Business High School
Since the difference between Krete's total tax liability and her retained taxes was lower than $1,000 (= $16,500 - $16,300 = $200), then she shouldn't be fined for underpayment of estimated taxes. She is still responsible for paying a penalty for the $200 that she didn't pay by April 15, but this penalty is a different one (Krete will be fined for paying late).
Which of the following statements about GDP is correct? a. Nominal GDP values production at current prices, whereas real GDP values production at constant prices.
Real GDP @ Constant Prices , Nominal GDP @ Current Prices
GDP is sum total of gross value of goods produced by an economy in its domestic territory during a given period of time (financial year) .
'Value' = Price X Quantity .
Nominal GDP takes current year prices to calculate GDP , Real GDP Constant (Base Year prices) to calculate GDP. So - Real GDP is a better measure of Economic Growth because it changes only due to change in 'quantity' of pr0duction (prices same) , but - Nomial GDP is a worse measure of Economic growth because it changes not only with 'quantity' of production & also with price change only (current price) .
Hence , Real GDP is also better for time series or Cross sectional Comparison .
However , Nominal GDP can be converted into Real GDP using GDP Deflator
( Nominal GDP / Real GDP ) x 100
Casey is working on his project plan but is concerned about scope creep. Which of the following would be a result of scope creep?.
Scope creep happens when a project extends beyond its original purpose or mission. A project's scope defines what you need to do during the project, but it also defines what you do not need to do with a project. Scope creep results from extending a project to activities that were not originally included or intended by the project, increasing costs and even causing the whole project's failure.
The most common causes for scope creeps are:
- the project manager didn't specify the exact vision and limits of the project (i.e. the scope)
- lack of scope management that can lead to a small unplanned change that might grow like a snowball and affect several areas of the project
- the stakeholders of the project are not involved in the project itself
- project requirements are not specific
Brett wants to paint his master bedroom. The paint costs $21 per gallon and the primer costs $15 per gallon. He does not want to exceed $185 for the paint and primer. He has determined that he needs at least 5 gallons of paint and primer in total. If p represents the number of gallons of paint and r represents the number of gallons of primer, which system of inequalities represents Brett’s situation?
Two inequalities can be derived from the question.
1. Total Cost Inequality
If paint (p) costs $21 per gallon, primer (r) costs $15 per gallon, and Brett does not want to exceed $185, we can represent this by the inequality below.
This means total cost of paint and primer will be less than or equal to $185.
2. Total Quantity Inequality
Brett determined that he needs at least 5 gallons in total, and we represent this by the inequality below.
This means total quantity of paint and primer must be greater than 5.
9. Which EOC configuration allows personnel to function in the EOC with minimal preparation or startup time? A. Incident Support Model (ISM) structure B. Strategic Joint Command Structure C. Departmental Structure D. ICS or ICS-like EOC structure
Departmental Structure allows personnel to function in the EOC with minimal preparation or startup time.
NIMS provides three types of organisational structure based on the needs. EOCs can differ based on the resources, authorities and mission. The directors of EOCs can be either increased or decreased based on the number of personnel and the needs of incidents.
There are many incidents in which a function requires many personnels for performing and some others that reuires only one personnel to perform different functions. The Departmental Structure configured with EOC helps the personnel to work with EOC with a reduced setup time and with preparation which is minimum.
In a closed-fact problem, the main goal of tax research is to: Group of answer choices Determine several alternative courses of future action for the taxpayer None of these are correct Find support for an action the taxpayer has already taken Determine several alternative courses of future action for the taxpayer and find support for an action the taxpayer has already taken
In a closed-fact problem, the main goal of tax research is to: find support for an action the taxpayer has already taken.
When filing a tax return, many people are medically supported. Strong tax research skills are even greater because of their complexity and application in tax law. The purpose of this chapter is to provide information and advice on tax compliance analysis as well as tax planning. In addition, the technique of tax analysis is quite similar to accounting and auditing.
The aim of tax research is to increase the profit or gains of the taxpayer. The aim is not to generate the minimum tax liability potential. Customers should determine the accuracy of tax returns or try to minimize possible IRS conflicts.
This difference of perspective — to optimize after-tax gains instead of reducing taxation — is particularly important when one considers that many tax planning techniques require such pre-tax income transfers, either in the form of additional expenditures, income avoidance or both.
