Through free trade, countries specialize in the goods for which they have a comparative advantage and trade for those in which they do not. Specialization allows a country to divide labor among the various production segments, which results in higher productivity and greater economic growth for the involved countries.
What Are the Economic Impacts of Specialization?
Specialization, along with the complementary concept of the division of labor, occurs when the innate inequalities of human productive output are intensified along different skills. An individual becomes economically specialized when he focuses his productive efforts on an increasingly narrow range of tasks. The most obvious economic impact of specialization can be seen in the tendency for individuals to choose different vocations that are more in line with their interests, skills, opportunities, and education.
Division of labor:
The division of labor is the separation of the tasks in any economic system or organisation so that participants may specialize (specialization). Individuals, organizations, and nations are endowed with or acquire specialized capabilities and either form combinations or trade to take advantage of the capabilities of others in addition to their own. Specialized capabilities may include equipment or natural resources as well as skills and training and combinations of such assets acting together are often important. For example, an individual may specialize by acquiring tools and the skills to use them effectively just as an organization may specialize by acquiring specialized equipment and hiring or training skilled operators. The division of labor is the motive for trade and the source of economic interdependence.
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What is the equilibrium quantity of output in this market? a. 3 units b. 6 units c. 4 units d. 5 units
A correct option is option (a), i.e. 3 units
What is the definition of the equilibrium quantity?
When a product is in equilibrium quantity, there is neither scarcity nor a surplus on the market. When supply and demand cross, the amount of a good that consumers desire to buy is equal to the amount that its manufacturers are supplying.
What is equilibrium quantity increase?
Although the impact on the equilibrium quantity cannot be determined, a rise in demand and a decrease in supply will result in an increase in the equilibrium price. Consumers now place a higher value on goods, and producers must charge a higher price to offer the goods; as a result, prices will rise for all quantities.
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The decison-making model that assumes managers are fully objective and have all information they need to make a decision is the ____ decison model
The decision-making model that assumes managers are fully objective and have all information they need to make a decision is the rational decision model.
Rational comes from the Latin Rationalism, meaning rational or logical. If you are rational, you do things based on logic, not on impulse or whim. The original meaning of English was that which had the capacity to reason.
An example of rationality is someone who apologizes after an argument even though he knows he made a mistake. A specified or real number or quantity can be expressed as the ratio of two integers. where the second integer is not 0: all integers and fractions are rational numbers.
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Dave finney leases a vehicle for $245. 50 for 36 months. The deposit is $575. 00, and the title and license fees total $105. 0. What is the total lease cost?
The total lease cost is $680.
What is a lease?A lease is a contractual agreement that requires the user to pay the owner for the use of an item. Property, buildings, and cars are examples of leased assets. Leasing is also used for industrial or commercial equipment. A lease agreement, in general, is a contract between two parties: the lessor and the lessee. The lessee acquires the right to use the asset in exchange for regular rental payments from the lessor, who is the legal owner of the asset. The lessee also undertakes to follow certain conditions when using the property or equipment. A person leasing a car, for example, may agree to the restriction that the car will only be used for personal purposes.To find the total lease cost:
The total deposit is $575.License fees of $105.So, total lease cost = 575 + 105 = $680.Therefore, the total lease cost is $680.
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Lower-level managers are empowered to make decisions in a ______ organization, which can ________ motivation and job satisfaction.
Lower-level managers are empowered to make decisions in a decentralized organization, which can increase motivation and job satisfaction.
What is motivation ?Motivation is the reason why humans and other animals begin, continue, or discontinue an activity at any particular time. Motivational states are typically viewed as internal forces that induce a desire to engage in goal-directed conduct.
The Three Kinds of Motivation
Extrinsic. Performing an action in order to achieve or prevent a specific result. Many of the things you perform every day are probably extrinsically driven. ...
Intrinsic. Internal motivation for success or a sense of purpose... Family. Motivated by a desire to provide for your family.
