It is a form of trade where both parties involved benefit from the transaction. In voluntary exchange, both parties must agree to the terms and conditions of the exchange. This type of exchange is the basis of free-market economies, as it allows individuals to maximize their welfare by trading goods and services with each other.
This is when two parties agree to exchange goods or services in order to benefit both parties.
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what does a balance sheet reflect about a firm? multiple choice question. earnings per share over a specified time period accounting value on a specific date income over a specified time period economic value at a specific point in time
A company's accounting value as of a particular date is reflected in the balance sheet.
'What Is a Balance Sheet?'
A balance sheet is a financial statement that lists the assets, liabilities, and shareholder equity of a corporation at a certain point in time. Balance sheets serve as the foundation for calculating investor return rates and assessing a company's financial structure.
The balance sheet, or statement of financial position, is a summary of the assets and liabilities of a corporation as well as the amount of shareholder investment. To do fundamental analysis or determine financial ratios, balance sheets can be utilized alongside other significant financial accounts.
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Earnings per share over a given time period accounting value on a particular date balance sheet reflect information about a company.
In economic accounting, a stability sheet is a precis of the financial balances of an individual or employer, whether or not it be a sole proprietorship, a commercial enterprise partnership, an organization, a non-public constrained company, or a different employer which includes government or now not-for-earnings entity.
A balance sheet is defined as an accounting statement that illustrates the liabilities, assets, and capital employed by a corporation. Earnings per share over a specific time period and accounting value on a specific date balance sheet furnish messages about a firm.
The balance sheet is one of three key financial statements used to assess a company. It gives a glimpse of a company's finances (what it possesses and borrows) as of the prepared by placing.
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according to sarbanes-oxley, what party is responsible for assuring auditor independence? multiple choice public company accounting oversight board (pcaob). shareholders. audit committee. engagement partner.
The Sarbanes-Oxley Act states that the audit committee is responsible for assuring auditor independence. Thus option C is the answer.
The Sarbanes-Oxley Act (SOX) is a federal law passed in 2002 that aims to protect investors by improving the accuracy and reliability of financial statements. One of the key provisions of SOX is the requirement for public companies to have an independent auditor.
The audit committee of the company is responsible for overseeing the financial reporting process and for selecting, retaining, and overseeing the work of the independent auditor. The audit committee must also ensure that the auditor is independent, both in fact and appearance, and that the auditor has access to all books, records, facilities, and personnel necessary to conduct the audit.
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select the four factors required for marketing to occur.
The four essential elements of public communication and advertising a product or service are known as the "4ps." The four Ps are product, price, place, and promotion.
What is a product defined as?Any product something which is only ever produced to a certain customer's specifications. Cyber forms may take both physical and virtual forms. Each product carries a price with it. The price that might be charged will depend on the economy and the quality.
What sort of products are typical?Common Products, including but not limited to bleaching chemicals, insecticides, and pharmaceuticals, are hazardous substances that are frequently used and in the quantities necessary for the matters of fact of the Workplaces and certain other sites of a similar character.
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which country has the greatest number of banks among the list of top 10 global banks by size? multiple choice question.
China is the nation with the most banks among the top 10 largest banks in the world, and China Banking Corporation (China Bank), the largest private bank in the Philippines, has a history and experience in banking spanning more than a century.
Dee C. Chuan, a notable businessman and philanthropist, Don Albinosiship, a former dean of the Bank of the Philippines, and ten other well-known business people created China Bank. On August 16, 1920, he launched a bank on Rosario Street (now Quintin Paredes Street in Binondo, Manila).
Utilizing a contemporary Chinese organizational structure, being well-knowledgeable about the commercial practices of Chinese merchants, and operating under the guiding principles of trustworthiness and dependability.
China Bank has succeeded and grown consistently. When it was reopened on July 23, 1945, it significantly contributed to the post-World War II rebuilding and economic recovery by giving a lot of credit to businesses and entrepreneurs in significant industries.
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The complete question is:
Which country has the greatest number of banks among the list of top 10 global banks by size?
