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Why was Panama Canal Treaty signed?

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...

Define market demand curve

The market demand curve derives from the summation of the individual demand curves of all consumers in the market. Explanation: The market demand curve reflects market demand. The market demand curve is flatter than the individual demand curves. It happens because when the price changes, the proportional change in market...

What is the short run supply curve?

The short-run supply curve – reflects the situation when one of the factors of manufacturing has a fixed nature, and the other factors are variable. Explanation: Factors that have a fixed nature are usually the principal costs of the enterprise, in particular – manufacturing equipment, while variable factors – are...

What is the COI management plan? What does it aim for?

A conflict of interest (COI) management plan is a document that outlines and implements measures to actively reduce, mitigate, or eliminate an actual, potential, or perceived conflict of interest held by an employee. The COI management plan aims to manage the conflict of interest and make it as transparent as possible...

What does the law of demand state?

The law of demand is a term used in microeconomics, which states that when other things that affect demand held constant, quantity demand and price of a good or service are inversely related to each other. When a price for a product falls, the demand for the same product increases,...

What segmentation does the American Handgunner magazine use and why?

American Handgunner is a 110 plus pages magazine dedicated to handguns and all related shooting products. The magazine is published by FMG Publications and targeted at the consumer magazine sector of the market. It is positioning itself as the world’s best handgun magazine. Explanation: The magazine industry is dependent on market segmentation...

Which type of portfolio might a young investor who is not afraid of risk choose?

A younger investor who has enough time to regain their money in case of loss might want to choose a risky investment portfolio. Most experts agree that a portfolio heavily weighed to stocks is considered riskier than other types. Explanation: According to FinancesOnline.org, the most common types of investment instruments that...

Describe the Convention of 1818. What did it accomplish?

The Convention of 1818 is a bilateral agreement between the United States and British North America (later Canada), which resolved territory disputes between the two nations setting the boundary at the forty-ninth parallel of latitude. It was the only territory cession the U.S. made to the United Kingdom and, at...

Provide Full Faith and Credit Clause definition

Full Faith and Credit Clause is a clause from Section 1 of Article IV of the US Constitution that describes interstate relations. Section 1 of Article IV says: “Full Faith and Credit shall be given in each State to the public Acts, Records, and judicial Proceedings of every other State....

What is the Cannon–Bard theory? What are its main concepts?

The Cannon-Bard theory is a psychological explanation of emotions. Its main concept is that bodily arousal and emotional experience occur simultaneously. In the cannon-bard theory, the thalamic area of the brain is the key player. Explanation: The Cannon-Bard theory was developed in 1927 by psychologist Walter Cannon and his doctoral...

What is total manufacturing cost? What does it influence?

Total manufacturing cost is the sum of costs of all resources consumed in the process of manufacturing goods. Explanation: Here is the formula for total manufacturing cost: Total manufacturing cost = Direct materials cost + Direct labor cost + Manufacturing overhead. Manufacturing overhead or overhead costs are all indirect costs...

What is an example of a withholding you might see on your pay stub?

In addition to the amount of income an individual has earned, a pay stub contains information about withholdings, such as federal taxes, state taxes, or Medicare. Explanation: The amount of money withheld per pay period, typically due to federal or state taxes, varies from person to person. A pay stub...

What was James Cash Penney known for?

James Cash Penney was known for establishing JC Penney Company, which is a chain of department stores selling a wide variety of goods. The store chain has become one of the largest in the U.S. Explanation: The biography of James Cash Penney has quite a trivial beginning. He was born...

What is the Cost of Goods Manufactured formula?

The Cost of Goods Manufactured (COGM) formula is used to calculate the total expenses of manufacturing a product. Explanation: The production of goods involves expenses, which need to be calculated in order to understand a company’s income and residue. The COGM formula examines the expenses related to producing finished goods,...

What influence did the Treaty of Brest-Litovsk have?

The Treaty of Brest-Litovsk influenced World War I in three ways: it allowed Russia to withdraw from the war, allowed Germany to focus on the Allies, and forced Russia to give territory to Germany. Explanation: The Treaty of Brest-Litovsk was a separate peace agreement signed on the 3rd of March,...

Which payment method typically charges the highest interest rates?

