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There are many advantages of globalization, such as an increase in revenue, a wide choice of products and services for consumers, reduction of the monopoly’s scale, poverty reduction, innovative and cultural development. However, there are still some negative consequences, such as inequality, environmental degradation, and a high rate of unemployment....
Primary deviance is considered to be an individual’s behavior that deviates from the cultural norms accepted in his society. If it is primary, an act of deviance made by the individual is insignificant, meaning that he is not regarded by others as a deviant person and does not consider himself...
Investors consider bonds as a lower-risk investment as the prices for bonds are more stable than the stock prices. Stocks are considered a higher-risk investment as they are volatile, and depend on market fluctuations. Explanation: Stocks represent a stake in a given company. If stockholders own 51% of the company’s...
Panama Canal treaty was signed between the US and Panama in 1977 and ratified by the US in 1978. The signatories were the US President Jimmy Carter and Panamanian Colonel Omar Torrijos. The treaty is one of two Torrijos-Carter treaties that regulate the rights of the US and Panama for...
The guiding principle of standardization is the one that is directed to the interoperability among organizations in case of an incident. Explanation: The National Incident Management System (NIMS) is responsible for handling cases of incidents. The primary purposes of this system can be defined as saving lives, protecting the environment,...
The Roosevelt Corollary to the Monroe Doctrine justified US military intervention in other countries. It was President Theodore Roosevelt’s response to Britain, Italy, and Germany’s naval blockade against Venezuela for refusing to pay foreign debts. Explanation: The Monroe Doctrine was a United States policy issued on December 2, 1823. At...
“Tory” is a word, used mostly in the UK and Canada, to describe a person or organization with conservative or traditionalist political views. It was used to refer to a number of political factions in history and can currently refer to the Conservative Parties of the UK and Canada. Explanation:...
Credit card balance is the amount of money you still owe to the credit card company. A credit card issuer gives an individual a period to pay the money back, and the balance shows how much money should be paid. Explanation: A credit card is a plastic card which is...
Book is related to chapter as organization is related to department. The type of correlation between these pairs of words is that book, as well as organization, are aimed to define bigger entities, which consist of smaller parts, such as chapters of a book and departments of an organization. Explanation:...
A static budget is another name for a fixed amount of financial assets that a business entity plans ahead of the operation. It is most effectively used by companies that can easily predict their sales and expenses. Explanation: Static, or, in other words, non-flexible, budget is planned by a business...
Christianity, as a religion, originated from the teachings of Jesus, a son of a carpenter. The timeline of the expansion of Christianity throughout the world started in the 1st century AD, after the death of Jesus. This religion was spread by Jesus’ disciples, emperors, nuns, and monks around the Mediterranean...
The purpose of the self-strengthening movement in China was to help the country recover from the repeated failures in wars in the middle of the 19th century. The Chinese authorities intended to reform the military and economic sectors to strengthen the state’s position in comparison to the European countries at...
Marginally attached workers are underemployed workers who are not currently in the labor force but are available and want to be employed. According to the employment survey, these individuals have searched a position during the last twelve months but did not conduct any search for the last four weeks. Explanation:...
The schedule of cost of goods manufactured is a way of calculating the costs spent by a company on production. It is commonly used in accounting as a measure of the total cost of goods produced during a particular period. Explanation: Cost of goods manufactured statement is an important element...
Data lifecycle management goals are to implement an approach based on policy in order to manage the flow of data and information. It is tightly interlinked with information lifecycle management techniques to ensure that all data pass through a specific set of stages. Three main goals of lifecycle management of...
The primary goal of the CFPB, created by U.S. President Barack Obama as part of his administration’s financial regulatory reform, is to oversee the provision of legal information regarding the rights and responsibilities of Americans who use the services of the country’s financial institutions. Explanation: The U.S. Consumer Financial Protection...
The Maryland Toleration Act is a historical document, founded on April 21, 1649, in the current state of Maryland, USA. The Act legally established religious freedom, but only among Christians. Thus, according to the regulations, it was possible to believe in any unit of the Christian religion. It was forbidden...