Nathan's business constructs storage sheds for new housing developments as requested by the builders. Nathan's business would best be classified as a
A manufacturing business is any business that assembles finished products using raw materials, parts, and components.
Manufacturing companies often use machines, robots, computers, and people to manufacture the products and usually use an assembly line that allows a product to be produced step by step, going from one workstation to another.
How many years would it take for a dollar to triple in value if it earns a 6 percent rate of return
about 19 years
The formula for determining the total amount at the end of an investment, with interest compounded annually is,
where P is the amount invested,
r is the rate of return
n is the number of years
and F is the total amount at the end of the investment.
Therefore, for $1 invested today to triple ($3) at 6% annual rate,
By interpolation, the value of n that satisfies the equation is 18.9.
Therefore, the investment will triple in 18.9 years.
The larger the coefficient of price elasticity of demand for a product, the: larger the resulting price change for an increase in supply. more rapid the rate at which the marginal utility of that product diminishes. less competitive will be the industry supplying that product. smaller the resulting price change for an increase in supply.
The correct answer is smaller the resulting price change for increase or rise in supply.
Coefficient of price elasticity is the one which is defined as measuring or evaluating the elasticity of price of the demand in coefficient. In retaliation to the change or variation in the price, demand for the product could be inelastic, elastic, perfectly inelastic or the perfectly elastic grounded on the coefficient.
When the coefficient of price elasticity of demand for the product is larger, then it will result in the smaller price change for the rise or increase in the supply.
hen a company issues 37,000 shares of $1 par value common stock for $10 per share, the journal entry for this issuance would include:
Debit Cash Account $370,000
Credit Common Stock Account $37,000
Credit Share Premium Account $333,000
Given a par value of $1, and an issue price of $10, the shares were issued at a premium of (10 - 1 = ) $9.
Therefore, the journal entry are as follows.
Debit Cash Account (37,000 * $10) = $370,000
Credit Common Stock Account (37,000 * $1) = $37,000
Credit Share Premium Account (37,000 * $9) = $333,000.
The panel of examiners for the oral examination in the police academy consists of
The panel of examiners for the oral examination in the police academy consists of police supervisors.
A one on one consultation is the Police Oral Board to see your health. Some law enforcement agencies require a final screening oral interview for applicants. Regardless, a face-to-face work interview can give you your final acceptance or break it out.
A police supervisor guides and tracks police department leaders. Many policemen are officers who have acquired their skills from working experience. They have progressed their careers. Many management roles include sergeants, captains, lieutenants or sergeants.
these plus other potential members
just took the assignment and police supervisors was NOT the right one
If you borrow $8,000 with an interest rate of 5 percent to be repaid in five equal payments at the end of the next five years, what would be the amount of each payment?
The formula to compute the equal payments i.e we called PMT is shown below:
PMT = Present value ÷ Present value interest annuity factor for 5 years at 5%
= $8,000 ÷ 4.3295
For computing, the interest annuity factor refers to the PVIFA table
Simply we divided the borrowed amount by the PVIFA so that the approximate value can come
15. Which NIMS Management Characteristic helps to eliminate confusion caused by multiple, conflicting directives?
Chain of Command and Unity of Command are the NIMS Management Characteristic that helps to eliminate confusion caused by multiple, conflicting directives.
In an organisation of incident management there is an order for the command and it is organised as a hierarchy. This hierarchy is called as Chain of command. When one person shares all the reports and other view points to one supervisor allocated for him it is called as Unity of Command.
These two Unity of Command and Chain of commands plays a major role in the clarification of relation for the purpose of reporting. They are also helpful in those situations where there is a need for the elimination of confusions that are the results of instructions that are conflicting with each other. These commands helps all the managers to have a good control of the sub ordinates who work under them.
To achieve a goal, management entails regulating and managing a group of people or an organization. Financial resources, human resources, natural resources, and technology resourcesare all manipulated and deployed in management.
The NIMS Management Characteristics of Chain of Command and Unity of Command help to avoid confusion created by many, conflicting orders.
In an incident management organization, there is a command hierarchy and an order for the command.
Chain of command is the term used to describe this hierarchy.
Unity of Command occurs when one person communicates all reports and other viewpoints with the supervisor assigned to him or her.
