penny, a full-time biochemist, loves stock car racing. to feed her passion, she bought a used dirt-track car and has started entering some local dirt-track races. the prize money is pretty small ($1,000 for the winner), but she really is not in it for the money. penny reported the following income and expenses from her nights at the track: prize money $ 2,520 expenses: transportation from her home to the races 1,730 depreciation on the dirt-track car 5,080 entry fees 3,700 oil, gas, supplies, repairs for the dirt-track car 3,140 what are the tax effects of penny's racing income and expenses assuming that the racing activity is a hobby for penny?

Answers

Answer 1

The tax effect of Penny’s racing expense is allowed as an itemized deduction to a maximum of 2% of Aggregate gross income.

Gross income: Unreimbursed expenses and taxes are not taken into account when calculating gross income. Net income is computed using gross income. Net income is the result of subtracting expenses and taxes from gross income.

In this case, Penny’s racing income is total prize money i.e. $2,520.

Penny’s racing expenses are $13,650 ($1,730+$5,080+$3,700+$3,140). The penny’s racing expenses are allowed as deductible expenses up to the maximum amount of income from hobbies.

Gross income in this case is $2,520. The racing activity income without any deductions and taxes is called gross income.

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Related Questions

on may 1, a two-year insurance policy was purchased for $50,400 with coverage to begin immediately. what is the amount of insurance expense that would appear on the company's income statement for the first year ended december 31?

Answers

Amount of insurance expense that would appear on the company's income statement for the first year ended December 31 = 50,400 x 8/24 = $16,800.

Insurance is a form of financial loss protection in which, in exchange for a fee, one party undertakes to compensate another party in the case of a certain loss, damage, or injury. It is a type of risk management that is generally used to protect against the risk of a contingent or uncertain loss. An insurer, insurance business, insurance carrier, or underwriter is a company that sells insurance. A policyholder is a person or entity who purchases insurance, while an insured is a person or entity who is covered by the policy.

Policyholder and insured are frequently used interchangeably, although they are not synonymous, as coverage can sometimes extend to extra insureds who did not purchase the insurance.

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assume that the u.s. can produce apples at a cost of $5 a bushel and canada can produce apples at a cost of $6 per bushel . which nation has to comparative advantage?

Answers

U.S has comparative advantage in the present scenario. So Canada has to down the rate for the advantage.

how does comparative advantage come into play?

The ability of a producer to manufacture one good more effectively than another is known as comparative advantage. For instance, it is possible to generate good A more effectively than good B. Instead of using just manufacturing costs, this comparison takes into account the potential costs associated with each good.

What justifies comparative advantage?

According to the comparative advantage theory, which was made famous by David Ricardo, free commerce can still occur even when one of the parties to a transaction has an absolute competitive advantage over the other in all areas of production.

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who are the individuals and organizations actively involved in the project or whose interests might be affected as a result of project execution or project completion?

Answers

Project stakeholders are the people and groups actively worried withinside the mission or whose hobbies are probably affected due by mission execution or mission completion.

Who're the project stakeholders?

A mission stakeholder is an organization, group, or character that is probably impacted or affected, or that perceives an effect through the mission's activity, outcome, or decision. The outcomes can be advantageous or negative. Project stakeholders are worried about all mission processes, from the theory of the concept to its completion.

Examples of stakeholders in a mission consist of an organization's departments, clients, managers, buyers, and suppliers. For instance, buyers gain immensely from elevated earnings if a mission is successful.

However, the buyers also can endure massive economic losses if it's miles unsuccessful. If mission sports grow to be greater expensive, the buyers might be impacted for the reason that they may be required to feature greater finances.

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unable to reach agreement at the bargaining table, the national basketball association and its players union met with a third party who listened to both sides and tried to help them reach common ground but not create an official resolution. what type of alternative dispute resolution does this best describe?

Answers

Arbitration is the type of alternative dispute resolution does this best describe.

What is alternative dispute resolution?Alternative dispute resolution (ADR) refers to a variety of ways that people might settle problems amicably. Mediation, arbitration, and neutral evaluation are examples of common ADR procedures. Contrary to traditional court proceedings, these procedures are typically more private, informal, and stress-free.Additionally, if one party has a large power edge over the other, mediation may not be successful. As a result, if either party has a history of victimization or abuse, it might not be a wise decision.The ADR procedures most frequently used in civil proceedings are arbitration, conciliation, mediation, judicial settlement, and Lok Adalat.

