Sophia is renting a home from Roberto. There is no written lease, and the agreement is that Sophia will pay rent on the first of every month. Either party may terminate the agreement with 30 days' notice. Sophia has a
A. tenancy for years.
B. life estate.
C. periodic tenancy.
D. easement by grant.
Answer: C
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The narrowest definition of competition that results in the fewest competitors that includes only products or services of the same product types is called:
A) product form competition. B) product category competition. C) generic competition. D) budget competition.
Erroneous data in the payroll system can corrupt WIP, employee records and the payroll register. What edit controls will minimize this risk?
GMC sells cars and pays each salesperson a commission of $800 for each car sold. During the month of December, a salesperson, Tom, sold 3 new cars. GMC pays commissions on the 5th day of the month following the sale. Tom operates on the cash basis; the car dealer operates on the accrual basis. Which of the following statements is true?
A) Tom will recognize commission revenue earned in the amount of $2,400 in December. B) GMC will recognize commission expense in the amount of $2,400 in December. C) Tom will recognize commission expense in the amount of $2,400 in January. D) Tom will recognize revenue in the same month that the car dealer recognizes expense.
A budget that budgets costs for the actual number of units produced is called a:
A) master budget. B) summary cash budget. C) static budget. D) flexible budget.