All the following statements are true concerning mutual insurance companies except:
A) they may pay dividends
B) they are owned by their policyholders
C) they are legally organized as perpetual partnerships
D) they are nonprofit
C
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How does the text define “fairness”?
a. making decisions according to rules not based on personal biases b. treating everyone with dignity c. equal distribution of scarce resources d. making fair distinctions among possible options
U.S. GAAP and IFRS contain broad guidance on what the financial statements must contain, but neither completely specifies the level of detail or the names of accounts
Indicate whether the statement is true or false
The four-level PSSP hierarchy of needs includes
A. physiological needs, psychological needs, social needs, and financial needs. B. psychological needs, safety needs, social needs, and personal needs. C. physiological needs, psychological needs, safety needs, and personal needs. D. physiological needs, safety needs, personal needs, and social needs. E. psychological needs, financial needs, social needs, and personal needs.
Managerial entrenchment means that managers ________ and run the firm for their own best interests
A) may face little threat of being fired B) are overseen by equity holders C) are overseen by debt holders D) are well compensated