Motivation will assist him in achieving his personal objectives. Individuals who are motivated will be satisfied with their jobs. Individual self-development will benefit from motivation. Working with a dynamic would always benefit an individual.
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Amounts withheld from employee's earnings for employee income tax is considered a _____ by the employer until the government is paid.
Amounts withheld from employee's earnings for the employee income tax is considered a liability by the employer until the government is paid
What is liability?
Liability means the obligation that one party owes another, whose settlement requires the indebted party to transfer cash or equivalent value of other benefits commensurate to the liability to the other party.
In this case, the employees owe the government income taxes, whereby the employees have discharged the obligation by having the employers deduct them from their earnings.
The onus is now on the employers to make payments in respect of the income taxes withheld to the tax authority, prior to which the taxes are treated as the employer's liability.
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Missing options:
(A) assets. (B) liabilities. (C) salary expense. (D) revenue.
Answer:
current liability
Explanation:
Examining internal or external records or documents that are in paper form, electronic form or other media is known as?
5-7 The types of procedures and their definitions are as follows. (1) Inspection of records or documents consists of inspection of internal and external records or documents on paper, electronic or other media.
External evidence is considered more reliable than internal evidence because it is in the hands of both the client and another party. This means acceptance of the information and conditions contained in the document.
Internal documents are records created and kept within a company. Documents are used to support organizational processes. Examples of internal documents include employee time cards and timesheets, production schedules, purchase requisitions, receipt reports, sales orders, and disposal approvals.
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The legal document that describes the rights and obligations of both the bondholders and the issuer is called the bond.
The legal document that describes the rights and obligations of both the bondholders and the issuer is called the indenture bond.
What is meant by indenture?A legal and binding agreement known as an indenture is frequently related to bond deals, real estate, or bankruptcy. A thorough description of the terms, conditions, and covenants can be found in an indenture.
Who is bondholder?A bondholder is a buyer or the owner of debt instruments, which are frequently issued by governments and enterprises. In essence, bond issuers are borrowing money from bondholders. When bonds mature, bondholders are reimbursed for their initial investment, or principle.
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In the united states, employee salaries are increasingly based on ______________ rather than internal job evaluation.
In the united states, employee salaries are increasingly based on market pricing rather than internal job evaluation.
Job evaluation is the process of determining how much remuneration to assign to a job is called a job evaluation. In order to assess the compensation range, the pay scale for relevant positions, and the benefits that are suitable for a particular employment, internal and external data must be used.
A job evaluation assesses the position without taking the person in that position into account, whereas a performance appraisal evaluates the individual. Examples of typical job evaluations include single-position evaluations for newly formed positions, job reevaluations to increase salaries' competitiveness or equity, and company-wide job evaluations to redesign the entire compensation scheme.
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A natural monopoly, such as a local telephone company, is characterized by?
A natural monopoly, such as a local telephone company, is characterized by economies of scale.
Economies of scale refers to the cost advantages which are experienced by companies as they grow and become more efficient.
An economy of scale is realized when any company increases in size and is able to spread out the cost of production over a larger number of units of a good.
Companies use economies of scale to maximize the efficiency of their production and the profits are maximized.
As the company produces more units of a good, the cost per unit goes down because operating and overhead costs get spread out over more units of the products which leads to the increased margins.
This is one reasons why a smaller company will charge more for a product than a larger company making the same product.
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Weekly or monthly work plans used by management to get information about salespeople are referred to as ________.
Weekly or monthly work plans used by management to get information about salespeople are referred to as sales report.
A sales report is a written account of a company's sales efforts. At different stages of the selling cycle, organizations may utilize a variety of sales reports to assess success, identify areas for development, and gather insightful data that could inform future strategy.
This way they also keep a check on their salespeople, their efficiency and performance. A management must create an environment for their salesperson where they are accountable to the management for their task.
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Has the ceo carried out his or her responsibility for educating the board? Why or why not?
