According to professional standards, which of the following circumstances will impair a CPA's independence? A partner in the CPAs firm who works in another state and does no work for the client has A material indirect financial interest in the client. The CPA has a car loan with a financial institution client. The CPAs nondependent stepchild has material indirect financial interest in the client. The client recently exceeded the 90-day limit for outstanding unpaid invoices due to the CPA.
Answers
According to professional standards, the circumstance that will impair a CPA's independence is "A partner in the CPA's firm who works in another state and does no work for the client has a material indirect financial interest in the client." (option A).
Independence can be defined as the auditor's ability to express an unbiased and objective view about a company's financial statements. It's the auditor's responsibility to remain independent and to maintain an appearance of independence at all times. Impairment of independence occurs when a CPA's judgment, objectivity, or integrity is jeopardized.
The circumstance that will impair a CPA's independence is "a major indirect financial interest in the client is held by a partner in the CPA's firm who works out of state and doesn't work for the client". Option A is the correct answer.
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Related Questions
Which information would most likely cause a company's stock price to go up?
Answers
Answer:
The company releases an innovative car with unique features
Explanation:
May 24 Sold merchandise on account to Old Town Cafe $36,010. The cost of the goods sold was $22,050 Sept. 30 Received $11,500 from Old Town Cafe and wrote off the remainder owed on the sale of May 24 as uncollectible. Dec. 7 Reinstated the account of Old Town Cafe that had been written off on September 30 and received $24,510 cash in full payment. Journalize the above transactions in the accounts of Zippy Interiors Company.
Answers
To journalize the above transactions in the accounts of Zippy Interiors Company, we need to record the transactions in the appropriate accounts.
Based on the information provided, we will use the following accounts:
Sales Revenue
Cost of Goods Sold
Accounts Receivable
Allowance for Doubtful Accounts
Cash
Here are the journal entries for each transaction:
May 24: Sold merchandise on account to Old Town Cafe for $36,010. The cost of goods sold was $22,050.
Accounts Receivable | Debit | $36,010
Cost of Goods Sold | Debit | $22,050
Sales Revenue | Credit | $36,010
Sept. 30: Received $11,500 from Old Town Cafe and wrote off the remainder owed on the sale of May 24 as uncollectible.
Accounts Receivable | Debit | $24,510
Allowance for Doubtful Accounts | Debit | $11,500
Sales Revenue | Credit | $36,010
Dec. 7: Reinstated the account of Old Town Cafe that had been written off on September 30 and received $24,510 cash in full payment.
Accounts Receivable | Debit | $24,510
Allowance for Doubtful Accounts | Credit | $11,500
Cash | Debit | $24,510
Sales Revenue | Credit | $36,010
Please note that these entries assume Zippy Interiors Company uses the allowance method for estimating bad debts. The Allowance for Doubtful Accounts is used to record the estimated amount of uncollectible accounts.
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Your big brother has decided that he wants to get into the
workforce relatively soon and doesn't want to pursue a 4-year
degree. He is considering a career as a paralegal. While
browsing job postings for paralegals in the area he notices that
most firms are requiring candidates to have an associate's
degree or a certification. Based on the information in the table
below, which option is best for your brother and why?
Answers
The answer is based on the table Work study which includes 6 weeks of certification program and 2 years in community college is best for the brother.
The reason is because he doesn't want to pursue a 4-year degree and most firms require candidates to have an associate's degree or a certification.
Therefore, work study is best option as it fulfills his requirement for certification and college within a limited time period.
What is certification in plain English?Certifications are special qualifications there by an individual to show their validity and capacity to carry out a task. Your certification is shown as a document that certifies that, as a professional, you have received the necessary training, education, and preparation to fulfill the requirements of your position.
What are the three different certifications?A certification might be of one of three broad forms. Corporate (internal), product-specific, and profession-wide are listed in order of development level and portability.
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Vegan Steaks had the best year ever, with sales of $4,500,000 and operating profit of $950,000. The balance sheet at the beginning of the year showed assets used in production with a cost of $20,000,000 and accumulated depreciation of $5,000,000. The company didn't buy any assets during the year but did have depreciation expense of $1,000,000. Calculate the ROI for the year. Calculate the End of Year book value.