The American Liberty League was founded in 1934 as an opposition to the forces of President Roosevelt. Its members demanded a review of the social and economic situation in the country, namely the cessation of preferential support for unemployment and the abolition of public works. Explanation: U.S. history knows many...
The Bisbee Deportation event is an illegal deportation occurrence, where Phelps Dodge ordered to deport 1300 protestants in 1917. The given event Bisbee deportation took place in Bisbee, Arizona, and the Bisbee deportation significance was conducted by kidnapping and arresting striking miners and their supporters. The victims were loaded on...
Prepaid rent is recorded on the balance sheet as an asset, although it is important to understand that all rents are expenses, whether they are prepaid or not. Prepaid rent in trial balance is allocated in the asset column because it is recognized as a future expense, which is not...
Unlevered free cash flow or unlevered FCF is a critical part of free cash flow that can be paid to both equity holders and debt holders. In other words, any free cash flow, which is available to be given for stakeholders of a company is called unlevered free cash flow...
The Anaconda Plan was part of the military campaign of the Federal Army against the southern states during the Civil War. It assumed the naval blockade of ports of the Confederacy as well as the establishment of control and transfer of troops along the Mississippi River. The name of the...
Confederal government represents a system of allied states united in order to achieve a specific geopolitical goal. This structure has a joint government with the participation of a representative of each of the countries that have entered. The creation of a confederal government is secured by signing a multilateral protocol....
The best ways to lower monthly mortgage payment can be these four steps. The first one is refinancing, taking into account the age of the loan and interest rate. The second step is to stop paying private mortgage insurance. Last two ways involve a standard loan extension and protesting the...
Debtor’s turnover ratio is a system that allows establishes the degree of success of a company in providing and obtaining credit funds. The receivable turnover ratio formula enables to see and evaluate the benefits of using the company assets. A high or low ratio is direct evidence of the effectiveness...
Allowance for uncollectible accounts is a method of tracking and writing off the receivables that the clients will not pay. It creates a separate allowance for the revenue that the company suspects it will not receive in the future. The uncollectible accounts are written off from that allowance, rather than...
The answer to the question of what is the Lend Lease Act is explored through the historical context: it is the legal document regulating the process of renting military equipment and machinery to allied countries during World War II. The purpose of the Act was to document assistance to other...
On October 28, 312 A.D., Constantin the Great defeated his rival Maxentius against all odds and attributed his victory to the God of Christians. In an attempt to retreat by the Milvian Bridge, most of the Maxentius’s army and himself drowned in the Tiber. Explanation: Emperor Diocletian planted the seeds...
Wabash, St. Louis & Pacific Railway Company v. Illinois, 118 U.S. 557 (1886), more commonly known as Wabash vs. St. Louis or The Wabash Case, is a U. S. Supreme Court case which led to the creation of the Interstate Commerce Commission. Explanation: As railroads expanded throughout the United States...
The Suffolk Resolves was a declaration that led to several British American colonies to declare their grievances against Britain. This created a push to unify the colonies and increased support for an armed rebellion. Ultimately, this led to the signing of the Declaration of Independence and the American Revolutionary War....
Marginal profit is the change in profit a firm would receive if it produced one more unit of goods. It is the difference between marginal revenue and marginal cost. Explanation: Marginal profit is one of the marginal concepts in economics. Marginal concepts are associated with specific changes in the use...
A common formula that is used to calculate stockholders’ equity requires subtracting total liabilities from total assets of a company. Here, total liabilities are the debts of a company, and total assets represent total value of an entity. Explanation: In accounting, the calculation of stockholders’ equity is an important constituent...
The purpose of the 11th amendment to the US Constitution is to prohibit the US courts from hearing the court cases against states if the suit is commenced by a citizen of another state or a foreign country. This amendment is important because it provides the basis for sovereign immunity...
