In the event that the company's initial inventory is exaggerated, the cost of goods sold will also be overstated, which will result in an understatement of the reported net income.
What is net income?In the context of business and accounting, net income, also referred to as total comprehensive income, net earnings, net profit, bottom line, sales profit, or credit sales, refers to an entity's income less cost of goods sold, expenses, depreciation and amortization, interest, and taxes for a particular accounting period.
The net increase in shareholders' equity that results from a company's operations has also been used to characterize it. It is determined by subtracting all expenses and losses from all earnings and revenues for the time period. It differs from gross revenue.
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The final step in recognizing the completion of production requires a company to?
'The final step in recognizing the completion of production requires a company to debit Finished-Goods Inventory and credit Work-in-Process Inventory.
Production is the process of making or producing goods or products from raw materials or parts. In other words, production takes inputs and uses them to create outputs suitable for consumption, i.e. goods or products of value to the end-user or customer.
Production is the process of making, harvesting, or creating something, or the quantity of something manufactured or harvested. An example of production is the manufacture of furniture. An example of production is harvesting corn for food. An example of production is corn production.
The economist classifies the factors of production into his four categories: land, labor, capital and entrepreneurship. The first element of production is land, which includes all natural resources used to produce goods and services.
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All the costs appearing on the job cost sheets of the jobs that are being worked on are found in the ______ account.
All the costs appearing on the job cost sheets of the jobs that are being worked on are found in the work in process account.
What is a job cost sheet?
The job cost sheet lists all costs that have been incurred on a particular job till date, which can also be found in the work in process account.
The work in process account contains amounts relating to jobs that are currently being undertaken, as the name indicates, the jobs are still being worked upon not yet completed or finalized.
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Small dollar value purchase orders can be efficiently and effectively managed by?
Small-dollar value purchase orders can be efficiently and effectively managed by implementing an e-procurement application.
A buy entails the purchase of goods or offerings in exchange for a charge of some type. The charge is commonly in coins or credit (to be paid later). A buy may also be part of a barter transaction in which exclusive non-coins belongings are exchanged, or it may be in change for the idea of legal responsibility.
An example of to purchase is to buy meals on the grocery save. To gain at a price, as of struggling or sacrifice. (law) the acquisition of land, buildings, and so forth. by way apart from inheritance or descent.
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Identify the professional certifications offered in accounting and the organizations that offer them.
CMA, CPA, CIA are the professional certifications offered in accounting
What is accounting?
The process of recording a business's financial transactions is termed as accounting. To record these transactions to oversight organizations, regulators, and tax collection organizations is a step in the accounting process.
The financial statements that are used in accounting provide a succinct overview of all financial transactions that took place within a certain accounting period. They also summarize the operations, financial status, and cash flows of an organization.
One of the most important tasks in virtually every organization is accounting. In small businesses, it may be handled by a bookkeeper or accountant; in larger organizations,
it could be the responsibility of substantial financial departments with many staff members. Managerial decision-making is greatly aided by the reports produced by several streams of accounting, such as cost accounting and managerial accounting.
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The lender will charge a one-and-a-half-point origination fee and two loan discount points. what will be the total due for points on a $115,000 loan?
Th total due will be $4,025
the required solution about loan discount is mentioned below
(One percent of the loan amount is one point. 3.5% of $115,000, or $115,000 x.035 = $4,025, is three and a half points (one and a half and two).
How Do Origination Fees Work?
An advance charge made by a lender to process a fresh loan application is known as a mortgage origination cost. The charge is payment for carrying out the loan. In the United States, loan origination costs are typically between 0.5% and 1% of a mortgage loan. They are given as a percentage of the entire loan.
Origination fees, often known as "discount fees" or "points," are charges for services like processing, underwriting, and funding. This is especially true when they amount to 1% of the total amount borrowed.
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A product’s value depends both on its utility and its scarcity.
True or false
Answer:
true
Explanation:
Expansion of competitive boundaries which allows customers many choices is called a?
