The assets in Dong's estate, including the value of his home on Elm Street and its contents, are insufficient to pay in full all of the gifts provided for in his will. His heirs will receive
A. full payment in order of seniority until the assets are exhausted.
B. nothing¾the assets will descend to the state.
C. reduced benefits.
D. the option of distributing the assets according to their wishes.
Answer: C
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A company attempting to be successful with a broad differentiation strategy has to
A. incorporate more differentiating features into its product/service than rivals. B. concentrate on offering advanced features, whether or not they have value to the customers, to create unique products. C. over-differentiate so that product quality, features, or service levels exceed the needs of most buyers. D. study buyer needs and behavior carefully to learn what buyers consider important, what they think has value, and what they are willing to pay for. E. concentrate its differentiating efforts on marketing and advertising (where almost all differentiating features are created).
Morris Company established a petty cash fund with a $600 balance. Which of the following statements is incorrect?
A) A journal entry is needed to debit the Cash account and credit the Petty Cash account for $600. B) There is no net effect on current assets. C) The sum of the cash plus the total of the petty cash tickets should equal $600 at all times. D) The petty cash custodian cashes a check for $600 and places the currency in the petty cash fund box.
Specialty products are consumer products that
A. very few customers want or can afford to buy. B. consumers are willing to search for because they really want them. C. have elastic demand. D. are relatively expensive and purchased only rarely. E. All these answers are correct.
Which of the following statements best describes the optimal capital structure?
A. The optimal capital structure is the mix of debt, equity, and preferred stock that maximizes the company's earnings per share (EPS). B. The optimal capital structure is the mix of debt, equity, and preferred stock that maximizes the company's stock price. C. The optimal capital structure is the mix of debt, equity, and preferred stock that minimizes the company's cost of equity. D. The optimal capital structure is the mix of debt, equity, and preferred stock that minimizes the company's cost of debt. E. The optimal capital structure is the mix of debt, equity, and preferred stock that minimizes the company's cost of preferred stock.