The proclamation of 1763 forbade white settlement on the territories of America to the west of the Appalachian Mountains. The document declared by the British king George III restricted colonists to territories that were recognized as Native American lands. Explanation: The proclamation of 1763 was an important historical event that...
The return on common stockholders’ equity is calculated by dividing the organization’s net income minus preferred equity by common stockholders’ equity and multiplying by 100%. The number will show the percentage of assets that the owners returned after their investment. Explanation: The return on common shareholders’ equity is aimed to...
Debit Card is a payment type that will help you stick to a budget because such a payment withdraws the money from the existing checking account. Therefore, such a method allows spending the money one posses. Explanation: A rapidly evolving technology caused the emergence of new payment methods, including credit...
A multi-domestic strategy facilitates independent competition of the individual subsidiaries of a multinational firm within different domestic markets. The multi-domestic strategy definition involves the differentiation of its product offerings in order to adjust to local markets and pursues maximizing national responsiveness. Explanation: The multinational headquarters regulate financial controls, as well...
A Certificate of Deposit (CD) is a type of account that typically has the highest interest rate because it has the least flexibility in terms of usage. Hence, a customer can withdraw the money not until the deposit reaches its maturity; otherwise, a customer will pay the penalty. Explanation: A...
The difference between stocks and bonds implies that stocks are shares owned by a business, while bonds are a form of debt that has to be repaid by the issuing authority at some point in the future. It is crucial to maintain a balance between two types of funding to...
VARK questionnaire is a method of identifying one’s inclination to a particular learning style. A respondent answers a series of questions aimed at the detection of one of the four elements of learning style, namely visual, aural, read/write, and kinesthetic. The results enable choosing the most effective learning strategies for...
A budget income statement, also known as the pro forma income statement, is a financial report that analyzes the estimated revenue and expense numbers with the real numbers. It is a report that puts the estimated numbers alongside the real numbers to evaluate the company’s performance. Explanation: Preparing a budgeted...
The purpose of the Boland Amendment was to prohibit the U.S. federal government from spending financial resources and military equipment to overthrow Nicaraguan authorities. U.S. President Ronald Reagan wanted to destroy a pro-communist regime that had aggressively established itself in Nicaragua. He believed that the threat of an ongoing civil...
In 1997 Madeleine Albright was appointed the first female Secretary of State by President Bill Clinton. She was the highest-ranking woman in the U.S. government, serving under Clinton’s presidency until 2001. Explanation: The Federal government of the United States is comprised of three branches: legislative, judicial, and executive. The Cabinet...
As the definition states, it is a method of separating the complex job tasks so that a worker focuses only on one production task or a specific job sector, developing specific skills instead of general ones. Explanation: In the past, “holistic” education was the main focus of many learning centers....
Federalist paper 78 is one of the essays in the collection of papers written in the form of the discussions of the US Constitution. It was written by Alexander Hamilton on May 28, 1788, and specifically discusses the issues concerning the judiciary system of the United States of America as...
According to the Merriam-Webster dictionary, the definition states “coalition” as a “temporary alliance of distinct parties, persons or states for joint action.” Usually, coalition is associated with politics, although it is not limited to it. Explanation: The word “coalition” derives from Latin “coalesce,” which means “to unite for a common...
Inverse demand function is a term used in economics to identify the inverse of a demand function. This can be represented as Price = f-1 (Quantity). Visually, the graph is identical to the demand function, but with switched axes. Explanation: The main difference between the demand function and the intermediate...
The Tennessee Butler Act of 1925 was adopted in order to prohibit teachers of public educational organizations from teaching the evolutionary theory. The Act was intended to protect the idea that human species were originated from God and not a result of evolution. Explanation: In March 1925, Tennessee passed the...
The Dawes Act of 1887 was a part of the federal policy during the reservation era to speed the assimilation of Indians into American society. The Dawes Act was designed to benefit Native Americans by improving their living conditions. On the other hand, the law was an effort to deprive...