Expansion of competitive boundaries which allows customers many choices is called a: global economy.
What is a global economy?A global economy is also referred to as globalization and it can be defined as the strategic process which involves the integration of various markets across the world to form a large global marketplace, especially through an expansion of competitive boundaries.
Basically, a global economy makes it possible for various companies to produce goods and services that are being used by consumers across the world.
This ultimately implies that, a global economy leads to economic prosperity for various companies in different countries because it ensures an increase in market efficiency while creating employment opportunities for the people who are seeking employment in that country, as well as the availability of numerous choices to consumers.
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Barney owns a lot valued at $84,000. he purchases an adjoining lot for $66,000 and merges the two properties. the current appraised value of the newly formed lot is $177,500. this is an example of:_____.
The freshly developed lot currently has a $177,500 appraised value. as an illustration: plottage
The required details for plottage in given paragraph
Plottage is the increase in value obtained by joining two or more neighboring pieces of land into one bigger tract. Assemblage describes the procedure of bringing the parcels together. In most cases, the total value of a parcel will be more than the sum of its smaller parts.
What does plottage increment mean?
The value added by fusing the lots is referred to as plottage increment. As an illustration, Steve is the owner of two adjacent plots. It costs $40,000 for each one. The overall valuation has increased by $10,000 and is now $90,000 when consolidated into a single property.
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If a beneficiary requests to discuss other products not originally documented on the soa, you must document a second soa for the additional product type before the appointment may continue. True or false?.
If a beneficiary requests to discuss other products not originally documented on the soa, you must document a second soa for the additional product type before the appointment may continue, is the true statement.
What is meant by beneficiary request?Beneficiary requests is a notice in writing signed by the holders of beneficial interests representing the Medium Term Notes in the Registered Global Debenture given to the Corporation and representing at least 10% of the principal amount of the Registered Global Debenture.
Thus, it is a true statement.
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Custom creations furniture company manufactures furniture at its akron, ohio, factory. some of its costs from the past year include?
Custom creations furniture company manufactures furniture at its akron, ohio, factory. some of its costs from the past year include Manufacturing overhead costs $261,800
What is Akron, Ohio's primary industry?The City of Akron's top employers are a varied array of healthcare, banking, utility, manufacturing, and distribution businesses. These larger companies exhibit the kind of corporate citizenship that would be the pride of any community, whether it be in the fields of finance, medicine, or hospital services.
What is the renown of Akron, Ohio?The World Championship - Bridgestone Invitational golf event, the All-American Soap Box Derby, AA, oatmeal, artificial fishing lures, and Stan Hywet Hall, one of America's best Tudor Revival structures, are all found in Akron.
Is Akron, Ohio, still known as the world's rubber capital?The "Rubber Capital of the World" was Akron, Ohio, which was home to numerous rubber businesses. The B.F. Goodrich Company, the Goodyear Tire and Rubber Company, and the Firestone Tire and Rubber Company were a few of the major rubber manufacturers with operations in the region.
What's life like in Akron, Ohio?Low crime rates and a small-town atmosphere characterize it. Additionally, it features a business sector, a community center, a library, and parks. The wealthiest area is Northwest Akron, namely Fairlawn Heights. Large lots for single-family homes are available, and the surrounding countryside is stunning.
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Risk analysis is a field of study that has been active for the last 100 years. true false
False, Since the turn of the century, the field of study of risk analysis has been active.
What Is Risk Analysis?Risk analysis is the process of determining the risk that a negative event may occur in the corporate, governmental, or environmental sectors. Risk analysis is the study of the underlying uncertainty of a given course of action and refers to the uncertainty of anticipated cash flow streams, the variation of portfolio or stock returns, the likelihood that a project will succeed or fail, and potential future economic conditions.
Risk analysts commonly work with forecasting experts to lessen the likelihood of unpleasant unexpected occurrences. Risk is a necessary component of all businesses and people's lives since benefits are less likely to occur without it. The issue is that taking on too much risk can end in failure. By analyzing the risks involved, it is possible to strike a balance between taking risks and minimizing them.