Answers
The ROI for the year to Vegan Steaks would be 6.55 %
The End of Year Book value would be $ 14,000,000
How to find the ROI for the year ?To find the ROI for Vegan Steak's year, you need to find the end of year book value of assets which is:
= 20,000,000 - 5,000,000 - 1,000,000
= $ 14, 000, 000
Then find the average assets :
= (15, 000, 000 + 14, 000, 000) / 2
= $ 14, 500, 000
The ROI or return on investments is:
= Operating Profit / Average assets
= 950,000 / 14,500,000
= 6. 55 %
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You have a $100,000 participating cash-value policy written on your life. The policy has accumulated $4,700 in cash value and you have borrowed $6,000 of this value. The policy also has accumulated unpaid dividend of $1,666. Yesterday you paid your premium of $1,200 for the coming year. What is the current death benefit from this policy? $96,866 $0 $93,866 $99,866
Answers
The current death benefit from the given policy is $99,866.
To calculate the death benefit, we need to consider the policy's cash value, outstanding loan, and unpaid dividends. The death benefit is equal to the face amount of the policy minus any outstanding loans and plus any accumulated unpaid dividends.
Given that the policy has a face amount of $100,000, an accumulated cash value of $4,700, and an outstanding loan of $6,000, we can calculate the net cash value by subtracting the loan amount from the cash value:
Net cash value = Cash value - Outstanding loan
Net cash value = $4,700 - $6,000
Net cash value = -$1,300
Since the net cash value is negative, it means that the outstanding loan exceeds the cash value of the policy. In such cases, the death benefit is typically reduced by the outstanding loan amount. However, in this scenario, we also have accumulated unpaid dividends of $1,666.
Therefore, the death benefit can be calculated as follows:
Death benefit = Face amount - Outstanding loan + Accumulated unpaid dividends
Death benefit = $100,000 - $6,000 + $1,666
Death benefit = $99,866
Hence, the current death benefit from this policy is $99,866.
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A assessment may alter the content of a sales pitch.
True
False
Answers
This is because a assessment is a process of determining needs, and or gaps between conditions. And a sales pitch is a sales presentation where a salesperson explains the benefits of their business.
Knowing all of this information, a needs assessment can alter the content of a sales pitch.
Pandora Corporation operates several factories in the Midwest that manufacture consumer electronics. The December 31, 2021, year-end trial balance contained the following income statement items:
Account Title Debits Credits
Sales revenue $ 12,500,000
Interest revenue 50,000
Loss on sale of investments $100,000 Cost of goods sold 6,200,000 Selling expenses 620,000 General and administrative expenses 1,520,000 Interest expense 40,000 Research and development expense 1,200,000 Income tax expense 900,000
Answers
Based on the provided information regarding Pandora Corporation's income statement items, the company’s operating income for the year is $3,010,000.
To calculate Pandora Corporation's operating income for the year ending December 31, 2021, follow these steps:
1. Calculate total revenue:
Sales revenue + Interest revenue
Total revenue = $12,500,000 + $50,000 = $12,550,000
2. Calculate total expenses:
Cost of goods sold + Selling expenses + General and administrative expenses + Research and development expense
Total expenses = $6,200,000 + $620,000 + $1,520,000 + $1,200,000 = $9,540,000
3. Calculate operating income: Total revenue - Total expenses
Operating income = $12,550,000 - $9,540,000 = $3,010,000
Pandora Corporation's operating income for the year ending December 31, 2021, is $3,010,000.
Note: The question is incomplete. The complete question probably is: Pandora Corporation operates several factories in the Midwest that manufacture consumer electronics. The December 31, 2021, year-end trial balance contained the following income statement items:
Account Title Debits Credits
Sales revenue $ 12,500,000
Interest revenue 50,000
Loss on sale of investments $100,000
Cost of goods sold 6,200,000
Selling expenses 620,000
General and administrative expenses 1,520,000
Interest expense 40,000
Research and development expense 1,200,000
Income tax expense 900,000
Calculate the company’s operating income for the year.
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Which of the following is NOT true about technology?
O It can improve productivity.
OIt can create new markets.
O It's always good for everyone.
It can reduce costs.