Net operating working capital (NOWC) is a company’s liquidity or ability to pay off all its operational noninterest-bearing liabilities. It is calculated by subtracting operating liabilities from all the company’s assets. Explanation: Net operating working capital is all the company’s resources used in daily business processes. The formula of net...
Frictional unemployment is the result of a voluntary search for a new job by employees, which is usually of a temporary nature. Often laborers quit their jobs and look for a more suitable workplace. During the search period, they are formally unemployed and constitute a phenomenon of frictional unemployment, which...
The amount of money you can charge to a credit card is called a credit limit. Upon purchasing anything, the sum of purchase is added to the card’s balance, and the difference between a credit limit and current balance defines how much more one can spend using the card. Explanation:...
President Nixon signed the Health Maintenance Organization Act (HMO Act) on December 29, 1973. This law established the framework for the development of an alternative system of paid health care. HMOs are medical insurance organizations that are specific to providing medical services for an annual fixed fee. Explanation: Prior to the...
Near v. Minnesota is a landmark decision by the Supreme Court of the United States issued in 1931. The ruling had established that prior restraint on publication violated freedom of the press as protected by the First and Fourteenth Amendments to the Constitution of the United States. Explanation: Near v....
The Bayonet Constitution is the act of signing a new Constitution of the Hawaiian Kingdom by King David Kalakaua. The terms of the rebellion of 1887 were the transfer of power to local elites and joining the United States. In summary, the monarchy ended in 1893 due to the overturn....
Average fixed cost formula in economics is a method to calculate fixed production costs per produced unit. This process is done by dividing the total fixed costs by the number of units produced. These costs are constant and unchangeable, regardless of the number of goods produced and the success of...
A specific purpose statement definition is that it is the direction of someone’s speech formulated from a general statement and refers to a further particular topic of the speaker. In sociology, a useful specific purpose statement should be consisted of three key elements, which include the speaker’s personality, audience, and...
The bandwagon appeal definition is that it is a type of argument in a dispute, the essence of which is that if everyone does something, then someone should also do it. The counterargument to this is that bandwagon appeal fallacy is the mass followers are not a criterion for the...
De jure discrimination is discrimination that is codified and enforced by law. It is often contrasted to the de facto discrimination, which happens regardless of the law. The de jure discrimination can be malicious and unfairly targeted at specific groups, such as Jim Crow laws or apartheid. Explanation: ‘De jure’...
Long term assets are the company’s assets, which are not expected to be used up in one year (or one operational cycle if it is longer than a year). They are also not intended to be resold to customers or quickly converted to cash. Explanation: A given company can have...
Sectionalism is a concern and loyalty to a distinct part of a country over the entirety of it. For example, in the history of the United States, the Southern citizens were loyal to Southern states, not the whole nation. It had ultimately led to secession and war. Explanation: Any country...
Writ of assistance is a written order granted by a court that instructs the local law enforcement to assist in performing some task. Most famously, writs of assistance were used by customs officials to search for smuggled goods, as they also granted the bearer rights to search someone’s property without...
The market supply curve is a graph that describes the supply of a good that all companies on the market are willing to produce at specific prices. The price is an independent variable, while the supply is a dependent variable. The curve is upward sloping because, at higher prices, more...
The ultimate purpose of Alexander Hamilton’s financial plan was to gain independence from England for the United States and establish an efficient economic system in the country. The first secretary of the treasury, Hamilton, was asked to develop public creditworthiness internally, and externally with foreign partners. Moreover, his objectives included...
Several significant issues fueled the regulator movement in the US. The origin of the War of the Regulation comes from the massive growth in the population of North and South Carolina after migration from big eastern cities to the rural west had intensified. Explanation: The regulator movement happened in the...
According to Encyclopaedia Britannica, constitutional monarchy is a system of government in which a monarch does not hold absolute power (as in absolute monarchy) but shares it with a constitutionally organized government. Explanation: A monarchy as a form of government has been known since ancient times. It implies that the...