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True or false: a transaction can cause one asset to increase and different asset to decrease and still have the accounting equation balance.
A transaction can cause one asset to increase and a different asset to decrease and still have the accounting equation balance. True, the given statement is correct.
A=L+SE does not require transactions to cross the equal sign. It is possible to swap one asset for another while keeping the balance. Total assets, total liabilities, and stockholders' equity all stay the same.
What is an accounting equation?The accounting equation is a cornerstone of balance sheet construction and a fundamental accounting principle. The formula reads as follows:
Assets equal liabilities plus stockholder equity.
The structure of the balance sheet is highlighted by this equation, which also lays the groundwork for double-entry accounting, also known as double-entry bookkeeping. Every transaction has an impact on at least two accounts in a double-entry accounting system.
To keep the accounting equation balanced, a rise in an asset account, for instance, could be matched by an equivalent increase in a related liability or shareholder equity account. Alternatively, a decline in one asset account can be matched by a corresponding rise in another. When performing journal entries, it's crucial to remember the accounting equation.
Thus, the Accounting equation involves Assets and Liabilities.
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Qiaochu purchased a parcel of land costing $67,900. today, that land is valued at $64,800. how long has she owned this land if the price has been decreasing by 1.5 percent per year?
The number of years that the owner owned the land for the value to fall from $67,900. to $64,800 is 3.14 years
What is the appropriate formula to determine years in case of a decreasing growth rate?
When asset decreases rather increases, the number of years it takes for the land whose initial cost was $67,900, needs to decrease in value to $64,800 can be determined as shown below:
n= ln(FV/PV) / ln(1+i)
FV=future value=$64,800
PV=the purchase cost=$67,900
i=decreasing rate of asset=1.5% per year
n=ln($64,800/$67,900)/ln(1+1.5%)
n=-3.14 years(it is negative because asset value is reducing)
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The branch of accounting that must have its reports verified by a certified public accountant is?
The branch of accounting that must have its reports verified by a certified public accountant is "Financial accounting"
What is Financial Accounting?
The process of recording, compiling, and reporting the numerous transactions that occur over time in the course of business operations is known as financial accounting. It is a particular branch of accounting. The preparation of financial statements, such as the balance sheet, income statement, and cash flow statement, which document the operating performance of the company over a given time period, summarizes these transactions. The public and private sectors both employ financial accountants. The tasks of a general accountant, who works for oneself or herself rather than directly for a firm or organization, may be different from those of a financial accountant.
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During the year, a company had $100,000 in revenues, $40,000 in expenses, and paid $3,000 in dividends. the net of these items caused total stockholders' equity to ______.
The net of these items caused total stockholders' equity to increase by 57,000
100,000-40,000-3000= 57000
Revenues - expenses - dividends paid = stockholders equity
100,000-40,000-3000= 57000
The amount of assets still accessible to shareholders after all obligations have been satisfied is known as shareholders' equity, sometimes known as shareholders' or owners' equity. It can be computed as the sum of a company's share capital and retained earnings less treasury shares or alternatively as the firm's total assets less total liabilities. Common stock, paid-in capital, retained earnings, and treasury stock are all examples of stockholders' equity.
Conceptually, stockholders' equity can be used to evaluate the funds kept within a company. If this number is negative, it can be a sign that the company is about to file for bankruptcy, especially if there is also a sizable debt obligation.
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Bill recently created his financial plan after much thought and decision-making. he implemented his plan, and so far the plan is working. what must bill do now?
He needs to keep up with his financial strategy. He needs to keep reevaluating and amending his strategy.
What are financial strategies?A financial strategy lays forth a specific plan for how you want to use your money.
It can cover everything from short-term objectives like saving money for a new computer in three years to long-term objectives like how much you'd need to save to retire at 65.
Additionally, it's critical to have a financial strategy because it may keep you on track and enable you to make wiser financial decisions.
