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Flashcard 1429349731596

Tags

#sister-miriam-joseph #trivium

Question

Logic is the art of [...]

Answer

thinking

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Logic is the art of thinking

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Flashcard 1432284433676

Tags

#13-dic-2016 #internacional #mural

Question

La política de "una sola China" hace referencia a las relaciones [...], y es vista como un interés fundamental y principio imprescindible por Beijing.

Answer

chino-taiwanesas

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La política de "una sola China" hace referencia a las relaciones chino-taiwanesas, y es vista como un interés fundamental y principio imprescindible por Beijing. Durante las últimas cuatro décadas, sin importar la ideología de las sucesivas administraciones, Estados

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¿Qué es una sola China?
La política de "una sola China" hace referencia a las relaciones chino-taiwanesas, y es vista como un interés fundamental y principio imprescindible por Beijing. Durante las últimas cuatro décadas, sin importar la ideología de las sucesivas administraciones, Estados Unidos respetó ese principio. Sin embargo, el ahora Presidente electo, Donald Trump, amenazó con dejar de aceptarlo, lo cual podría afectar gravemente la relación entre China y Estados Unidos. Es el reconocimiento de que existe un único país en el mundo llamado China, y su representante es el Gobierno de Beijing. Estados Unidos y el resto de los países que lo acep

Flashcard 1432289938700

Tags

#blue-apron #business-model #citychef #operational-model

Question

Blue Apron built its model on the idea of [...].

Answer

reducing food waste

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Bulk purchasing, portioned delivery . Blue Apron built its model on the idea of reducing food waste. At each fulfilment center, workers on assembly lines pack boxes with poultry, meat, vegetables and condiments to be delivered anywhere from 1-7 days later. Purchasing in bulk allows th

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Blue Apron: Fixing the Food Delivery Supply Chain – Technology and Operations Management
lity ingredients. On the recipe cards, they provide an information sheet that highlights the farms which provided the produce alongside information about how to cut and cook. Click here to view a video featuring Blue Apron’s Ghee Supplier. Blue Apron aligns its operating model with its business model through: Control of the supply chain . Blue Apron’s model centers on delivering fresh ingredients. To maintain control of quality, the company manages its own distribution channel. The company sources farms differently for each of their three regional fulfilment centers, so the food is local and fresh and the delivery costs are low. The boxes are delivered in refrigerated boxes to maintain freshness, however, so delivery is outsourced to the cheapest partner for a given shipment. Bulk purchasing, portioned delivery . Blue Apron built its model on the idea of reducing food waste. At each fulfilment center, workers on assembly lines pack boxes with poultry, meat, vegetables and condiments to be delivered anywhere from 1-7 days later. Purchasing in bulk allows the company to negotiate prices with farmers, who are happy to receive a slightly lower price for a guaranteed volume. By only offering 6 recipes per week, Blue Apron can allocate the ingredients in a way that reduces food waste. Everything subscribers receive is pre-measured to the precise proportions the recipe requires, meaning less spending on unnecessary produce and less food waste. Data analytics . As a subscription business, Blue Apron collects data on its customers that allows for predictive modeling of demand. They built an internal suite of tools that manage the workflow of purchasing, fulfilment operations, ecommerce and order processing, shipping software, customer service software 6 . The software can estimate how many customers will cancel an order in any given week, for example, which allows the company to plan meals based on the expected availability and price of certain crops. Using this data helps create processes that improve operational efficiency and lower costs, supporting the $10 per meal price. Supporting Suppliers. There is a team at Blue Apron responsible for negotiating with farms to source ingredients, but they also work closely with farmers on crop rotation and management. This allows the company to work with farmers to plan production in a way that is more seasonal, more efficient and utilizes their resources better, all of which results in higher quality crops at lower prices for consumers. Additionally, by helping farmers to plan to rotate “heavy feeder” plants with less hungry plants like legumes, the farms use less pesticide and fertilize, resulting in healthier farms. Blue Apron focuses on bringing their customers an easy way to cook through a high quality food delivery service that has never bene available at scale before. Key operational decision

Flashcard 1432392174860

Tags

#italian #italian-grammar

Question

le ragazze sono andate

Answer

the girls went

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This refers to the way in which verb forms change according to the person, tense or mood: (io) vado ‘I go’; (noi) andremo ‘we will go’; le ragazze sono andate ‘the girls went’; voleva che io andassi a casa sua ‘he wanted me to go to his house’; etc. The word conjugation is also used to mean the regular patterns of verbs ending in -are, -ere, -ire to which ve

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Flashcard 1432841489676

Tags

#i-q #types-of-inteligence

Question

Intelligence may be narrowly defined as the capacity to acquire [...] and [...], and use it in different novel situations.

Answer

knowledge and understanding

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Intelligence may be narrowly defined as the capacity to acquire knowledge and understanding, and use it in different novel situations.

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Flashcard 1439427071244

Tags

#blue-apron #citychef

Question

while the company did make its packaging more eco-friendly, it has also instituted a [...]

Answer

box-return program.

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while the company did make its packaging more eco-friendly, it has also instituted a box-return program.

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n the kitchen at La Marina in Forbes video here.] Blue Apron is attempting to tackle those issues. More meal options are coming in the next few months, Salzberg says, and customers who make a fuss can cancel delivery at the last minute. And while the company did make its packaging more eco-friendly, it has also instituted a box-return program. And it's adding new services, too. In September it announced a program to sell wine pairings for its meals. "If half of our customers subscribed to wine, we'd be the largest wine

Flashcard 1439564172556

Tags

#aspectos-generales #beneficiarios #immex #mexico #octopus

Question

[...] podrá autorizar el decreto IMMEX a personas morales

Answer

La Secretaría de Economía (SE)

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La Secretaría de Economía (SE) podrá autorizar el decreto IMMEX a personas morales Las personas morales a las que se les autorice el decreto IMMEX deberán ser residentes en territorio nacional a que se ref

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Decreto IMMEX
iladora de Exportación (Maquila) y el que Establece Programas de Importación Temporal para Producir Artículos de Exportación (PITEX), cuyas empresas representan en su conjunto el 85% de las exportaciones manufactureras de México. ASPECTOS GENERALES Definición: El Programa IMMEX es un instrumento mediante el cual se permite importar temporalmente los bienes necesarios para ser utilizados en un proceso industrial o de servicio destinado a la elaboración, transformación o reparación de mercancías de procedencia extranjera importadas temporalmente para su exportación o a la prestación de servicios de exportación, sin cubrir el pago del impuesto general de importación, del impuesto al valor agregado y, en su caso, de las cuotas compensatorias Beneficiarios: La Secretaría de Economía (SE) podrá autorizar a las personas morales residentes en territorio nacional a que se refiere la fracción II del artículo 9 del Código Fiscal de la Federación, que tributen de conformidad con el Título II de la Ley del Impuesto sobre la Renta, un solo Programa IMMEX, que puede incluir las modalidades de controladora de empresas, industrial, servicios, albergue y terciarización, siempre que cumplan con los requisitos previstos en el Decreto para el Fomento de la Industria Manufacturera, Maquiladora y de Servicios de Exportación (Decreto IMMEX), publicado en el Diario Oficial e la Federación el 1 de noviembre de 2006. Beneficios: El Programa IMMEX brinda a sus titulares la posibilidad de importar temporalmente libre de impuestos a la importación y del IVA, los bienes necesarios para ser utilizados en un proceso industrial o de servicio destinado a la elaboración, transformación o reparación de mercancías de procedencia extranjera importadas temporalmente para su exportación o a la prestación de servicios de exportación. Estos bienes están agrupados bajo las siguientes categorías: Materias primas, partes y componentes que se vayan a destinar totalmente a integrar mercancías de exportación; combustibles, lubricantes y otros materiales que se vayan a consumir durante el proceso productivo de la mercancía de exportación; envases y empaques; etiquetas y folletos. Contenedores y cajas de trailers. Maquinaria, equipo, herramientas, instrumentos, moldes y refacciones destinadas al proceso productivo; equipos y aparatos para el control de la contaminación; para la investigación o capacitación, de seguridad industrial, de telecomunicación y cómputo, de laboratorio, de medición, de prueba de productos y control de calidad; así como aquéllos que intervengan en el manejo de materiales relacionados directamente con los bienes de exportación y otros vinculados con el proceso productivo; equipo para el desarrollo administrativo. Modalidades: Programa IMMEX Controladora de empresas, cuando en un mismo programa se integren las operaciones de manufactura de una empresa certificada denominada controladora y una o más sociedades controladas; Programa IMMEX Industrial, cuando se realice un proceso industrial de elaboración o transformación de mercancías destinadas a la exportación; Programa IMMEX Servicios, cuando se realicen servicios a mercancías de exportación o se presten servicios de exportación, únicamente para el desarrollo de las actividades que la Secretaría determine, previa opinión de la Secretaría de Hacienda y Crédito Público; Programa IMMEX Albergue, cuando una o varias empresas extranjeras le faciliten la tecnología y el material productivo, sin que estas últimas operen directamente el Programa, y Programa IMMEX Terciarización, cuando una empresa certificada que no cuente con instalaciones para realizar procesos productivos, realice las operaciones de manufactura a través de terceros que registre en su Programa. La SE podrá aprobar de manera simultánea un Programa de Promoción Sectorial, de acuerdo con el tipo de productos que fabrica o a los servicios de exportación que realice, debiendo cumplir con la normatividad aplicable a los mismos. Tratándose de una empresa bajo la modalidad de servicios, únicamente podrá importar al amparo del Programa de Promoción Sectorial las mercancías a que se refiere el artículo 4, fracción III del presente Decreto, siempre que corresponda al sector en que sea registrada. Vigencia: La vigencia de los Programas IMMEX estará sujeta mientras el titular de los mismos continúe cumpliendo con los requisitos previstos para su otorgamiento y con las obligaciones establecidas en el Decreto. Plazos de permanencia: Los bienes importados temporalmente al amparo de un Programa IMMEX, podrán permanecer en territorio nacional por los plazos establecidos en el artículo 108 de la Ley Aduanera. Para las mercancías comprendidas en los Anexos II y III del Decreto IMMEX, cuando se importen como materia prima, el plazo de permanencia será hasta por doce meses. Tratándose de las mercancías que se encuentran comprendidas en el Anexo III del Decreto IMMEX, cuando se importen como materia prima, únicamente cuando se destinen a actividades bajo la modalidad de servicios, el plazo de permanencia será de hasta seis meses. No podrán ser importadas al amparo del Programa las mercancías señaladas en el Anexo I del Decreto IMMEX. Compromisos: Para gozar de los beneficios de un Programa IMMEX se deberá dar cumplimiento a los términos establecidos en el Decreto en la materia. La autorización del Programa se otorgará bajo el compromiso de realizar anualmente ventas al exterior por un valor superior a 500,000 dólares de los Estados Unidos de América, o su equivalente en moneda nacional, o bien, facturar exportaciones, cuando menos por el 10% de su facturación total. Reportes: El titular de un Programa IMMEX deberá presentar un reporte anual de forma electrónica, respecto del total de las ventas y de las exportaciones, correspondientes al ejercicio fiscal inmediato anterior, a más tardar el último día hábil del mes de mayo, conforme al formato que mediante Reglas y Criterios de Carácter General en Materia de Comercio Exterior dé a conocer la Secretaría de Economía. Adicionalmente, la empresa con Programa IMMEX deberá presentar la información que, para efectos estadísticos, se determine, en los términos que establezca la SE mediante Reglas y Criterios de Carácter General en Materia de Comercio Exterior. Para mayor información sobre este programa comunicarse al 01 800 410 2000 disponible para todo el país ó al buzón de la Secretaría de Economía en www.economia.gob.mx; o al teléfono 52-29-61-00, ext. 34347, Lic. Sergio Manríquez Fernández, Subdirector de Devolución de Impuestos. TRÁMITES Operación: Los trámites relativos al Programa IMMEX son gratuitos y pueden ser realizados en las ventanillas de atención al público de las Repre

Flashcard 1439571250444

Tags

#aspectos-generales #beneficiarios #immex #mexico #octopus

Question

Las personas morales a las que se les autorice el decreto IMMEX deberán ser residentes en territorio nacional a que se refiere la fracción II del artículo 9 del [...]