Payday loans have the highest interest rates out of different payment methods. Explanation: Different payment methods have different benefits, but the downside of many of them if the interest rates charged for their usage. Trying to decide, what is not a common credit card fee, card users attempt to avoid...

What is the definition of card stacking propaganda? Where does it occur?

The card stacking propaganda is a technique which can be used in politics or marketing in order to appeal to the listeners by way of exaggerating positive fact and omitting negative information. Explanation: Card stacking is a form of propaganda, used in marketing, different advertisements, political speeches, and campaigns. Card...

What’s the minimum age to be president? What are the other requirements?

To become president of the United States, the candidate should be thirty-five years old or more. Other requirements include being a United States citizen born in the country and residing in the U. S. for at least fourteen years. Explanation: President elections in the United States contain several stages, which...

Provide the details of Manchurian incident

Historians are used to consider the Manchurian incident as the seizure of the Chinese town of Mukden in September 1931, followed by the intervention of Japanese troops into Manchuria. This historical event is often called the Mukden incident as well. Explanation: To justify the invasion into the territory of Northeast...

What is bond indenture definition?

A bond indenture (also called “indenture” or “trust indenture”) is an agreement made between a bondholder and an issuer to regulate the terms of payouts. It determines the amount of invested funds, bond maturity date, and the method of calculating the interest rates. Explanation: A typical bond indenture includes conditions...

Why is a high-quality bond typically considered a lower-risk investment than a stock?

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...

Under what circumstances money can be exchanged for goods and services?

Money can be exchanged for goods and services because it is accepted as an exchange means for different products. Explanation: Money’s primary function is being a means of exchange for people to be able to get goods and services desired. Before the invention of money, people used to barter, but...

What is the Expenditure Approach to calculating GDP?

GDP can be calculated using the expenditure approach, which is based on the spending amount in the country. Explanation: The country’s GDP (general domestic product) features many economic indexes and provides information on the level of the country’s economy. There are several ways to calculate the country’s GDP, and the...

What defines allowance method?

The allowance method is used to account for potential bad debts that may occur within a company’s sales. Explanation: Companies aim to increase income and avoid expenses as much as possible. However, some expenses are unpredictable. For example, bad debt expenses occur when clients make purchases but do not pay...

What do the FDA regulations governing disclosure of individual cois require?

The FDA looks at the possibility of financial conflicts of interest (COI) in clinical studies. It requires applicants to submit documentation to reveal potential financial conflicts in order to prevent racketeering. Explanation: The FDA reviews the financial interests related to a particular research study and decides whether a conflict exists....

Is unearned revenue a liability?

Unearned revenue is the amount that the company owes to the customer until an ordered product or service is delivered to him. The unearned revenue counts as a liability as the product remains refundable and cannot turn into income until the customer receives a product or a service in full....

What is the purpose of government?

The purpose of the government is to maintain peace among the states, create markets, and control the functioning of commerce. The government can perform such functions due to the developed government system with the help of the Constitution. Explanation: The government system in the US is unique as it is...

What is the direct write off method?

The direct write off method is used in accounting to charge customer’s liability as an expense if the account is determined as uncollectible. This method is more convenient to perform as it uses an actual amount of bad debt. The other commonly used alternative is an allowance method. Explanation: An...

What happens when a bond becomes due?

When a bond becomes due, the issuer is required to pay the amount of money that they arranged with the holder, plus the interest. The terms of maturity for each type of bond are different. Explanation: In accounting, a bond is a form of borrowing, specifically a fixed-income investment. A...

How can investors receive compounding returns?

Compound returns are formed when the amount of interest at the end of the investment period is added to the principal amount. The investor should invest funds in accordance with such investment conditions that the amount of interest by the end of the period is added to the principal amount...

What is the “Supremacy Clause”? What effect does it have?

The Supremacy Clause is article 6, clause 2, of the Constitution of the United States, which establishes the hierarchy of laws in the American state. It states that the U.S. Constitution, federal laws, as well as all international treaties concluded, are supreme laws concerning specific state constitutions and regulations, and...

What is the American Anti-Slavery Society?

Anti-slavery society was the first organization with the national reach that tried to end slavery and promoted freedom among African Americans through lectures, publications, and speeches. The organization was founded in Philadelphia in 1833 by Theodore Dwight Weld, Arthur Tappan, and Arthur’s brother Lewis. William Lloyd Garrison was the leader...

