Agnes borrows $110,000 from Bay Harbor Bank to buy a home under a mortgage with an acceleration clause. After eighteen payments, Agnes stops making payments on the mortgage. Bay Harbor
A. can foreclose once on the entire amount of the loan.
B. may seek only the amount of the missed payments, not the entire loan.
C. must foreclose on small amounts over time as each payment comes due.
D. must notify Agnes to accelerate the steps to cure the default.
Answer: A
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The Assembling Department of Patchwork, Inc. had 11,000 units in process on December 1 and received 30,400 units from the Sewing Department. During the month, it completed 20,700 units and transferred them to the Packaging Department. Calculate the number of units accounted for by the Assembling Department for December. The company uses the FIFO method.
A) 20,700 units B) 41,400 units C) 11,000 units D) 30,400 units
The total variable overhead variance is comprised of the
A) variable overhead efficiency and fixed variances. B) fixed overhead budget and volume variances. C) variable overhead spending and efficiency variances. D) labor efficiency and rate variances.
Problems typically result from a determination that a discrepancy exists between current reality and ________.
A. prior reality B. a desired state C. future reality D. an optimum state
Gifts. For some time before she died, Merle Zimmerman allowed her good friend, Joan Robertson, to assist her with her financial affairs. Robertson was given access to Zimmerman's funds, through joint bank accounts, and to Zimmerman's safe-deposit box
At one point, Zim-merman gave Robertson a number of municipal bonds to "put . . . in safekeeping." Robertson noticed that the bonds had been placed in a series of Manila envelopes, and each envelope contained a piece of paper on which was written the name of one of Zimmerman's relative. One envelope, which contained bonds with a face value of $22,000, had Robertson's name in it. When Zimmerman died, Robertson distributed the bonds to the people whose names were in the envelopes and retained the bonds in the envelope with her own name on it. Zimmerman's estate claimed ownership of the bonds. Robertson asserted that Zimmerman had made a gift to her of the bonds. Discuss whether an effective gift had been made.