On July 1 of year 1, Elaine purchased a new home for $400,000. At the time of the purchase, it was estimated that the property tax bill on the home for the year would be $8,000 ($400,000 × 2%). On the settlement statement, Elaine was charged $4,000 for the year in property taxes and the seller was charged $4,000. On December 31, year 1, Elaine discovered that the real property taxes on the home for the year were actually $9,000. Elaine wrote a $9,000 check to the local government to pay the taxes for that calendar year. (Elaine was liable for the taxes because she owned the property when they became due.) What amount of real property taxes is Elaine allowed to deduct for year 1? (Assume not married filing separately.)
A. $4,000.
B. $0.
C. $4,500.
D. $5,000.
E. $9,000.
Answer: C
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If a business had a margin of safety ratio of 20%, variable costs of 75% of sales, fixed costs of $240,000, a break-even point of $960,000, and operating income of $60,000 for the current year, what are the current year's sales?
A) $1,200,000 B) $1,040,000 C) $1,260,000 D) $1,020,000
List the five basic requirements of performance-appraisal systems.
What will be an ideal response?
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A. laissez-faire leadership. B. contingent reward leadership. C. transactional leadership. D. active management-by-exception. E. passive management-by-exception.
A price list is an offer.
Answer the following statement true (T) or false (F)