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What is wheel of retailing and its components?
The Wheel of Retailing is an interesting phenomenon that has observed the tendency of retail stores to progressively add to their services. These services are normally motivated and influenced by consumer desires and aimed to increase consumer satisfaction as well as profits. Many stores have begun as discount retailers but have gradually added services in response to consumer demand.
What does letters VAT stand for?
VAT stands for Value Added Tax. It is a consumption tax levied on the value added to goods and services at each stage of production or distribution. Businesses collect VAT on behalf of the government and pass it on to the consumer, which ultimately impacts the final price paid for products and services.
Which of thses taxes is paid by consumer when a product is purchased?
The tax typically paid by consumers when a product is purchased is known as sales tax. This tax is calculated as a percentage of the purchase price and is added at the point of sale. In some regions, value-added tax (VAT) may also apply to consumer purchases. Both taxes are ultimately borne by the consumer, as they increase the total cost of goods and services.
The right to consumer education was added to the consumer bill of rights by?
Baho kag bilat
Who added the right to consumer education to the Consumer Bill of Rights?
John F. Kennedy
How does advertising of a product increase it's price in the market?
Advertising increases awareness, which in turn increases demand, which then makes the product more desirable/harder to get, which then increases the amount that the provider can charge for the product, thus increasing the price that they ask for it. The cost of advertising must be added to the price of the product. The larger, more expensive the advertising campaign, the more cost must be added to the price of the product.
What are the value added services in warehousing?
Value added activites created by a warehouse
What is added fees for various services?
surcharges
How is the economy affected when the stock market does well?
it improves with added consumer confidence and spending
Who ultimately pays for compliance with government regulations?
The (consumer) of the product. Companies must pass on the added cost of government regulation/compliance to the products they sell or manufacture, therefore the end user will pay the added cost.
How does a value added tax work?
A value-added tax (VAT) is a consumption tax levied on the value added to goods and services at each stage of production or distribution. Businesses charge VAT on their sales and can deduct the VAT they paid on their purchases, effectively taxing only the value they add. This system allows for tax collection at multiple points in the supply chain, encouraging transparency and reducing tax evasion. Ultimately, the final consumer bears the VAT cost, as businesses pass on the tax in the price of goods and services.
Are consumption taxes on goods or services?
Consumption taxes can be applied to both goods and services. They are typically levied at the point of sale and can take various forms, such as sales taxes or value-added taxes (VAT). These taxes are designed to generate revenue for governments by taxing consumer spending directly. The specific application and rates can vary widely by jurisdiction.