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both net present value and internal rate of return techniques provide concrete financial estimates that facilitate strategic planning and trade-off decisions. true false

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The statement is false.  both net present value and internal rate of return techniques provide concrete financial estimates that facilitate strategic planning.

Due to the various reinvestment rate assumptions used by the two approaches, it is occasionally feasible that the project that the NPV (Net Present Value) method favors will receive a poor grade from the IRR (Internal Rate of Return) method and vice versa.

While the IRR assumes that cash flows are reinvested at the IRR (Internal Rate of Return), the NPV (Net Present Value) assumes that cash flows are reinvested at the cost of capital.

When the NPV (Net Present Value) and the IRR (Internal Rate of Return) disagree, the NPV takes precedence in trade-off decisions.

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brianne, a senior engineer, prefers to work in a job that provides her the opportunity to interact with people and make new friends on the job. brianne has a need for .

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Brianne, a senior engineer, prefers to work in a job that provides her the opportunity to interact with people and make new friends on the job. brianne has a need for affiliation.

The word engineer (Latin ingeniator[3]) is derived from the Latin words ingeniare ("to contrive, devise") and ingenium ("cleverness"). Engineers, as practitioners of engineering, are professionals who create, design, analyze, build, and test machines, complex systems, structures, gadgets, and materials to fulfill functional objectives and requirements. A verb in the to-infinitive form is most frequently used after opportunity,More often than you might think, chances to fulfill your life goals present themselves to you. It often has to do with whether or not you are prepared for those opportunity, which is why they don't always result in the experiences you hoped for.

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An economy is experiencing a high rate of inflation. The government wants to reduce consumption by $36 billion to reduce inflationary pressure. The mpc is 0. 75. By how much should the government raise taxes to achieve its objective?.

Answers

GDP reduced by $ 36 billion

MPC=.75

so tax should be increased by 36000/.75=$48billion

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when employees are fully engaged with their job to the point that it becomes a sense of who they are, they have achieved what is known as .

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When employees are fully engaged with their job to the point that it becomes a sense of who they are, they have achieved employee engagement.

What is employee engagement and when employees are fully engaged with their job to the point that it becomes a sense of who they are?Employee engagement is the practice in which the employees are so much busy their profession and they enjoy the time spending with their jobs.Here the question is asked of the employees who are fully engaged with their job to the point that it becomes a sense of who they are , they have achieved.In such phenomena employees are so connected to their team members and team members and love the profession they are in.They are so favorable of their opinions of place of work and also love spending time for their jobs and profession.Hence the employees fully engaged with their job to the point that it becomes a sense of who they are have achieved employee engagement.

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this year, santhosh, a single taxpayer, estimates that his tax liability will be $91,000. last year, his total tax liability was $12,000. he estimates that his tax withholding from his employer will be $32,000. required: is santhosh required to increase his withholding or make estimated tax payments this year to avoid the underpayment penalty? by how much, if any, must santhosh increase his withholding and/or estimated tax payments for the year to avoid underpayment penalties?

Answers

NO, is Santhosh required to increase his withholding or make estimated tax payments this year to avoid the underpayment penalty .

Penalties for underpaying estimated taxes by individuals apply to individuals, estates, and trusts who fail to pay or pay late estimated taxes on their income. Penalties may apply even if a refund is obligated. Learn how to calculate your estimated tax and how to pay it.

Estimated tax underpayments occur when you do not pay enough tax during these quarterly estimated tax payments. Failure to pay an accurate tax estimate throughout the year may result in an underpayment tax penalty.

In general, most taxpayers qualify for this tax if their tax after deducting withholdings and deductions is less than $1,000 or if they have paid at least 90% of their tax for the current year or 100% of their reported tax. avoid penalties. The previous year's yield, whichever is lower.

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when insurance companies take on the risk of loss or injury, it refers to the fact that no one can predict:

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when insurance companies take on the risk of loss or injury, it refers to the fact that no one can predict: trouble.

What are the  types of risk in insurance?Personal risk, property risk, and liability risk are the three forms of risk that insurance typically covers.Any danger that could jeopardize a person's health or safety, such being sick or getting hurt in an accident, is referred to as personal risk. a variety of categories into which hazards can be divided.Market risk, credit risk, operational risk, strategic risk, liquidity risk, and event risk are a few categories that are frequently utilized.If you are hurt or unwell while traveling, insurance will pay for your medical bills and transportation back home.Personal injury protection and coverage for harm or accidents you cause.coverage for lost or broken goods

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a july sales forecast projects that 7,500 units are going to be sold at a price of $12.00 per unit. management forecasts 15% growth in sales each month. total july sales are anticipated to be:

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The total anticipated sales for the month of august is 8625 units with sales revenue of $1,03,500

Management uses a sales budget as a planning budget to project future sales in both units and dollars. Management can estimate profits, set divisional goals, and determine the amount of production needed to meet demand by creating a sales budget.

