Who are the three distinct types of participants in a market? Briefly describe the role of each group of participants.
What will be an ideal response?
Markets include consumers, conversion agents, and resource owners. Consumers use resources. Conversion agents are businesses that convert resources to the form that consumers want. Resource owners control the distribution of resources to conversion agents.
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Use the following information to calculate cash paid for income taxes: Income tax expense$51,000? Income tax payable, January 1 10,000? Income tax payable, December 31 7500?
A. $58,500. B. $48,500. C. $51,000. D. $61,000. E. $53,500.
To borrow the money to buy a car, Klaus signs a note "payable to the order of Lake City Auto Financing." Minnie cosigns the note to guarantee the repayment of the loan. Minnie's liability on this note is
A. lateral. B. primary. C. secondary. D. tertiary.
Some insurers are experimenting with the use of an electronic device that can be installed in a vehicle to track driving behavior
The insurers then use the information to help determine the appropriate auto insurance premium to charge. Such devices are called A) data recorders. B) radar detectors. C) original equipment manufacturer parts. D) thresholds
A cashier's check is one of your personal checks the bank has guaranteed for payment
Indicate whether the statement is true or false