<span>When a commercial item is procured by the government, the contractor will provide a </span>TDP or Technical Data Package<span> to the government</span> that documents the functional, performance, and physical characteristics of their product and will assist in the development of configuration management efforts.
Answer:
A. Prequalification
Explanation:
First, the Options to the Question
a. Prequalification
b. A contingency clause
c. A Multiple Listing Service
d. Due diligence
What is a PreQualification in Mortgage Processing
Because most persons who are interested in buying a home do not have hundreds of thousands of dollars in cash to purchase the home of their dreams, the concept of mortgage is to approach a lender who will then advance the needed sum for the purchase and then the borrower will pay the advanced sum over some time (most times up to 30 years) at an interest rate.
A PreQualification is a process through which the lender evaluates the creditworthiness of the borrower and also decide the amount of loan the borrower is entitled to. This is done through the financial documents and records made available to the lender by the borrower
One important takeaway from a prequalification is that it is an approximation of what a borrower is entitled to base solely on the information given to the lender. It is, therefore, an approximation which can be less or more when the official application for the loan is submitted.
As stated in the question, getting a prequalification helps Matt to identify and understand the areas of problems and credit report errors that may arise and then he can use the prequalification information to attend to these errors and ensure a proper application is submitted that will allow him to maximise the amount of loan that can be made available to him.
Once Matt has corrected errors and identified problems that may arise on his mortgage application, he then gathers the relevant document and goes for the first formal process in mortgage processing which is the preapproval.
Answer:
Recognize $ 1.50 millions gross profit in 2022
Explanation:
Year end 2021 Year end 2022
A Contract Price $150.00 $150.00
B Cost Incurred to Date $36.00 $94.50
($36 + $58.50)
C Estimated cost yet to be
incurred to complete
the contract $84.00 $0.50
Total Cost $120.00 $135.00
D = B+C
Percentage of Completion 30.00% 70.00%
E = (B ÷ D) × 100
Revenue to date $45.00 $105.00
F = A × E
G Revenue of Previous year $- $45.00
Net Revenue this year $45.00 $60.00
H = F - G
Cost to date $36.00 $94.50
I (=B)
J Cost to date of previous year $- $36.00
Net Cost for the year $36.00 $58.50
K = I - J
Gross Profits $9.00 $1.50
L = H - K
Therefore the correct answer is Recognize $ 1.50 millions gross profit in 2022 hence, option is not available.