Answers
Answer:
it's always good for everyone
Explanation:
some people might get bullied online or get texts from creeps
There are many similarities and differences between Platonic and Aristotelian metaphysics. Select the statement about metaphysics with which only Aristotle would agree.
Answers
Answer:
"Option b" would be the right choice.
Explanation:
Throughout the given question, options are not given. Please find attachment of the rest of the options.
Besides Plato, it would've been necessary for research and theory, as well as logic, should "demonstrate" a notion or determine a material's characteristics, whereas Aristotle often favors scientific understanding but rather an observation. Plato claimed in two different perspectives, primarily the real world as well as the globe of shapes, although for Aristotle, the human mind is just once philosophy.Plato seems to be a moral relativist, either the unquantifiable consciousness, as well as the brain, generates exist because it is the individual that recognizes humanoid form.Other decisions aren't linked to the information stated. So that the response above is appropriate.
When demand and production increase, what usually decreases?
Answers
Answer:
Price usually decreases
Explanation: When a product’s demand and production increase, PRICE usually decreases.
Answer:
Prices
Explanation:
Take the example of Apple. If Apple was to lower the price of the iPhone 11 to 300 dollars then there would be way more people buying the iPhone. Demand went up because prices went down
Which of the following is a way to introduce fresh ideas into a business? *
10 points
Staff promotion
Internal recruitment
External recruitment
Answers
Answer:
Internal recruitment is when the business looks to fill the vacancy from within its existing workforce
External recruitment is when the business looks to fill the vacancy from any suitable applicant outside the business
Of course, the option to use BOTH internal and external recruitment can be used. This is often the case for senior management appointments.
Internal recruitment
Advantages:
Cheaper and quicker to recruit
People already familiar with the business and how it operates
Provides opportunities for promotion with in the business – can be motivating
Business already knows the strengths and weaknesses of candidates
Disadvantages:
Limits the number of potential applicants
No new ideas can be introduced from outside
May cause resentment amongst candidates not appointed
Creates another vacancy which needs to be filled
External recruitment
Advantages:
Outside people bring in new ideas
Larger pool of workers from which to find the best candidate
People have a wider range of experience
Disadvantages:
Longer process
More expensive process due to advertising and interviews required
Selection process may not be effective enough to reveal the best candidate
Professional video game players can make a living playing, and winning, video game tournaments. Marketing in the video game industry is primarily based on what type of market segmentation?
Answers
Answer:
The hardware market is a typical oligopoly, with three major companies: Nintendo, Sony and Microsoft. Economists have realized that the sales of hardware are positively influenced by the quality of its software, and the sales of software are also affected by the sales of hardware.
Explanation:
What was the opening price of Dow Jones Industrial Average on Jan 10, 2019 in the format of XXXXX.XX?
Answers
Answer:
Explanation:26,379.59
What economic concept is applied in this statement?
By earning higher levels of education, students learn skills and are more likely to be employed. In their jobs, they use their skills to provide goods and services to others.
A.
equilibrium
B.
law of demand
C.
law of supply
D.
negative externality
E.
positive externality
Reset Next
Answers
By earning higher levels of education, students learn skills and are more likely to be employed. In their jobs, they use their skills to provide goods and services to others. The economic concept which is applied in this statement is a positive externality.
What are skills?Skills refer a set of qualities or abilities an individual carries in order to complete the task. These skills represent the expertise of any individual in terms of knowledge and talents.
When these skills are learned along with the higher level of education it creates an add-on for the career. These skills include communication skills, problem-solving skills, critical thinking, leadership qualities, and so on.
Therefore, option E positive externality is the correct option for the given statement.
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Place the steps in order for inserting a video link into a document.
Place the cursor at the
insertion point
Click the Online Video
button
Preview the video before
saving the document
Click Insert tab
Search for and select the
video
Answers
Choose Online Video from the ribbon's Insert tab. Insert the URL you copied in step 2 into the Insert Video dialog box. Choose Insert.
What actions are required to add a hyperlink to a document?Make a link to a specific web page.
The text or image that you want to appear as a hyperlink should be selected. Input Ctrl+K. You may also choose Link from the shortcut menu by right-clicking the text or image and selecting it.
What is the best way to add a video to a Word document?
