As with a sole proprietorship, one disadvantage of a partnership is a lack of continuity.
Answer the following statement true (T) or false (F)
True
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The SEC has authority to establish GAAP for all business enterprises
a. True b. False Indicate whether the statement is true or false
Which of the following statements is correct?
a. Short-term debt is often less costly than long-term debt and the major reason for this is that short-term debt exposes the borrowing firm to much less risk than long-term debt. b. Under normal conditions the shape of the yield curve implies that the interest cost of short-term debt is greater than that of long-term debt, although short-term debt has other advantages that make it desirable as a financing source. c. Flexibility is an advantage of short-term credit but this is somewhat offset by the higher flotation costs associated with the need to repeatedly renew short-term credit. d. A short-term loan usually can be obtained more quickly than a long-term loan but the penalty for early repayment of a short-term loan is significantly higher than for a long-term loan. e. Statements about the flexibility, cost, and riskiness of short-term versus long-term credit are dependent on the type of credit that actually is used.
An attorney may terminate his or her employment relationship with a client for any reasonable cause. All of the following are actions an attorney must then take, except
a. return earned fees. b. return the client's papers and money held in trust. c. obtain permission of the court if litigation has begun. d. give reasonable notice to the client.
A brokerage firm that executes your transactions without offering investment advice is a(n) ________
Fill in the blank(s) with the appropriate word(s).