Student ID: Question 1 Dr Veiin, a lecturer attached to a Malaysian private university and a Japanese citizen, was appointed by the university for a period of three years commencing 1 December 2012, three days after her first arrival in Malaysia. She left Malaysia permanently for Japan on 15 January 2016 after her contract ended. Dr Veiin's stay in Malaysia for years from 2012 to 2016 is as follows: Year 2012 2013 2014 2015 2016 Answers Year 2012 Period of stay in Malaysia 28.11.2012 - 31.12.2012 1.1.2013 10.5.2013 21.5.2013 3.7.2013 20.10.2013 13.12.2013 1.6.2014 25.11.2014 31.8.2015 31.12.2015 1.1.2016 15.1.2016 15 Dr Veiin went back to Japan for 11 days from 11 May to 21 May 2013 to be with her mother who had a heart operation. Status Number of Days 34 130 Required: Determine the residence status of Dr Veiin for each of the basis years for the years of assessment from 2012 to 2016. 44 55 178 123 Remarks
Answers
Dr. Veiin's residence status for each of the basis years from 2012 to 2016 would be non-resident for all years, as she stayed for less than 182 days in Malaysia during each respective year.
Based on the provided information, let's determine the residence status of Dr. Veiin for each basis year from 2012 to 2016.
Year 2012:
Dr. Veiin arrived in Malaysia on 28th November 2012 and stayed until 31st December 2012.
The total duration of her stay in Malaysia during 2012 is 34 days.
Since she stayed for less than 182 days in Malaysia during this year, her residence status would be considered as a non-resident.
Year 2013:
Dr. Veiin arrived in Malaysia on 1st January 2013 and left temporarily from 11th May to 21st May 2013 (11 days) to be with her mother.
The total duration of her stay in Malaysia during 2013 is 130 days.
Since she stayed for less than 182 days in Malaysia during this year, her residence status would still be considered as a non-resident.
Year 2014:
Dr. Veiin arrived in Malaysia on 21st May 2013 and stayed until 15th January 2016.
The total duration of her stay in Malaysia during 2014 is 178 days.
Since she stayed for less than 182 days in Malaysia during this year, her residence status would be considered as a non-resident.
Year 2015:
Dr. Veiin continued her stay in Malaysia from 1st January 2014 to 31st December 2015.
The total duration of her stay in Malaysia during 2015 is 123 days.
Since she stayed for less than 182 days in Malaysia during this year, her residence status would still be considered as a non-resident.
Year 2016:
Dr. Veiin left Malaysia permanently on 15th January 2016 after her contract ended.
The total duration of her stay in Malaysia during 2016 is 15 days.
Since she stayed for less than 182 days in Malaysia during this year, her residence status would be considered as a non-resident.
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Related Questions
How can I become rich???
Answers
Explanation:
1, Don’t focus on a job, use the income from your job to invest to create different forms of income
2, Fastest way to get rich is to form a business
that's it :)
some people argue that china is currently experiencing a bubble, especially in real estate. if you agree, what possible problems might you encounter in trying to trade on your opinion?
Answers
Answer:
1. Difficulty in accurately predicting the timing of the bubble bursting: It is difficult to accurately predict when a bubble will burst, and any trades made in anticipation of a bubble bursting may be too early or too late.
2. Difficulty in accurately assessing the magnitude of the bubble: It is difficult to accurately assess the magnitude of the bubble, and any trades made in anticipation of a bubble bursting may be too large or too small.
3. Difficulty in accurately assessing the impact of the bubble: It is difficult to accurately assess the impact of the bubble, and any trades made in anticipation of a bubble bursting may be too risky or too conservative.
4. Difficulty in accurately assessing the underlying fundamentals of the market: It is difficult to accurately assess the underlying fundamentals of the market, and any trades made in anticipation of a bubble bursting may be based on incorrect assumptions.
5. Difficulty in accurately assessing the liquidity of the market: It is difficult to accurately assess the liquidity of the market, and any trades made in anticipation of a bubble bursting may be difficult to execute.
what do you prefer Aldi or Lidl? and why?
