Here is the schedule of cost of goods manufactured and income statement for Leone Company:
The Cost of Goods**Schedule of Cost of Goods Manufactured**
For the Year Ended December 31, 2023
Direct materials:
* Raw materials inventory, beginning $166,850
* Raw materials purchases $925,000
* Less: Raw materials inventory, ending $182,000
= $837,850
Direct labor $675,480
Indirect labor $159,475
Factory overhead:
* Depreciation expense—Factory equipment $49,325
* Maintenance expense—Factory equipment $35,400
* Factory utilities $33,000
= $127,150
Total manufacturing costs $1,819,855
Add: Beginning work in process inventory $15,700
Less: Ending work in process inventory $19,380
Cost of goods manufactured $1,805,775
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Income Statement
For the Year Ended December 31, 2023
Sales $4,462,500
Cost of goods sold:
Finished goods inventory, beginning $167,350
Cost of goods manufactured $1,805,775
Less: Finished goods inventory, ending $136,490 = $3,662,635
Gross profit $800,865
Operating expenses:
Selling expenses:
Advertising expense $28,750
Sales salaries expense $392,560
Rent expense—Selling space $26,100 = $447,410
Administrative expenses:
Office salaries expense $63,000
Depreciation expense—Office equipment $7,250
Rent expense—Office space $22,000 = $92,250
Total operating expenses $539,660
Net income $261,195
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The Complete Question
Required Information Use The Following Information For The Problems Below. (Static) Skip To Question [The Following Information Applies To The Questions Displayed Below.] The Following Year-End Information Is Taken From The December 31 Adjusted Trial Balance And Other Records Of Leone Company. Advertising Expense $ 28,750 Depreciation
Required information
Use the following information for the Problems below. (Static)
Skip to question
[The following information applies to the questions displayed below.]
The following year-end information is taken from the December 31 adjusted trial balance and other records of Leone Company.
Advertising expense $ 28,750
Depreciation expense—Office equipment 7,250
Depreciation expense—Selling equipment 8,600
Depreciation expense—Factory equipment 49,325
Raw materials purchases (all direct materials) 925,000
Maintenance expense—Factory equipment 35,400
Factory utilities 33,000
Direct labor 675,480
Indirect labor 159,475
Office salaries expense 63,000
Rent expense—Office space 22,000
Rent expense—Selling space 26,100
Rent expense—Factory building 76,800
Sales salaries expense 392,560
Problem 14-3A (Static) Schedule of cost of goods manufactured and income statement LO P1, P2
Using the following additional information for Leone Company, complete the requirements below.
Raw materials inventory, beginning $ 166,850
Raw materials inventory, ending 182,000
Work in process inventory, beginning 15,700
Sales 4,462,500
Work in process inventory, ending 19,380
Finished goods inventory, beginning 167,350
Finished goods inventory, ending 136,490
Required:
1. Prepare the schedule of cost of goods manufactured for the current year.
2. Prepare the current year income statement.
You are a valuable member of the student store staff. You handle many of the cash box transactions, moving the daily cash between the store and the office, where it is held overnight. You remember that you needed to have cash to reserve your spot on the senior trip today, and your wallet is empty. You have the money at home, but forgot to pick it up this morning. You can’t ask your friends because they don’t carry that much cash, and no one is at your house to bring it over. You know how the money is moved around through the student store, and could "borrow" the money from the cash box until tomorrow, and nobody would probably know. How do you proceed?
Answer:
I can put a call through to the organisers of the trip explaining that I have cash but it's not within reach and that if they reserved the spot for me, they'd get the money as soon as I can access it. Given that I am a valuable member of the student store staff, that reputation should count in times like this.
To borrow money from the cashbox would be a huge ethical risk and can easily be termed mismanagement of funds especially where the store policy does not allow such.
My value in the store lies largely on my integrity and the trust they students have invested in my person.
I'd rather miss the road trip than make a regrettable unethical decision.
Cheers!
Answer:
Taking money from the cash box would be stealing—it would be unethical. Instead, I would call a family member or a friend and request someone to lend me the money. In case this does not work, I‘d call the concerned organizers and try to convince them to allow me to bring in the money the following day.