For all organizations to be able to plan their financial future, financing plans are essential. You can work toward establishing definite goals and building a financially solid business organization with the help of a financing strategy. It takes into account your financial situation at the moment, your financial goals, and the most effective ways to reach those goals.
Thus, Financial planning is extremely important and should be done properly to maximize our wealth.
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What level of management spends the most time on the managerial function of directing others?
The managerial task of supervising others is the one that supervisory management focuses on the most.
How do you define supervisory management?
Supervising groups of employees and directing everyday operations in a business is known as supervisory management. An employer's point of contact between its employees and its executive team is a supervisor or manager. Managers conduct interviews, issue productivity quotas, track employee development, and assist in establishing goals for both the business and its personnel. A good manager may increase employee satisfaction with their work and foster better relations between staff and senior management.
Supervisors and managers are frequently skilled problem-solvers who offer answers to workers and mentor them as they navigate certain difficulties they could encounter at work.
Mentoring: Leaders acquire the skills necessary to mentor subordinates and employees, directing them toward.
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The linked set of activities required to design, produce, and deliver products and provide aftermarket service to customers is called the:_____.
The linked set of activities required to design, produce, and deliver products and provide aftermarket service to customers is called the value chain
This is further explained below.
What is aftermarket service?Generally, For LM Products, aftermarket services often refer to the supply of spare parts, upkeep, and repair services.
After an original equipment manufacturer (OEM) sells a car to a customer, all vehicle parts, chemicals, equipment, and accessories are manufactured, remanufactured, distributed, retailed, and installed in the automotive aftermarket, which is the secondary market of the automotive industry.
In conclusion, The value chain refers to the interconnected series of operations that are necessary to develop, manufacture, and distribute goods as well as offer aftermarket care to clients.
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She expresses her concern to a senior human resources manager. this method of expressing concern about an instance of illegal employment through proper channels is known as:_________
This method of expressing concern to a senior human resources manager about an instance of illegal employment through proper channels is known as opposition.
A human resources manager has a lot of functions such as, selecting employees, recruiting, inducting employees, providing orientation, imparting training, appraising the performance of employees, motivating employees, giving compensation and benefits, etc.
So in an organization, if there are any concerns regarding, for instance illegal employment, then the human resources manager is approached. Thus, this method of expressing concern through proper channels is known as opposition.
Hence, the opposition is a disagreement with something, often by speaking or fighting against it.
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Most immigrants who came to work in u.s. industries had worked in their home countries as?
Most immigrants who came to paintings in u.s. industries had labored in their home nations as industrial jobs.
An immigrant is described as someone who moves to the new USA. An instance of an immigrant is a lady who actions from Mexico to the united states. noun.
A person who migrates to any other u . s ., commonly for a permanent house. an organism located in a brand-new habitat. of or referring to immigrants and immigration: a department for immigrant affairs. immigrating. These Are four varieties of Immigration Statuses in the US. whilst immigrating to the USA, there are four distinct immigration reputation categories that immigrants can also fall into: citizens, residents, non-immigrants, and undocumented immigrants.
The phrase immigrant is used while speaking about the united states moved to. Emigrant is used when speaking about the united states of America moved from. someone is an emigrant once they depart the united states of America at the beginning and an immigrant once they come into their new USA.
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Most immigrants who came to work in U.S. industries had worked in their home countries as rural farm workers.
In reality, positioned, an immigrant is someone dwelling in a rustic apart from that of his or her beginning. Regardless of if that person has taken the citizenship of the destination the USA, served in its navy, married a native, or has another popularity—he or she will for all time be a worldwide migrant.
Immigration, the motion of human beings living in a single country into every other country, is a fundamental issue of human history, although it turned into as controversial masses of years ago as it's far these days.
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The ______ of a business, agency, household, or another economics unit involves the acquisition and use of financial resources and the protection of equity capital from various sources of risk.
The answer is :- financial management.