Answers
Put the following items in order from most expensive to least expensive. Item Base Price Change Direction Toaster $23. 35 36% Markup DVD $20. 36 66% Markup Headphones $69. 09 56% Markdown Jeans $55. 08 41% Markdown a. Headphones, jeans. Toaster, DVD b. Headphones, DVD, toaster, jeans c. DVD, toaster, headphones, jeans d. DVD, jeans, toaster, headphones.
Answers
The items arranged from most expensive to least expensive is DVD, jeans, toaster, headphones.
A mark up increases the price of an item while a mark down reduces the price of an item.
Price after a mark up = (1 + mark up) x base price
Price after a mark down = (1 - mark down) x base price
Price of the toaster after the mark up: (1.36 x $23.35 = $31.76
Price of the DVD after the mark up: 1.66 x $20.36 = $33.80
Price of the head phones after the mark down: (0.44 x $69.09 = $30.40
Price of the jeans after the mark down: 0.59 x $55 = $32.45
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The answer is:D. DVD, jeans, toaster, headphones.
Define the six characteristics of money.
Answers
Vision Medical Labs wants to expand its service offering by buying a new machine. The machine will cost $250,000 and will generate additional annual expenses of $39,000 for labor and materials forever. Apart from these expenses, it will create annual profits of $79,000 forever. The company has a cost of capital of 12% and the tax rate is zero. Part 1 What is the NPV of the machine project?
Answers
The NPV of the machine project for Vision Medical Labs is $483,333.33, indicating a positive net present value and potential profitability.
To calculate the Net Present Value (NPV) of the machine project, we need to discount the future cash flows generated by the project to their present value. The NPV formula is:
NPV = (Cash Flow / (1 + Discount Rate)^n) - Initial Investment
Given the information provided:
Initial Investment (Cost of the machine) = $250,000
Additional annual expenses (Labor and materials) = $39,000
Annual profits = $79,000
Cost of capital (Discount Rate) = 12%
Tax rate = 0%
Since the annual expenses and profits are expected to continue indefinitely, we can use the perpetuity formula to calculate their present value:
Present Value of perpetuity = Cash Flow / Discount Rate
Present Value of additional expenses = $39,000 / 0.12 = $325,000
Present Value of profits = $79,000 / 0.12 = $658,333.33
NPV = (Present Value of additional expenses + Present Value of profits) - Initial Investment
= ($325,000 + $658,333.33) - $250,000
= $733,333.33 - $250,000
= $483,333.33
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Assume that your total cost per unit to make a snack is $4.50. Your company is using a cost-plus pricing strategy and would like to charge a 15% markup. Show your work to calculate the Selling Price of the snack as well as the Total Profit that would be made per unit. Show your work
Answers
Answer: See explanation
Explanation:
The selling price of the snack will be the addition of the cost plus the markup. This will be:
Cost per unit = $4.50
Markup percentage= 15%
Markup = Markup percentage × Cost
= 15% × $4.50
= 0.15 × $4.50
= $0.675
Then, selling price will be:
= $4.50 + $0.675
= $5.175 per unit
Profit = Selling price - Cost price
= $5.175 - $4.50
= $0.675 per unit
The profit is the markup price.
The role of government affects entrepreneurs based on what their income is and what they would end up paying in taxes is as
an entrepreneurship
a supervisory body
one that reallocates income
a source of public good
Answers
Answer:
one that reallocates time
Explanation:
Entrepreneurs invest in their communities by contributing to the local economy and providing jobs. Many entrepreneurs create products to change the way people live in conduct business.
shareholders may sue to compel dividends if there are profits from which the dividend may legally be declared and the board's failure to do so is a gross abuse of its discretion. true or false
Answers
Shareholders have the right to sue a company's board of directors if they believe profits are available for dividend distribution is True.
Shareholders are the owners of a company and have certain rights, including the right to receive dividends, which are a portion of the company's profits distributed to shareholders. While the decision to declare dividends is generally within the discretion of the board of directors, there are cases where shareholders may sue if they believe the board is abusing its discretion.