1. China
2. United States
3. United Kingdom
4. Japan
if real property is removed from service early, how do we account for that in our depreciation calculations?
If a real property is removed from service early, the depreciation should be calculated using the remaining useful life of the property. Generally, the depreciation will be accelerated to recognize the early removal from service.
When a property is removed from service early, the depreciation calculation must be adjusted to reflect the actual period of service. Instead of calculating the depreciation for the entire life of the asset, the depreciation should be calculated for the period the asset was in service. This is known as accelerated depreciation.
The most common method of accelerated depreciation is the sum-of-the-years-digits (SYD) method. Under the SYD method, the depreciation expense is calculated by multiplying the asset's cost basis by a fraction. The numerator is the remaining life of the asset, while the denominator is the asset's class life.
For example, if a property is expected to be in service for 5 years, but is removed from service after 3 years, the depreciation expense under the SYD method would be calculated as follows:
Depreciation Expense = Asset Cost Basis x (5 - 3) / 5
In this example, the numerator is 2 (5 - 3), since the asset was only in service for two years. The denominator is 5, since the asset's class life was 5 years.
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do we have to send the official gmat score before the admission deadline date for the business schools
The Consortium can receive official GMAT scores from GMAC at any time during the application cycle, even after your application has been submitted; however, some programmers may have a deadline by which they want your scores posted.
What is the GMAT?The Graduate Management Admission Test, abbreviated as the GMAT, is a multiple-choice, computer-based, and computer-adaptive standardized exam used worldwide for admission to graduate management / business programmed (such as MBA programs).
GMAC created and administers the GMAT to provide business schools with standardized measures of applicants' readiness for graduate-level academic work. Admissions committees at business schools consider your GMAT score, as well as your work experience, academic record, and supporting materials, to determine your readiness for the rigors of an MBA programmed. The GMAT is divided into four sections, but you will use the same critical thinking and analysis skills throughout the exam as you will in your MBA coursework.
The GMAT content is divided into four scored test sections, each of which is scored separately. Two sections, Quant and Verbal, are also combined to produce your total score:
Analytical Writing Assessment Quantitative Verbal Integrated Reasoning
GMAT test takers have the option of ordering their GMAT test sections. You will select your section order at the test center, just before the test begins. You will be able to select one of three orders:
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zacher co.'s stock has a beta of 1.40, the risk-free rate is 4.25%, and the market risk premium is 5.50%. what is the firm's required rate of return? group of answer choices
The firm's required rate of return is 11.95% i.e. Option C is correct.
The required rate of return (RRR) is the base measure of benefit (return) a financial backer will look for or get for expecting the gamble of putting resources into a stock or one more sort of safety.
RRR is likewise used to work out how productive a task may be comparative with the expense of financing that undertaking. RRR signals the degree of hazard that is implied in focusing on a given speculation or undertaking. The more prominent the return, the more prominent the degree of hazard.
A lesser return for the most part intends that there is less gamble. RRR is normally utilized in corporate money while esteeming ventures. You might utilize RRR to compute your possible profit from venture (return for money invested).
According to CAPM (capital asset pricing model) , the required return on an asset is computed as follows:
Required Return = Risk Free Rate + Beta * Market Risk Premium
Required Return = 4.25% + 1.4 *5.5%
Required Return = 11.95%
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Complete Question is -
Zacher Co.'s stock has a beta of 1.40, the risk-free rate is 4.25%, and the market risk premium is 5.50%. What is the firm's required rate of return?
a. 11.36%
b. 11.65%
c. 11.95%
d. 12.25%
e. 12.55%
Which is the largest component of GDP?
a. consumption
b. investment
c. government purchases
d. exports
The answer is (A), GDP's largest component is consumption. Approximately 70–75 % of the total gross domestic product in any economy comes from consumption.
what is consumption?Institutional entities use up products or services through the activity of consuming, which can be either final or intermediate. It is the utilization of products and services to fulfill personal or societal needs and desires.