Explanation:
This is for my class in finance
What is one way to minimize the impact of unplanned spending on a budget?
I will mark brainliest !!!
Answer:
1. Work with credit card companies. ...
2. Sell your stuff. ...
3. Earn extra income. ...
4. Take on a short-term money loan. ...
5. Re-budget to live below your means. ...
6. Ask for a paycheck advance. ...
7. Make sure you're prepared for next time.
Online content that has been created and posted by unpaid contributors such as customers or fans of a product or service is referred to as:.
Online content that has been created and posted by unpaid contributors such as customers or fans of a product or service is referred to as User-generated content.
User-generated contentUGC for short is content that is created, published or submitted by users of a brand. In numerous cases, it's the most influential content for brands. Usually, contributors are unpaid fans who encourage a brand instead of the brand promoting itself.
Online users are evolved increasingly savvy in knowing which companies are using messy marketing tactics, and which ones are being genuine and evident.
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Name and briefly describe the quantitative methods of control (ABM)
Mathematical and statistical techniques are the two main categories of quantitative management methods.
What is quantitative management?Computers and mathematical methods are used in quantitative management to sort through financial statistics and choose stocks. Managers use previous quantitative linkages they have observed to inform "models" that aid in stock selection.
Screening is the process of examining historical information on businesses using a computer. A quantitative manager may develop a program to screen 2,000 stocks based on a specific set of traits or criteria.
The manager might prove, for instance, that historically, stocks with low price-to-earnings ratios and rapid earnings growth during the previous two years outperformed the market the following year.
The simplicity of using a model once it is established is the obvious advantage. Given the constantly shifting landscape of the financial markets, developing the model is the challenging aspect.
It might be challenging to incorporate enough adaptability into a model in quantitative management without adding too many additional variables.
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Do you agree or disagree that world history revolves around money? Why or why not?
Answer:
I agree
Explanation:
Battles and soldiers during the world wars both 1 and 2 were surrounded by money to me because for instance when Hitler was around he was only there for the money and if it wasnt bc of that it was bc of the aryan race
but thats besides the fact that i believe that history is a mixed up feelng of what happened in that time era
hope this helps
Demonstrate your understanding on the difference of radical and
incremental innovation and in your opinion which one is more
effective for new strategy and why?
Radical innovation and incremental innovation are two distinct approaches to innovation, characterized by their level of disruption and novelty.
Radical innovation refers to a significant breakthrough or disruptive change that introduces completely new ideas, technologies, or business models. It involves a departure from the existing norms and often creates entirely new markets or industries. Examples of radical innovation include the invention of the personal computer, the internet, or the introduction of electric vehicles.
Incremental innovation, on the other hand, focuses on making gradual improvements or enhancements to existing products, processes, or services. It involves small, iterative changes that build upon existing knowledge and infrastructure. Incremental innovation aims to refine and optimize existing solutions rather than creating entirely new ones. An example of incremental innovation is the regular updates and improvements made to smartphones or the introduction of new features in software applications.
Both radical and incremental innovation have their merits and are suitable for different strategic contexts. The effectiveness of each approach depends on the organization's goals, resources, industry dynamics, and market conditions.
Radical innovation is often associated with high risks and uncertainties but can lead to groundbreaking advancements and competitive advantage. It is particularly suitable when industries are facing disruptive changes, and there is a need for transformative solutions. Radical innovation allows organizations to leapfrog their competitors and establish themselves as industry leaders. However, it requires substantial investments, technological expertise, and a high tolerance for failure.
Incremental innovation, on the other hand, is characterized by lower risks and more predictable outcomes. It allows organizations to continuously improve their products, processes, and services, enhancing customer satisfaction and maintaining competitiveness. Incremental innovation is effective when the market is relatively stable, and customers demand gradual improvements rather than radical changes. It allows organizations to leverage their existing knowledge and resources, iteratively enhancing their offerings.