What are the details of New Jersey v. T. L. O. case?

New Jersey v. T.L.O case impacted the way search is conducted in schools and established the reasonable search that does not contradict with the Fourth Amendment if a suspicion of criminal activity is present. The U.S. Supreme court ruled in New Jersey v. T.L.O is effective January 15th, 1985. Explanation:...

What is slave trade compromise?

Slave trade compromise is one of the compromises accepted by American states’ delegates during the constitutional convention in Philadelphia in 1787. It stated that Congress has no right to ban the slave trade until 1800, subsequently extended until 1808. At the same time, the compromise provisions allowed Congress to levy...

Define cash and carry policy. What did it result in?

U.S. President Roosevelt adopted cash and carry policy in order to provide support to allied countries during World War II against Nazi Germany. Under the terms of this policy, the allies had to pay for American supplies immediately and transport them out of American territory on their ships and under...

What is the primary purpose of a Certificate of Confidentiality?

The primary purpose of a Certificate of Confidentiality (CoC) is to allow institutions and agencies to protect identifiable and sensitive research information on the subject of a study. The main principle of the CoC is that investigators cannot be compelled to disclose any data under the protection of the certificate....

Define monetary unit assumption

The monetary unit assumption is an accounting principle which states that all economic events and business transactions should be reflected in monetary terms. In other words, all such events and transactions have a monetary dimension into which they should be converted and then reported on the financial statements. Explanation: The...

What is primary deviance and what are its effects?

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...

Define cost of revenue. Provide examples of it

The cost of revenue is the net cost of the products or services provided by the company, excluding secondary costs such as research and development-related expenses. The cost of revenue includes all expenses necessary to produce basic products or services. Explanation: The cost of revenue is one of the principal...

What is stockholders equity equation? What should you pay attention to?

Stockholders’ equity is an account on a company’s balance sheet comprised of retained earnings and contributed capital. It is a number of assets that remained in the business after the settlement of all obligations. In other words, it means a net worth of a company. Explanation: The common shareholders’ equity...

What is skimming pricing? Where does it occur?

Price skimming is a type of pricing strategy aimed at setting a high price to maximize profit when a new, much improved, or innovative product is launched onto a market. Explanation: The objective of price skimming is to skim off the first waves of revenue from those prepared to pay...

What is a binding price ceiling and what are its effects?

A binding price ceiling is a maximum price set by the government a seller is allowed to charge. Explanation: Free markets, when left to their devices, tend to achieve a state – equilibrium, in which the quantity supplied by producers will be equal to the amount demanded by consumers. The...

What is approach–approach conflict, and when does it happen?

An approach-approach conflict arises when there are two equally attractive objects, and an individual must choose between them. That person would like to choose both of them, but the two are incompatible. Explanation: Conflict is an intrapersonal or interpersonal contradiction perceived by an individual as a significant psychological problem that...

Provide the absolute advantage definition.

Absolute advantage theory implies that a specific entity, whether it is a country or a business organization, can produce a more significant number of goods than another establishment can within the same period. Another angle that one can look at it is that a company has higher production abilities, manufacturing...

What are independent regulatory agencies? What purpose do they serve?

Congress is responsible for creating independent regulatory agencies. The core of those agencies lies in the fact that they have independency from the executive offices. Those entities do not have the responsibility of applying their propositions for the review to the Office of Information and Regulatory Affairs. The primary aim...

Define global stratification. What effects does it have?

Global stratification speaks to the presence of hierarchy among groups and individuals worldwide, due to the unequal distribution of various resources and benefits. Explanation: Our global society is stratified according to socioeconomic status. An individual’s social and economic level varies according to his or her occupation, education, wealth, income, and...

Define tenement housing. What issues does it have?

Tenement houses are the buildings that have many apartments and the entrance to which is possible through auxiliary premises, usually the main entrance. Explanation: The issue of tenements has originated centuries ago in history, and since then, this concept has changed and received substantial attention. Tenements aimed to solve the...

According to the federal regulations, when is research eligible for exemption?

Any research study conducted by individuals must seek the approval of the Institutional Review Board (IRB). This regulatory group offers exemption for six categories of studies. The IRB carefully reviews each research study to determine if it can be approved for exemption. Explanation: The exempt categories include Research of an...

Define average total assets. How to calculate them?