Answer

Código Fiscal de la Federación,

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a de Economía (SE) podrá autorizar el decreto IMMEX a personas morales Las personas morales a las que se les autorice el decreto IMMEX deberán ser residentes en territorio nacional a que se refiere la fracción II del artículo 9 del Código Fiscal de la Federación, Las personas morales a las que se les autorice el decreto IMMEX deberán tributar de conformidad con el Título II de la Ley del Impuesto sobre la Renta</bo

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Flashcard 1439573609740

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#aspectos-generales #beneficiarios #immex #mexico #octopus

Question

Las personas morales a las que se les autorice el decreto IMMEX deberán tributar de conformidad con el Título II de la Ley [...]

Answer

del Impuesto sobre la Renta

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territorio nacional a que se refiere la fracción II del artículo 9 del Código Fiscal de la Federación, Las personas morales a las que se les autorice el decreto IMMEX deberán tributar de conformidad con el Título II de la Ley del Impuesto sobre la Renta<body><html>

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Flashcard 1439590386956

Tags

#aspectos-generales #immex #mexico #modalidades #octopus

Question

Programa IMMEX [...], cuando en un mismo programa se integren las operaciones de manufactura de una empresa certificada denominada controladora y una o más sociedades controladas;

Answer

Controladora de empresas

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Programa IMMEX Controladora de empresas, cuando en un mismo programa se integren las operaciones de manufactura de una empresa certificada denominada controladora y una o más sociedades controladas; Programa IMMEX Industrial,

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Flashcard 1439618436364

Tags

#immex #mexico #octopus #operacion #trámites

Question

Los trámites relativos al Programa IMMEX son gratuitos y pueden ser realizados en las ventanillas de atención al público de las Representaciones Federales de la Secretaría de Economía que corresponda al [...]

Answer

domicilio de la planta en donde se lleve a cabo el proceso productivo o servicio.

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ml> Los trámites relativos al Programa IMMEX son gratuitos y pueden ser realizados en las ventanillas de atención al público de las Representaciones Federales de la Secretaría de Economía que corresponda al domicilio de la planta en donde se lleve a cabo el proceso productivo o servicio.<html>

