Answer the following statement(s) true (T) or false (F)
1. Criminal law is concerned with compensating the victims of crimes.
2. Both slander and libel are known as negligence torts.
3. Under strict product liability the business is responsible for any damages regardless of negligence.
4. All contracts are agreements, but not all agreements are contracts.
5. Consideration is something that is offered and received by both parties to a contract.
1. FALSE
2. FALSE
3. TRUE
4. TRUE
5. TRUE
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Which of the following situations is not the result of a weakness in or lack of internal controls?
A. Financial statements are misstated because individuals were able to update financial information beyond that needed to perform their job functions. B. Earnings per share are misstated due to a spreadsheet error. C. A sales order is placed on back-order, but is never filled or canceled. D. The vendor bills an amount different than the amount entered on the purchase order.
Use the following information to answer the following questions. Jensen Company has the following information for the pay period of January 15 - 31, 20xx. Gross payroll $10,000 Federal income tax withheld $1,500 Social security rate 6% Federal unemployment tax rate .8% Medicare rate 1.5% State unemployment tax rate 5.4% Salaries Payable would be recorded in the amount of:
A) $8,500 B) $7,130 C) $7,670 D) $7,750
The written objective “to introduce 12 new computers to the market” is missing which recommended criteria?
A. It does not focus on a single result. B. It is not specific. C. It is not measurable. D. It has no target date. E. None of the above
Freiman Corporation's most recent balance sheet and income statement appear below:Balance SheetDecember 31, Year 2 and Year 1(in thousands of dollars) Year 2Year 1Assets Current assets: Cash$166? $126? Accounts receivable, net 235? 255? Inventory 126? 136? Prepaid expenses 43? 43? Total current assets 570? 560? Plant and equipment, net 730? 730? Total assets$1300? $1290? Liabilities and Stockholders' Equity Current liabilities: Accounts payable$136? $156? Accrued liabilities 93? 93? Notes payable, short term 63? 73? Total current liabilities 292? 322? Bonds payable 289? 299? Total liabilities 581? 621? Stockholders'
equity: Common stock, $2 par value 106? 106? Additional paid-in capital 215? 215? Retained earnings 398? 348? Total stockholders' equity 719? 669? Total liabilities & stockholders' equity$1300? $1290? Income StatementFor the Year Ended December 31, Year 2(in thousands of dollars)Sales (all on account)$1430? Cost of goods sold 840? Gross margin 590? Selling and administrative expenses 374? Net operating income 216? Interest expense 41? Net income before taxes 175? Income taxes (30%) 53? Net income$122? The current ratio at the end of Year 2 is closest to: A. 1.07 B. 0.48 C. 1.95 D. 0.47