The financial management of a business, agency, household, or another economics unit involves the acquisition and use of financial resources and the protection of equity capital from various sources of risk.
What Is Home Equity?Home equity is the worth of a homeowner's financial stake in their house. In other words, it is the actual property's current market worth less any debts that are affixed to it.
As more mortgage payments are made over time and market forces affect the property's current value, the amount of equity in a home varies.
Home equity can refer to more than just a paid-off mortgage loan. Homeowners can borrow against this asset to cover crucial expenses like paying off high-interest debt or covering college costs. Due to the fact that borrowing against home equity is secured by equity, interest rates are frequently lower than those for credit cards and personal loans.
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What accounting concept justifies the usage of depreciation and amortization policies?
Depreciation and amortization policies are appropriate when using the going concern assumption accounting concept.
What Is the Issue?
A corporation is referred to as a "going concern" in accounting when it has the financial capacity to carry on doing so until it can show otherwise. This phrase also describes a business's capacity to generate enough revenue to stay in business or avoid going out of business. A company that is not a going concern has filed for bankruptcy and had its assets sold. For instance, following the tech bust in the late 1990s, many dot-coms are no longer operating as going concerns.
What the going concern principle means
Business operations for accumulated or prepaid expenses would be impossible without it. The going concern principle enables a business to postpone the recognition of some of its prepaid expenses to later accounting periods rather than all of them at once.
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Genetic seed company hires howie to work on genetic's shipping dock, accepting deliveries and dealing with other companies' drivers. with respect to genetic, howie is most likely:_________
Genetic seed company hires howie to work on genetic's shipping dock, accepting deliveries and dealing with other companies' drivers. with respect to genetics, Howie is most likely: an agent
Genetics is the scientific study of genes and heredity, which studies how changes in DNA sequences cause certain qualities and traits to be passed from parents to offspring. A gene is a piece of DNA that contains instructions for building one or more molecules that help the body work.
Genetics is the study of genes. Our genes carry information that is passed down from generation to generation. For example, genes can cause a child to have blonde hair like his mother and a sibling to have brown hair like his father. One copy is inherited from the mother (via the egg) and the other copy is inherited from the father (via the sperm). Sperm and egg each contain a set of 23 chromosomes. When a sperm fertilizes an egg, there are two copies of each chromosome (and thus two copies of each gene) to form an embryo.
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Trinh quits his $80,000-a-year job to become a full-time volunteer at a museum. what is the opportunity cost of his decision?
Trinh quits his $80,000-a-year job to become a full-time volunteer at a museum. The opportunity cost of his decision is at least $80,000.
Now he is not getting the 80k dollar because he is volunteering for an unpaid museum job. Therefore, he had an opportunity to not do the museum job and instead do a $80,000 job which he didn't do and his opportunity to make 80k has been lost.
What is opportunity cost?The price you pay when you choose between two or more possibilities is known as the opportunity cost. Regardless of what you stand to lose by making the decision, you believe it will benefit you more in the long run. Due to opportunity cost, any investment you make will either result in immediate losses or returns in the future.
Think about the decision of whether to sell stock shares right away or to hold onto them for a future sale. While it is true that an investor may secure any immediate advantages they may have by selling right away, they would forfeit any future gains the investment might have provided.
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At least 70% out of 10 employers have ruled candidates out based on their online presence.
a. college grades
b. wek cover letter
c. online presence
d. lack of volunteer service
At least 70% out of 10 employers have ruled candidates out based on their online presence online presence.
What proportion of employers have rejected a candidate because of information they read online about them?A poll found that a whopping 70% of companies "use social media to analyze prospects before hiring." The following figure is even more startling: 54% of employers polled stated that they decided not to hire a candidate as a result of information obtained on their social media presence (s).
How many employers are hesitant to interview applicants who don't have a presence online?Your professional prospects may suffer if you don't use social networking. Results from annual social media recruitment poll show that 35% of companies are less willing to interview candidates they can't find online.