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Decreto IMMEX
carse al 01 800 410 2000 disponible para todo el país ó al buzón de la Secretaría de Economía en www.economia.gob.mx; o al teléfono 52-29-61-00, ext. 34347, Lic. Sergio Manríquez Fernández, Subdirector de Devolución de Impuestos. TRÁMITES Operación: Los trámites relativos al Programa IMMEX son gratuitos y pueden ser realizados en las ventanillas de atención al público de las Representaciones Federales de la Secretaría de Economía que corresponda al domicilio de la planta en donde se lleve a cabo el proceso productivo o servicio. Los interesados podrán realizar los siguientes trámites: A) Programa Nuevo. Llenar la solicitud en el programa IMMEX.EXE*, presentarla en disco magnético o CD, con impresión de dos ejemplares debidamente requisitados. El solicitante deberá contar con lo siguiente: Certificado de firma electrónica avanzada del SAT. Registro Federal de Contribuyentes activo. Que su domicilio fiscal y los domicilios en los que realice sus operaciones al amparo del Programa, estén inscritos y activos en el Registro Federal de Contribuyentes. Asimismo, a la presentación de solicitud del trámite deberá anexarse la siguiente documentación: Copia certificada del acta constitutiva de la sociedad y, en su caso, de las modificaciones a la misma. Copia del documento que acredite legalmente la posesión del inmueble en donde pretenda llevarse a cabo la operación del Programa IMMEX, en el que se indique la ubicación del inmueble, adjuntando fotografías del mismo. Tratándose de arrendamiento o comodato, se deberá acreditar que el contrato establece un plazo forzoso mínimo de un año y que le resta una vigencia de por lo menos once meses, a la fecha de presentación de la solicitud. Contrato de maquila, de compraventa, órdenes de compra o pedidos en firme, que acrediten la existencia del proyecto de exportación. Poder Notarial correspondiente (original o copia certificada y copia simple); o exhibir copia del Registro Único de Personas Acreditadas (RUPA). Escrito libre mediante el cual se detalle el proceso productivo o servicios objeto de la solicitud del programa. Tratándose de las mercancías a que se refiere el artículo 4, fracción I del Decreto para el Fomento de la Industria Manufacturera, Maquiladora y de Servicios de Exportación** (Decreto IMMEX), escrito en el que se proporcione la descripción detallada del proceso productivo o servicio que incluya la capacidad instalada de la planta para procesar las mercancías a importar o para realizar el servicio objeto del programa y el porcentaje de esa capacidad efectivamente utilizada. Carta de conformidad de la(s) empresa(s) que realizarán el proceso de submanufactura donde manifiesten bajo protesta de decir verdad la responsabilidad solidaria sobre las mercancías importadas temporalmente (original) Adicionalmente para la modalidad de Programa IMMEX Controladora de Empresas, presentar: - Actas de asamblea de accionistas, en las que conste la participación accionaría de la sociedad controladora y las controladas (original y copia). - Los asientos certificados del libro de registro de accionistas (copia). - La documentación a que se refieren los puntos 1, 2 y 5 de este apartado, además de presentar la copia de la cédula de identificación fiscal Esta documentación deberá presentarse para la controladora y por cada una de las sociedades controladas, y - Los contratos de maquila que cada sociedad controlada tenga celebrado con la sociedad controladora o un contrato de maquila en el que deberán establecerse las obligaciones contraídas, tanto por la sociedad controladora como por las sociedades controladas en relación con los objetivos del programa solicitado, debidamente protocolizados ante Notario (original y copia), y - La autorización como empresa certificada (copia), otorgada por la Secretaría de Hacienda y Crédito Público. 9. Adicionalmente para la modalidad de Programa IMMEX de Terciarización, presentar: - Carta de conformidad de la(s) empresa(s) que realizará(n) el proceso de terciarización, donde manifieste(n) bajo protesta de decir verdad la responsabilidad solidaria sobre las mercancías importadas temporalmente (original). - La(s) empresa(s) que solicite(n) el programa bajo la modalidad de Terciarización, deberá(n) contar con la autorización como empresa certificada otorgada por la Secretaría de Hacienda y Crédito Público. 10.- Las empresas del sector textil y confección que soliciten la autorización del Programa IMMEX para la importación temporal de las mercancías comprendidas en las fracciones arancelarias de la Tarifa de la Ley de los Impuestos Generales de Importación y de Exportación, que se indican el Anexo III del Decreto IMMEX, exclusivamente para la elaboración de bienes que se clasifiquen en los Capítulos 50 a 63 y la subpartida 9404.90 de la citada Tarifa (Fabricación de insumos textiles, confección de productos textiles y prendas de vestir), deberán anexar a su solicitud la siguiente documentación: I.- Reporte de contador público registrado, que certifique: La ubicación del domicilio fiscal y de los domicilios en los que realiza sus operaciones al amparo del Programa IMMEX; La maquinaria y equipo para realizar el proceso industrial; La capacidad productiva instalada para efectuar el proceso industrial mensual, por turno de 8 horas; Los productos que elabora, y El número de trabajadores de la empresa titular del Programa IMMEX y, en su caso, el de cada una de las empresas que le realicen actividades de submanufactura. II.- Escrito libre del representante legal de la empresa donde declare la proyección de las exportaciones en dólares para los seis meses posteriores al inicio de operaciones. El programa IMMEX.EXE puede obtenerse en la siguiente dirección de Internet: www.economia.gob.mx/?P=777 o directamente en las ventanillas de atención al público, presentando cuatro discos magnéticos de alta densidad o un CD. Ampliación de Programa. Llenar la solicitud en el programa IMMEX.EXE y presentarla en disco magnético o CD, con impresión de dos ejemplares debidamente requisitados. Ampliación de Programa IMMEX para producto no sensible. Las empresas del sector textil y confección que soliciten la ampliación de un Programa IMMEX para la importación temporal por primera vez de las mercancías comprendidas en las fracciones arancelarias de la Tarifa de la Ley de los Impuestos Generales de Importación y de Exportación, que se indican el Anexo III del Decreto IMMEX, exclusivamente para la elaboración de bienes que se clasifiquen en los Capítulos 50 a 63 y la subpartida 9404.90 de la citada Tarifa (Fabricación de insumos textiles, confección de productos textiles y prendas de vestir), deberán anexar la siguiente documentación. Reporte de contador público registrado, que certifique: La ubicación del domicilio fiscal y de los domicilios en los que realiza sus operaciones al amparo del Programa IMMEX; La maquinaria y equipo para realizar el proceso industrial; La capacidad productiva instalada para efectuar el proceso industrial mensual, por turno de 8 horas; Los productos que elabora, y El número de trabajadores de la empresa titular del Programa IMMEX y, en su caso, el de cada una de las empresas que le realicen actividades de submanufactura. Escrito libre del representante legal de la empresa donde declare la proyección de las exportaciones en dólares para los seis meses posteriores al inicio de operaciones. Ampliación de Programa IMMEX para productos sensibles. Las empresas que soliciten la ampliación para importar mercancías comprendidas en las fracciones arancelarias de la Tarifa de la Ley de los Impuestos Generales de Importación y de Exportación, que se indican en el Anexo II del Decreto IMMEX, deberán presentar anexo a su solicitud, la siguiente documentación. Escrito en formato libre en el que especifique: Datos de la mercancía a importar: Fracción arancelaria y unidad de medida, de conformidad con la Tarifa Volumen máximo a importar en el año y su valor en dólares. Datos del producto final a exportar, que se elaborará con las mercancías a que se refiere el numeral 1 anterior, cumpliendo para tales efectos con la siguiente información: Descripción : en los términos en que debe señalarse en el pedimento de exportación. La descripción deberá permitir relacionarla con la descripción comercial de la factura y fracción arancelaria y unidad de medida, de conformidad con la Tarifa. Reporte de un contador público registrado que certifique: La ubicación del domicilio fiscal y de los domicilios en los que realiza sus operaciones al amparo del Programa IMMEX; La existencia de maquinaria y equipo para realizar los procesos industriales; La capacidad productiva instalada mensual para efectuar los procesos industriales, por turno de 8 horas, y Los productos que elabora. Para el caso de las mercancías listadas en el Anexo II, fracción I, del Decreto IMMEX, adicionalmente deberá presentar la documentación que compruebe que el promovente se encuentra dentro del Sistema Tipo de Inspección Federal (TIF), su capacidad de refrigeración y, en su caso, congelación, así como el documento que demuestre que se cuenta con la autorización de importación emitida por el país al que se va a exportar el producto transformado. Ampliación de Programa IMMEX subsecuente de productos sensibles. En el caso de solicitar una ampliación subsecuente para la importación temporal de mercancías comprendidas en las fracciones arancelarias de la Tarifa de la Ley de los Impuestos Generales de Importación y de Exportación (TIGIE) que se indican en el Anexo II del Decreto para el Fomento de la Industria Manufacturera, Maquiladora y de Servicios de Exportación, presentar anexo a su solicitud: I. Escrito en formato libre en el que especifique, datos de la mercancía a importar: fracción arancelaria y unidad de medida, de conformidad con la Tarifa, y volumen máximo a importar en el año y su valor en dólares. II. Reporte firmado por el representante legal de la empresa, en donde se indique: - Volumen de las mercancías importadas al amparo de la autorización anterior de las mercancías comprendidas en el - Anexo II del Decreto IMMEX. - Volumen de los productos elaborados con las mercancías importadas a que se refiere el inciso anterior, mencionando número y fecha de los pedimentos de retorno - Volumen de las mermas y desperdicios correspondientes a los procesos industriales - Cantidad de cada material, en términos de la unidad de medida de conformidad con la Tarifa, utilizada en los procesos productivos, indicando el porcentaje de mermas. Ampliación de Programa IMMEX para el registro de actividades de servicio. No se requiere documentación anexa a su solicitud. Ampliación de Programa IMMEX de monto determinado a empresas del sector textil-confección. Las empresas del sector textil y confección que importen mercancías comprendidas en las fracciones arancelarias de la Tarifa de la Ley de los Impuestos Generales de Importación y de Exportación, que se indican en el Anexo III del Decreto IMMEX, exclusivamente para la elaboración de bienes que se clasifiquen en los capítulos 50 a 63 y subpartida 9404.90 de la citada Tarifa (fabricación de insumos textiles, confección de productos textiles y prendas de vestir), podrán ampliar el monto para la importación temporal de esas mercancías, presentando un escrito libre, de acuerdo a lo siguiente: I.- Para las empresas a que se refiere la fracción I de la regla 3.4.8 del Acuerdo por el que la Secretaría de Economía emite reglas y criterios en materia de comercio exterior, podrán justificar de entre los dos siguientes: Aprovechamiento de capacidad instalada ociosa, incluyendo, en su caso, el de las empresas que realicen actividades de submanufactura, o Ampliación de la capacidad instalada propia o, en su caso, de cada una de las empresas que realicen actividades de submanufactura. II.- Para las empresas que se refiere la fracción II de la regla 3.4.8, deberán especificar el porcentaje de utilización adicional de capacidad ociosa o de ampliación de capacidad instalada para los próximos 6 meses. Modificación de Programa. Registro de empresas submanufactureras: Escrito libre donde se formula la petición, indicando los siguientes datos de la empresa a registrar como submanufacturera: Nombre, denominación o razón social, Registro Federal de Contribuyentes y Domicilio fiscal y de la planta completo, anexando: Carta de responsable solidario de la empresa que realizará los procesos industriales o de servicios relacionados directamente con la operación de manufactura de la empresa con Programa IMMEX. (original y copia) Constancia de Inscripción con Cédula de Identificación Fiscal, constancia de Registro o Constancia de Inscripción al Registro Federal de Contribuyentes, correspondiente a la persona que realizará las operaciones de submanufactura (original y copia). Cambio de modalidad de programa: Escrito libre donde se formula la petición señalando el cambio de modalidad que se requiere. Adicionalmente indicar los siguientes datos de acuerdo al cambio de modalidad: Industrial, indicar los productos que se van a fabricar, así como su fracción arancelaria de acuerdo a la Tarifa de la Ley de los Impuestos Generales de Importación y de Exportación; Servicios, señalar las nuevas actividades que realizará la empresa con programa; Albergue, indicar el nombre y domicilio de las empresas extranjeras que facilitarán la tecnología a la empresa con programa, así como el material productivo a utilizar; Terciarización, indicar el nombre, Registro Federal de Contribuyentes y domicilio completo de la planta que corresponde a las empresas con las cuales va a operar; Controladora de empresas, señalar el nombre, Registro Federal de Contribuyentes y domicilio de las empresas controladas. Documentos que deberá anexar a la solicitud: Para solicitar el cambio a las modalidades de Industrial, Albergue o Servicios: Copia del documento que acredite legalmente la posesión del inmueble en donde pretenda llevarse a cabo la operación del Programa, en el que se indique la ubicación del inmueble, adjuntando fotografías del mismo. cuando esta información cambie en relación a la entregada originalmente (original y copia). Contrato de maquila, de compraventa, órdenes de compra o pedidos en firme, que acrediten la existencia del proyecto de exportación, en relación a la nueva modalidad (original y copia). Escrito libre mediante el cual se detalle el proceso productivo o servicios objeto de la solicitud del Programa, según corresponda. (original y copia). Tratándose de las mercancías a que se refiere el artículo 4, fracción I del Decreto para el Fomento de la Industria Manufacturera, Maquiladora y de Servicios de Exportación, escrito en el que se proporcione la descripción detallada del proceso productivo o servicio que incluya la capacidad instalada de la planta para procesar las mercancías a importar o para realizar el servicio objeto del programa y el porcentaje de esa capacidad efectivamente utilizada, cuando esta información cambie en relación a la entregada originalmente. (original y copia) Para solicitar el cambio a la modalidad de Controladora de Empresas, adicionalmente a lo señalado para Industrial, Albergue o Servicios, se deberá presentar: Actas de asamblea de accionistas, en las que conste la participación accionaria de la sociedad controladora y las controladas. (original y copia). Los asientos certificados del libro de registro de accionistas. (original y copia) la documentación a que se refiere a los puntos 1, 2 y 5 del apartado de programa nuevo, además de presentar la copia de la cédula de identificación fiscal. Esta documentación deberá presentarse para la controladora y por cada una de las sociedades controladas, y Los contratos de Maquila que cada sociedad controlada tenga celebrado con la sociedad controladora o un contrato de Maquila en el que deberán establecerse las obligaciones contraídas tanto por la sociedad controladora como por las sociedades controladas en relación con los objetivos del Programa solicitado , debidamente protocolizados ante notario. (original y copia). e) La autorización como empresa certificada (original y copia) otorgada por la Secretaría de Hacienda y Crédito Público. • Para solicitar el cambio a la modalidad de Terciarización, adicionalmente a lo señalado para Industrial, Albergue o Servicios, se deberá presentar: Carta de conformidad de la(s) empresa(s) que realizará(n) el proceso de terciarización donde manifieste(n) bajo protesta de decir verdad la responsabilidad solidaria sobre las mercancías importadas temporalmente (original y copia). Registro de empresas a las que se prestarán servicios: Escrito libre donde se formula la petición, incluyendo los siguientes datos de las empresas a las que se les prestará servicios, tales como: Denominación o Razón Social. Registro Federal de Contribuyentes, Domicilio completo de planta y número de registro de programa IMMEX. No se requiere documentación anexa. Registro de empresas controladas. Escrito libre donde se formula la petición de registro de nuevas empresas controladas por la empresa controladora con Programa IMMEX, así como proporcionar Razón Social, Registro Federal de Contribuyentes, Domicilio Fiscal y de las Plantas, Monto de Exportaciones en dólares del año anterior y, en su caso número de programa de cada una de las empresas a registrar, anexar: a) Actas de asamblea de accionistas, en las que conste la participación accionaria de la sociedad controladora y de las controladas (original y copia), b) Contratos que cada sociedad controlada tenga celebrado con la sociedad controladora o un contrato en el que deberán establecerse las obligaciones contraídas tanto por la sociedad controladora como por las sociedades contraladas en relación con los objetivos del programa, debidamente protocolizados ante notario (original y copia). 7. Registro de empresas terciarizadas: Escrito libre donde se formula la petición, incluyendo los siguientes datos de las empresas terciarizadas a registrar: Denominación o Razón Social. Registro Federal de Contribuyentes y Domicilio completo de planta, anexar: a) Carta de conformidad de la empresa que realizará el proceso de terciarización donde manifieste bajo protesta de decir verdad la responsabilidad solidaria sobre las mercancías importadas temporalmente (original y copia). 8. Cambio, alta o baja de domicilios fiscal y plantas: Escrito libre donde se formula la petición, notificando el cambio, alta o baja de domicilio fiscal o plantas, indicando domicilio completo. 9. Suspensión de Programa. Si se suspenden actividades, también se deberá solicitar el trámite de suspensión temporal de los beneficios que otorga el Programa IMMEX, mediante la presentación de un escrito libre que lo exprese y explicando los motivos para su suspensión (original y copia). E) Cancelación de Programa. Si se decide dar por concluido el Programa IMMEX, se debe presentar un escrito libre que lo exprese para su cancelación (original y copia). F) Reporte Anual de Operaciones de Comercio Exterior. Únicamente a través de la página de la Secretaría de Economía: http://www.economia.gob.mx/?P=55, reporte anual. Este trámite tiene carácter de aviso, por lo que no genera respuesta de parte de la Secretaría de Economía. Control de Inventarios El titular del Programa deberá llevar un control de inventarios automatizado con la información mínima a que se refiere el Anexo IV del Decreto IMMEX. Normatividad Marco Legal Decreto para el Fomento de la Industria Manufacturera, Maquiladora y de Servicios de Exportación, publicado en el Diario Oficial de la Federación el 1° de noviembre de 2006. Ley Aduanera y su Reglamento Reglas de Carácter General en Materia de Comercio Exterior. Ley Federal de Procedimiento Administrativo. Ley de Comercio Exterior y su Reglamento. Reglamento Interior de la Secretaría de Economía. Acuerdo por el que la Secretaría de Economía emite Reglas y Criterios de Carácter General, en Materia de Comercio Exterior, y sus modificaciones. Acuerdo por el que se dan a conocer los Trámites Inscritos en el Registro Federal de Trámites Empresariales que Aplican a la Secretaría de Economía y su Sector Coordinado. Acuerdo que modifica al diverso por el que se aprueban los formatos que deberán utilizarse para realizar trámites ante la Secretaría de Economía, el Centro Nacional de Metrología, el Consejo de Recursos Minerales, el Fideicomiso de Fomento Minero y la Procuraduría Federal del Consumidor y sus reformas. Acuerdo por el que se dan a conocer los trámites inscritos en el Registro Federal de Trámites y Servicios que aplican a la Secretaría de Economía, y los organismos descentralizados y órganos desconcentrados del sector. Tratado de Libre Comercio de América del Norte. Resolución por la que se establecen las reglas de carácter general relativas a la aplicación de las disposiciones en materia aduanera del Tratado de Libre Comercio de América del Norte y sus reformas. Disposiciones TLCAN Conforme a lo establecido a partir del 2001 por el Tratado de Libre Comercio de América del Norte (TLCAN), con el fin de evitar la distorsión de las preferencias arancelarias acordadas en el marco del mencionado tratado en los países miembros, el Programa IMMEX se sujeta a lo siguiente: a) Se aplicará la fórmula establecida en el artículo 303 del TLCAN, a los insumos no originarios de América de Norte que se incorporen a un bien que será exportado a EUA o Canadá. De acuerdo con la fórmula sólo se puede exentar el menor del monto de aranceles, que resulte al comparar, el monto de aranceles de los insumos importados a México y el monto de aranceles pagados en EUA o Canadá por el producto terminado. b) El artículo 304 del TLCAN prohíbe a los países miembros de la zona de libre comercio otorgar exenciones de impuestos de importación a maquinaria y equipo condicionada a la exportación. Por consiguiente, las empresas con Programa IMMEX deberán pagar el impuesto de importación de dichos productos. Los aranceles sobre insumos, partes, componentes, maquinaria y equipo importados a México se pueden calcular en base a las tasas establecidas en los Tratados de Libre Comercio y acuerdos comerciales suscritos por México, como el TLCUE, los Programas de Promoción Sectorial y la Regla 8ª, siempre que cuente con la autorización correspondiente. Programas para productos sensibles La SE determinará aquellas mercancías (productos sensibles) que no podrán importarse al amparo de un Programa IMMEX o que para hacerlo se sujetarán al cumplimiento de requisitos específicos. Las empresas deberán apegarse a las disposiciones establecidas en el Acuerdo por el que la Secretaría de Economía emite Reglas y Criterios de Carácter General, en Materia de Comercio Exterior. Las mercancías que no podrán importarse al amparo de un programa IMMEX son las comprendidas en las fracciones arancelarias de la Tarifa de la Ley de los Impuestos Generales de Importación y de Exportación (TIGIE), señaladas en el Anexo I del Decreto IMMEX. Las mercancías sujetas a requisitos son las comprendidas en las fracciones arancelarias de la TIGIE, señaladas en el Anexo II del Decreto IMMEX. Para obtener la autorización para la importación temporal de los productos considerados como sensibles, los interesados deberán realizar su solicitud a través de una ampliación de Programa IMMEX, que contenga los requisitos establecidos en el Decreto, además de los siguientes datos: I. Escrito en formato libre en el que especifique: Datos de la mercancía a importar: Fracción arancelaria y unidad de medida, de conformidad con la TIGIE Volumen máximo a importar en el año y su valor en dólares. Datos del producto final a exportar, que se elaborará con las mercancías a que se refiere el numeral 1 anterior, cumpliendo para tales efectos con la siguiente información: Descripción: en los términos en que debe señalarse en el pedimento de exportación. La descripción deberá permitir relacionarla con la descripción comercial de la factura, y Fracción arancelaria y unidad de medida, de conformidad con la TIGIE II. Reporte de un contador público registrado que certifique: La ubicación del domicilio fiscal y de los domicilios en los que realiza sus operaciones al amparo del Programa IMMEX; La existencia de maquinaria y equipo para realizar los procesos industriales; La capacidad productiva instalada mensual para efectuar los procesos industriales, por turno de 8 horas, y Los productos que elabora. III. Para el caso de las mercancías listadas en el Anexo II, fracción I, del Decreto IMMEX, adicionalmente deberá presentar la documentación que compruebe que el promovente se encuentra dentro del Sistema Tipo de Inspección Federal (TIF), su capacidad de refrigeración y, en su caso, congelación, así como el documento que demuestre que se cuenta con la autorización de importación emitida por el país al que se va a exportar el producto transformado. La resolución en que la SE emita la autorización de ampliación de producto sensible para importar bajo el Programa IMMEX, contendrá al menos los datos siguientes: I. Fracción arancelaria de las mercancías a importar, de conformidad con la TIGIE; II. Vigencia de la autorización, y III. La cantidad máxima en la unidad de medida de conformidad con la TIGIE, que se podrá importar. La SE dará respuesta dentro de los 10 días hábiles siguientes a la fecha de presentación de la solicitud. Para obtener una autorización subsecuente de productos sensibles, el solicitante deberá anexar a la solicitud de ampliación lo siguiente: I. Datos de la mercancía a importar: Fracción arancelaria y unidad de medida, de conformidad con la TIGIE Volumen máximo a importar en el año y su valor en dólares. II. Un reporte firmado por el representante legal de la empresa, en donde se indique: Volumen de las mercancías importadas al amparo de la autorización anterior de las mercancías comprendidas en el Anexo II del Decreto IMMEX; Volumen de los productos elaborados con las mercancías importadas a que se refiere el inciso anterior, mencionando número y fecha de los pedimentos de retorno; Volumen de las mermas y desperdicios correspondientes a los procesos industriales, y Cantidad de cada material, en términos de la unidad de medida de conformidad con la TIGIE, utilizada en los procesos productivos, indicando el porcentaje de mermas. Procederá una nueva autorización si la empresa ha exportado al menos el setenta por ciento del volumen, de uno de los siguientes conceptos: I. El consignado por la autorización anterior, siempre que éste se hubiere ejercido en su totalidad; II. El resultante de sumar las autorizaciones emitidas en los doce meses anteriores, o III. El volumen efectivamente importado, cuando no se haya ejercido la totalidad del volumen consignado en la autorización anterior y su plazo de vigencia haya expirado. El plazo máximo de la vigencia de las autorizaciones será de doce meses. La cantidad máxima que la SE autorizará a importar será hasta por una cantidad equivalente a doce meses de la capacidad productiva instalada, conforme al reporte del contador público que haya presentado la empresa. El plazo de vigencia de las autorizaciones de ampliación y ampliación subsecuente para importar bajo el Programa IMMEX las mercancías comprendidas en el Anexo II del Decreto IMMEX será de doce meses. De conformidad con la Regla 3.4.7 del Acuerdo, se exceptúa del cumplimiento de los requisitos específicos para la importación temporal de productos sensibles aquellas empresas con Programa IMMEX que exporten la totalidad de su producción. Asimismo, podrán acogerse a este beneficio solamente cuando hayan operado conforme a dichos requisitos por un año. <body><html>