These two concepts, Chain of Command and Unity of Command, are critical in clarifying relationships for reporting purposes.
They're also useful in circumstances where there's a need to clear up misunderstandings caused by contradictory directions.
These orders assist all managers in maintaining effective control over their subordinates.
For more information regarding the NIMS management, refer to the link:
The social worker describes her next job as including "making lunch and doing laundry, facilitating groups and meeting with clients, and completing basic administrative tasks such as identifying how we could save money or comply with new regulatory guidelines." she was also able to provide psychotherapy to uninsured clients. given the range of activities for which she had responsibilities, the social workers practice at her second job is best described as a(n) practice.
The social worker describes her next job as including "making lunch and doing laundry, facilitating groups and meeting with clients, and completing basic administrative tasks such as identifying how we could save money or comply with new regulatory guidelines." she was also able to provide psychotherapy to uninsured clients. given the range of activities for which she had responsibilities, the social workers practice at her second job is best described as an incumbent practice.
The social workers incument practice is necessary for others as a duty or responsibility as it is binding , obligatory and peremptory, imperative and mandatory , necessary , compulsory , required , requisite , essential and imperative never optional as all-important and essentially pressing and urgent.
A company needs funds to expand its business by purchasing new equipment. Which financial market should the company use to raise money
The capital market is an aspect of the financial market where long term capital is raised. Funds raised in this market can be in the form of,
- Equity capital: which grants fund providers an ownership stake in the company, the prospect of future dividends (when declared), and voting rights in the company.
- Debt capital: which entitles fund providers to regular interest payments usually a fixed rate of the fund provided.
The nature of project (long or short term) usually determine the market to access for funding. For short term funding, a company can access such in the Money Market where short term funding (usually with maturity of less than one year) are raised.
Which is used for determining the hours of care and staff required for a group of clients?
8 to 12
4. Staff-level briefings are conducted by the supervisor to introduce co-workers, clarify tasks, define the scope of work, describe sources of work supplies, and present the work schedule.
The correct question should have been:
Staff-level briefings are conducted by the supervisor to introduce co-workers, clarify tasks, define the scope of work, describe sources of work supplies, and present the work schedule. True or False
A staff-level briefing is a type of meeting held for members of staff of a company, where information or instructions are been passed across from the management of the company to the members of staff. The information passed during a staff-level briefing is only meant for staff consumption.
Which HRM function consists of training and development, individual career planning and development activities, organization development, and performance management and appraisal?
The correct answer to the following question will be "Human Resource Development".
- Management of human resources is the systematic use of preparation, company and professional development attempts to improve the productivity of people, and organizations.
- HRD establishes the essential skills allowing people in companies to conduct present and future employment via organized learning experiences.
- HRM's human resource development role consists of skills training, individual career development and training activities, organizational development, and management and evaluation of results.
Therefore, HRD is the right answer.
Wachman Company produces a product with the following per-unit costs: Direct materials $15
Direct labor 6
Manufacturing overhead 19
Last year, Wachman produced and sold 2,000 units at a price of $75 each. Total selling and administrative expense was $30,000. Refer to the information for Wachman Company above. Total gross margin for last year was _________.
using the contribution margin approach:
Total gross margin = Contribution margin x total units sold
contribution margin= selling price- variable costs
= $ 75- ( direct material +Direct labor + m. overhead)
gross margin = $35x 2000 units
total cost per unit is 15+6+19=40 $ and each unit was sold for Rs. 75 $ each for the purpose of gross margin we will not consider selling and admin expenses and the gross margin here would be 75-40= 35 $
I have not considered selling and admin expenses for the gross margin as it will become net margin if we go with deducting that expense from the total unit cost.
Choose the correct answer.Property in Wells County is assessed at $240,000,000. The taxes to be raised are $11,640,000.What is the tax rate? %
The tax rate is equal to 4.85%.
This problem requires us to caluclate rate at which Wells county is paying tax. The taxable profit and tax liability is given in the question. So we can calculate the rate by dividing tax liability with taxable profit.
Tax rate = tax liability/ taxable profit * 100
tax rate = 11,640,000/240,000,000 *100
Tax rate = 4.85%
Which answer is not a cost to the investor that is included in the calculation of an investment's interest rate
Risk of a bad investment
When an investor is calculating an investment's interest rate, he/she must include all brokerage commissions and fees , inflation rate (interest rate must exceed the inflation rate) and the investor's opportunity cost.