In my opinion, both radical and incremental innovation have their place in developing a new strategy. The choice between the two depends on the specific context and goals of the organization. If the industry is experiencing disruptive changes or if there is a need for significant differentiation, radical innovation can be more effective. It enables organizations to create entirely new value propositions and capture untapped markets. However, if the industry is relatively stable, incremental innovation can be more practical and efficient. It allows organizations to build upon their existing strengths and incrementally improve their offerings, ensuring continuous growth and adaptation.
Ultimately, the most effective approach is often a combination of both radical and incremental innovation. Organizations should strive for a balanced innovation portfolio that incorporates both transformative breakthroughs and continuous improvements. This ensures a dynamic and adaptive strategy that can respond to changing market conditions while also fostering long-term sustainability and competitiveness.
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Disadvantages of choosing a job that is extremely popular or in demand
The disadvantage of choosing a job that is very popular or a job that is in high demand is that after a while such a job may become saturated or it would become monotonous.
What is a high demand job?This is the term that is used to refer to a job that the people that wpould employ labor are constantly in need of. Such a job is one that would require the people that have the qualification to opt in and get the places and the roles that they are to fill.
The issues that may arise from such a job that is in high demand is that after a period, such a job may have a lot of persons that would want to fulfil the role.
The number of qualified persons may become more than the job that is available for the people to do in the long run.
Hence this is a disadvantage. Therefore I would conclude by saying that the disadvantage of choosing a highly popular job is that the number of persons that are willing to fulfil the role may exceed the job overtime.
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Which is an example of an interest group? A. Like-minded colleagues meeting up for sports after work every Friday evening B. Managers in an organization acting as coaches for their reportees C. Travel enthusiast planning pleasure trips once in every six months D. Individuals coming together to promote environment protection
Answer: D. Individuals coming together to promote environment protection
Explanation:
An interest group consist of people that have a common interest and also seek to have an influence on public policy.
From the options given in the question, an example of interest group is the individuals coming together to promote environment protection. These individuals seek a common goal and find ways to make sure the environment can be better for everyone.
Therefore, the correct option is D.
X Company, which uses the gross method and a perpetual inventory system, sold $2,000 of merchandise on account with credit terms of 2/10,n/30. If the customer pays within the discount period and takes the discount, X will record a journal entry that includes ______. (Check all that apply.)
Answer.
Explanation.
20 Characters long
.Anyone over age 65 who receives Social Security benefits is automatically enrolled both in Medicare Part A and eligible for Medicare Part B. People who are over 65, who do NOT receive Social Security benefits may enroll in Medicare Part A by paying a premium. Physicians who participate in the Medicare program can bill patients for services that are excluded from coverage.
The first two statements are mostly correct:
- Anyone over age 65 who is eligible for Social Security benefits is automatically enrolled in Medicare Part A, which is hospital insurance. They are also eligible to enroll in Medicare Part B, which is medical insurance.
- People who are over 65 and not receiving Social Security benefits may still enroll in Medicare Part A by paying a premium.
However, the third statement is not entirely accurate:
- Physicians who participate in the Medicare program must accept Medicare's approved amount as payment in full for covered services. They are not allowed to bill patients for services that are excluded from coverage, unless the patient signs a written agreement to be responsible for those costs (known as a "private contract").
It's worth noting that there are some services and items that are not covered by Medicare, even if they are provided by a participating provider. Patients may be responsible for paying for these items or services out of pocket, unless they have additional insurance coverage.
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The first two statements are mostly correct:
- Anyone over age 65 who is eligible for Social Security benefits is automatically enrolled in Medicare Part A, which is hospital insurance. They are also eligible to enroll in Medicare Part B, which is medical insurance.
- People who are over 65 and not receiving Social Security benefits may still enroll in Medicare Part A by paying a premium.
However, the third statement is not entirely accurate:
- Physicians who participate in the Medicare program must accept Medicare's approved amount as payment in full for covered services. They are not allowed to bill patients for services that are excluded from coverage, unless the patient signs a written agreement to be responsible for those costs (known as a "private contract").
It's worth noting that there are some services and items that are not covered by Medicare, even if they are provided by a participating provider. Patients may be responsible for paying for these items or services out of pocket, unless they have additional insurance coverage.