Flashcard 1439739022604

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#cfa-level-1 #microeconomics #reading-16-the-firm-and-market-structures #section-2 #study-session-4

Question

Section 2 addresses questions such as: How does a chosen [...] and [...] evolve into specific decisions that affect the profitability of the firm?

Answer

pricing and output strategy

The answers to these questions are related to the forces of the market structure within which the firm operates.

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determines the degree of competition associated with each market structure? Given the degree of competition associated with each market structure, what decisions are left to the management team developing corporate strategy? How does a chosen pricing and output strategy evolve into specific decisions that affect the profitability of the firm? The answers to these questions are related to the forces of the market structure within which the firm operates

Original toplevel document

1. INTRODUCTION
ts are possible even in the long run; in the short run, any outcome is possible. Therefore, understanding the forces behind the market structure will aid the financial analyst in determining firms’ short- and long-term prospects. Section 2 introduces the analysis of market structures. The section addresses questions such as: What determines the degree of competition associated with each market structure? Given the degree of competition associated with each market structure, what decisions are left to the management team developing corporate strategy? How does a chosen pricing and output strategy evolve into specific decisions that affect the profitability of the firm? The answers to these questions are related to the forces of the market structure within which the firm operates. Sections 3, 4, 5, and 6 analyze demand, supply, optimal price and output, and factors affecting long-run equilibrium for perfect competition, monopolistic competition, olig

Flashcard 1439742954764

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#cfa-level-1 #microeconomics #reading-16-the-firm-and-market-structures #study-session-4

Question

Sections 3, 4, 5, and 6 analyze demand, supply, optimal [...] and [...], and factors affecting [...] for perfect competition, monopolistic competition, oligopoly, and pure monopoly.

Answer

price and output

long-run equilibrium

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Sections 3, 4, 5, and 6 analyze demand, supply, optimal price and output, and factors affecting long-run equilibrium for perfect competition, monopolistic competition, oligopoly, and pure monopoly, respectively.

Original toplevel document

1. INTRODUCTION
does a chosen pricing and output strategy evolve into specific decisions that affect the profitability of the firm? The answers to these questions are related to the forces of the market structure within which the firm operates. Sections 3, 4, 5, and 6 analyze demand, supply, optimal price and output, and factors affecting long-run equilibrium for perfect competition, monopolistic competition, oligopoly, and pure monopoly, respectively. Section 7 reviews techniques for identifying the various forms of market structure. For example, there are accepted measures of market concentration that are used by regula

Flashcard 1439811636492

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#cfa-level-1 #factors-that-determine-market-structures #microeconomics #reading-16-the-firm-and-market-structures #section-2-analysis-of-mkt-structures #study-session-4

Question

The number and relative size of firms in a market influence [...].

