______ means that the contract basically has been fulfilled and payments must be made
a. Serious performance
b. Final performance
c. Substantial performance d. Material fulfillment
e. Good faith
c
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Answer the following statements true (T) or false (F)
1. A natural resource is an asset that comes from the earth and is consumed. 2. The process by which businesses allocate a natural resource's cost to expense over its usage is known as depreciation. 3. The units-of-production method is used to compute depletion expense. 4. Depletion expense should not be recorded for natural resources because they do not decrease in value over time.
Regarding Section 2 of the Sherman Act, the standard test applied by the courts requires proof of a specific intent to monopolize plus a dangerous probability of success; however, this test neither defines "intent" nor gives a standard of power by which to measure "success."
a. True b. False Indicate whether the statement is true or false
To be negotiable, an instrument must be payable in money.
Answer the following statement true (T) or false (F)
The Step Company has the following information for the year just ended: Budget ActualSales in units 15,000 14,000 Sales$150,000 $147,000 Less: Variable Expenses 90,000 82,600 Contribution Margin$60,000 $64,400 Less: Fixed Expenses 35,000 40,000 Operating Income$25,000 $24,400 The Step Company's sales-volume variance is:
A. $4,400 favorable. B. $10,000 unfavorable. C. $4,000 unfavorable. D. $3,000 unfavorable. E. $10,000 favorable.