An indication of anticipated sales revenue is a sales forecast. A sales forecast predicts how much your business expects to sell over a specific time period

                          July                                 August

Unit Sales 7,500            x 1.15                  8,625

Sales Price per Unit           x $12.00        x $12.00

Sales       $90,000                                $1,03,500

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Making carefully thought-out changes in anticipation of possible or expected problems or opportunities is known as ______ change.

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Making carefully thought-out changes in anticipation of possible or expected opportunities or problems is known as proactive change.

What is Proactive change?

Proactive change involves actively attempting to perform changes to the workplace and its practices. Proactive change occurs when managers initiate the change and plan ahead to manage future problems. The benefits of proactive change are pretty much the flip side of living reactively; Since it results in reduced stress, lower costs, and greater efficiency.

For instance, the introduction of a new employee benefits scheme is proactive as the management believes strongly that it improves the motivation and satisfaction of employees.

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Which of the following rain-related losses WOULD be covered under this renters insurance policy?
Your laptop is ruined because you left your window open during a moderate rain shower
Your mattress is ruined because part of the apartment’s roof blew off during a major rainstorm, creating a stream of water landing directly on your bed
Your carpet is ruined because your roommate negligently left her wet boots, umbrella, and raincoat sitting in a pile on the rug all afternoon
You lose a day’s wages because a horrible rainstorm makes it impossible to get to your job

Answers

The statement that i  rain-related losses WOULD be covered under this renters insurance policy is Your mattress is ruined because part of the apartment’s roof blew off during a major rainstorm, creating a stream of water landing directly on your bed.

What is insurance?

Insurance can be described as the act insuring your property as well as other things with the insurance company and you will be paying some agreed premium on it.

It should be noted that there arer some things that cn not be covered by the insurance company such as when rainstorm affect your mattress.

Therefore, the second option is correct.

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Monopolies have been declared legal once again. Analyze why this development may not be in your best interest as a consumer.

50 Points/Please give a real answer only else will have to report the account.


Thank you.

Answers

Answer:

BLE OF CONTENTS

ECONOMY GOVERNMENT & POLICY

What Is a Monopoly? Types, Regulations, and Impact on Markets

By ADAM HAYES Updated August 02, 2022

Reviewed by CAITLIN CLARKE

Fact checked by SUZANNE KVILHAUG

Monopoly

Investopedia / Jessica Olah

What Is a Monopoly?

A monopoly is a market structure where a single seller or producer assumes a dominant position in an industry or a sector. Monopolies are discouraged in free-market economies as they stifle competition and limit substitutes for consumers.

In the United States, antitrust legislation is in place to restrict monopolies, ensuring that one business cannot control a market and use that control to exploit its customers.

KEY TAKEAWAYS

A monopoly is a market structure that consists of only one seller or producer.

A monopoly limits available substitutes for its product and creates barriers for competitors to enter the marketplace.

Monopolies can lead to unfair consumer practices.

Some monopolies such as those in the utility sector are government regulated.

a bond with a face value of $100,000 is retired at 96. there is still a balance in discount on bonds payable of $1,200. what is the gain or loss on the retirement of the bond?

Answers

The bond's retirement will result in a gain of $2,800 if the $100,000 face value of the bond is retired at 96.

The company will pay out cash equal to 96% of the bond's $100,000 face value if it is retired at age 96, thus,

= face value x pay out cash

= $100,000 x 96%

= $100,000 x 96/100

= $1000 x 96

= $96,000.

Face value of the bonds = $100,000

Discount on bonds payable = $1,200

The bonds' book value equals their face value of $100,000 less the $1,200 discount. So,

Book value of the bonds = Bond with face value - Discount

= $100,000 - $1,200

= $98,800

Since the bonds were retired at less than their book value, the gain on the retirement is as follows:

The gain on the retirement = Book value of the bonds - Face value of retired at 96

= $98,800 - $96,000

= $2,800

As a result, there is a gain of $2,800 gain from retiring the bond.

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what is the macaulay duration of a bond with a coupon of 5.0 percent, seven years to maturity, and a current price of $1,050.70? what is the modified duration?