Add a video, sound, or movie to Microsoft Word, PowerPoint, or Excel.
Click Object from the Insert menu, then select the Create from File tab.
Locate the movie (or sound wave) you wish to insert by clicking Browse and then browsing.
Choose a movie (video clip or sound wave)
Press Insert.
Double-click a media file's icon to start playing it.
Select OK.
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economics
economics questions and answers
a copy company wants to expand production. it currently has 20 workers who share eight copiers. two months ago, the firm added two copiers, and output increased by 40,000 pages per day. one month ago, the firm added five workers, and productivity also increased by 25,000 pages per day. a copier costs about three times as much as a worker. assume these
Question: A Copy Company Wants To Expand Production. It Currently Has 20 Workers Who Share Eight Copiers. Two Months Ago, The Firm Added Two Copiers, And Output Increased By 40,000 Pages Per Day. One Month Ago, The Firm Added Five Workers, And Productivity Also Increased By 25,000 Pages Per Day. A Copier Costs About Three Times As Much As A Worker. Assume These
Hire another worker or purchase a new printer?
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A copy company wants to expand production. It currently has 20 workers who share eight copiers. Two months ago, the firm added two copiers, and output increased by 40,000 pages per day. One month ago, the firm added five workers, and productivity also increased by 25,000 pages per day. A copier costs about three times as much as a worker. Assume these increases in productivity per worker and productivity per copier are good proxies for future increases in productivity when hiring additional workers or purchasing additional copiers. Based on this information, the copy company should hire another worker in order to expand output.
Answers
Based on the information provided, the copy company should hire another worker to expand output.
This conclusion is based on the fact that adding two copiers increased output by 40,000 pages per day, while adding five workers increased productivity by 25,000 pages per day.
Since the cost of a copier is about three times the cost of a worker, it would be more cost-effective to hire another worker rather than purchasing a new copier. By doing so, the company can further increase its output and productivity.
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Which of the following decisions is most likely to create a temporary diseconomy of
scale? (Select the best answer.)
A)Buying supplies in bulk
B)Buying an expensive piece of machinery
C)Hiring employees who specialize
D)Using division of labor
Answers
Answer:
Buying an expensive piece of machinery
Explanation:
A company issued 1,000 shares of $1 par value preferred stock for $5 per share. What is true about the journal entry to record the issuance?
a. Debit Preferred Stock $5,000.
b. Credit Cash $5,000.
c. Credit Preferred Stock $5,000.
d. Credit Additional Paid-In Capital $4,000.
Answers
The correct answer is (b) Credit Cash $5,000. When a company issues preferred stock, they receive cash in exchange for the stock.
The journal entry to record the issuance would include a credit to cash for the amount received, which in this case is $5 per share multiplied by 1,000 shares, or $5,000. The other accounts affected would be debited based on the par value of the stock and any additional paid-in capital. However, in this scenario, the journal entry only includes a credit to cash as the question does not mention any other information.
A company issued 1,000 shares of $1 par value preferred stock for $5 per share. In this scenario, the journal entry to record the issuance would include the following:
a. Debit Cash for $5,000 (1,000 shares x $5 per share)
b. Credit Preferred Stock for $1,000 (1,000 shares x $1 par value)
c. Credit Additional Paid-In Capital for $4,000 (1,000 shares x ($5 - $1))
So, the correct answer is:
- Debit Cash $5,000.
- Credit Preferred Stock $1,000.
- Credit Additional Paid-In Capital $4,000.
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what are the basic requirements to become entrepreneur?Mention them
Answers
Answer:
Most entrepreneurs start their career with a business bachelor's degree or a specific bachelor's in entrepreneurship and then nourish their skills in an MBA program. In MBA programs, students are motivated to use their creative potential as they learn to build ventures.
Explanation:
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What increases your total loan balance interest accrual or interest capitalization?
Answers
When it comes to the calculation of a loan balance, the factor that increases this amount is the interest capitalization.
Interest capitalization:
Is unpaid interest that has accumulated. Is added to the loan principal.As a result of this unpaid interest being added to the loan balance, the loan will increase in size and the interest will then be calculated using this new balance thereby increasing the interest payments as well.
In conclusion, the answer is interest capitalization.
