Unlike with a tangible product, what can you not do with a purchased service such as a bad haircut or a sloppy roof repair?
A) Money back
B) Repair
C) Upgrade
D) Reschedule
E) Simple return
E) Simple return
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The point where the profit line intersects the horizontal axis on the profit-volume chart represents:
A) the maximum possible operating loss B) the maximum possible operating income C) the total fixed costs D) the break-even point
The Incoterm for the situation where the seller clears the goods for export and places them by the ship, and the risk passes to the buyer at the ship's rail, is
A. FAS. B. CIF. C. DDP. D. DAT. E. DAP.
With an accelerated depreciation method, an asset can be depreciated below its salvage value.
Answer the following statement true (T) or false (F)
Property of the Estate. John Patrick Goulding filed for Chapter 7 bankruptcy relief in 1987. In his schedules, he listed assets of $62,000 and debts of over $670,000. The majority of these debts were unsecured and were not consumer debts. The Federal
Deposit Insurance Corp (FDIC), as successor to two banks, was the largest unsecured creditor ($379,000). The FDIC and the trustee learned that Goulding was the beneficiary of three irrevocable spendthrift trusts (the assets of which cannot be reached by creditors) that provided him with $12,000 per month, and that he would receive from the corpus (principal) of one trust $200,000 on January 30, 1988. The trustee and the FDIC filed a joint motion requesting the court to dismiss Goulding's Chapter 7 petition. Discuss whether the court should have dismissed Goulding's petition and whether any payments made from the trusts were part of the debtor's estate.