What effect does consuming have?Consumption results in the direct production of environmental factors from the use of goods and services, such as driving a car or using fossil fuels to heat a home.
The precise set of customers who are the target of a business's ads is referred to as the target consumer.
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your client and his wife plan to purchase a new home. they want a form of property ownership that: will transfer title at death outside the probate process; will allow each spouse, while alive, to have a vested one-half interest in the property; guarantees that the surviving spouse will receive the property when the other spouse dies; and allows lifetime disposition by one spouse of their property interest without requiring the consent of the other spouse. assuming that all the forms of ownership below are available in the state where the property is located, what is the form of titling that will best achieve all of their objectives? a) tenancy by the entirety b) joint tenants with right of survivorship c) community property d) tenants in common
Both tenants in common and community property do not ensure that the property will pass to the surviving spouse upon the death of the other spouse. To dispose of property, a tenant by the entirety must get their spouse's approval.
What about community property is accurate?State community property laws apply in California. Simply put, this means that both spouses are normally assumed to own equal ownership of any property obtained during the marriage by either spouse. In places where community property exists, the majority of assets amassed during marriage—aside from gifts and inherited property—are regarded as community property and shared upon divorce, annulment, or death. One spouse alone is the owner of any separate property. Assets possessed by either spouse before the marriage or acquired following a formal separation are not considered community property. Gifts or inherited property that one spouse obtained while the couple was married is also omitted.
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There is a large increase in the value of real estate, including private homes. A The consumption (C) schedule will decrease, and the savings (S) schedule will increase. B Both the consumption (C) and savings (S) schedules will decrease. C The consumption (C) schedule increase, and the savings (S) schedule will decrease. D Both the consumption (C) and savings (S) schedules will increase
Consumption schedules will rise while savings schedules will fall. As property price, particularly individual dwellings, has increased significantly.
What is the impact of GDP on real estate?Share: The combined impact of housing on GDP typically ranges from 15 to 18%, and it happens primarily in two ways: first, through residential investment, which accounts for about 3-5% of GDP on average and includes things like building new single- and multifamily homes, remodeling existing homes, making tiny houses, and broker fees.
why does housing matter to the economy?According to research, the lack of reasonable housing costs the US economy $2 trillion annually in lost earnings and productivity. Families with limited access to cheap housing have fewer options to raise their income, which slows GDP growth.
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In order to remain competitive in the contemporary business environment, several firms have started training their employees to stop viewing problems as strictly functional - that is, as only a marketing problem, or an accounting problem, for example. What does this trend illustrate about strategic management
This trend illustrate that the need of integrative thinking and cross-functional problem solving has been reemphasized.
What is Integrative Thinking ?Utilizing the conflict between paradigms to produce something new is the goal of integrative thinking. The next stage is to examine the models together while expressly keeping them in tension once the opposing models have been articulated individually.
Graham Douglas created the area of integrative thinking in 1986. In order to create a comprehensive continuum of strategy, tactics, action, review, and assessment, he defines integrative thinking as the process of combining intuition, reason, and imagination in a human mind.
Working cross-functionally, sometimes referred to as working with teams other than your own, will inevitably occur at some point in your career. And doing it successfully may inspire innovative ideas, enhance your ability to interact with others, and improve your workplace's culture, productivity, and happiness.
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denton and carlo were employed at an appliance plant. their jobs required them to perform occasional maintenance work while standing on a wire mesh twenty feet above the plant floor. other employees had fallen through the mesh, and one of them had been killed by the fall. when their supervisor told them to perform tasks that would likely involve waking on the mesh, denton and carlo refused because they feared they might suffer bodily injury or death. because they refused to do the requested work, the two employees were fired from their jobs. was their discharge wrongful? if so, under what federal employment law? to what federal agency or department might they turn for assistance.