The CEO has not carried out his or her responsibility for educating the board as evident by the lack of information held by the board members during the discussion and their need and search for more information with respect to the quality performance measures of the Regional Medical Centre and their inquiry for the cost-benefit analysis.
The board members during the meeting are unaware of most of the indicators of the quality performance measures and the patient satisfaction measures and seem to be inquiring from each other about the values. They are also not aware of the trend or changes in these values in Q2 as compared to Q1.
The CEO has the responsibility of overall seeing the functioning of the healthcare organization and reporting, making key administrative decisions, leading organizational changes, and educating the board of directors about the parameters and reports with regard to the functioning of the healthcare organization.
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Phil owns 150 acres in fee simple absolute. tThese 150 acres are known as his?
Phil owns 150 acres in fee simple absolute. These 150 acres are known as his ownership
What is ownership?Ownership is the legal possession and control of property, which can be any tangible or intangible asset. Ownership can involve multiple rights, referred to collectively as title, that can be separated and held by different parties.
The legal right of an individual, group, corporation, or government to possess a thing is referred to as ownership. Material and immaterial things are the two types of subjects of ownership. Material ownership refers to tangible items such as property, land, a car, a book, and so on.
The legal right to use, possess, and give away something is defined as ownership. Ownership can be of tangible things like personal property and land, or of intangible things like intellectual property rights.
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The revocation or suspension of a principal broker’s license will cause all licenses associated with the principal broker to become?
All the other licenses associated with the principal broker will become inactive.
A revocation is the termination or annulment of a declaration or agreement. Revocation in the context of contracts may refer to the offeror cancelling an offer.
The revocation or suspension of a principal broker's license instantly renders inactive any license provided to any individual by virtue of affiliation with the revoked or suspended principle broker's license, pending a change of principal broker and the granting of a new license. If awarded during the same year as the original license, the replacement license will be provided free of charge.
Therefore, the it will make other license inactive.
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Country x allows market forces to guide its economy. however, it does regulate some transactions and has set a minimum wage for workers. what kind of economy does this country have?
The centralized kind of economy this country has.
A market economy is an economic system in which economic decisions and pricing of goods and services are guided by the interaction of individual citizens and firms in the country. There may be government intervention or central planning, but usually, the term generally refers to a market-oriented economy.
However, economists have identified six main functions of government in a market economy. The government provides the legal and social framework, sustains competition, provides public goods and services, redistributes income, modifies externalities, and stabilizes the economy.
No matter what the future holds, a business degree can help people succeed. Understanding how decisions are made, how markets work, how rules affect outcomes, and how the economy forces drive social systems can help people You will be able to make better decisions and solve more problems. It leads to success in business and life.
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Suppose banks decide to hold more excess reserves relative to deposits. Other things the same, this action will cause the money supply to?
Suppose banks decide to hold more excess reserves relative to deposits. Other things the same, this action will cause the: b. money supply to fall. To reduce the impact of this the Fed could buy Treasury bonds.
What is excess reserve?Excess reserve can be defined as the excess money set aside by banks or financial institutions and most of this banks tend to receives interest on the excess reserve they set aside.
Holding excess reserve relative to deposit can tend to cause money supply which is the amount of money in circulation to fall and to decrease the impact of it the Fed could buy Treasury bonds.
Therefore the correct option is B.
The missing options are:
a. money supply to fall. To reduce the impact of this the Fed could sell Treasury bonds.
b. money supply to fall. To reduce the impact of this the Fed could buy Treasury bonds.
c. money supply to rise. To reduce the impact of this the Fed could sell Treasury bonds.
d. money supply to rise. To reduce the impact of this the Fed could buy Treasury bonds.
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Implementing the new or changed process is the second activity in business process management.
a) true
b) false
This is false that Implementing the new or changed process is the second activity in business process management.
The discipline of business process management (BPM) employs a number of techniques to identify, model, analyze, measure, improve, and optimize business processes. In order to achieve business outcomes in support of a business strategy, a business process coordinates the behavior of people, systems, information, and things.