Answer

market structure

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The number and relative size of firms in a market influence market structure. If there are many firms, the degree of competition increases. With fewer firms supplying a good or service, consumers are limited in their market choices. One extreme case is the monop

Original toplevel document

2. ANALYSIS OF MARKET STRUCTURES
d monopoly is the local electrical power provider. In most cases, the monopoly power provider is allowed to earn a normal return on its investment and prices are set by the regulatory authority to allow that return. 2.2. Factors That Determine Market Structure Five factors determine market structure: The number and relative size of firms supplying the product; The degree of product differentiation; The power of the seller over pricing decisions; The relative strength of the barriers to market entry and exit; and The degree of non-price competition. The number and relative size of firms in a market influence market structure. If there are many firms, the degree of competition increases. With fewer firms supplying a good or service, consumers are limited in their market choices. One extreme case is the monopoly market structure, with only one firm supplying a unique good or service. Another extreme is perfect competition, with many firms supplying a similar product. Finally, an example of relative size is the automobile industry, in which a small number of large international producers (e.g., Ford and Toyota) are the leaders in the global market, and a number of small companies either have market power because they are niche players (e.g., Ferrari) or have little market power because of their narrow range of models or limited geographical presence (e.g., Škoda). In the case of monopolistic competition, there are many firms providing products to the market, as with perfect competition. However, one firm’s product is differentiated in some way that makes it appear better than similar products from other firms. If a firm is successful in differentiating its product, the differentiation will provide pricing leverage. The more dissimilar the product appears, the more the market will resemble the monopoly market structure. A firm can differentiate its product through aggressive advertising campaigns; frequent styling changes; the linking of its product with other, complementary products; or a host of other methods. When the market dictates the price based on aggregate supply and demand conditions, the individual firm has no control over pricing. The typical hog farmer in Nebraska and the milk producer in Bavaria are price takers . That is, they must accept whatever price the market dictates. This is the case under the market structure of perfect competition. In the case of monopolistic competition, the success of product differentiation determines the degree with which the firm can influence price. In the case of oligopoly, there are so few firms in the market that price control becomes possible. However, the small number of firms in an oligopoly market invites complex pricing strategies. Collusion, price leadership by dominant firms, and other pricing strategies can result. The degree to which one market structure can evolve into another and the difference between potential short-run outcomes and long-run equilibrium conditions depend on the strength of the barriers to entry and the possibility that firms fail to recoup their original costs or lose money for an extended period of time and are therefore forced to exit the market. Barriers to entry can result from very large capital investment requirements, as in the case of petroleum refining. Barriers may also result from patents, as in the case of some electronic products and drug formulas. Another entry consideration is the possibility of high exit costs. For example, plants that are specific to a special line of products, such as aluminum smelting plants, are non-redeployable, and exit costs would be high without a liquid market for the firm’s assets. High exit costs deter entry and are therefore also considered barriers to entry. In the case of farming, the barriers to entry are low. Production of corn, soybeans, wheat, tomatoes, and other produce is an easy process to replicate; therefore, those are highly competitive markets. Non-price competition dominates those market structures where product differentiation is critical. Therefore, monopolistic competition relies on competitive strategies that may not include pricing changes. An example of non-price competition is product differentiation through marketing. In other circumstances, non-price competition may occur because the few firms in the market feel dependent on each other. Each firm fears retaliatory price changes that would reduce total revenue for all of the firms in the market. Because oligopoly industries have so few firms, each firm feels dependent on the pricing strategies of the others. Therefore, non-price competition becomes a dominant strategy. Exhibit 1. Characteristics of Market Structure Market Structure Number of Sellers Degree of Product Differentiation Barriers to Entry Pricing Power of Firm Non-price Competition Perfect competition Many Homogeneous/ Standardized Very Low None None Monopolistic competition Many Differentiated Low Some Advertising and Product Differentiation Oligopoly Few Homogeneous/ Standardized High Some or Considerable Advertising and Product Differentiation Monopoly One Unique Product Very High Considerable Advertising From the perspective of the owners of the firm, the most desirable market structure is that with the most control over price, because this control can lead to large profits. Monopoly and oligopoly markets offer the greatest potential control over price; monopolistic competition offers less control. Firms operating under perfectly competitive market conditions have no control over price. From the consumers’ perspective, the most desirable market structure is that with the greatest degree of competition, because prices are generally lower. Thus, consumers would prefer as many goods and services as possible to be offered in competitive markets. As often happens in economics, there is a trade-off. While perfect competition gives the largest quantity of a good at the lowest price, other market forms may spur more innovation. Specifically, there may be high costs in researching a new product, and firms will incur such costs only if they expect to earn an attractive return on their research investment. This is the case often made for medical innovations, for example—the cost of clinical trials and experiments to create new medicines would bankrupt perfectly competitive firms but may be acceptable in an oligopoly market structure. Therefore, consumers can benefit from less-than-perfectly-competitive markets. PORTER’S FIVE FORCES AND MARKET STRUCTURE A financial analyst aiming to establish market conditions and consequent profitability of incumbent firms should start with the questions framed by Exhibit 1: How many sellers are there? Is the product differentiated? and so on. Moreover, in the case of monopolies and quasi monopolies, the analyst should evaluate the legislative and regulatory framework: Can the company set prices freely, or are there governmental controls? Finally, the analyst should consider the threat of competition from potential entrants. This analysis is often summarized by students of corporate strategy as “Porter’s five forces,” named after Harvard Business School professor Michael E. Porter. His book, Competitive Strategy, presented a systematic analysis of the practice of market strategy. Porter (2008) identified the five forces as: Threat of entry; Power of suppliers; Power of buyers (customers); Threat of substitutes; and Rivalry among existing competitors. It is easy to note the parallels between four of these five forces and the columns in Exhibit 1. The only “orphan” is the power of suppliers, which is not at the core of the theoretical economic analysis of competition, but which has substantial weight in the practical analysis of competition and profitability. Some stock analysts (e.g., Dorsey 2004) use the term “economic moat” to suggest that there are factors protecting the profitability of a firm that are similar to the moats (ditches full of water) that used to protect some medieval castles. A deep moat means that there is little or no threat of entry by invaders, i.e. competitors. It also means that customers are locked in because of high switching costs. <body><html>

Flashcard 1439822122252

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#cfa-level-1 #factors-that-determine-market-structures #microeconomics #reading-16-the-firm-and-market-structures #section-2-analysis-of-mkt-structures #study-session-4

Question

In the case of monopolistic competition, there are many firms providing products to the market, as with [...].

Answer

perfect competition

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In the case of monopolistic competition, there are many firms providing products to the market, as with perfect competition. However, one firm’s product is differentiated in some way that makes it appear better than similar products from other firms. If a firm is successful in differentiating its product, th

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Flashcard 1440228969740

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#cfa-level-1 #factors-that-determine-market-structures #microeconomics #reading-16-the-firm-and-market-structures #section-2-analysis-of-mkt-structures #study-session-4

Question

When the market dictates the price based on [...] , the individual firm has no control over pricing

Answer

aggregate supply and demand conditions

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When the market dictates the price based on aggregate supply and demand conditions, the individual firm has no control over pricing. The typical hog farmer in Nebraska and the milk producer in Bavaria are price takers . That is, they must accept whatever price the market dictates. This is the case under the market s

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Flashcard 1442472660236

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#cfa #cfa-level-1 #economic-and-normal-profit #economics #microeconomics #reading-15-demand-and-supply-analysis-the-firm #section-2-objectives-of-the-firm #study-session-4

Question

Economic profit is achieved when a project has a positive [...]

Answer

net present value investment (NPV) opportunities.

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Some factors (monopoly, market barriers, trademarks etc.) may lead the firm to have positive net present value investment (NPV) opportunities. Access to positive NPV opportunities and therefore profit in excess of normal profits in the short run may or may not exist in the long run, depending on the potential strength of compe

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2. OBJECTIVES OF THE FIRM
00 – $48,000,000 = $2,000,000. Note that total accounting costs in either case include interest expense—which represents the return required by suppliers of debt capital—because interest expense is an explicit cost. 2.1.2. Economic Profit and Normal Profit Economic profit (also known as abnormal profit or supernormal profit ) may be defined broadly as accounting profit less the implicit opportunity costs not included in total accounting costs. Equation (3a) Economic profit = Accounting profit – Total implicit opportunity costs We can define a term, economic cost , equal to the sum of total accounting costs and implicit opportunity costs. Economic profit is therefore equivalently defined as: Equation (3b) Economic profit = Total revenue – Total economic costs For publicly traded corporations, the focus of investment analysts’ work, the cost of equity capital is the largest and most readily identified implicit opportunity cost omitted in calculating total accounting cost. Consequently, economic profit can be defined for publicly traded corporations as accounting profit less the required return on equity capital. Examples will make these concepts clearer. Consider the start-up company for which we calculated an accounting profit of €300,000 and suppose that the entrepreneurial executive who launched the start-up took a salary reduction of €100,000 per year relative to the job he left. That €100,000 is an opportunity cost of involving him in running the start-up. Besides labor, financial capital is a resource. Suppose that the executive, as sole owner, makes an investment of €1,500,000 to launch the enterprise and that he might otherwise expect to earn €200,000 per year on that amount in a similar risk investment. Total implicit opportunity costs are €100,000 + €200,000 = €300,000 per year and economic profit is zero: €300,000 – €300,000 = €0. For the publicly traded corporation, we consider the cost of equity capital as the only implicit opportunity cost identifiable. Suppose that equity investment is $18,750,000 and shareholders’ required rate of return is 8 percent so that the dollar cost of equity capital is $1,500,000. Economic profit for the publicly traded corporation is therefore $2,000,000 (accounting profit) less $1,500,000 (cost of equity capital) or $500,000. For the start-up company, economic profit was zero. Total economic costs were just covered by revenues and the company was not earning a euro more nor less than the amount that meets the opportunity costs of the resources used in the business. Economists would say the company was earning a normal profit (economic profit of zero). In simple terms, normal profit is the level of accounting profit needed to just cover the implicit opportunity costs ignored in accounting costs. For the publicly traded corporation, normal profit was $1,500,000: normal profit can be taken to be the cost of equity capital (in money terms) for such a company or the dollar return required on an equal investment by equity holders in an equivalently risky alternative investment opportunity. The publicly traded corporation actually earned $500,000 in excess of normal profit, which should be reflected in the common shares’ market price. Thus, the following expression links accounting profit to economic profit and normal profit: Equation (4) Accounting profit = Economic profit + Normal profit When accounting profit equals normal profit, economic profit is zero. Further, when accounting profit is greater than normal profit, economic profit is positive; and when accounting profit is less than normal profit, economic profit is negative (the firm has an economic loss ). Economic profit for a firm can originate from sources such as: competitive advantage; exceptional managerial efficiency or skill; difficult to copy technology or innovation (e.g., patents, trademarks, and copyrights); exclusive access to less-expensive inputs; fixed supply of an output, commodity, or resource; preferential treatment under governmental policy; large increases in demand where supply is unable to respond fully over time; exertion of monopoly power (price control) in the market; and market barriers to entry that limit competition. Any of the above factors may lead the firm to have positive net present value investment (NPV) opportunities. Access to positive NPV opportunities and therefore profit in excess of normal profits in the short run may or may not exist in the long run, depending on the potential strength of competition. In highly competitive market situations, firms tend to earn the normal profit level over time because ease of market entry allows for other competing firms to compete away any economic profit over the long run. Economic profit that exists over the long run is usually found where competitive conditions persistently are less than perfect in the market. 2.1.3. Economic Rent The surplus value known as economic rent results when a particular resource or good is fixed in supply (with a vertical su

Flashcard 1442692599052

Tags

#blue-apron #citychef

Question

Blue Apron is another reinvention of the [...]

Answer

CSA model

Subscribers commit to purchasing a "share" of a farmer's seasonal crop, with the produce then distributed throughout the year.

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Blue Apron is another reinvention of the CSA model — in which subscribers commit to purchasing a "share" of a farmer's seasonal crop, with the produce then distributed throughout the year. Instead, Blue Apron provides a lifestyle upgrade, granting subscribers access to well-balanced meals without the stress of meal planning. It's the joy of cooking distilled to its essenc

Flashcard 1447268322572

Tags

#sister-miriam-joseph #trivium

Question

Since only individuals exist, our [...] is directly concerned with them.

Answer

experience

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Since only individuals exist, our experience is directly concerned with them.