The law is OSHA, therefore consult OSHA. (Occupational Safety and Health Act)
Meaning of OSHA?To prevent employee deaths or other workplace injuries, the Occupational Safety and Health Act of 1970 (OSH Act) was created. The legislation compels companies to give their workers safe working environments that are free of recognised risks. As well as adhering to the guidelines, rules, and regulations set forth by the OSH Act, provide a workplace free from severe known hazards. Make sure the workplace is up to OSHA regulations by inspecting the conditions there. Ensure that workers have access to, and are using, safe tools and equipment, and that this equipment is kept up to code. By establishing and enforcing regulations, OSHA was established by Congress to provide safe and healthy working conditions for both men and women.
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the law of diminishing marginal productivity applies only in the short-run because: group of answer choices some inputs are variable in the short run and some inputs are fixed. all inputs are fixed in the long run. all inputs are fixed in the short run. some inputs are fixed in the long-run.
Because some inputs are variable and some inputs are fixed, the law of declining marginal productivity only applies in the near run. As a result, choice A is the best.
A fundamental concept of economics, the law of diminishing marginal productivity, takes into account both variable and constant inputs to produce an output that initially climbs swiftly, stabilizes, and then starts to decline. Marginal productivity is unimportant for a longer period of time in the market.
More input has the short-term effect of reducing marginal returns while at least one production variable, such as labor or capital, is held constant.
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the manufacturer of which classic american muscle car claims their new hybrid is its fastest model ever?
The manufacturer of 2018 Dodge Challenger SRT Demon American muscle car claims their new hybrid is its fastest model ever.
What American-built muscle car is the fastest?The 2018 Dodge Challenger SRT Demon, with a 0-60 time of 2.3 seconds and a top speed of 211 mph, is the fastest muscle car ever produced. With a 9.65 second quarter-mile time, it is also the fastest Dodge Challenger ever produced and among the quickest cars ever constructed. Some claim that General Motors introduced the first "intentional" muscle car in 1949 when it swapped the 303-cubic-inch (5 L) Rocket V8 from its full-sized luxury car 98 model into the significantly smaller and lighter Oldsmobile 88, even though the term wouldn't become popular for another fifteen years or so.
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timeshare buyers have the right to rescind a transaction within what timeframe after signing the purchase contract?
Timeshare buyers have the right to rescind a transaction within 3 days after signing the purchase contract.
When a consumer signs a contract for the purchase of a timeshare, they are protected by the Federal Trade Commission's (FTC) Cooling-Off Rule. This rule gives the consumer the right to cancel the contract within 3 days of signing it, without penalty or obligation.
This 3-day period is known as the "rescission period" and it is designed to give the consumer time to review and understand the terms of the contract and to ensure they are comfortable with the purchase.
During this time, the consumer can change their mind and cancel the contract without any financial repercussions. This right to rescind is usually outlined in the purchase contract and it is important that the consumer reads and understands this section before signing the contract.
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Which functional groups will often assist Procurement in negotiating with suppliers when a supplier bid is received for a large order
The most common functional groups to assist Procurement in negotiations are finance, legal, and operations. Finance can provide information on pricing and financial performance, legal can provide advice on contract terms and conditions, and operations can provide insight into production and manufacturing capabilities.
1. Establish Goals: First, Procurement will need to establish the key goals of the negotiation in order to assess the supplier's bid. These goals may include getting the best price possible, ensuring the supplier can meet the deadlines and the quality standards, and understanding the terms of payment and delivery.
2. Analyze the Supplier Bid: Procurement should then analyze the supplier's bid to ensure it is suitable for the order. This includes assessing the price, quality, delivery times, payment terms, and any other factors that are important for the order.
3. Research the Supplier: Procurement should research the supplier to ensure they have the resources and expertise to deliver the order. This can include looking at the supplier's track record, customer feedback, and references.
4. Use Negotiation Tactics: Procurement should use negotiation tactics to get the best deal possible from the supplier. This can include asking for discounts, offering incentives for early delivery, negotiating for better payment terms, and so on.
5. Leverage Functional Groups: Procurement should leverage other functional groups, such as legal, finance, or operations, to provide additional leverage in negotiations. These groups can provide additional resources or expertise to assist.
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