Consumers have a responsibility to preserve an effective macro-marketing system.
Answer the following statement true (T) or false (F)
True
Consumer-citizens share the responsibility for preserving an effective macro-marketing system.
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General equilibrium is a situation in which all markets are in ________ and all economic agents have made decisions _____.
A. equilibrium; in their own best interests B. shortage; in their own best interests C. surplus; based on only partial information D. equilibrium; based on only partial information
Which of the following statements is true regarding extraordinary items on the income statement?
a. U.S. GAAP prohibits the presentation of extraordinary items on the income statement. b. IFRS prohibits the presentation of extraordinary items on the income statement. c. U.S. GAAP allows extraordinary gains and losses on the balance sheet. d. IFRS allows the classification of gains and losses on the income statement as extraordinary as long as long as they are both unusual in nature and infrequent in occurrence.
[APPENDIX] Debbie and Alex formed a new partnership. The partnership agreement specified that income should be allocated in a 2-to-1 ratio, with Debbie receiving the larger portion. If revenue for the first year was $90,000 and expenses were $60,000, how much would be allocated to each partner?
a. Debbie—$45,000? Alex—$45,000 b. Debbie—$20,000? Alex—$10,000 c. Debbie—$60,000? Alex—$30,000 d. Debbie—$40,000? Alex—$20,000
Prime cost is
A) indirect materials cost and indirect labor cost B) direct materials cost and direct labor cost C) direct labor cost and overhead cost D) selling cost and administrative cost