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Flashcard 1447306071308

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#sister-miriam-joseph #trivium

Question

The women of the ninet eenth century constitute an aggregate of individuals belonging to the same species, but they are only a part of the species, namely, [...]

Answer

those who existed at a particular time.

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The women of the ninet eenth century constitute an aggregate of individuals belonging to the same species, but they are only a part of the species, namely, those who existed at a particular time.

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Flashcard 1447360859404

Tags

#sister-miriam-joseph #trivium

Question

Only human beings have the power of intellectual abstraction; therefore, only human beings can form a general or universal [...].

Answer

concept

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Only human beings have the power of intellectual abstraction; therefore, only human beings can form a general or universal concept. Irrational animals have the external and internal senses, which are sometimes keener than those of humans. But because they lack the rational powers (intellect, intellectual memory, an

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Flashcard 1447477513484

Tags

#language-and-reality #sister-miriam-joseph #trivium

Question

[...] important definitions emerge from a consideration of language and reality.

Answer

Seven

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Seven important definitions emerge from a consideration of language and reality.

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Flashcard 1447520767244

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#7-important-definitions #language-and-reality #sister-miriam-joseph #trivium

Question

The intellect can know individual objects only indirectly in the phantasms because [...], with one exception, the intellect itself.

Answer

individuals are material

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The intellect can know individual objects only indirectly in the phantasms because individuals are material, with one exception, the int ellect itself; because it is a spiritual individual, the intellect can know itself directly and reflexively. (See Saint Thomas Aquinas, Summa Theologica, Pa

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Flashcard 1447546719500

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#sister-miriam-joseph #trivium

Question

A composit e concept may be called a [...].

Answer

construct

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, like human being, but is a composite, like lawyer or athlete, including in its definition certain accidents which determine not natural species but classes that differ only accidentally. A composit e concept may be called a construct. Lawyer and athlete are constructs, for their definition adds to the simple concept human being certain accidents such as knowledge of law or physical agility, w

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Flashcard 1448329743628

Tags

#sister-miriam-joseph #trivium

Question

How does one derive ideas from reality and how does one classify them? Generating a universal idea or concept involves several steps, a process more fully treated in [...]

Answer

the study of psychology.

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How does one derive ideas from reality and how does one classify them? Generating a universal idea or concept involves several steps, a process more fully treated in the study of psychology.

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Flashcard 1448424377612

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#cfa-level-1 #economics #microeconomics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit #study-session-4

Question

Ccosts are incurred before revenue generation takes place as the firm [...], in order to produce a product that will be offered for sale to consumers.

Answer

purchases the factors of production

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Revenue generation occurs when output is sold in the market. However, costs are incurred before revenue generation takes place as the firm purchases the factors of production, in order to produce a product that will be offered for sale to consumers.

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3. ANALYSIS OF REVENUE, COSTS, AND PROFITS
ationships among the revenue variables presented in Exhibit 7. Exhibit 8. Total Revenue, Average Revenue, and Marginal Revenue for Exhibit 7 Data 3.1.2. Factors of Production Revenue generation occurs when output is sold in the market. However, costs are incurred before revenue generation takes place as the firm purchases resources, or what are commonly known as the factors of production, in order to produce a product or service that will be offered for sale to consumers. Factors of production, the inputs to the production of goods and services, include: land, as in the site location of the business; labor, which consists of the inputs of skilled and unskilled workers as well as the inputs of firms’ managers; capital, which in this context refers to physical capital—such tangible goods as equipment, tools, and buildings. Capital goods are distinguished as inputs to production that are themselves produced goods; and materials, which in this context refers to any goods the business buys as inputs to its production process.1 For example, a business that produces solid wood office desks needs to acquire lumber and hardware accessories as raw materials and hire workers to construct and assemble the desks using power tools and equipment. The factors of production are the inputs to the firm’s process of producing and selling a product or service where the goal of the firm is to maximize profit by satisfying the demand of consumers. The types and quantities of resources or factors used in production, their respective prices, and how efficiently they are employed in the production process determine the cost component of the profit equation. Clearly, in order to produce output, the firm needs to employ factors of production. While firms may use many different types of labor, capital, raw materials, and land, an analyst may find it more convenient to limit attention to a more simplified process in which only the two factors, capital and labor, are employed. The relationship between the flow of output and the two factors of production is called the production function , and it is represented generally as: Equation (5) Q = f (K, L) where Q is the quantity of output, K is capital, and L is labor. The inputs are subject to the constraint that K ≥ 0 and L ≥ 0. A more general production function is stated as: Equation (6) Q = f (x 1 , x 2 , … x n ) where x i represents the quantity of the ith input subject to x i ≥ 0 for n number of different inputs. Exhibit 9illustrates the shape of a typical input–output relationship using labor (L) as the only variable input (all other input factors are held constant). The production function has three distinct regions where both the direction of change and the rate of change in total product (TP or Q, quantity of output) vary as production changes. Regions 1 and 2 have positive changes in TP as labor is added, but the change turns negative in Region 3. Moreover, in Region 1 (L 0 – L 1 ), TP is increasing at an increasing rate, typically because specialization allows laborers to become increasingly productive. In Region 2, however, (L 1 – L 2 ), TP is increasing at a decreasing rate because capital is fixed, and labor experiences diminishing marginal returns. The firm would want to avoid Region 3 if at all possible because total product or quantity would be declining rather than increasing with additional input: There is so little capital per unit of labor that additional laborers would possibly “get in each other’s way”. Point A is where TP is maximized. Exhibit 9. A Firm’s Production Function EXAMPLE 3 Factors of Production A group of business investor

Flashcard 1448441941260

Tags

#categories-of-being #sister-miriam-joseph #trivium

Question

These metaphysical categories have their exact counterpart in the ten categories or [...], which classify our concepts, our knowledge of being

Answer

praedicamenta 15 of logic

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These metaphysical categories have their exact counterpart in the ten categories or praedicamenta 15 of logic, which classify our concepts, our knowledge of being

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Flashcard 1448466058508

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#sister-miriam-joseph #trivium

Question

In legal texts and scientific treatises [...] ought to be avoided.

Answer

synonyms

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In legal texts and scientific treatises synonyms, which usually vary in shades of meaning, ought to be avoided, and the same word should be employed throughout to convey the same meaning; or if it is used with a different meaning, tha

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Flashcard 1448611548428

Tags

#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7

Question

Liabilities = Assets - [...]

Answer

Stockholders' Equity

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Liabilities = Assets - Stockholders' Equity

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Subject 2. Major Financial Statements
ing operations is deemed not to be persistent, then recurring (pre-tax) income from continuing operations should be adjusted. The net income figure is used to prepare the statement of retained earnings. Balance Sheet A balance sheet provides a "snapshot" of a company's financial condition. Think of the balance sheet as a photo of the business at a specific point in time. It reports major classes and amounts of assets, liabilities, stockholders' equity, and their interrelationships as of a specific date. Assets = Liabilities + Stockholders' Equity Assets are the economic resources controlled by the company. Liabilities are the financial obligations that the company must fulfill in the future. Liabilities are typically fulfilled by payment of cash. They represent the source of financing provided to the company by the creditors. Equity ownership is the owner's investments and the total earnings retained from the commencement of the company. Equity represents the source of financing provided to the company by the owners. Cash Flow Statement The primary purpose of the cash flow statement is to provide information about a company's cash receipts and

Flashcard 1448628325644

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#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7

Question

Liabilities represent the [...] provided to the company by the creditors.

Answer

source of financing

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13; Assets are the economic resources controlled by the company. Liabilities are the financial obligations that the company must fulfill in the future. Liabilities are typically fulfilled by payment of cash. They represent the source of financing provided to the company by the creditors. Equity ownership is the owner's investments and the total earnings retained from the commencement of the company. Equity represents the source

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Flashcard 1448682065164

Tags

#3-1-profit-maximization #cfa-level-1 #economics #microeconomics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit #study-session-4

Question

Overall, the functions of profit are as follows:

Rewards [...]for risk taking when pursuing business ventures to satisfy consumer demand.

Answer

entrepreneurs

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sfy consumer demand. Allocates resources to their most-efficient use; input factors flow from sectors with economic losses to sectors with economic profit, where profit reflects goods most desired by society. Spurs innovation and the development of new technology. Stimulates business investment and economic growth.<body><html>

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3. ANALYSIS OF REVENUE, COSTS, AND PROFITS
Total variable cost divided by quantity; (TVC ÷ Q) Average total cost (ATC) Total cost divided by quantity; (TC ÷ Q) or (AFC + AVC) Marginal cost (MC) Change in total cost divided by change in quantity; (∆TC ÷ ∆Q) 3.1. Profit Maximization In free markets—and even in regulated market economies—profit maximization tends to promote economic welfare and a higher standard of living, and creates wealth for investors. Profit motivates businesses to use resources efficiently and to concentrate on activities in which they have a competitive advantage. Most economists believe that profit maximization promotes allocational efficiency—that resources flow into their highest valued uses. Overall, the functions of profit are as follows: Rewards entrepreneurs for risk taking when pursuing business ventures to satisfy consumer demand. Allocates resources to their most-efficient use; input factors flow from sectors with economic losses to sectors with economic profit, where profit reflects goods most desired by society. Spurs innovation and the development of new technology. Stimulates business investment and economic growth. There are three approaches to calculate the point of profit maximization. First, given that profit is the difference between total revenue and total costs, maximum profit occurs at the output level where this difference is the greatest. Second, maximum profit can also be calculated by comparing revenue and cost for each individual unit of output that is produced and sold. A business increases profit through greater sales as long as per-unit revenue exceeds per-unit cost on the next unit of output sold. Profit maximization takes place at the point where the last individual output unit breaks even. Beyond this point, total profit decreases because the per-unit cost is higher than the per-unit revenue from successive output units. A third approach compares the revenue generated by each resource unit with the cost of that unit. Profit contribution occurs when the revenue from an input unit exceeds its cost. The point of profit maximization is reached when resource units no longer contribute to profit. All three approaches yield the same profit-maximizing quantity of output. (These approaches will be explained in greater detail later.) Because profit is the difference between revenue and cost, an understanding of profit maximization requires that we examine both of those components. Revenue comes from the demand for the firm’s products, and cost comes from the acquisition and utilization of the firm’s inputs in the production of those products. 3.1.1. Total, Average, and Marginal Revenue This section briefly examines demand and revenue in preparation for addressing cost. Unless the firm is a pu

Flashcard 1451161947404

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#strategym

Question

To device a plan to charm her you will need to [...] and [...]

Answer

speak her language

understand her perspective

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Flashcard 1451169549580

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#conversation-tactics #how-to-take-a-complement

Question

Conversation tactics are like [...].

Answer

the background music in a television scene

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Conversation tactics are like the background music in a television scene. When they’re there, you don’t notice that everything is flowing smoothly. But when they’re gone, you notice (sometimes immediately)

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Annotation 1451340729612

#cfa #cfa-level-1 #economics #has-images #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit

In the case where TC exceeds TR the firm will want to minimize the economic loss. This occurs at Q_min, where the economic loss is calculated as (TC_M – TR_N) on the vertical axis.

