Which of the following best describes the term "assets"?
a. The amount of total profits earned by a business since it began operations.
b. The amount of interest or claim that the owners have in the business.
c. The economic resources of a business entity.
d. The cumulative profits earned by a business less any dividends distributed.
c
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A statement of owner's equity reports the changes in the owner's equity for a period of time
Indicate whether the statement is true or false
Marshall is the purchasing agent for DigitoolArt Corporation. His job requires him to negotiate and execute contracts for purchasing office supplies and equipment for the corporation
Assume that Bronson, a computer salesperson, pays Marshall a $20,000 kickback to purchase from him computers needed by DigitoolArt Corporation. Which of the following duties of loyalty has Marshall breached in this scenario? A) competing with the corporation B) making a secret profit C) self-dealing D) usurping a corporate opportunity
Which of the following statements is true of state and local administrative agencies?
A) When federal and state agency laws conflict, the Supremacy Clause of Article VI of the U.S. Constitution plays a decisive role. B) State and local administrative agencies have been created by only 25 states of the United States. C) Real estate planning boards, zoning commissions, and supervisory boards operate at the state level. D) Agencies that regulate state-chartered banks are assigned duties by Congress, but governed by the state legislature.
Scientific management is typically associated with all of the following except:
A. An organizational structure that is flat, with little differentiation between job levels. B. Protections for management rights. C. Assembly line production processes. D. Increased specialization of work.