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Publishers and printing companies are both involved with books, magazines, and newspapers. One type of company is
considered part of the manufacturing section, because it produces the physical product: books, magazines,
newspapers, and so on. What sector does publishing belong to, since it does not produce a tangible product (until
printing transforms it into one)?
O primary, because it makes original content
secondary, because it transforms ideas into physical objects
tertiary, because it provides a service
quaternary, because it involves research
Answers
Answer:
quaternary, because it involves research
Explanation:
macon company has a variable selling cost. if sales volume increases, how will the total variable cost and the variable cost per unit behave? total variable cost variable cost per unit a. increase increase b. increase remain constant c. increase decrease d. remain constant decrease e. decrease increase
Answers
Macon Company has a variable selling cost. If sales volume increases, then how will the total variable cost and the variable cost per unit behave?The answer to the given question is: Option E. Decrease Increase
If the sales volume increases, the company's total variable cost will decrease because the cost per unit will decrease. In this case, the company will be able to benefit from economies of scale.The variable cost per unit will increase because the company will have to produce more units to meet the increased sales demand.
This means that the company will need to purchase more raw materials, pay more wages to its workers, and consume more energy to produce more goods. As a result, the cost per unit will increase.
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Arkansas permit test?
Answers
Answer:
Arkansas Fines and Limits Permit Practice Test
To take your knowledge exam, you'll need to pay a $5 testing fee, as well as a $40 license fee if you pass.
25 questions. The Arkansas knowledge test, which you must pass to get your learner's permit, has 25 questions. You must correctly answer 20 of them. If you fail the knowledge test, you can re-test in five days.
how existing businesses changed the way they operate to keep afloat during the lockdown periods.
Answers
Answer:
Combine speed and stabilityTurn digitization into an advantageDrive systemic change through cooperationExplanation:
Office companies moving to at home working
Shops creating online shops
What is the difference between a routine and a major decision
Answers
Answer: routine decision- the type made every day without much though
planned decision- use more time and energy to make the best choice
Explanation: i really hoped it helped.
If manufacturing overhead has been overallocated during the period, and most of the jobs produced have been sold, then a cost of goods sold should be increased. b.cost of goods sold should be decreased. c. finished goods inventory should be increased, d work in process inventory should be decreased,
Answers
Because manufacturing overhead is applied based on a preset overhead rate, there is a possibility that it will either be underapplied or overapplied. Manufacturing overhead is being overapplied if the account has a credit balance at the conclusion of the quarter.
How are manufacturing overhead expenses divided between the inventory of work-in-progress?A debit to the Manufacturing Overhead account is used to transfer manufacturing overhead expenses to the Work-in-Process Inventory account. Process costing is employed by accounting firms, construction companies, and healthcare organizations.
Each client is viewed as a task by a service provider, such as an accountancy firm. Actual overhead expenses exceeded those that were applied to jobs.
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what kind of demand curve does the monopolist face? group of answer choices the monopolist faces an upward sloping demand curve, which means if it wants to sell a low level of output, it will charge a low price, and if it wants to sell a high level of output it will charge a high price. the monopolist faces a vertical demand curve where the quantity demanded remains the same, regardless of what price is set. the monopolist faces a horizontal demand curve just like the perfectly competitive firm where any change in price will lead to zero units demanded. the monopolist faces a downward sloping demand curve, which means if it wants to sell a low level of output, it can charge a high price, and if it wants to sell a large level of output it will have to charge a low price. g
Answers
The monopolist faces a downward sloping demand curve.
The downward sloping demand curve of a monopolist means that if it wants to sell a low level of output, it can charge a high price, and if it wants to sell a large level of output, it will have to charge a low price.
This type of demand curve is unique to monopolists, as they have the ability to set their own prices due to being the sole provider of a particular product or service in the market. In contrast to perfectly competitive firms, which face a horizontal demand curve, monopolists have price-setting power and can adjust prices to influence the quantity demanded.
As the monopolist raises the price, the quantity demanded decreases, and vice versa. This downward sloping demand curve reflects the law of demand, which states that as the price of a good increases, the quantity demanded decreases, all else being equal.
