Under socialism, who determines the use of resources? what purpose guides their decisions?

Fifo is preferred when purchase costs are rising and managers have incentives to report higher income for reasons such as bonus plans, job security, and reputation. a. True b. False

Which of the following is a healthy attitude toward gambling? A Greg does not figure out how much he can spend on gambling. He gambles when the urge hits him. B Greg adjusts his family budget so that he has enough money for gambling every week.

How do Government price ceilings and price floors affect the economy? Select all that apply. A: They Cause shortages and surpluses B:They guarantee that sellers receive a minimum reward for their efforts.

A company purchased $1,800 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $200 worth of merchandise. On July 8, it paid the invoice. The amount of the cash paid on July 8 equals: A) $200 B) $1,564.

Suppose the state of Florida passes a law that increases the tax on alcoholic beverages. As a result, resi-dents in Florida start purchasing their alcohol in surrounding states. Which of the following principles does this best illustrate?

Concord Sports sells volleyball kits that it purchases from a sports equipment distributor. The following static budget based on sales of 1,820 kits was prepared for the year.

What is the major advantage of an LLP? a. It limits the personal liability of partners to only their own wrongful acts. b. It increases the liability of the partners. c. It allows the partnership to be taxed as a corporation.

A firm has a positive net worth and is operating its fixed assets at full capacity, if its dividend payout ratio is 100%, and the company wants to hold all financial ratios constant, then for any positive growth rate in sales, it will require

Maxim manufactures a cat food product called Green Health. Maxim currently has 10,000 bags of Green Health on hand. The variable production costs per bag are $1.90 and total fixed costs are $10,000. The cat food can be sold as it is for $9.

Select the correct answer from the drop-down menu. Which characteristic of an individual can one compare with organizational culture? An individual's is comparable to an organization's culture. 1. Ethnicity 2. Personality 3. Nationality