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two rivers that helped China develop
primero el rio Amarillo (Huang He) en el norte, y más tarde el Yangtze en el sur.
What is the relationship between the production of vegetables and sale?
Answer:
The relationship between the production of vegetables and sale is the main difference between sales and production is that you must produce a product before you can sell it. Sales in a business are closely correlated to the marketing or sales effort of a business, whereas production is closely related to the manufacturing process.
I hope it help you,
God blessed youWhich of the following is not a step in the marketing research process?
O a. Estimate sales
O b. Interpret the information
O c. Make a preliminary investigation
O d. Gather factual information
The correct answer is option (a) Estimate sales.
The practice of assessing the viability of a new good or service through interviews with prospective customers is known as market research. With the aid of this technique, businesses and organizations may identify their target market, gather and record customer feedback, and arrive at well-informed conclusions.
In a marketing research process, it includes only the steps involving the study of the market and interpreting information based on that.
In the given question, a market research process always includes the steps like gathering factual information, making a preliminary investigation and interpreting the information that was achieved through the market study. But, in a market research process, there is no work of sale estimation. Sales estimation is an end process and marketing research is a beginning process. Sales value may fluctuate and to derive a correct sales estimation, there needs to be a proper marketing research.
Therefore, estimating sales is not a part of a marketing process, hence, option (a) is the correct answer for this question.
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Why do you think economists have different belief systems/theories on economics?
Answer:The principal disagreement among economists is a matter of economic philosophy. There are two major schools of economic thought: Keynesian economics and free-market, or laissez-faire, economics.
Keynesian economists, named after John Maynard Keynes, who first formulated these ideas into an all-encompassing economic theory in the 1930s, believe that a well-functioning and flourishing economy may be created with a combination of the private sector and government help.
By government help, Keynes meant an active monetary and fiscal policy, which works to control the money supply and adjust Federal Reserve interest rates in accordance with changing economic conditions.
By contrast, the free-market economists advocate a government "hands-off" policy, rejecting the theory that government intervention in the economy is beneficial. Free-market economists—and there are many distinguished advocates of this theory, including Nobel Memorial Prize winner Milton Friedman—prefer to let the marketplace sort out any economic problems. That would mean no government bailouts, no government subsidies of business, no government spending explicitly designed to stimulate the economy, and no other efforts by the government to help what the economists believe is the ability of a free economy to regulate itself.
Explanation:
What is the NPV, discounted payback period, Pl and IRR of the
investment? If required period is 1.5 years, is project accepted
based on PI, NPV, IRR, discounted payback period
The NPV, discounted payback period, PI and IRR of the investment depend on the data you provide for cash flows and the required rate of return. If the required period is 1.5 years, then the project acceptance depends on the NPV, IRR, discounted payback period and PI values.
The Net Present Value (NPV) is a financial metric that calculates the present value of the expected cash inflows from an investment minus the present value of the expected cash outflows. It is used to determine whether an investment will be profitable or not. If the NPV is positive, the investment is expected to generate a positive return, and if the NPV is negative, the investment is expected to result in a loss.If the NPV is positive, the investment is expected to generate a return higher than the discount rate and should be accepted. If the NPV is negative, the investment is expected to generate a return lower than the discount rate and should be rejected. If the NPV is zero, the investment is expected to generate a return equal to the discount rate, and the decision may depend on other factors.\
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Businesses are said to have a higher turnover when they can’t keep employees for very long. Why might employers leave a company soon after being hired? How could a company decrease their turnover rate?
Explanation:
employees leave for better salaries, for jobs with more responsibilities, for jobs where they feel they contribute or still can learn from, for better management/managers or for personal reasons such as divorces. but if they leave soon after being hired, the cause is probably the really bad management.
a company could invest more in their employees and especially in their managers which are most of time responsible for early departures of employees.
Which level of government are Planning workers most likely to work for?
A) state
B) federal
C) local
D) international
The level of government is Planning workers most likely to work for local. Thus, the correct option is (C).
A single sovereign state's lowest levels of public administration are collectively referred to as "local government" in the United States.
