What are the three cost elements for a manufactured item?
A manufactured item has three cost elements: (1) the cost of raw materials, (2) the cost of labor employed directly in the production of the item, and (3) all other costs, which are typically called overhead.
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To be a qualifying relative, the taxpayer must meet three general tests and four specific tests. Which one is not part of the four specific tests?
A. Age test. B. Support test. C. Relationship test or member of household test. D. Gross income test.
Treasury stock does not vote, has no preemptive rights, cannot participate in dividends, and has no liquidation rights
Indicate whether the statement is true or false
The product life-cycle concept from microeconomics and marketing provides useful insights into the relations among cash flows from operating, investing, and financing activities. The _____ phase reflects sales of successful products, and net income turns positive. The firm makes more sales, but it also needs to acquire more goods to sell. Because it usually must pay for the goods it acquires
before it collects for the goods it sells, the firm finds itself often short of cash from operations. The faster it grows (even though profitable), the more cash it needs. Banks do not like to lend for such needs. They view such needs (even though for current assets) as a permanent part of the firm's financing needs. Thus, banks want firms to use shareholders' equity or long-term debt to finance growth in nonseasonal inventories and receivables. a. introduction b. growth c. mature d. late maturity e. decline
International freight, insurance, and packing can add as much as 25 to 30 percent to the quoted price, depending on the sales term used.
Answer the following statement true (T) or false (F)