An organized strategy for comprehending, enhancing, and controlling a company is called business process management. The four phases of the process are commonly recognized to be documented, assess, improve, and manage. Implementing the new or changed process is the third activity in business process management.
Business process management Systems Are Important as It makes it possible for all facets of business operations to perform smoothly in addition to facilitating seamless processes. By carefully implementing business processes, you can cut down on time wasted on repetitive operations and decrease mistakes brought on by human inefficiencies.
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Under regulation t, an extension request that is granted by finra typically gives a customer how many additional business days to pay for a securities purchacse?
Specifically, Regulation T gives an investor a maximum of four business days to pay for securities purchased in a cash or margin account.
A "margin account" is a specific kind of brokerage account where your broker-dealer lends you money to buy securities (sometimes referred to as "margin securities") while using the account as security. You might be able to hold a cash account and a margin account simultaneously with some brokerage firms.
A "margin account" is a specific kind of brokerage account where the broker-dealer lends the investor money to buy securities while using the account as collateral. While margin gives investors more purchasing power, it also exposes them to the possibility of bigger losses.
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An organization is identifying applicants who have knowledge, skills, and abilities that will help the organization reach its goals. the organization is in the process of?
An organization is identifying applicants who have knowledge, skills, and abilities that will help the organization reach its goals. The organization is in the process of selection.
A selection process can be defined as the process of selecting and pre-selecting suitable candidates with the required qualifications and skills to fill vacancies within an organization. The selection process varies from industry to industry, company to company, and even departments within the same company.
Selection is defined as the process of selecting suitable candidates for available positions. Recruitment is described as a proactive process with an approach that attracts as many candidates as possible to open positions.
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When reporting on financial statements prepared on the basis of accounting used for?
Whilst reporting on financial statements organized on the basis of accounting used for earnings tax functions, the auditor need to include within the file a paragraph that: States that the earnings tax basis of accounting is a basis of accounting apart from typically common accounting standards.
Income declaration first as it offers you the essential information to generate other monetary statements. sales might be any sales that your commercial enterprise generates. charges could be diverse working charges, like inventory, hire, or utilities.
Financial statements provide a snapshot of a economic fitness, giving insight into its overall performance, operations, and coins glide. monetary statements are vital in view that they offer statistics about a company's sales, costs, profitability, and debt.
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What is the primary difference when calculating the cost per unit between the variable costing and absorption costing?
The primary difference is that the absorption cost method includes fixed overhead as part of the cost of goods sold, while the variable cost method includes it as an administrative cost.
Difference between the absorption cost method and the variable cost method:Absorption costing, often known as "full costing," is a managerial accounting method for collecting all costs related to the production of a specific product. This strategy accounts for direct and indirect expenditures such as direct materials, direct labor, rent, and insurance.Variable costing is a concept used in managerial and cost accounting that excludes fixed manufacturing overhead from the product cost of production. In contrast, absorption costing allocates the fixed manufacturing overhead to the items produced.The major distinction is that the absorption cost technique includes fixed overhead as part of the cost of products sold, whereas the variable cost method includes it as an administrative cost.Therefore, the primary difference is that the absorption cost method includes fixed overhead as part of the cost of goods sold, while the variable cost method includes it as an administrative cost.
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Who will be responsible for creating the disaster recovery plan and will likely be responsible for testing it and keeping up with its ongoing maintenance?
The disaster recovery planning team will be responsible for creating the disaster recovery plan and will likely be responsible for testing it and keeping up with its ongoing maintenance.
The disaster recovery team is responsible for creating the organization's disaster recovery plan, developing the planning processes and procedures, and implementing the plan to ensure data recovery in the event of a disaster.
Security administrator. network administrator. Executive Response: An organization's executives are ultimately responsible for corporate governance, including deciding whether to implement BCP/DRP controls.
The role of the Local Disaster Recovery Manager is to organize, coordinate and facilitate recovery at the local level. The experience and skills of these individuals should include a strong foundation for community development and a good knowledge of community demographics.