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Flashcard 1451343613196

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#cfa #cfa-level-1 #economics #has-images #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit

Question

In the case where TC exceeds TR the firm will want to minimize the economic loss (as long as [...]),

Answer

TR > TVC

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In the case where TC exceeds TR the firm will want to minimize the economic loss (as long as TR > TVC), which is defined as the smallest difference between TC and TR. This occurs at Q min , where the economic loss is calculated as (TC M – TR N ) on the vertical axis.</bod

Flashcard 1451345972492

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#cfa #cfa-level-1 #economics #has-images #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit

Question

In the case where TC exceeds TR the firm will want to minimize the economic loss which is defined as the [...].

Answer

smallest difference between TC and TR

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Flashcard 1451349642508

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#cfa #cfa-level-1 #economics #has-images #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit

Question

In the case where TC exceeds TR the firm will want to minimize the economic loss. This occurs at Q_min, where the economic loss is calculated as (_[...]) on the vertical axis.

Answer

TC_M – TR_N

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In the case where TC exceeds TR the firm will want to minimize the economic loss. This occurs at Q min , where the economic loss is calculated as (TC M – TR N ) on the vertical axis.

Article 1451351215372

#cfa #cfa-level-1 #economics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit

Breakeven Analysis and Profit Maximization When the Firm Faces a Negatively Sloped Demand under Imperfect Competition The following revenue and cost information for a future period is presented in Exhibit 20 for WR International, a newly formed corporation that engages in the manufacturing of low-cost, pre-fabricated dwelling units for urban housing markets in emerging economies. (Note that quantity increments are in blocks of 10 for a 250 change in price.) The firm has few competitors in a market setting of imperfect competition. How many units must WR International sell to initially break even? Where is the region of profitability? At what point will the firm maximize profit? At what points are there economic losses? Exhibit 20 Quantity (Q) Price (P) Total Revenue (TR) Total Costs (TC) a Profit 0 10,000 0 100,000 (100,000) 10 9,750 97,500 170,000 (72,500) 20 9,500 190,000 240,000 (50,000) 30 9,250 277,500 300,000 (22,500) 40 9,000 360,000 360,000 0 50 8,75

Article 1451352526092

#cfa #cfa-level-1 #economics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit

The firm must cover variable cost before fixed cost. In the short run, if total revenue cannot cover total variable cost, the firm shuts down production to minimize loss, which would equal the amount of fixed cost. If total variable cost exceeds total revenue in the long run, the firm will exit the market as a business entity to avoid the loss associated with fixed cost at zero production. By terminating business operations through market exit, investors escape the erosion in their equity capital from economic losses. When total revenue is enough to cover total variable cost but not all of total fixed cost, the firm can survive in the short run but will be unable to maintain financial solvency in the long run. Exhibit 21 Revenue–Cost Relationship Short-Run Decision Long-Term Decision TR ≥ TC Stay in market Stay in market TR > TVC but TR < TFC + TVC Stay in market Exit market TR < TVC Shut down production to zero Exit market

Flashcard 1451354885388

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#cfa #cfa-level-1 #economics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit

Question

In the short run, if total revenue cannot cover total variable cost, the firm shuts down production to minimize loss, which would equal [...]

Answer

the amount of fixed cost.

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The firm must cover variable cost before fixed cost. In the short run, if total revenue cannot cover total variable cost, the firm shuts down production to minimize loss, which would equal the amount of fixed cost. If total variable cost exceeds total revenue in the long run, the firm will exit the market as a business entity to avoid the loss associated with fixed cost at zero producti

Flashcard 1451358031116

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#cfa #cfa-level-1 #economics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit

Question

The firm must cover [...] before [...] cost.

Answer

variable cost

fixed

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Flashcard 1451360390412

Tags

#cfa #cfa-level-1 #economics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit

Question

If total [...] exceeds total revenue in the long run, the firm will exit the market as a business entity to avoid the loss associated with fixed cost at zero production.

Answer

variable cost

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firm must cover variable cost before fixed cost. In the short run, if total revenue cannot cover total variable cost, the firm shuts down production to minimize loss, which would equal the amount of fixed cost. If total variable cost exceeds total revenue in the long run, the firm will exit the market as a business entity to avoid the loss associated with fixed cost at zero production. By terminating busi

Flashcard 1451362749708

Tags

#cfa #cfa-level-1 #economics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit

Question

By terminating business operations through market exit, investors escape the erosion in their equity capital from [...].

Answer

economic losses

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, the firm will exit the market as a business entity to avoid the loss associated with fixed cost at zero production. By terminating business operations through market exit, investors escape the erosion in their equity capital from economic losses. When total revenue is enough to cover total variable cost but not all of total fixed cost, the firm can survive in the short run but will be unable to maintain financial sol

Flashcard 1451365109004

Tags

#cfa #cfa-level-1 #economics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit

Question

When total revenue is enough to cover total [...] but not all of total [...] the firm can survive in the short run but will be unable to maintain financial solvency in the long run.

Answer

variable cost

fixed cost,

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ssociated with fixed cost at zero production. By terminating business operations through market exit, investors escape the erosion in their equity capital from economic losses. When total revenue is enough to cover total variable cost but not all of total fixed cost, the firm can survive in the short run but will be unable to maintain financial solvency in the long run. Exhibit 21 Revenu

Annotation 1451367468300

#cfa #cfa-level-1 #economics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit

Revenue–Cost Relationship	Short-Run Decision	Long-Term Decision
TR ≥ TC	Stay in market	Stay in market
TR > TVC but TR < TFC + TVC	Stay in market	Exit market
TR < TVC	Shut down production to zero	Exit market

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When total revenue is enough to cover total variable cost but not all of total fixed cost, the firm can survive in the short run but will be unable to maintain financial solvency in the long run. Exhibit 21 Revenue–Cost Relationship Short-Run Decision Long-Term Decision TR ≥ TC Stay in market Stay in market TR > TVC but TR < TFC + TVC Stay in market Exit market TR < TVC Shut down production to zero Exit market <body><html>

Flashcard 1451370614028

Tags

#cfa #cfa-level-1 #economics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit

Question

Revenue–Cost Relationship	Short-Run Decision	Long-Term Decision
TR ≥ TC	[...]	[...]

Answer

Stay in market

Stay in market

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Revenue–Cost Relationship Short-Run Decision Long-Term Decision TR ≥ TC Stay in market Stay in market TR > TVC but TR < TFC + TVC Stay in market Exit market TR < TVC Shut down production to zero Exit market

Original toplevel document

Flashcard 1451372973324

Tags

#cfa #cfa-level-1 #economics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit

Question

Revenue–Cost Relationship	Short-Run Decision	Long-Term Decision

TR > TVC but TR < TFC + TVC	[...]	[...]

Answer

Stay in market

Exit market

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Flashcard 1451375332620

Tags

#cfa #cfa-level-1 #economics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit

Question

Revenue–Cost Relationship	Short-Run Decision	Long-Term Decision

TR < TVC	[...]	[...]

Answer

Shut down production to zero

Exit market

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Article 1451377954060

Shutdown Analysis
#cfa #cfa-level-1 #economics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit

For the most recent financial reporting period, a business domiciled in Ecuador (which recognizes the US dollar as an official currency) has revenue of $2 million and total costs of $2.5 million, which are or can be broken down into total fixed cost of $1 million and total variable cost of $1.5 million. The net loss on the firm’s income statement is reported as $500,000 (ignoring tax implications). In prior periods, the firm had reported profits on its operations. What decision should the firm make regarding operations over the short term? What decision should the firm make regarding operations over the long term? Assume the same business scenario except that revenue is now $1.3 million, which creates a net loss of $1.2 million. What decision should the firm make regarding operations in this case? Solution to 1: In the short run, the firm is able to cover all of its total variable cost but only half of its $1 million in total fixed cost. If the business ceases

Flashcard 1451379264780

Tags

#cfa #cfa-level-1 #economics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit

Question

A business has revenue of $2 million

Total costs of $2.5 million, which are:

Total fixed cost of $1 million

Total variable cost of $1.5 million.

The net loss on the firm’s income statement is reported as $500,000 (ignoring tax implications).

What decision should the firm make regarding operations over the short term?

Answer

In the short run, the firm is able to cover all of its total variable cost but only half of its $1 million in total fixed cost.

If the business ceases to operate, its loss is $1 million, the amount of total fixed cost, whereas the net loss by operating is minimized at $500,000.

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Shutdown Analysis
For the most recent financial reporting period, a business domiciled in Ecuador (which recognizes the US dollar as an official currency) has revenue of $2 million and total costs of $2.5 million, which are or can be broken down into total fixed cost of $1 million and total variable cost of $1.5 million. The net loss on the firm’s income statement is reported as $500,000 (ignoring tax implications). In prior periods, the firm had reported profits on its operations. What decision should the firm make regarding operations over the short term? What decision should the firm make regarding operations over the long term? Assume the same business scenario except that revenue is now $1.3 million, wh

Flashcard 1451381624076

Tags

#cfa #cfa-level-1 #economics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit

Question

For the most recent financial reporting period, a business has revenue of $2 million and total costs of $2.5 million, which are or can be broken down into total fixed cost of $1 million and total variable cost of $1.5 million.

The net loss on the firm’s income statement is reported as $500,000 (ignoring tax implications). In prior periods, the firm had reported profits on its operations.

What decision should the firm make regarding operations over the long term?

Answer

If the revenue shortfall is expected to persist over time, the firm should cease operations, liquidate assets, and pay debts to the extent possible. Any residual for shareholders would decrease the longer the firm is allowed to operate unprofitably.

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Flashcard 1451385556236

Tags

#cfa #cfa-level-1 #economics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit

Question

A business has revenue of $2 million and total costs of $2.5 million, which are or can be broken down into total fixed cost of $1 million and total variable cost of $1.5 million.

The net loss on the firm’s income statement is reported as $500,000 (ignoring tax implications).

Assume the same business scenario except that revenue is now $1.3 million, which creates a net loss of $1.2 million. What decision should the firm make regarding operations in this case?

Answer

The firm would minimize loss at $1 million of total fixed cost by shutting down compared with continuing to do business where the loss is $1.2 million.

Shareholders will save $200,000 in equity value by pursuing this option. Unquestionably, the business will have a rather short life expectancy if this loss situation were to continue.

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Article 1451389226252

#cfa #cfa-level-1 #economics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit

When evaluating profitability, particularly of start-up firms and businesses using turnaround strategies, analysts should consider highlighting breakeven and shutdown points in their financial research. Identifying the unit sales levels where the firm enters or leaves the production range for profitability and where the firm can no longer function as a viable business entity provides invaluable insight to investment decisions.

Flashcard 1451390536972

Tags

#cfa #cfa-level-1 #economics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit

Question

When evaluating profitability, particularly of start-up firms and businesses using turnaround strategies, analysts should consider highlighting [...] and [...] points in their financial research.

