Relative to insurance, when a payout arrangement is made in which one receives all benefits in a single payment, this is called a
A) cash payout.
B) lump-sum option.
C) single distribution plan.
D) point plan.
E) none of the above.
Answer: B
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Which of the following is an example of fraud?
a. A mistake in processing accounting data. b. An incorrect accounting estimate arising from misinterpretation of facts. c. Misappropriation of an asset. d. A mistake in the application of accounting principles.
A low-cost leader can translate its low-cost advantage over rivals into superior profit performance by
A. outproducing rivals and thus having more available units for sale. B. going all out to use its cost advantage to capture a dominant share of the market. C. spending heavily on advertising to promote its cost advantage to build strong customer loyalty. D. maintaining the present price and using the lower-cost edge to earn a higher profit margin on each unit sold. E. underpricing rivals and attracting quality-sensitive buyers in great enough numbers.
The ending balances in the Common Stock and Dividend accounts are shown on the income statement columns of the worksheet
Indicate whether the statement is true or false
Compound interest means that interest is calculated only on the principal amount
Indicate whether the statement is true or false