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Using stored liquidity to offset a deposit drain will reduce the size of the bank but using purchased liquidity to offset the drain will not.
a. true
b. false
Using stored liquidity to offset a deposit drain will reduce the size of the bank but using purchased liquidity to offset the drain will not. The given statement is true.
Stored liquidity meets all funding requirements through carefully designed deposit structures and on-balance sheet liquid assets. Purchased liquidity employs borrowings and non-core liabilities to cover financial requirements.
Liquidity management was bought. Liquidity can be obtained on the financial markets, such as by borrowing money from rival banks and other institutional investors. • A liability-side adjustment to the balance sheet to cover a deposit drain.
By the effect it has on the price of acquired funds. Because all shareholders share in the value loss on a pro rata basis, mutual funds have lower liquidity risk than banks when comparing the two.
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Some crypto exchanges allow their customers to employee leverage, and why is this not a good idea, according to full proof?
Since 2011, over $1.65 billion worth of crypto assets have been stolen, and the numbers are accelerating on a Keeping your digital assets in an exchange wallet is comes with added risks, so storing your cryptocurrency there for a long period of time is not a good idea.
What is cryptocurrency?A cryptocurrency, crypto-currency, or crypto is a digital currency that is designed to function as a means of exchange via a computer network and is not dependant on any central authority, such as a government or bank, to support or maintain it.
Mining is the process by which Bitcoin and other cryptocurrencies are created and transactions involving new currency are validated. It comprises large, decentralised networks of computers all over the world that verify and protect blockchains, which are virtual ledgers that record cryptocurrency transactions.
Cryptocurrency exchanges are lawful in the United States and are governed by the Bank Secrecy Act (BSA). In effect, this means that bitcoin exchange service providers must register with FinCEN, establish an anti-money laundering/counter-terrorism financing programme, and maintain adequate records.
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ABC Electronics introduced the first large flat screen TV. Shoppers were amazed by the sharp, colorful images, and consumers flocked to the stores to purchase one. ABC priced the product high while there were few competitors in order to recover research and development costs and maximize profits. This strategy is called
The strategy in which there is high price charged and there are a very few competitors available this suggests that there is a monopolistic competition. The strategy is premium strategy.
What is Monopoly?Monopoly is the seller in a market where there is no competition, the sole seller of the products or services is the organization and thus this way the organization can charge the amount it wants.
In a monopolistic competition there are a few competitors available in the market and therefore they can charge high prices, as in the scenario ABC electronics have incurred a high amount of research and development cost and so that is why they are charging a high price.
The high price will be paid by the consumers because it is a cutting edge technology and thus ABC will generate greater profits.
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If a company uses $1,510 of its cash to purchase supplies, the effect on the accounting equation would be:________
If a company uses $1,510 of its cash to purchase supplies, the effect on the accounting equation would be One asset increases $1,510 and another asset decreases $1,510, causing no effect.
The relationship between an entity's assets, liabilities, and owner's equity are represented by the basic accounting equation, often known as the balance sheet equation. It serves as the system's cornerstone for double-entry bookkeeping. The total debits and total credit for each transaction are equal.
There are three possible arrangements for the accounting equation:
Assets = Liabilities + Owner's Capital - Owner's Drawings + Revenues - Expenses. Owner's equity = Assets - Liabilities. Net Worth = Assets - Liabilities.The accounting equation makes sure that every entry in the books and records is verified and that each obligation (or expense) and its associated source, or each item of revenue (or asset) and its source, can be independently verified.
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A company’s ______ is responsible for communicating ethical standards to all employees and designing systems to monitor employees' conformity to those standards.
A company’s ethics ombudsperson is responsible for communicating ethical standards to all employees and designing systems to monitor employees' conformity to those standards.
