Explain what a joint tenancy is.
What will be an ideal response?
A joint tenancy is created when equal interests in real property are conveyed to two or more persons by means of a document clearly specifying that they are to own the property as joint tenants. The rights of use, possession, contribution, and partition are the same for a joint tenancy as for a tenancy in common. The joint tenancy's distinguishing feature is that it gives the owners the right of survivorship, which means that upon the death of a joint tenant, the deceased tenant's interest automatically passes to the surviving joint tenant(s). The right of survivorship makes it easy for a person to transfer property at death without the need for a will. A joint tenant may mortgage, sell, or give away his interest in the property during his lifetime. If one of the joint tenants does sell or convey his interest to someone else, the joint tenancy is broken as to the share sold. The new person comes into the joint ownership as a tenant in common rather than as part of a joint tenancy. The rights of use, possession, contribution, and partition of joint tenants are the same as those of tenants in common.
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On January 1, SaLow Company enters into a contract to provide custom-made equipment to ByHi Corporation for $100,000. The contract terms allow cancellation without penalty by either party at any time prior to delivery of the goods. The contract specifies a delivery date of March 15 but the equipment was not delivered until April 10. The contract required full payment within 30 days after
delivery. When should revenue be recognized for this contract? A) Never, because it includes a termination agreement. B) March 15 C) April 10 D) May 10
Olivia owns convertible securities in a company that manufactures electrical appliances. If the conversion ratio for the convertible securities is 50, it means that:
A. Olivia can resell the 50% of the convertible securities that she owns to other preferred stockholders. B. Olivia can exchange half of the convertible securities that she already owns with shares of common stock. C. Olivia can exchange each convertible security that she owns for 50 shares of common stock. D. Olivia can sell each convertible security that she owns for $50.
The fact that a taxpayer receives a refund check indicates that the IRS is satisfied with the accuracy of the taxpayer's return.
Answer the following statement true (T) or false (F)
Large retailers such as Macy's and Walmart are most likely to participate in which of the following channels?
A. Producer, industrial distributors, retailers, consumers B. Producer, consumers C. Producer, wholesalers, retailers, consumers D. Producer, retailers, consumers E. Producer, agents, wholesalers, retailers, consumers