When the word "government" is used in this context, it explicitly alludes to a level of bureaucracy that is geographically confined and has a set of responsibilities.
A variety of essential services for residents and companies in certain areas are handled by the local government.
Therefore, the correct option is "C".
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Which of the following is not an example of professional behavior
?
Suppose that business travelers and vacationers have the following demand for airline
tickets from Los Angeles to San Francisco:
Price
$150
$200
$250
$300
Quantity Demanded
(business travelers)
35,000
30,000
26,000
20,000
Quantity Demanded
(vacationers)
25,000
21,000
14,500
11,000
1. As the price of tickets rises from $200 to $250, what is the price elasticity for both
(a) business travelers and (b) vacationers ?
2. Why might vacationers have a different elasticity than business travelers?
3. What would be the Exact Quantity Demanded and change in Total Revenue if the
Airlines Change the Price for Business Travelers from $200 to $230?
Given a known population density, __________ primarily drive retailer's site selections for multiple stores in the same community.
None of these is correct.
trade areas
property values
mass transit routes
Given a known population density, trade areas primarily drive retailer's site selections for multiple stores in the same community.
Trade area refers to the geographic area that is convenient for consumers to do their shopping for goods and services. A trade area is defined by the circumstances and is unique for every retail location.It includes the physical characteristics of the area, like the neighborhoods, streets, buildings, and natural barriers.
Trade areas can be used to identify the locations of potential customers and competitors. So, given a known population density, trade areas primarily drive retailer's site selections for multiple stores in the same community. In conclusion, retailers take into account the trade areas that have been defined around the already established stores when they select the location for their new stores.
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Health Source, Inc., offers to buy Medico Equipment & Supplies Corporation. On June 1, Medico gives Health Source copies of Medico’s financial statements for the previous year. The statements show an inventory of $1 million. On June 15, Medico discovers that the previous year’s inventory is overstated by $500,000, but does not inform Health Source. On July 1, Health Source, relying on the financial statements, buys Medico. On July 10, Health Source discovers the inventory overstatement. Can Health Source succeed in a suit against Medico? On what basis
Yes, Health Source, Inc., can succeed in a suit against Medico Equipment & Supplies Corporation. The basis for the suit would be misrepresentation of the inventory value in the financial statements provided to Health Source.
Why the succeed in a suit against medico?
Medico had the responsibility to disclose the corrected inventory value of $500,000 when they discovered the overstatement on June 15. However, they failed to inform Health Source about the discrepancy, leading Health Source to rely on inaccurate financial information when they purchased Medico on July 1. The discovery of the inventory overstatement on July 10 by Health Source can be grounds for a lawsuit against Medico for misrepresentation and failure to disclose accurate information.The concept that every person who enters into a learned profession undertakes to bring to the exercise of a reasonable degree of care and skill dates back to the laws of ancient Rome and England. Writings on medical responsibility can be traced back to 2030 BC when the Code of Hammurabi provided that “If the doctor has treated a gentlemen with a lancet of bronze and has caused the gentleman to die, or has opened an abscess of the eye for a gentleman with a bronze lancet, and has caused the loss of the gentleman’s eye, one shall cut off his hands. Under Roman law, medical malpractice was a recognized wrong. Around 1200 AD, Roman law was expanded and introduced to continental Europe. After the Norman conquest of 1066, English common law was developed, and during the reign of Richard Coeur de Lion at the close of the 12th century, records were kept in the Court of Common Law and the Plea Rolls. These records provide an unbroken line of medical malpractice decisions, all the way to modern times. One early medical malpractice case from England, for example, held that both a servant and his master could sue for damages against a doctor who had treated the servant and made him more ill by employing “unwholesome medicine [4].” In 1532, during the reign of Charles V, a law was passed that required the opinion of medical men to be taken formally in every case of violent death; this was the precursor to requiring expert testimony from a member of the profession in medical negligence claims, to establish the standard of care.
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A company purchased office equipment for $52000 and estimated a salvage value of $8000 at the end of its 8-year useful life. The constant percentage to be applied against book value each year if the double-declining-balance method is used is (Round answer to 1 decimal place, e.g. 15.2.) O 8.0%. O 12.5%. O 25.0%. O 2.5%.