If a company has profits available for dividend distribution and the board fails to declare dividends without a reasonable justification, shareholders may argue that it is a breach of fiduciary duty. Shareholders can sue the board to compel dividend payments if they can demonstrate that there are sufficient profits to support the distribution and that the board's failure to declare dividends constitutes a gross abuse of its discretion. It's important to note that the specific requirements and conditions for shareholders to sue for compelled dividends may vary depending on the jurisdiction and the company's governing laws. Shareholders should seek legal advice to understand their rights and options in such situations.
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In the graph, what information is determined by looking at the intersection of the supply and demand curves?
A.) The relative efficiency of production
B.) amount supplied at a specific price
C.) increase in demand
D.) equilibrium price
USA TEST PREP
Answers
Answer: D.) equilibrium price
Explanation:
The Supply curve shows the different combinations of prices and quantities of goods that Suppliers are willing to offer while the Demand curve shows the combination of goods and the prices the consumers can buy at.
When these two curves intersect as is the case in the graph, they give an equilibrium price which is the price that suppliers are willing to sell their goods at and consumers are willing to buy t.
intermediate goods, like milk sold by a farmer to a supermarket, are________
Answers
Intermediate goods, like milk sold by a farmer to a supermarket, are not included in GDP. This is because GDP only measures the final value of goods and services produced within a country's borders.
Intermediate goods are those goods that are used as inputs in the production process of final goods and services. Therefore, their value is already included in the final value of the product.
For example, when a farmer sells milk to a supermarket, the value of the milk is included in the price of the final product, which is the milk sold to the end consumer. The farmer's sale of milk to the supermarket is just an intermediate step in the production process of the final product, and the value of the milk is already accounted for in the final price.
It is only the final goods and services that are included in GDP at market value. Intermediate goods are excluded from GDP calculations to avoid double counting of their value.
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Complete Question:
Intermediate goods, like milk sold by a farmer to a supermarket, are
A. included in GDP.
B. included in GDP at market value.
C. included if it is imported.
D. are not included in GDP.
The balance on a credit card, that charges a 20%
APR interest rate, over a 1 month period is given in
the following table:
Days 1-5: $200 (initial balance)
Days 6-20: $350 ($150 purchase)
Days 21-30: $150 ($200 payment)
What is the finance charge, on the average daily
balance, for this card over this 1 month period?
finance charge = $ [?]
Round to the nearest hundredth.
Enter
Answers
The balance on a credit card, that charges a 20% APR interest rate, the Finance charge is given as
$4.3055
This is further explained below.
What is the APR interest rate?Generally, The interest rate that is applied to a loan, mortgage loan, credit card, etc. is referred to as an annual percentage rate of charge, which sometimes corresponds to a nominal APR and sometimes corresponds to an effective APR.
The annual percentage rate of charge is the interest rate for the entire year, as opposed to just a monthly fee or rate. It is a fee for financing that is presented in the form of an annual rate.
Interest rate APR = 12%
Average balance = ((200*5)+(350*15)+(150*10))/30
Average balance = $258.33
Average balance*APR/12
Finance charge =\(\frac{258.33*20 \%}{12 }\)
Finance charge = $4.3055
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Your building plan for your restaurant includes 4 bathrooms - 2 women’s and 2 men’s. The city inspector informs you , that you must have at least 400 square feet per bathroom. If your building is a total of 8,000 square feet, how many square feet are left for the development of other , non bathroom areas?
A) 4,000 square feet
B) 4,800 square feet
C) 6,400 square feet
D) 8,000 square feet
Answers
Answer:
C) 6,400 square feet
Explanation:
Each bathroom requires at least 400 square feet. There are four bathrooms.
In total, the four bathrooms will need 400 square feet multiplied by four.
= 400 square feet x 4
=1600 square feet
The space left for other developments
=total space - bathroom space
=8000 square feet - 1600 square feet
=6400 square feet
Thom Georges wants to open a store where he sells nothing but antique architectural features that he can salvage from old houses being torn down to make way for progress. He has an eye for the kind of doors, windows, mantels, and so forth that decorators want, but he does not have all the funding he needs to get started. He has invited his parents to invest $40,000 in the enterprise. He has told them that if they do invest, they would have liabilities in the firm equal to but no greater than their investment. Georges is trying to get them to form a _____ with him.