What proportion of employers currently screen candidates online and evaluate their qualifications and fit?Seven percent intend to begin, while 70% of companies currently use social networking sites to study potential hires. This review is important: 57 percent of people who conduct social research have come across information that led them to reject applicants.
What proportion of employers conduct online candidate research?Nowadays, the majority of employers also look up potential applicants online. According to the poll, 98% of employers use online background checks on applicants to learn more about them. Go-ogle is used by about 43% of HR professionals to research potential employees.
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Baltimore company's complete assets and liabilities are accounts receivable $2,350, equipment $9,000, accounts payable $6,500, prepaid rent $2,450, supplies $725, bank loan $4,150, and tools $485. baltimore's total equity is: (all account balances are normal
The total equity of Baltimore is: $4,360
Total Equity: Total equity is the value that remains in the business after total liabilities are subtracted from total assets. Equilibrium is calculated as Equity = Assets - Liabilities.
GIVEN:
Accounts receivable: $2,350
Equipment: $9,000
Accounts Payable: $6,500
Prepaid Rent: $2,450
Supplies: $725
Bank Loan: $4,150
Tools: $485
According to Accounting Equation:
Total Assets = Equity+Liabilities
which implies,
Total Equity= Total Assets-Liabilities
Total Equity= (2,350+9,000+2,450+725+485)-(6,500+4,150)
Total Equity= 15,010-10,650
Total Equity= $4,360
So, the total equity of Baltimore is: $4,360
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If an investor has an established margin account with a short market value of $24,000 and a credit balance of $30,000, the maintenance call will be for:_________
According to the above question, the maintenance call will be for the amount $1,200.
What is market value?Market value can be defined as value of an asset, or the value assigned by the financial community to a certain equity or firm. It is also known as Open market valuation.
The computation of the Minimum maintenance is done as below:-
current market value =30% of $24,000
=$7,200.
= ($30,000 − $24,000)
=$6,000
maintenance call =$7,200 - $6,000
A short margin account's minimum maintenance requirement is 30% of the current market value. In this instance, 30% of $24,000 equals $7,200. The account presently has $6,000 in equity ($30,000 $24,000). As a result, the cost of the maintenance call is $1,200.
Therefore, it can be concluded that The cost of the maintenance call will be $1,200.
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Suppose the demand for pens increases and the supply for pens decreases. what effect will it have on the equilibrium price for pens?
As a result of the changes, equilibrium price would increase and there would be an indeterminate change in equilibrium quantity.
What is the effect of the changes?When the demand for pens increase it is as a result of changes in factors affecting demand other than the price of pens. When the demand for pens increase, the demand curve would shift to the right. When the demand curve shifts to the right, quantity would increase and price would increase.
When the supply for pens decrease, it is as a result of changes in factors affecting supply other than a decrease in the price of pens. For example, an increase in the cost of production would decrease the supply of pens.
When the supply for pens decrease, the supply curve would shift to the left. As a result of the shift, quantity would decrease and price would increase.
Taking these two changes together, equilibrium price would increase and there would be an indeterminate change in equilibrium quantity.
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True or false: auditors can read business periodicals and textbooks to help obtain an understanding of a client's business.
Answer:
true
Explanation:
true
If the internet makes it easier for sellers to find buyers and makes it easier for buyers to learn about the products that are available for sale, we would expect that:_________
If the internet makes it easier for sellers to find buyers and makes it easier for buyers to learn about the products that are available for sale, we would expect that the benefits of trade will rise.
How internet has helped buyers?Everything is more convenient for the buyer when they have access to the internet. They have the freedom to read and think at their own pace. Customers are discovering a variety of methods to interact with brands and explore their goods and services because to the internet's nearly universal accessibility on a wide range of devices.Prospects are now better informed, so sales representatives who can move rapidly can turn leads over more quickly. Organizing sales teams has become simpler thanks to technology. CRM systems simplify the sales process and enable information sharing among teams, building a stronger team and ultimately increasing sales.Learn more about CRM systems here:
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