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The Macaulay duration of a bond with a coupon of 5.0 percent, seven years to maturity, and a current price of $1,050.70 is 6.102 years . The modified duration is 5.859 years.

A bond is a loan that the bond customer, or bondholder, makes to the bond company. Governments, groups and municipalities issue bonds when they want capital. An investor who buys a central authority bond is lending the authorities cash. If an investor buys a corporate bond, the investor is lending the enterprise cash.

In finance, a bond is a kind of safety beneath which the issuer owes the holder a debt, and is obliged – relying on the terms – to repay the main of the bond at the adulthood date as well as interest over a targeted quantity of time.

A bond is a debt security, just like an IOU. debtors difficulty bonds to raise money from traders willing to lend them money for a certain amount of time. whilst you purchase a bond, you're lending to the issuer, which may be a central authority, municipality, or corporation.

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what happens to the price of a bond with a 5% coupon rate if interest rates for similar bonds go up to 8%?

Answers

The price of bonds will decrease when the interest rates go up to 8%.

Bond prices and interest rates have an inverse relationship with each other. When the interest rate increase the price of bonds decrease and when the interest rate decreases the price of bond increase.

The coupon rate is decided by the purchaser and the interest rate is decided by the lender. When the coupon rate is higher than the interest rate the price of bonds will rise and when the coupon rate is lesser than the interest rate the bond prices will fall.

As the coupon rate is lesser than the interest rate so the price of bonds will fall.

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who at the closing table examines all documents for buyers or sellers and represents their best interests?

Answers

A realtor examines all documents for buyers or sellers and represents their best interests

One of the advantages of hiring a realtor when looking to buy a home is that he or she will attend the closing to ensure that both the buyers and sellers are satisfied with the results, as well as to collect the commission for a couple of months of hard work

It is obvious that the primary goal of Realtors is to sell properties. A good realtor, on the other hand, is not only concerned with selling the property at hand but also with educating the client in order to familiarize him or her with the entire buying or selling process. This is significant because the client can make an informed decision based on the available information.

If you are a buyer, on the other hand, hiring a realtor will help you answer a lot of questions before you begin the buying process. Because he or she is experienced and knowledgeable about the market, a realtor can advise you on what you want. A realtor will also guide you through the entire process of filling out forms and other details that may be required to get you a new home.

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the treasurer of a large corporation wants to invest $34 million in excess short-term cash in a particular money market investment. the prospectus quotes the instrument at a true yield of 4.30 percent; that is, the ear for this investment is 4.30 percent. however, the treasurer wants to know the money market yield on this instrument to make it comparable to the t-bills and cds she has already bought. if the term of the instrument is 107 days, what are the bond equivalent and discount yields on this investment?

Answers

Bond equivalent = 3.9%

Discount yield = 3.9%

Define discount yield.

When a bond is sold below its face value, the return is calculated as a percentage and is known as the discount yield. The yield on municipal notes, commercial paper, and treasury bills offered at a discount is frequently calculated using discount yield.

Given the following :

Current price = $34 million

Effective annual rate (EAR) = 4.30% = 0.0400

TERM of instrument = 107 days

Bond equivalent yield formula:

[(face value - Current price) /current price] × 365/term

Face value= current price × (1 + EAR)^term/365

= $34,000,000×(1+0.0400)^(107/365)

= $34,000,000 × (1.0400)^0.293150

=  $34,000,000 × 1.01156390296

=  $34393172.7

Bond equivalent yield :

[(34393172.7 - 34,000,000)/34,000,000]×(365/107)

=[$393172.7 / $34,000,000] × 3.41121495

= 0.0394469586

= 3.9%

Discount yield :

Discount yield uses 30-days a month which equals 360-days a year.

Discount yield formula:

[(face value - Current price) /current price] × 360/term

Discount yield :

[(34393172.7- 34,000,000)/34,000,000]×(360/107)

=[$393172.7/ $34,000,000] ×  3.41121495

= 0.0394469586

= 3.9%

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a project risk is anything that may impact the project team's ability to achieve the general project success measures and the specific project stakeholder's priorities. a negative impact is known as a(n) , while a positive impact is known as a(n) . a. issue, benefit b. issue, opportunity c. threat, opportunity

Answers

The process of identifying, evaluating, and controlling risks to your company's financial stability is referred to as risk management.

What is Risk management ?