To maximize profits, monopolists will choose the optimal combination of price and quantity that corresponds to the point where their marginal revenue equals their marginal cost. By doing so, they can effectively balance the trade-off between charging a higher price for fewer units versus charging a lower price for a larger quantity of units.
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Which is a true statement of job hunt methods?
A. Trade shows and conferences are a last resort.
B. Avoid online networking groups because they can see your social media personal posts.
C. Going to coffee houses and places where businesspeople congregate can be helpful in your job hunt.
D. Employment support groups are not a good idea because you are just competing with them so it’s best to steer clear.
Answers
Option (a), A valid statement about job search strategies is that trade exhibitions and conferences are a last choice.
What phase of the employment hunt is most important?The most important aspect of a job quest is your CV. You are the first thing hiring managers and recruiters will notice when they scan your resume, so this is the perfect time to present yourself as the ideal applicant!
What step of the job search process is first?Settling on your objectives is the initial action. One of the best methods to do this is to use the SMART technique, which makes sure that you are focusing on the appropriate things, eliminating time waste, and setting quantifiable goals.
What comes next in the job search process?The hiring process's last step is onboarding. When your new hires adjust to their new roles, it also represents the end of the candidate experience.
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An Angel investor recently told you that he likes to get 5x return on his investment in 3 years. What is the discount rate (we are assuming that the discount rate is equal to the internal rate of return in the question) he is referring to in order to get these results. Pick the best answer (rounded)
Group of answer choices
58.49%
71.00%
49.53%
47.58%
Answers
The angel investor is referring to a discount rate of approximately 71.00% in order to achieve a 5x return on his investment in 3 years. Option B
The discount rate that the angel investor is referring to in order to get a 5x return on his investment in 3 years can be calculated using the internal rate of return (IRR) formula. IRR is the rate at which the present value of expected future cash flows equals the initial investment.
In this case, the initial investment is assumed to be $1 and the expected future cash flows are 5x the initial investment, or $5.
The time period is 3 years. Using the IRR formula, we can solve for the discount rate that equates the present value of expected future cash flows to the initial investment.
The formula is: Initial Investment = Expected Future Cash Flows / (1 + Discount Rate) ^ Time Period $1 = $5 / (1 + Discount Rate) ^ 3
Simplifying this equation and solving for the discount rate, we get: Discount Rate = ((Expected Future Cash Flows / Initial Investment) ^ (1 / Time Period)) - 1 Discount Rate = ((5 / 1) ^ (1 / 3)) - 1
Discount Rate = 1.710 - 1
Discount Rate = 0.710 or 71.00% (rounded).
Therefore, this is a high rate of return and may indicate that the investment is high-risk. Option B
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To calculate the discount rate, we can use the formula: Present value = Future value / (1 + discount rate)^n .Where n is the number of years and the future value is the expected return of 5x the initial investment.
If the Angel investor wants a 5x return on his investment in 3 years, then the future value would be: Future value = 5 x initial investment . To calculate the discount rate, we can set the present value to the initial investment and solve for the discount rate:
Initial investment = Future value / (1 + discount rate)^n
Initial investment = 5 x initial investment / (1 + discount rate)^3
1 + discount rate = (5 x initial investment) / initial investment^(1/3)
1 + discount rate = 5^(1/3)
Discount rate = (5^(1/3)) - 1
Discount rate ≈ 0.7100 or 71.00%
Therefore, the discount rate the Angel investor is referring to in order to get a 5x return on his investment in 3 years is approximately 71.00%.
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The diversification strategy is a superior global marketing strategy to market development. TrueFalse
Answers
The statement is false. The diversification strategy and market development are both valid global marketing strategies, but they serve different purposes and have distinct advantages.
Diversification strategy involves entering new markets with new products or services that are unrelated to the existing business. It aims to reduce risk by expanding into different industries or markets. Diversification can provide opportunities for growth, access to new customers, and a broader product portfolio.
Market development, on the other hand, focuses on entering new markets with existing products or services. It involves targeting new customer segments or expanding into new geographic regions. Market development allows companies to leverage their existing capabilities and resources to reach new customers and increase market share.
The choice between diversification and market development depends on the specific goals and circumstances of a company. There is no universal superior strategy as it varies based on factors such as industry dynamics, competitive landscape, resources, and overall business objectives.
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