Queen Himiko, or Pimiko, was a semi-legendary figure of Japan history. In 3 century CE, she was a ruler of the territory in Ancient Japan, also known as Hsieh-ma-t’ai, or Yamatai. Explanation: It is believed that Queen Himiko lived between 183 and 248 CE. However, it is interesting to mention...
The economic system of the United States called a mixed economy. It is a combination of a market or capitalist economy and a planned economy. On the one hand, there is a free exchange of goods and services in a private market. On the other hand, some economic spheres are...
Realistic conflict theory is an intergroup conflict model developed by social scientist Donald T. Campbell. According to its definition, when two or more groups are interested in the same scarce resources, this will inevitably lead to conflicts, as well as certain biases and negative stereotypes between members of different groups....
Platt amendment was a domestic amendment to U.S. law that governed the conditions for the withdrawal of U.S. military forces from the Cuban territory. It contained a number of provisions that were later incorporated into the international treaty between Cuba and the United States, some of which were incorporated into...
In economics, the equilibrium price is the price that is not subject to changing influence neither from the supply nor from the demand side. This means that the supply corresponds to the demand; in other words, the consumer and the supplier have coincided in determining the price of the product....
In managerial accounting, the term “relevant range” generally applies to the reasonable amount of the company’s activities within which the total fixed costs of the company remain constant. If the amount of activities increases or decreases, fixed costs either do not satisfy the necessary standards of business or become unprofitable...
In economics, a binding price floor is a government set of a mandatory minimum price for a particular product or products at a price higher than the equilibrium level. Since the price cannot drop below this level, such a regulation restricts the freedom of the market and has certain effects...
The purpose of the Declaration of Independence was threefold: to officially inform Britain about the colonies’ secession, to rally supporters of the independence cause in America, and to obtain allies abroad. These three tasks corresponded to the three intended audiences of the document: the British government officials, the colonial population,...
The election of 1848 was the 16th quadrennial presidential election in the history of the United States. In it, the Whig candidate Zachary Taylor received the majority of both popular and electoral votes, surpassing Lewis Cass and Martin Van Buren, who ran for the Democratic and Free Soil Parties, respectively....
A proprietary colony is a type of colony developed during the 17th century, in which influential citizens of Britain were given vast lands in the New World to survey and develop. Explanation: Throughout the 17th century, three types of colonies were used by the British. A royal colony was directly...
The credit union is the type of financial institution that typically has membership requirements, which constitutes its primary difference from a bank. Explanation: Along with the banks, credit unions are a type of financial institution that accepts deposits, offers loans, and provide a broad spectrum of other financial services. The...
Capital intensity ratio is an indicator that determines the rate of fixed capital (fixed production assets) to net income, profit, or to the value of manufactured products. Explanation: Capital intensity shows the amount of capital of an enterprise, firm, which accounts for one unit of the annual volume of production...
A definition of clientele might be formulated as “the clients or customers, as of a professional person or shop, considered collectively; a group or body of clients.” In the sphere of economics, it is a term directly connected to the clientele effect. Explanation: Different groups of investors-clients of the market...
A total revenue test is a method of estimating the price elasticity of demand. It helps to determine how the price of a product influences consumer willingness to buy it. Explanation: Total revenue and the price elasticity of demand have an interconnected relationship. Therefore, a reasonably easy way to determine...
Good work ethic is the ability and desire of the employees to perform their functions in a quality and timely manner, as well as to work for the good of the company. The employees who diligently fulfil their duties bring profits to the company and gets such benefits as the...
The growing unevenness in the development of the capitalist countries led to the emergence of various theories of the struggle for world domination. They constituted the content of the imperialist policy of many leading powers, the continuation of which was to become an imperialist war. Explanation: At the turn of...
The coercive acts were the set of four laws that were used by Parliament of Britain to punish the Massachusets Colonists after the Boston Tea Party. For Parliament, the purpose of the acts was to gain authority as the British Colonies were showing resistance. The coercive acts included the Boston...
The Second Agricultural Revolution took place in England between the seventeenth and nineteenth centuries. The factors that led to the Revolution included favorable conditions such as increased farmland and better climate. Another important factor was the invention of new tools, which resulted in the advancement of society by developing the...
