Brent loans Manuel $1,600 on his oral promise to repay the loan in three annual installments. Most courts would hold Manuel's promise is unenforceable under the one-year provision of the statute of frauds
Indicate whether the statement is true or false
False
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Suppose you can make profits in the foreign exchange market by buying a foreign currency at a low price, then selling it at a higher price later on. What you are engaging in is a
a. discount position. b. premium position. c. short position. d. long position.
Which control plan for the cash receipts function has as its primary control goal to ensure security of resources?
a. reconcile bank account regularly. b. enter cash receipts close to where cash is received. c. immediately endorse incoming checks. d. one-to-one checking of deposit slips and checks.
Many of the 3-D jobs filled by migrants employ ______ workers, that is, workers who do not have a contract, work without benefits, are paid "under the table," and whose employment often violates local laws.
Fill in the blank(s) with the appropriate word(s).
All of the following are true of the gross profit ratio except:
a. gross profit is a function of the markup percentage. b. the gross profit ratio is calculated by dividing gross margin by net sales. c. a revenue-related fraud scheme that overstates sales will result in an increase in this ratio. d. the gross profit ratio will increase if cost of goods sold is overstated.