Questions and claims of potential breaches in institutional ethics and integrity are received by the Ethics Ombudsperson, who then investigates them and provides a resolution. When views are based on unreliable or erroneous data, integrity is usually questioned. Whether real or not, a perceived ethical breach can seriously harm a person's or an organization's reputation.
The Ethics Ombudsperson is not a substitute for the current routes of dispute resolution, communication, or employee dissatisfaction. In light of this, ethical failure cases that may be resolved through established channels or procedures should do so. In certain situations, the Ethics Ombudsperson will send the complainant to the General Counsel's office for private guidance on how to resolve the issue internally.
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The 1909 strike at new york city's triangle shirtwaist company demonstrated that:______.
The 1909 strike at New York city's triangle shirtwaist strike demonstrated that women workers could create solidarity across social and ethnic lines.
The Uprising of the 20,000, also known as the New York Shirtwaist Strike of 1909, was a labor dispute that mostly affected Jewish women who worked in New York shirtwaist manufacturers. The strike was the biggest by female American employees to that point. The strike began in November 1909 under the direction of Clara Lemlich and the International Ladies' Garment Workers' Union, with assistance from the National Women's Trade Union League of America (NWTUL). The NWTUL and the factory owners reached a settlement in February 1910, which resulted in better pay, hours, and working conditions. The Triangle Shirtwaist Factory Fire, which exposed the hardship of immigrant women working in hazardous and challenging conditions, occurred only a year after the strike came to a conclusion.
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What strategies did the lifeguard use to try to get the patron to understand the importance of clearing the pool?
Most important strategies of lifeguard is tracking activities in and near the water through customer surveillance.
Stopping injuries by way of minimizing or doing away with risky conditions or behaviors. imposing facility policies and policies and educating buyers about them. Purchasers need to know about the risks that could purpose harm. behaviors that lead to damage. shoppers can be surprising with facility capabilities, or be so excited that they do no longer study symptoms or take note of guidelines.
The lifeguard has a whistle to alert the ones concerned. In worst instances, lifeguards alert co-workers and emergency rescue when a person is severe injured or is going below water.
The number one obligation as a lifeguard is to save you drowning and other accidents from occurring. candidates need to be able to make sure the protection of consumers by minimizing or getting rid of unsafe conditions or behaviors.
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The balance of opinion suggests that the contributors to leadership effectiveness are:________
The balance of opinion suggests that the contributors to leadership effectiveness are a combination of nature and nurture.
Effective leadership: what is it?
Effective leaders can use their leadership abilities to inspire all of their coworkers to follow their example, resulting in increased morale and better results for their organization, rather than having to hold management positions. These abilities can make you a better worker, teammate, and member of your company.
Whatever your position in the organization, having the right leadership qualities can advance you into a better position. Effective leadership abilities can change your entire organization because a manager and a leader are not always the same thing.
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A $300,000 $500,000 bodily injury liability automobile policy could pay _____ to all injured victims in one accident.
A $300,000 $500,000 bodily injury liability automobile policy could pay up to a total of $500,000 to all injured victims in one accident.
Legal responsibility is something someone or agency owes, normally a sum of money. Liabilities are settled through the years thru the transfer of economic blessings together with cash, goods, or offerings.
assets are the objects your corporation owns that may offer future financial gain. Liabilities are what you owe different parties. In brief, property put money in your pocket, and liabilities take cash out!
Liability is what a person or organization owes cash on. This includes the responsibility to pay taxes, loans, mortgage payments, and invoices for goods and services.
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A $300,000 $500,000 bodily injury liability automobile policy could pay up to a total of $500,000 to all injured victims in one accident.
Legal responsibility is something someone or agency owes, normally a sum of money. Liabilities are settled through the years thru the transfer of economic blessings together with cash, goods, or offerings.
assets are the objects your corporation owns that may offer future financial gain. Liabilities are what you owe different parties. In brief, property put money in your pocket, and liabilities take cash out!
Liability is what a person or organization owes cash on. This includes the responsibility to pay taxes, loans, mortgage payments, and invoices for goods and services.
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