Average Total Assets can be characterized as the average number of assets owned by a company during both the current and previous year. The formula for Average Total Assets can be calculated as follows: (aggregate assets at the end of the current year + aggregate assets at the end of...

What is the economic entity assumption? What significance does it have?

Economic Entity Assumption is a concept that proposes that the activities of any economic entity, such as a hospital, municipality, or business, should be separate from the activities of its stakeholders. Explanation: Every economic entity should be constantly analyzed in terms of profitability and overall efficiency. In order to make...

Name pros and cons of globalization

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....

What problems can encoding failure lead to in business operations?

In psychology, there are three significant stages of processing memories: encoding, storage, and retrieval. A malfunction in the encoding process leads to forgetting essential things that might have significance in the future. Explanation: Encoding is responsible for imprinting our experience on our brain, whether it be an event, situation, person,...

Provide the definition of delegated powers.

Delegated powers, also called enumerated or expressed powers, can be defined as a federal government’s ability to take important measures and make crucial decisions on behalf of its country. Explanation: Delegated powers are directly connected to the way a country is organized. If the founders of a country’s government aim...

Provide details on Roosevelt’s Quarantine Speech.

Quarantine speech is a talk given by Franklin D. Roosevelt on October, 5, 1937, in Chicago on the topic of America’s neutrality policy towards the issue of violence in the period between the world wars. Explanation: World War I left the national leaders dealing with the chaos in both internal...

What’s the purpose of independent executive agencies?

Independent executive agencies are the organizations that are responsible for the supervision and the administration of specific purposes. Congress establishes those organizations to assist in different areas of the authority of the federal government and supervising complex aspects, unlike the government corporations that are owned by the government. The primary...

What is the Corwin Amendment? Why wasn’t it passed?

The Corwin Amendment was the document issued by Thomas Corwin, the US governmental representative, in 1861, and its main objective was to prevent state residents from the abolition of slavery. Explanation: The ongoing debate over the position of slavery on a governmental level has been one of the most severe...

Describe the components of Henry Clay’s American System

The three components of Henry Clay’s American System were directed at strengthening of domestic businesses, national commerce and national currency, and infrastructure. Explanation: After the war in 1812, the US was not in the best position because it had substantial debts and a weak economy. At this point, Henry Clay,...

Who makes federal laws? What’s the porcess?

Federal laws are made by Congress, the process of which includes seven coherent steps. Explanation: The federal organization of any country allows its government to delegate powers between the national level and the state one to achieve the goal of harmonized policies. Such an approach requires developed legislation and reasonable...

Share the information on the Underwood Tariff Act

Revenue Act of 1913, also known as the Underwood-Simmons tariff was signed by President Woodrow Wilson in 1913 after successfully passing both houses of the Congress. Its primary purpose was to cut or, in many cases, eliminate tariff rates on goods, thus encouraging import. The Underwood Tariff Act established the...

What was the function of the Office of War Information?

The function of the Office of War Information of the US was to use various types of information influence during World War II to achieve propaganda goals. Explanation: At the beginning of World War II, Germany and its allies were holding a successful campaign forcing their enemies to give up...

List four factors of production. Why are they important?

Four factors of production are labor, capital, land, and entrepreneurship. The importance of them is founded on their contribution to the production process, economic growth, and competitiveness. Explanation: Economics is an essential power that has been directing people throughout history. Humanity faced a plethora of hardships, crises, and obstacles that...

What is the National Response Framework?

The National Response Framework is a guide that teaches U.S. citizens and authorities how to act in case of various disasters. Explanation: The National Response Framework (NRF) is an essential tool that provides guidelines for actions during severe disasters, catastrophes, and other emergency situations. The current official document is the...

Define supply schedule. How do market and individual supply schedules differ?

A supply schedule is usually presented in the form of a table that shows the price for the quantity supplied of a particular product. Quantity supplied is a term that refers to the number of goods that producers are willing to sell for a certain price. Explanation: Economics is the study...

What’s minimum efficient scale? What is the purpose of it?

Minimum Efficient Scale, or MES, is “the quantity at which a firm’s long run average total cost curve stops falling.” In other words, an efficient scale of production is part of the output scale, specifically the point at which a particular business reaches productive efficiency. Explanation: Economic competition is one...

What’s the definition of voluntary exchange? When does it happen and why?