William Marbury was born in 1762 and became a successful American politician and businessman. He is famous for his role in the Supreme Court case Marbury v. Madison in 1803, and is often remembered as one of John Adam’s “Midnight Judges”. Explanation: William Marbury was born on November 7, 1762,...
The idea of cultural lag arose in sociology as a phenomenon that occurs when culture evolves at a slower pace than the innovations of the material world. This gap appears because technology and innovation tend to develop rapidly while people’s beliefs and habits change much more slowly. Explanation: The term...
The Connecticut compromise, approved on July 16, 1787, was a legislative agreement concerning the number of seats and legal representation of the US states in both the US Senate and the House of Representatives. Explanation: After the Declaration of Independence of the United States in 1776, a lot of legal...
Prior to the ratification of the 17th US Amendment, which declared the shift in the senators’ election process, senators were chosen with the help of state legislatures. Election framers believed that such a system would establish a tighter bond between the local governments and the overall US federal system. Explanation:...
A profit and loss statement, also known as a traditional income statement, demonstrates if a company is profitable or not during a certain period of time. A traditional income statement provides summary information on how the company obtains its income and incurs expenses in the framework of operating and non-operating...
Allowance for doubtful accounts is an overall depletion of a total number of accounts receivable that appear on the balance sheet of a particular company. Such an instrument helps estimate the approximate amount of the accounts receivable, which will not be paid by the customer. Thus, allowance for doubtful accounts...
The percentage of sales method as an accounting tool helps companies to make forecasts concerning their further budget planning. The main idea behind the technique is to convert the historical expenses into percentage indicators and then shift this number to further company budgeting. Such a method is of great convenience...
The work zones include devices that provide safety for drivers and workers. The devices can be barriers, such as drums, cones, and tubes. The other devices include temporary signs, arrow panels, pavement and markings. Workers that show directions to the drivers use flags. Explanation: A work zone, also called a...
EPS ratio definition includes one of the essential tools used to evaluate a company and make investment decisions. The EPS indicates how much net profit a company earns per share (we are talking about ordinary shares). EPS is, by its nature, a kind of indicator of the company’s profitability. Explanation:...
The Triple Alliance was composed of Germany, Austria-Hungary, and Italy. The three countries formed a treaty that ultimately contributed to the start of World War I. Explanation: Signed on May 20, 1882, the Triple Alliance was a secret agreement between Germany, Austria-Hungary, and Italy, which were also known as the...
To find net sales, one should take gross sales and subtract the cost of sales returns, discounts, and allowances from it. It is useful that this significant measure can be calculated according to the simple formula below. Explanation: Net sales show how much a business has earned for selling goods...
The Dartmouth v. Woodward case was a case between Dartmouth College and Whitlock, who was suited for taking over the college and overstepping his legal abilities. Even though the state court sided with Whitlock, the Supreme Court reversed the decision. The case contributed to the establishment of prohibiting states from...
The Federal Emergency Relief Administration was created on May 12, 1933, and became a part of the Federal Emergency Relief Act of 1933. President Roosevelt chose Harry Hopkins to be the administrator as he was experienced because he dealt with social work and welfare problems for more than twenty years....
The Battle for Dunkirk is usually understood as a historic event, as a result of which the combined forces of Britain and France managed to avoid large losses of lethal battle with the Nazis on the English Channel, especially near Dunkirk. It is still not clear what was driving Hitler...
On April 20, 1817, the United States and Great Britain signed the Rush Bagot Treaty. It was one of the first acts signed during James Monroe’s first presidential term. The treaty aimed to regulate the naval armaments of each country to one ship each on Lakes Ontario and Champlain, and...
Concurrent powers are those powers that are exercised by both federal and state governments simultaneously. Collecting taxes, establishing courts, enforcing laws, borrowing money, and providing for the general welfare of American citizens are examples of the concurrent powers in the Constitution of the United States. Explanation: The principle of concurrent...