Which of the following statements is (are) true concerning the value reporting form?
I. Failure to report accurately suspends coverage.
II. If the insured underreports the property values at a location, and a loss occurs at that location, recovery is limited to the proportion that the last value reported bears to the value that should have been reported.
A) I only
B) II only
C) both I and II
D) neither I nor II
Answer: B
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a. $216,000 b. $164,000 c. $380,000 d. $52,000
Which of the following amounts of a flexible budget remains constant, within the specified relevant range, when the sales volume changes?
A) total contribution margin B) total fixed costs C) total variable costs D) total sales revenue
________ is probably the most often used form of information extraction
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A manufacturer of tow chains finds that the average breaking point is at 3,500 pounds and the standard deviation is 250 pounds. If you pull a weight of at least 4200 pounds with this tow chain, what percentage of the time would you expect the chain to break?
a. 2.8% b. 0.26% c. 49.74% d. 99.74% e. 50%