During the______, everyone had a fairly equal chance of being an entrepreneur; inventors became more commonplace, producing new products and services alongside the merchants and industrialists.
a. First Industrial Revolution (1776–1865)
b. Second Industrial Revolution (1865–1920)
c. Interwar and Postwar America (1920–1975)
d. Knowledge Economy (1975– present)
a. First Industrial Revolution (1776–1865)
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Dan is a non-union employee at Lexia Inc. Although he does not intend to join the union at the company, he is still required to pay union dues as part of a union contract with the company. What does this scenario best exemplify?
A. a union shop agreement B. a trade-off provision C. a closed shop agreement D. an agency shop agreement E. a checkoff provision
Select the correct statement regarding relevant costs and revenues.
A. Sunk costs are relevant for decision-making purposes. B. Only variable costs are relevant for decision making. C. Direct labor is an example of a unit-level cost. D. Relevant costs are frequently called unavoidable costs.
Which of the following depreciation methods always allocates a higher amount of depreciation in earlier years than in later years?
A) the units-of-production method B) the straight-line method C) the double-declining-balance method D) the first-in, first-out method
An American company makes a credit sale of goods to a company in London for 20,000 British pounds. On the date of sale, the exchange rate was $1.60 per pound. However, on the date payment was received, the exchange rate had risen to $1.70 per pound. As a result, the American company would record
A) an exchange gain of $2,000. B) an exchange loss of $200. C) an exchange loss of $2,000. D) no exchange gain or loss.