Describe the three different levels of a product
What will be an ideal response?
The three layers, or levels, of the product are the core product, the actual product, and the augmented product. The core product consists of all the fundamental benefits the product will provide for the consumer. The actual product is a combination of tangible and intangible attributes that deliver the core benefits. These attributes can include features, style, and brand. The augmented product is the actual product plus other additional features that enhance ownership of the actual product, such as financing or a warranty.
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All of the following are deductions allowed in determining the gift tax except
A. A gift to the state of Pennsylvania for exclusively public purposes. B. The value of any gift made to one's spouse, who is not a United States citizen. C. A gift made to one's spouse, a United States citizen, in excess of $149,000. D. A gift of a copyrightable work of art to a qualified organization if the copyright is not transferred to the charity.
Colleen, Joanna, and Ellen form Capital City Company, a partnership. Colleen contributes expertise; Joanna, $15,000; and Ellen, $20,000. After a year, Joanna adds $12,000 as a loan. Ten years later, Capital owes $44,000 to creditors, total assets are $112,000, and they decide to dissolve the business. How will these assets be distributed and what will each receive?