Answer

breakeven

shutdown

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When evaluating profitability, particularly of start-up firms and businesses using turnaround strategies, analysts should consider highlighting breakeven and shutdown points in their financial research. Identifying the unit sales levels where the firm enters or leaves the production range for profitability and where the firm can no longe

Annotation 1451392896268

#cfa #cfa-level-1 #economics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit

Identifying the unit sales levels where the firm enters or leaves the production range for profitability and where the firm can no longer function as a viable business entity provides invaluable insight to investment decisions.

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Flashcard 1451393944844

Tags

#cfa #cfa-level-1 #economics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit

Question

Identifying the [...] where the firm enters or leaves the production range for profitability and where the firm can no longer function as a viable business entity provides invaluable insight to investment decisions.

Answer

unit sales levels

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Identifying the unit sales levels where the firm enters or leaves the production range for profitability and where the firm can no longer function as a viable business entity provides invaluable insight to investment de

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Flashcard 1451395779852

Tags

#sister-miriam-joseph #trivium

Question

[...] are necessary books for the uneducated and good books for the learned, too.

Answer

Images

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Images are necessary books for the uneducated and good books for the learned, too.

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Flashcard 1451397614860

Tags

#cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7

Question

The financial position can be measured by comparing ( [...] ) in relation to ( [...] ).

Answer

assets (the resources controlled by the company)

liabilities and equity (the claims against those resources)

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The financial position can be measured by comparing the resources controlled by the company ( assets ) in relation to the claims against those resources ( liabilities and equity ).

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Analysts are also interested in the current financial position of a company. The financial position can be measured by comparing the resources controlled by the company ( assets ) in relation to the claims against those resources ( liabilities and equity ). An example of a resource is cash. In Example 1, if no other transactions occur, the company should have €230,000 more in cash at 31 December 2009 than at the start of the period. The ca

Flashcard 1451399974156

Tags

#sister-miriam-joseph #trivium

Question

[...] provides the materials, and the human intellect conceives and constructs works of civilization which harness nature and increase its value and its services to the human race.

Answer

Nature

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Nature provides the materials, and the human intellect conceives and constructs works of civilization which harness nature and increase its value and its services to the human race

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Flashcard 1451401547020

Tags

#italian #tre-porcellini

Question

C’era una volta una scrofa con tre porcellini. Li amava moltissimo, ma non c’era abbastanza cibo per tutti, [...] lì mandò per il mondo a cercar fortuna.

Answer

quindi

Once upon a time there was a mama pig who had three little pigs. She loved them very much, but there was not enough food for all of them, so she sent them out into the world to seek their fortune.

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C’era una volta una scrofa con tre porcellini. Li amava moltissimo, ma non c’era abbastanza cibo per tutti, quindi lì mandò per il mondo a cercar fortuna. Once upon a time there was a mama pig who had three little pigs. She loved them very much, but there was not enough food for all

Flashcard 1451415178508

Tags

#cfa-level-1 #factors-that-determine-market-structures #microeconomics #porter-5-forces #reading-16-the-firm-and-market-structures #section-2-analysis-of-mkt-structures #study-session-4

Question

PORTER’S FIVE FORCES

[...]
Power of suppliers;
Power of buyers (customers);
Threat of substitutes;
[...]

Answer

Threat of entry;

Rivalry among existing competitors.

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usiness School professor Michael E. Porter. His book, Competitive Strategy, presented a systematic analysis of the practice of market strategy. Porter (2008) identified the five forces as: Threat of entry; Power of suppliers; Power of buyers (customers); Threat of substitutes; and Rivalry among existing competitors. It is easy to note the p

Original toplevel document

Annotation 1451504307468

Compliment the compliment.

First of all, when someone pays you a compliment, believe in it. Believe that it is genuine and that the person is rather not attempting to undermine you, undercut you with sarcasm, or simply be malicious.

Don't doubt the sincerity of the compliment. Leave that unnecessary analysis at home because it will affect your ability to receive a compliment in a genuine and healthy way. Looking at everything positive coming your way with suspicious, slanted eyes is a mindset that will pervade your outlook without even realizing it. In other words, you’ll be a Negative Nancy (or Depressing Dan) and like attracts like.

So assuming that you have internalized the possibility of positivity coming into your life, how do you graciously accept the compliment? You compliment it!

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Flashcard 1451506404620

Question

First of all, when someone pays you a compliment, [...]

Answer

believe in it.

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First of all, when someone pays you a compliment, believe in it. Believe that it is genuine and that the person is rather not attempting to undermine you, undercut you with sarcasm, or simply be malicious. Don't doubt the sincerity of the

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Flashcard 1451508763916

Question

How do you graciously accept the compliment? [...]

Answer

You compliment it!

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ing it. In other words, you’ll be a Negative Nancy (or Depressing Dan) and like attracts like. So assuming that you have internalized the possibility of positivity coming into your life, how do you graciously accept the compliment? You compliment it!<body><html>

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Annotation 1451511123212

Victoria, your comparisons are the best part of my week, hands down.

Patrick, your haircut makes you look like a United Colors of Benetton model.
My goodness, you are one flattering son of a sun!

Patrick, the way you shot that gun was nothing short of amazing.
Kerry, you are one hilarious guy and that bulls-eye was for you!

Patrick, those are some sweet shoes.
Jimbo, observation is your middle name!

Patrick, you have the body of a modern Adonis.
Victoria, your comparisons are the best part of my week, hands down.

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Annotation 1451514793228

Pareces modelo de calvin kein.
My goodness, you are one flattering son of a sun!

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Patrick, your haircut makes you look like a United Colors of Benetton model. My goodness, you are one flattering son of a sun! Patrick, the way you shot that gun was nothing short of amazing. Kerry, you are one hilarious guy and that bulls-eye was for you! Patrick, those are some swee

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Flashcard 1451516628236

Question

Pareces modelo de calvin kein. [...]

Answer

Que halagador! tu comentario me hizo el dia

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Pareces modelo de calvin kein. My goodness, you are one flattering son of a sun!

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Annotation 1451518987532

Wey, eso que hiciste estuvo bien perro

cabrón, tu eres una persona muy respetable y eso que hice fue en tu honor

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Flashcard 1451521608972

Question

Wey, eso que hiciste estuvo bien perro

[...]

Answer

Eres una persona muy respetable y eso que hice fue en tu honor

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Wey, eso que hiciste estuvo bien perro cabrón, tu eres una persona muy respetable y eso que hice fue en tu honor

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Annotation 1451523968268

#conversation-tactics #how-to-take-a-complement

Que bonitos zapatos
Observación es tu segundo nombre

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ited Colors of Benetton model. My goodness, you are one flattering son of a sun! Patrick, the way you shot that gun was nothing short of amazing. Kerry, you are one hilarious guy and that bulls-eye was for you! Patrick, those are some sweet shoes. Jimbo, observation is your middle name! Patrick, you have the body of a modern Adonis. Victoria, your comparisons are the best part of my week, hands down.<body><html>

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Flashcard 1451525803276

Tags

#conversation-tactics #how-to-take-a-complement

Question

Que bonitos zapatos
[...]

Answer

Observación es tu segundo nombre

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Que bonitos zapatos Observación es tu segundo nombre

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Annotation 1451527376140

Te pareces a X
Tus comparaciones son la mejor parte de mi dia

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13; Patrick, the way you shot that gun was nothing short of amazing. Kerry, you are one hilarious guy and that bulls-eye was for you! Patrick, those are some sweet shoes. Jimbo, observation is your middle name! Patrick, you have the body of a modern Adonis. Victoria, your comparisons are the best part of my week, hands down.<body><html>

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Flashcard 1451529211148

Question

Te pareces a X
[...]

Answer

Tus comparaciones son la mejor parte de mi dia

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Te pareces a X Tus comparaciones son la mejor parte de mi dia

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Annotation 1451530784012

#conversation-tactics

Complimenting the compliment allows you to avoid all of the negative implications and assumptions that people would make about how you receive a compliment.

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Flashcard 1451532619020

Tags

#conversation-tactics

Question

Complimenting the compliment allows you to avoid all of the [...] that people would make about how you receive a compliment.

Answer

negative implications and assumptions

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Complimenting the compliment allows you to avoid all of the negative implications and assumptions that people would make about how you receive a compliment.

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Annotation 1451534191884

#conversation-tactics

When receiving a compliment you can`t be either too arrogant nor deny it because it is a bit frustrating for the complimenter and makes you seem like I’m fishing for attention.

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Flashcard 1451536813324

Tags

#conversation-tactics

Question

When receiving a compliment you can`t be either too [...] nor [...]

Answer

arrogant

deny it

Because it is a bit frustrating for the complimenter and makes you seem like I’m fishing for attention.

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Question

If you [...] and turn a simple compliment into a win-win situation!

Answer

share the spotlight

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In other words, you share the spotlight and turn a simple compliment into a win-win situation!

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Annotation 1451544677644

#conversation-tactics

In any conversation, there is a high point. There might be multiple low points, but by default, one part is the best and highest.

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Flashcard 1451545726220

Tags

#conversation-tactics

Question

In any conversation, there is a [...].

Answer

high point

There might be multiple low points, but by default, one part is the best and highest.

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High point examples:

You can share a big laugh.

You can both get emotional and cry.

You share a strong perspective on an issue that no one else does.

You witness something either horrifying or hilarious together.

You finish each other’s sentences. You create an inside joke with them.

You both struggle to not laugh when you observe something.

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Annotation 1451598155020

#back-to-high-point #conversation-tactics

For example, you talked about your favorite kind of dog earlier in the conversation. There was a high point about comparing yourself to a wiener dog because, well, it’s hilarious.

Now your current topic of conversation is style and different types of jackets. How do you callback to the wiener dog high point from earlier by referring to it in the context of jackets?

Yeah, unfortunately, I can’t wear that type of jacket because I’m mostly similar to the wiener dog, remember?

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y because of the smell. You are going to callback to it. What do I mean by this? It’s simple, and it’s also a tactic used by just about every standup comedian. You are just going to refer to it in the context of your current topic. For example, you talked about your favorite kind of dog earlier in the conversation. There was a high point about comparing yourself to a wiener dog because, well, it’s hilarious. Now your current topic of conversation is style and different types of jackets. How do you callback to the wiener dog high point from earlier by referring to it in the context of jackets? Yeah, unfortunately, I can’t wear that type of jacket because I’m mostly similar to the wiener dog, remember? Just combine the two elements and capitalize on the high point you had from earlier. How does this work to your favor? Well, when you refer to that point later in the convers

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Annotation 1451602087180

#back-to-high-point #conversation-tactics

when you refer to that point later in the conversation, it sends a message that you paid attention.

status	not read	reprioritisations
last reprioritisation on		suggested re-reading day
started reading on		finished reading on

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status	not read	reprioritisations
last reprioritisation on		suggested re-reading day
started reading on		finished reading on

pdf

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Edited, memorised or added to reading queue

on 21-Jan-2017 (Sat)

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Parent (intermediate) annotation

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