Gruber opened a bank account in trust for his daughter. A month later, he changed his mind and decided to revoke the trust. Can he do this?
Ans: Yes. A bank account in trust (a Totten Trust) may be revoked at any time prior to the trustor's death.
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Marco’s parents never used a calendar and constantly referred to planning as stifling. In his sales role, his boss always wants to see his calendar. When he first agreed to keep a calendar, he was reluctant and felt stifled, and experienced cognitive dissonance between his beliefs and his actions. Overtime, he began to recognize that keeping a calendar helped with communication with his boss, and even had a positive effect on his sales. Marco’s cognitive dissonance was reduced by which of the following?
A. change the behavior B. change the belief C. have congruous thoughts D. rationalize the inconsistency
Which of the following is/are false?
a. Firms do not necessarily recognize revenues when they receive cash b. Firms do not necessarily recognize expenses when they disburse cash. c. Net income will not necessarily equal cash flow from operations each period. d. A profitable firm will likely borrow funds in order to remain in business, but eventually operations must generate cash to repay the borrowing. e. None of the above are false
Most contracts need to be performed only to the satisfaction of a reasonable person unless they expressly state otherwise
a. True b. False Indicate whether the statement is true or false
Fixed costs expressed on a per unit basis:
A. decrease with increases in activity. B. increase with increases in activity. C. are not affected by activity. D. should be ignored in making decisions since they cannot change.