Voluntary exchange occurs when sellers and buyers engage in trade operations or in employment relationships willingly and freely and when both expect to benefit from the transaction. This assumption serves as the basis for the market economy as it explains the free choices that consumers make basing on their interests....

Provide cash crop definition

A cash crop is a crop grown only for generating a profit by selling. Cash crop definition is used to differentiate it from food or subsistence crops produced for the consumption by a farmer’s family or feeding livestock. Explanation: Cash crops are generally grown on big farms that focus on...

Who was the founder of Christianity?

Jesus Christ is most widely recognized as the founder of Christianity as His life and death are the foundations of faith. However, there is an opinion that Paul founded Christianity as a religion by setting its doctrines and sharing the word of Jesus among the early church. Explanation: The roots...

How do banks make money?

Banks earn money by taking it from savings and checking accounts of their customers and lending to other customers who pay higher interest rates. Other sources of banks’ profit are interchange and banking fees that help to cover the cost of major services. Explanation: Banks make most of their money...

Define contribution margin income statement. Why is it important?

The contribution margin income statement is used in economics for analysis of the effectiveness of all the efforts taken in order to achieve higher revenue during a certain period. It is also called as income statement and its purpose is to calculate the contribution margin of the company, which helps...

What’s the prosperity meaning and how is this term used in economics?

Prosperity is the state of good fortune. It can be described as thriving, flourishing, or having a successful social position. Prosperity is usually associated with wealth but may also include other factors, such as happiness, love, and health, which can be independent of wealth. Explanation: Economic prosperity means that either...

Provide details on Lincoln’s Ten Percent Plan

The Ten Percent Plan is a scheme proposed by Abraham Lincoln,according to which, if ten percent of the rebellion state voters claimed their allegiance to the US nation, they could be reintegrated into the US Union. Explanation: The American Civil War, which took place from 1861 to 1865, put the...

What was the fucntion of the National War Labor Board?

The National War Labor Board (NWLB) was an American federal agency established during World War I under the presidency of Woodrow Wilson. After the war, the board ceased its operations and was reestablished by President Franklin Roosevelt only in 1942, during World War II. The National War Labor Board was...

What was the purpose of the Office of Price Administration?

The Office of Price Administration was a federal agency created in August 1941 under the Office for Emergency Management of the U.S. government. The initial purpose of the OPA was to help control the price of rent and essential goods after the United States became involved in the Second World...

Describe the different types of economic systems

The economic system represents a combination of methods, means, and ways that help to organize the production of goods and services, its distribution, and allocation within one territory. In general, economic systems regulate different factors in economics, such as capital, labor, physical resources, and entrepreneurs. Nowadays, economists reveal four types...

What is a market-clearing price? How does it work?

Nowadays, the term “market-clearing price” (or “equilibrium price”) is actively used in economics. Market clearing price is the value of the goods or services that is established when “the quantity supplied is equal to the quantity demanded.” In other words, this price exists when there are no shortages or surpluses...

What did the Credit Mobilier scandal lead to?

The history of the United States of America is rich with many different events. One of them is the Credit Mobilier scandal that erupted in 1867 and was exposed by the New York Sun in 1872. The Credit Mobilier scandal destroyed the careers and reputations of several Gilded Age politicians...

What are government corporations and what benefits do they have?

Government corporations represent special institutions that are established in order to create products for society. Government corporations are under the control of the state but usually operate like any other private business company. Explanation: The primary function that is carried out by a government-owned corporation is the performance of the...

Describe the law of increasing opportunity costs

The law of increasing costs is an economic concept that demonstrates the relationships between the factors and costs of production. In other words, this principle describes how opportunity costs increase as resources are applied. For a better understanding of this idea, it is necessary to know the meaning of the...

What is job order costing?

A job order costing system is used when a company needs to identify the manufacturing costs associated with certain products. Explanation: The job order costing system is used when a company produces several items are different from each other and each has its own cost. To understand the advantages of...

What are the variable expenses? How do they differ from fixed expenses?

Variable expenses show what amount of money was spent on a person’s needs and change week-over-week, month-over-month. Fixed expenses stay the same almost all the time and are usually paid on the same date. As these expenses differ from each other, it is essential to know how while planning one’s...