That description is based on the core idea that a company will consider all potential problem areas, consider the best remedies for a difficult situation, and then put measures in place to help keep that risk as as minimal as possible. It also entails resolving a challenging circumstance when it occurs. In order to help entrepreneurs and company executives succeed, this guide will go into the instances and clarify the risk management approaches employed.

For each firm and circumstance, the risk management process can take on a varied appearance. For every new product and strategy, some firms have entire teams devoted to enterprise risk management, with a concentrate on strategic risk, risk assessment, risk profiles, financial planning, and risk planning.

Risk management in the corporate sector is crucial. It's crucial for your success whether you run a huge corporation with a comprehensive risk management procedure and strategic risk management division or a small business with only you and your own internal risk analysis. Your overarching goal should be to make your business as secure as you can, ready for the possibility of a technological, physical, or financial issue.

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which of the following is not a determinant of the long-run level of real gdp? a. available technology b. the price level c. available stock of human capital d. the amount of capital used by firms

Answers

The option that is not a determinant of the long-run level of real GDP  is  option b. the price level.

How does real GDP work?

Real GDP is a metric that takes inflation into account and examines the rate at which all goods and services produced in a nation for a specific year. It is referred to as a fixed cost price and is indicated in foundation year prices.

Hence, the elements that influence real GDP are:

Household wealth and income.fiscal management.Exchange rate, monetary policy.Global economic expansionBusiness self-assurance.confidence among consumers

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a bond of face amount 100 is purchased at a premium of 36 to yield 7%. the amount for amortization of premium in the 5th coupon is 1. what is the term of the bond?

Answers

Bond premiums are equally amortized over each period using the straight-line technique. Over the course of the bond's existence, it evenly reduces the premium amount. The straight-line method's formula for calculating periodic amortization is as follows: Bond Premium Amortized = Bond Premium / No. of Years.

Each payment on an amortized bond is applied to the principal and interest. Using the chart of bond amortization,

(r=0.035)*(7-92 20-4)

Solving 14 = 100 (-0.035) gives us 8=0.056 31442228, which we now substitute into the equation to get the result, which is n=26.

A company will issue bonds payable to raise money. In the business's bookkeeping records, a premium or discount on bonds payable account is created when they are issued at a price other than their par value. The amortization of bonds payable is calculated using the effective interest method.

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home security experts, inc., a manufacturer and seller of home security systems, employs jennifer to be a sales representative for the company. the term of her employment contract will begin on may 1, 2019, and end on april 30, 2022. must this contract be in writing to be enforceable?

Answers

Yes a contract of employment exceeding 1 year has to be in the written format.

High-level CEOs and other highly trained workers are typically engaged under signed employment contracts. These contracts outline the fundamental terms and circumstances of employment, including title, duties, pay, benefits, stock options, and incentive pay. Additionally, they outline the behaviors that constitute grounds for termination and stipulate severance pay in the event of termination without cause.

As long as none of the provisions violate any federal, state, or local laws, rules, or regulations governing the employment relationship (for example, the pay practices established in the Fair Labour Standards Act), parties are free to negotiate and set the terms and conditions of their relationship.

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i sell shoes that cost $15 to make. i sell them for $100. what is my margin on price? group of answer choices 567% 85% 75% none of the above

Answers

The margin price percentage of the shoe is 567% when the selling price is $100 and the making price is $15.

Margin price:

Margin refers the the difference between the cost of an item and the price at which it is sold.

Given,

i sell shoes that cost $15 to make. i sell them for $100.

Here we need to find the margin price of the shoe.

The making cost = $15

Selling price = $100.

So, the profit = making cost - selling cost,

Then we apply the value then we get,

=> profit = 100 - 15

=> profit = 85.

When we convert this into percent then we get,

=> 85/15  x 100

=> 567%

Therefore, the margin price percentage is 567%.

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a machine with a cost of $132,000 and accumulated depreciation of $87,000 is sold for $51,000 cash. the amount that should be reported as a source of cash under cash flows from investing activities is:

Answers

The amount that should be reported as a source of cash under cash flows from investing activities is $51,000.

Write a short note on cash flows.

Generally speaking, cash flows from investment operations refer to funds earned or spent on long-term assets that the business has bought or sold. Cash outflows result from investing activities including the purchase of investment securities, business acquisitions, and capital expenditures for plant, property, and equipment Sales of non-current assets including machinery and equipment, companies, and investment securities generate inflows. The capital expenditures made to maintain the correct upkeep of and additions to a company's physical assets to support its effective operation and competitiveness are the category's most significant item for investors.