Answers
Answer: limited partnership
Explanation:
A limited partnership simply means a form of partnership whereby some of the partners only contribute financially nd thus will be liable and only to the extent of the amount that they contribute to the partnership m.
In case the company goes into bankruptcy, their personal assets and properties won't be affected. Since Thom invited his parents to invest $40,000 in the enterprise and told them that if they do invest, they would have liabilities in the firm equal to but no greater than their investment, then this is a limited partnership.
PLEASE HELP!
If a company reported total sales of $59,919, cost of goods sold of $21,112, gross income of $38,807, operating expenses of $18,005 and a gross profit ratio of 65%, what was the company's operating income? (Round to the nearest dollar)
a) -$18,005
b) $20,802
c) $25,225
d) $38,807
Answers
Answer:
b) $20,802
Explanation:
Operating income, also called operating profit, is the income after deducting the operating expenses. In other words, it is gross profit minus operating expenses.
Operating expenses exclude taxes and interest.
Operating income will be calculated using the formula.
Gross profit -operating expenses = operating income
i.e,. Revenue- Costs of goods sold -operating expenses = operating income
=$59,919 - $21,112, -$18,005 =operating income
Operating income = $20, 802
How do worker organizations influence wages?
A. They fight for higher pay for workers.
B. They lower the market value of workers.
C. They enforce regulations raising the minimum wage.
D. They require workers to have more education.
SUBMIT
Answers
Answer:
A.
Explanation:
In many industries wages are linked to enterprise cost of living which ensures a fair wages to workers. The wage rates are directly influenced by cost of living of a place. The workers will accept a wage which may ensure them a minimum standard of living. Wages will also be adjusted according to price index number.
They fight for higher pay for workers is the way organizations influence workers for wages. In many businesses, wages are tied to the cost of living of the company, ensuring that workers are paid fairly.
What is wage employment?In both the official and informal economies, wage employment encompasses any salaried or compensated position under contract to another person, organization, or company. Finding decent-paying work for those with impairments is often difficult.
Thus, option A, They fight for higher pay for workers is correct.
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Which of the following is not a limitation of PERT and similar project-scheduling techniques?
They force the manager to organize and quantify information.
One or more important activities may be omitted from the network.
Precedence relationships may not all be correct as shown.
Time estimates may contain a "fudge factor." The use of a computer is essential for large projects.
Answers
They force the manager to organize and quantify information is not a limitation of PERT and similar project-scheduling techniques.
What are the PERT CPM activities' limitations?While the majority of respondents agreed that this tool can be very helpful, they also acknowledged that it has some drawbacks. For example, PERT/CPM can lose its effectiveness and become challenging to manage if it is not well-defined and stable for active control of a project. It also necessitates frequent updating and revision of calculations, which is time-consuming.
Your actions must be scheduled in a chronological order in accordance with the PERT approach. The analysis is a subjective procedure. As a result, the tool's cost and time estimates are inaccurate. The chart demands significant research and preparation before applying it.
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In which part of a résumé would you mention details of any prizes or awards that you won in professional competitions?
Answers
Answer:
"Scholarships or Competitions" would be the appropriate choice.
Explanation:
As even the title indicates, this would be the segment of your CV or resume wherever you mention the related honors, accomplishments, or prizes you have received for performing above the norm. It requires scholarships, contests, career-related honors, or perhaps even raises to management place throughout the job. Even with your remarkable accomplishments, users shouldn't have to build a special segment.Answer:
Honors and activities
Explanation:
Hope this helps :)
An approach to the study of retailing that stresses activities such as buying, pricing, and personnel practices is a(n) ________ approach.
Answers
An approach to the study of retailing that stress activities such as buying, pricing, and personnel practices is a(n) functional approach.
You may have heard that meditation and exercise are powerful ways to relieve stress, but sports that adults tend to order for children are also wonderful ways to lift spirits, stay in the moment, and reduce tension.
“Play is not just essential for kids—it’s also an important source of rest and stimulation for adults,” says Rachel Buzenberg, a healing leisure expert with Henry Ford health. “As we get older, we emerge as set in our ways and discover it difficult to get out of our consolation zones and have interaction in new, fun sports. but expanding your leisure interests is not only calming, but it also helps you to manage stressors and build happiness.