(52,000-8000)/8 = 5,500
(5,500/44,000)*100 = 12.5%, A method of accounting known as the double declining balance (DDB) depreciation method entails depreciating some assets at a rate that is twice that of straight-line depreciation.
How is double decreasing determined?The following formula is used to compute the double decreasing balance:
2 × the basic depreciation rate times the book value
The rate at which an asset depreciates utilizing the straight line method is your basic depreciation rate.
The cost of the asset is the price you paid for it.
After completing this, you will receive your fundamental annual write-off.
When should you employ double falling depreciation?When to apply the twofold decreasing balance technique of depreciation When you buy assets that depreciate more rapidly in the first few years, the optimal scenario for using double declining balance depreciation is that situation. The asset that loses value the most in the first few years of ownership is a car.
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Noriko analyzes ways to create and improve computer systems.
Boris helps people who are having difficulty using computers.
Lane writes code for operating systems.
Jewel tests software to identify problems.
Carla fixes and maintains databases.
Ignacio plans, organizes, and oversees information technology projects.
Answer:Brian uses ultrasound technology to create images of a patient’s liver and kidneys.
Nigel performs tests on a patient to get information about how his heart is working.
Krystal analyzes X-rays to determine whether a patient has a broken arm.
Explanation:
Answer:
A. B. F.
Explanation:
Edge
which part of the statements about this W-4 is TRUE?
The true statement that we can say from the w-4 that we have here would be that By claiming 3 allowances, Mr. Khan will have less tax taken out of each paycheck than if he claimed just 1 allowance.
What is a w-4?This is the term that is used to refer to one of the forms that the workers in an organization would have to fill. The work that the W-4 does is that it helps the employers to be able to withdraw the federal income taxes from the pay of the worker that is in that organization.
From the question that we have here, the true statement would have to be that the man would have had less money taken from the amount that he earned if his allowance was just 1.
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What is the difference between a total and a subtotal?
Explanation:
SUB-TOTAL:
The total for a part of a list of numbers being summed.
TOTAL:
An amount obtained by addition of smaller amounts.
Answer:
subtotal is all the different parts being added together from different list.
total is the all items being added together plus tax.
Explanation:
The fact that multiple generations often work together in family businesses provides which of the following advantages? A) They will have equal skills with technology B) Family dynamics will play a part in business relationships C) perspectives of diverse clients are more likely to be taken into consideration D) Family members from different generations are more likely to get along
Answer:
Explanation: B) Family dynamics will play a part in business relationships.
The total compensation package that equalizes the purchasing power of an expatriate manager with that of employees in similar positions in the home country and provides incentives to offset the inconvenience incurred in the location is known as the approach
Answer:
Explanation:The main compensation items for expatriates involve base pay, cost-of-living adjustments, housing allowances, home leave, education assistance for dependents and premium pay.
As the HR manager of an organization, how can you be fair in providing bonus payments to employees?
A.
fix bonus payments based on competitor salary standards
B.
provide the same percentage of bonus to all employees
C.
link bonus payments to employee performance and targets
D.
provide a bonus to employees based on their seniority
Answer:
link bonus payments to employee performance C
your quickbooks online client spends a lot of time away from their office and you’re sure they would benefit from the mobile app.
Your Quickbooks Online client is frequently out of the office, and you are confident that they would benefit from using the mobile app to make purchases or manage payroll.
anywhere to work. To enter transactions, keep track of spending, send invoices to clients, and send reports from anywhere, use your mobile device. The Android version may look different but contains similar capabilities. Despite the fact that you can do the majority of your payroll duties using the mobile app, you must sign in to QuickBooks Payroll on the web in order to complete specific operations and the initial payroll setup. Digital payments are transactions that happen online or through other digital platforms without a physical exchange of money. This indicates that both the payer and the payee exchange money via electronic means.
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1 Which one of the following is not Which one of the key roles / purposes of marketing within
business?
A To identify potential customer groups
B To inform customers about the business's product or service
C To prepare cash flow forecasts
D To understand customers and their needs
Your answer
i