Answer the following statement(s) true (T) or false (F)
1. Liability insurance provides coverage for a loss due to injuries to others or damage to others’ property for which you are responsible.
2. No-fault insurance often covers the insureds’ medical expenses and lost wages.
3. The Social Security Act provides for retirement for all individuals at age 65.
4. Once you start receiving social security retirement benefits, they can never be reduced.
5. Part A Medicare provides for basic hospital coverage up to 150 days.
1. TRUE
2. TRUE
3. FALSE
4. FALSE
5. TRUE
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Which of the following statements concerning taxation is accurate?
a. Corporations pay federal income taxes but not state income taxes. b. Corporations pay federal and state income taxes. c. Only the owners must pay taxes on corporate income. d. Corporations pay income taxes but their owners do not.
An infomercial is a classic example of the confusion between a persuasive presentation and an informative presentation. It is sometimes approached as a TV spot merely giving viewers information, when in fact its sole purpose is ______.
a. either informative or persuasive, depending on context b. to help viewers do their research before making an important purchase c. to convince viewers to buy the product d. edutainment
A new machine tool is expected to generate receipts as follows: $5,000 in year one; $3,000 in year two, nothing in the next year, and $2,000 in the fourth year
At an interest rate of 6%, what is the net present value of these receipts? Is this a better net present value than $2,500 each year over four years? Explain.
At the beginning of last year, Tarind Corporation budgeted $75,000 of fixed manufacturing overhead and chose a denominator level of activity of 150,000 machine-hours. At the end of the year, Tari's fixed manufacturing overhead budget variance was $2,250 favorable. Its fixed manufacturing overhead volume variance was $3,750 favorable. Actual direct labor-hours for the year were 156,250. What was Tari's total standard machine-hours allowed for last year's output?
A. 142,500 B. 164,000 C. 157,500 D. 162,000