Provide loyalist definition during the Revolutionary War

The residents of the American colonies were divided by the Revolutionary War into two groups: the patriots and the loyalists, or Tories, as they were also called. The patriots wanted their own country to obtain independence from the British Empire. The loyalists did not want to break away from Britain...

What’s the difference between democracy and republic?

Democracy and the Republic are two governance models that are accepted by most countries of the world. However, not only these two models are different from each other, but the government of either is also formed otherwise. Explanation: Foremost, it is necessary to give a definition to both forms of...

Share the details of the Declaration of Independence preamble

The adoption of the Declaration of Independence stimulated the legislative process in all states. The declaration preamble announced the destruction of the political dependence of the colonies on the king and the British government, proclaiming them free and independent states. Explanation: In July 1776, the preamble of the United States...

What were the Articles of Confederation weaknesses?

The Articles of Confederation were the first U.S. constitution that was submitted to the states for immediate consideration on November 17, 1777. Unfortunately, there were many more weaknesses than strengths of the Articles of Confederation, and it was replaced within a decade. The main flaw was that the central government...

What was Washington Naval Conference all about?

The United States called the Washington Naval Conference in 1921 to discuss security issues in the Pacific region. The United States, Great Britain, Japan, France, China, Belgium, Italy, Portugal, and the Netherlands made up the Washington Naval Conference countries. They created some essential treaties that answered the following question: How...

What was the First Triumvirate and what happened to it?

The First Triumvirate was an alliance of three political figures in Ancient Rome: Pompey, Crassus, and Julius Caesar. Even though these men had different opinions concerning the development of their nation, they decided to join forces to overcome the existing difficulties. Those efforts, however, did not create significant positive consequences...

Why was the Treaty of Verdun signed?

The Treaty of Verdun is a historical event that marked the beginning of the Empire’s dissolution; it was signed due to the necessity of dividing European parts into separate independent states. Explanation: In 843 August 11, Europe took the first significant step towards those state orders that determined its entire...

Compare capitalism and communism types of economic.

Communism economic type assumes strict regulation of production and consumption following the capabilities of the economy, the interests of society, and then the interests and status of individual citizens. The presence of a market for goods and services under capitalism and the absence of such a market almost or completely...

How did the Commercial Revolution influence the world’s economy?

The impact of the Commercial Revolution on the world economy has contributed to the expansion of trade borders, the creation of a single currency for accounting, and the development of international entrepreneurship. Explanation: The definition of a commercial revolution can be attributed to the period of economic expansion of Europe....

What was the reason for the Great Railroad Strike of 1877?

The Great Railroad Strike of 1877 occurred when railroad companies cut wages, leading thousands of their American workers to show their dissatisfaction with working conditions through massive protests and demonstrations. Explanation: Even though the strike included almost 100,000 workers, the industry companies and the government managed to suppress the protests,...

What was the purpose of the Emergency Banking Act?

The Emergency Banking Act of 1933 was passed to restore and strengthen public confidence in the US banking system. This legislation was a response to the fact that American citizens were massively withdrawing their money from banking accounts. Explanation: Consequently, the Emergency Banking Relief Act provided the president with the...

What does the statement of owner’s equity consists of? What is its importance?

The statement of owner’s equity is the financial statement used to represent the changes in the capital of an individual owner of a business, indicating the net value of the owner’s share. Explanation: Equity is the difference between the value of a company’s assets and its financial obligations, thus, reflecting...

Define bad debt expense.

Bad debt expense is the amount of money that a debtor owes to a creditor and is not able to pay due to a lack of finances. Companies write off bad debt, since it is not collectible. Explanation: If a company provides goods and services on credit, the amount of...

What is the cost of goods manufactured?

The cost of goods manufactured is the monetary amount that indicates the total expenses incurred by an enterprise during the production of goods that can be sold in the market. Explanation: In order to make a profit, a business needs to sell goods in the market for the amount of...

What is a proportional tax? How does income influence its rate?

The definition of proportional tax is that all taxpayers make a contribution to the state budget according to the same percentage rate, irrespective of their income. For instance, people might pay 20% of their income, regardless of whether they have earned $20,000 or $5,000 a year. Explanation: A tax is...

Provide details on the Cuban currency

There are two types of official currency that are used in Cuba, which are Cuban peso and convertible peso. Depending on a particular kind of shop, one of them might be more accepted than the other. Explanation: Cuban peso is referred to as “national currency”, and it is used to...