The Monthly Bank Pays 3 Per Cent Interest,compounded Monthly,on Their

question 15

Multiple Choice

The Monthly Bank pays 3 per cent interest,compounded monthly,on their savings accounts.The Daily Bank pays 3 per cent interest,compounded daily,on their savings accounts.You want to have $1000 saved in an account two years from today.The amount you must deposit today in a lump sum to achieve your goal will be:

• A)the same regardless of which bank you choose because they both pay 3 per cent
• B)the same regardless of which bank you choose because they both pay simple interest
• C)the same regardless of which bank you choose because they both pay compound interest
• D)greater if you have your account at The Monthly Bank
• E)greater if you have your account at The Daily Bank

Understand the importance of developing, supporting, and empowering employees as part of successful management.

Recognize the significance of task-related activities, including planning, setting objectives, and monitoring performance in management.

Understand the variety of skills successful managers utilize in different scenarios.

Identify specific managerial skills needed for supervisory roles.

---

Definitions:

Wages Payable

A liability account representing the amount owed to employees for work performed but not yet paid.

Gross Earnings

The total income earned by an individual or business before any deductions like taxes and social security contributions.

EIN

An Employer Identification Number, issued by the IRS, used for identifying a business entity and for tax filing purposes.

Form SS-4

The form filled out by an employer to get an EIN. The form is sent to the IRS, which assigns the number to the business.