According to the explanation above, the $51,000 in cash received from the purchase of the machine should be reported under cash flow from investing operations.

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a good regression model has the fewest number of explanatory variables providing an adequate interpretation of the dependent variable.

Answers

The smallest number of explanatory variables that adequately interpret the dependent variable True can be found in a good regression model.

What is the name of the regression model where just one independent variable is present?

Simple in this situation refers to the fact that there is only one independent variable, and linear in this case refers to the type of regression analysis.

What accomplishes regression analysis?

Finding the factors that have an impact on a particular issue can be done with reliability using regression analysis. Regression analysis enables you to accurately identify the factors that are most important, those that can be ignored, and the relationships between these components.

What is multiple regression used for?

A single dependent variable and several independent variables can be analyzed using the statistical technique known as multiple regression. In order to forecast the value of the single dependent value, multiple regression analysis uses independent variables whose values are known.

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johnson tire distributors has debt with both a face and a market value of $12,000. this debt has a coupon rate of 6 percent and pays interest annually. the expected earnings before interest and taxes are $2,100, the tax rate is 30 percent, and the unlevered cost of capital is 11.7 percent. what is the firm's cost of equity?

Answers

The firm's cost of equity is 23.19%

VL = {[2100 × (1 - .30)] / .117} + (.30 × 12000) =  $16164.10

VE = 16164.10 - 12000 = $4164.10

Rs = .117 + [(12000 / 4164.10) × (1 - .30) × (.117 - .06)] = 0.2319 or 23.19%

What is cost of equity?

Cost of equity is the return that a business needs for a project or investment, or the return that a person needs for an equity investment. Either the dividend capitalization model or the CAPM is the formula used to determine the cost of equity.

Take, for instance, a business that currently trades at $30 and distributes a dividend of $0.30 per share every quarter ($1.20 per share annually). If this business anticipates raising its dividend by 5% annually, its cost of equity is 9% ($1.20 / $30) + 5% = 9%.

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Many consumers associate Mercedes automobiles with status, luxury, quality engineering, and high price. This is an example of Mercedes' _____.

a) Brand equity
b) Brand image
c) Brand leverage
d) Brand position
e) Brand identity

Answers

Many consumers associate Mercedes automobiles with status, luxury, quality engineering and high price. This is an example of Mercedes' brand image. The correct answer would be option B.

The way a customer perceives a brand is known as its brand image. It is the culmination of a customer's perceptions, thoughts and impressions of the brand. Building a company's brand identity takes up the majority of their attention, resources and time. They choose the brand's visual identity, the customer experience it should provide, the positioning of the brand in consumers' minds as well as other connotations. When all of these factors are considered, a brand personality is created, which when the customer interacts with the business or learns about it, creates a brand image.

The following are the benefits of having a good brand image:

More earnings as more people get familiar with the brandNew items under the same brand are simple to introduceIncreases the trust of current clients and aids in keeping themImproved customer-business relationships

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banks that need additional funds to meet the reserve requirements of the federal reserve . a. borrow from the state government of the state where their headquarters are located b. decrease the coupon interest rate on the bonds issued to raise funds c. issue treasury bills to investors d. borrow from banks with excess reserves e. exercise the call option on the loans extended to small businesses

Answers

In order to support a robust economy for U.S. households, communities, and businesses, the Federal Reserve keeps an eye on the risks to the financial system and participates both domestically and internationally.

Do higher powers have any influence over the Federal Reserve bank?

The Fed is independent in the sense that it makes decisions about monetary policy and other matters on its own and does not need approval from the federal government. In any case, its lead representatives are selected by the President and should be affirmed by Congress.

The Federal Reserve System was created by what law?

The Senate passed and President Woodrow Wilson signed the Federal Reserve Act on December 23, 1913, after a lengthy process that was almost entirely based on party lines.

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this extreme form of national identity is characterized by placing primary emphasis on a particular country's or people's interests, oftentimes at the expense of governance and peace. which cause of world war one is this?

Answers

The existence governance of elements from the "common points" in people's daily lives immediately results in a person's national identity: Citizenship national symbols, languages, colors, nation's history, blood links, culture, music, food, radio, television, and so on.

Citizenship is both a legal position and a sense of identity. Thus, citizenship has an objective dimension: certain rights and obligations that a state bestows on its inhabitants, as well as a subjective dimension: a sense of governance loyalty and belonging. Shulman's three basic elements (civic identity, cultural identity, and ethnicity) and their underlying components are the building blocks of a national identity, but their relative weight is not predetermined.

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