Investors are risk adverse, which means that a risky investment should yield a higher return. That could be considered a rational investment rule, but it is not included in the calculation of the interest rate.
Krete Is An Unmarried Taxpayer With Income Exclusively From Wages. By December 31, Year 1, Kretes Employer? ›
The IRS may issue a penalty if you miss a quarterly tax payment deadline. The penalty is 0.5% of the amount unpaid for each month, or part of the month, that the tax isn't paid. The amount you owe and how long it takes to pay the penalty impacts your penalty amount.What happens if you don't pay quarterly estimated taxes? ›
If you don't pay enough tax through withholding and estimated tax payments, you may be charged a penalty. You also may be charged a penalty if your estimated tax payments are late, even if you are due a refund when you file your tax return.Do I really have to pay quarterly taxes? ›
Taxpayers must make a payment each quarter. For most people, the due date for the first quarterly payment is April 15. The next payments are due June 15 and Sept. 15, with the last quarter's payment due on Jan.What happens if you owe the IRS money and don't pay? ›
The failure-to-pay penalty is equal to one half of one percent per month or part of a month, up to a maximum of 25 percent, of the amount still owed. The penalty rate is cut in half — to one quarter of one percent — while a payment plan is in effect. Interest and penalties add to the total amount you owe.How long do you have to pay the IRS if you owe taxes? ›
Also, your proposed payment amount must full pay the assessed tax liability within 72 months or satisfy the tax liability in full by the Collection Statute Expiration Date (CSED), whichever is less. Refer to Topic No.160 - Statute Expiration Date, for more information about the CSED.Can you pay quarterly estimated taxes all at once? ›
“Can I make estimated tax payments all at once?” Many people wonder, “can I make estimated tax payments all on the same date?” or pay a quarter up front? Because people might think it's a nuisance to file taxes quarterly, this is a common question. The answer is NO.What is the penalty rate for estimated tax payments? ›
The rate for the underpayment penalty in 2021 is between 3% and 5%, depending on the filing.Is it better to pay taxes quarterly or monthly? ›
Generally, people with a steady income throughout the year who expect to owe $1,000 or more in taxes should be paying quarterly taxes. It's those who have fluctuating incomes throughout the year or have many investments that should consider paying all their taxes when they file their return.Do I have to pay estimated taxes for 2023? ›
Generally, you must make estimated tax payments if you expect to owe at least $500 ($250 if married/RDP filing separately) in tax for 2023 (after subtracting withholding and credits) and you expect your withholding and credits to be less than the smaller of: 90% of the tax shown on your 2023 tax return; or.How can an independent contractor avoid paying taxes? ›
- Set Up an Automatic Savings Plan for Taxes.
- Use a 1099 Tax Calculator to Estimate Taxes.
- Make Your Money Work for You with Micro-Investing.
- Create an Emergency Fund.
- Itemize Your Deductions.
- Employ a Tax Professional.
One-time forgiveness, otherwise known as penalty abatement, is an IRS program that waives any penalties facing taxpayers who have made an error in filing an income tax return or paying on time. This program isn't for you if you're notoriously late on filing taxes or have multiple unresolved penalties.What if you owe the IRS over $100 000? ›
Owing over $100,000 in taxes can be terrifying. If you don't take any action, the IRS will issue a tax lien, and you will lose your passport. The agency may also garnish your wages, seize your bank account, and start levying your assets.Does owing the IRS ever go away? ›
Once a lien arises, the IRS generally can't release the lien until the tax, penalty, interest, and recording fees are paid in full or until the IRS may no longer legally collect the tax. Paying your tax debt in full is the best way to get rid of a federal tax lien.What are the due dates for estimated tax payments 2023? ›
For taxpayers not impacted by the 2022-2023 winter storms, the due date to file your California state tax return and pay any balance due is April 18, 2023. However, California grants an automatic extension until October 16, 2023 to file your return, although your payment is still due by April 18,2023.What is the safe harbor rule for NYS estimated taxes? ›
In New York, the safe harbor rule applies if you expect to owe less than $300 of N.Y. State, $300 of N.Y. City, and $300 of Yonkers income tax after tax withheld and credits that you are entitled to claim.