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Newtown Sunglasses sell for about $154 per pair. Suppose that the company incurs the following average costs per pair: EEB (Click the icon to view the cost information.) Newtown has enough idle capacity to accept a one-time-only special order from Water Shades for 17,000 pairs of sunglasses at $80 per pair. Newtown will not incur any variable selling expenses for the order. Read the requirements O A. Will Newtown's other customers find out about the lower sale price Newtown offered to Water Shades? If so, will these other customers demand lower sale prices? O B. How will Newtown's competitors react? Will they retaliate by cutting their prices and starting a price war? O C. Will lowering the sale price tarnish Newtown's image as a high-quality brand? O D. All of the above O E. None of the above Requirement 2. Newtown's marketing manager, Peter Kyler, argues against accepting the special order because the offer price of $80 is less than Newtown's $83 cost to make the sunglasses. Kyler asks you, as one of Newtown's staff accountants, to explain whether his analysis is correct. What would you say? When deciding whether to accept a special order, we should compare the to our decision. This is why comparing the S80 price Water Shades offered us with our $83 total cost of making the sunglasses is ▼ | Costs that we will incur whether or not we fill the order are The additional revenues and the additional costs that we will incur to fill the special order are relevant.If we accept per pair that Water Shades offered. Therefore, we should the special order to the company's operating income Choose from any list or enter any number in the input fields and then continue to the next question. tO Newtown Sunglasses sell for about $154 per pair. Suppose that the company incurs the following average costs per pair: (Click the icon to view the cost information.) Newtown has enough idle capacity to accept a one-time-only special order from Water Shades for 17,000 pairs of sunglasses at S80 per pair. Newtown will not incur any variable selling expenses for the order Read the requirements. Requirement 1. How would accepting the order affect Newtown's operating income? In addition to the special order's effect on profits, what other (longer-term qualitative) factors should Newtown's managers consider in deciding whether to accept the order? Prepare the analysis to determine the effect on operating income. (Enter decreases to profits with a parentheses or minus sign.) Expected increase in revenues Expected increase in expenses sunglasses × Expectedi In addition to the special order's effect on profits, what other (longer-term qualitative) factors should Newtown's managers consider in deciding whether to accept the order? 。A. Will Ne town's other customers find out about the lower sale proe Newtown offered to water Shades? I so w these other customers demand o er sie noes? O B. How will Newtown's competitors react? Will they retaliate by cutting their prices and starting a price war? O C. Will owering the sale price tarnish Newtown's image as a high-quality brand? O D. All of the above in operating income E. None of the above Requirement 2. Newtown's marketing manager, Peter Kyler, argues against accepting the special order because the offer price of S80 is less than Newtown's S83 cost to make the sunglasses. Kyler asks you, as one of Newtown's Newtown Sunglasses sell for about $154 per pair. Suppose that the company incurs the following average costs per pair: EEB (Click the icon to view the cost information.) pairs of sunglasses at $80 per pair. Newtown will not incur any variable selling expenses for the order. Read t Data Table Requ r in deciding Requirements Direct materials Direct labor Variable manufacturingo Variable selling expenses Fixed manufacturing overhead Total cost 39 15 1. How would accepting the order affect Newtown's operating income? In addition to the special order's effect on profits, what other (longer-term qualitative) factors should Newtown's managers consider in deciding whether to accept the order? 20 83 $2,050,000 Total fixed manufacturing overhead 102,500 Pairs of sunglasses 2. Newtown's marketing manager, Peter Kyler, argues against accepting the special order because the offer price of S80 is less than Newtown's $83 cost to make the sunglasses. Kyler asks you, as one of Newtown's staff accountants, to explain whether his analysis is correct. What would you In Print Done O C. O D O E Requirement 2. Newtown's marketing manager, Peter Kyler, argues against accepting the special order because the offer price of $80 is less than Newtown's $83 cost to make the sunglasses. Kyler asks you, as one of Newtown's Print Done
Answers
Accepting the special order from Water Shades will increase Newtown's operating income by $765,000. However, managers should also consider potential negative impacts on the company's image and relationships with other customers and competitors.
To determine the effect on operating income, we can calculate the expected increase in revenues ($80 - $54 = $26 profit per pair) and the expected increase in expenses (no variable selling expenses, but $39 + $15 + $20 = $74 per pair in fixed costs).
Multiplying these values by the number of pairs in the order (17,000), we get an expected increase in operating income of $765,000. However, managers should also consider if other customers will find out about the lower sale price, if competitors will retaliate, and if lowering the sale price will tarnish the brand's image.
These factors could have longer-term impacts on the company's profitability and reputation.
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The proportion of the variance in the dependent variable that is predicted from the independent variable is _____.
Multiple Choice
a. the coefficient of determination
b. confidence level
c. goodness of fit
d. None of these choices is correct.
e. prediction band
Answers
The proportion of the variance in the dependent variable that is predicted from the independent variable is the coefficient of determination.
The coefficient of determination, also known as R-squared, is a statistical measure that represents the proportion of the variance in the dependent variable that is predicted from the independent variable. It ranges from 0 to 1, where 0 indicates no correlation between the variables and 1 indicates a perfect correlation. Therefore, option a, the coefficient of determination, is the correct answer to this question. The confidence level is a measure of the certainty or probability that a result falls within a certain range, while the goodness of fit is a measure of how well the observed data fits with the expected values. A prediction band is a graphical representation of the range of possible values for a predicted outcome. Option d, None of these choices is correct, is incorrect as the correct answer is option a.
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in the next four decades, almost all the growth in urban populations is expected to occur:
Answers
In the next four decades, the majority of growth in population is projected to take place in urban areas.
This is due to various factors such as increasing urbanization, rural to urban migration, and higher birth rates in urban regions. As a result, cities will continue to face challenges in terms of infrastructure, housing, and services to meet the needs of a growing population.
According to the United Nations Population Division, almost all the growth in urban populations is expected to occur in less developed regions, especially Africa and Asia1. These regions have the highest rates of urbanization and the largest numbers of urban dwellers. By 2050, more than two-thirds of the world’s population will live in urban areas.
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25 points, Why are certain brands global? 3-4 sentences, please.
Answers
Answer: Certain Brands can be global because of their profits, Let's take cars for a example, Cars can be made and distributed based on the company if they can pay for all the shipping and everything, but it really depends on the company and what they are selling.
Explanation:
Which of the following does a budget tracker do? Select all that apply.
A. keeps schedules flexible
B. compares the amount of money allocated with the money spent
C. shows whether extra costs in one area can be made up by lower costs in another area
D. provides a way for team members to collaborate using collaboration software
E. tracks e-mail threads related to the project
Answers
Answer:
A and D
Explanation:
Items that regularly appear on the financial statements of Maple Park Theatres Corp. The amounts shown for balance sheet items are balances as of September 30,2016
Answers
Answer:
Financial Statements are the reports of a company which provide detailed information about company financial position. The Income statement reports the company revenues and expense for the period whereas Balance sheet reports the company assets and liabilities position.
Explanation:
The Maple Park Theaters Corp. has reported the net of $133,562 in its income statement. The company has planned for reinvesting the 80% of net income into the extension of park. The reinvestment decision is taken by the company management for the purpose of increase revenue. The decision seems to be correct as extension of park and its services will attract more people to the park and ultimately revenue will increase and so profit too.
What is the product 0.3 × 8.7? please help me
Answers
Answer:
2.61
Explanation:
A car dealership performs a credit check on a potential customer. according to the credit bureau, the customer's credit score is 710. this is an example of
Answers
Answer:
Interval data
Explanation:
A credit bureau score is obtained when a company is about to give out a loan. It shows wether a person is likely to default on a loan based on historical borrowing behaviour.
When a score is between 580 to 669 means the scores are fair, 670 to 739 is a good score, while 740 to 799 is very good.
This way of scoring occurs in in a scale that occurs at equal intervals or units.
The scores are expressed as numerical value between points that are standardised and equal.
This is called interval data
In path–goal theory, which leadership style is best for managing employees who are new to dealing with ambiguous, unstructured tasks?.
Answers
Answer:
Directive Leadership
Explanation:
Directive Leadership style is a leadership style where all the power is with the leader and is highly centralized and undivided.
tomsm's Investment account at his bank has compounding Interest. He Isn't sure if this is a positive thing for his investment. What is the BEST advice you can offer Tom? OA. Ask your bank to compound the interest less frequently. OB. Withdraw your investment immediately because compounding Interest is a scam. OC. Invest in a bank that doesn't offer compounding Interest so there is less risk. OD. Keep your account open and you will earn more on Interest you've already earned. Reset Next reserved.
Answers
Answer: Keep your account open and you will earn more on Interest you've already earned
Explanation:
Since Tom's investment account at his bank has a compounding interest, the best advice that'll be offered to Tom is to keep the account open and he will earn more on Interest than what he has already earned.
It should be noted that compound interest makes ones money grow faster. The reason for this is due to the fact that the interest is calculated based on the accumulated interest that the individual has earned over time and the original principal.
Therefore, it isn't advisable for Tom to withdraw his money or ask the bank to compound the interest less frequently but rather, he should keep the account open as he'll earn more interest.
On 19th September 2022, Elsie Edwards, a resident of Ipswich, wrote the following letter to her friend, Phyllis Phillips, who also resides in Ipswich:- Dear Phyllis, I have decided that I have more than enough money to live comfortably for the rest of my life, so I want to devote some of my savings to helping others. I am going to transfer $400,000 to your bank account. I would like you to invest half of the money and, during the next 10 years, use the interest earned on those investments to make distributions of such amounts at such times as you think fit to such of my relatives as you may select. After 10 years, you must cash in the investments and use the cash and any accumulated interest to establish a day care centre for children with cancer. The centre must be run on a'not for profit' basis. I would like you to use the other $200,000 to buy shares in Australian companies . You can keep any dividends paid on those shares during your life but I want you to make a will in which you provide that the shares are to be sold and the proceeds of sale are to be divided among my three nieces. You have always been my most trusted friend so I have every confidence that you will be able to carry out these wishes of mine. Fond regards , Elsie On 20th September 2022, Elsie made an electronic transfer of $400,000 to Phyllis's bank account. Phyllis received Elsie's letter on 22nd September 2022. On 24th September 2022, Elsie, who was a keen amateur pilot, died when the light aeroplane that she was flying crashed. At the time of her death, Elsie had three nieces, Raelene, Charlene and Darlene. Phyllis has received advice from various organisations that provide care to cancer patients that setting up a day care centre for children suffering from cancer, including compliance with all of the relevant regulatory requirements, will cost a lot more than the likely proceeds of the contemplated investment of $200,000. Discuss what valid trusts (if any) have been created by Elsie's actions.
Answers
Based on the information provided, it appears that Elsie's actions have created valid trusts.
Let's analyze the situation:
1. Trust for Distributions to Relatives:
Elsie expressed her intention to transfer $400,000 to Phyllis' bank account, with the instructions to invest half of the money and use the interest earned for distributions to Elsie's selected relatives. While the specific relatives are not mentioned, Elsie has given Phyllis the discretion to choose the beneficiaries. This creates a valid discretionary trust, where Phyllis acts as the trustee and has the authority to determine when and to whom distributions will be made.
2. Trust for a Day Care Centre:
Elsie directed Phyllis to cash in the investments made with the other half of the money after 10 years and use the proceeds, along with any accumulated interest, to establish a day care centre for children with cancer. This instruction indicates Elsie's intention to create a charitable trust for the benefit of children with cancer. However, Phyllis has discovered that the cost of setting up the center exceeds the likely proceeds from the investment of $200,000. In this case, Phyllis should consult with legal professionals to explore alternative options that align with Elsie's charitable intent and comply with relevant regulations.
3. Will Provision for Nieces:
Elsie instructed Phyllis to use the dividends from the shares bought with $200,000 during Phyllis' lifetime, but ultimately, the shares should be sold, and the proceeds divided among Elsie's three nieces. This provision suggests Elsie's intention to create a will trust, wherein Phyllis holds the shares during her lifetime, but upon her death, the proceeds from the sale should be distributed to the nieces as specified.
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