If a company has current assets of $20,140 and current liabilities of $10,600. Its current ratio is 1.9.
Answer the following statement true (T) or false (F)
True
Current Ratio = Current Assets/Current Liabilities
Current Ratio = $20,140/$10,600 = 1.9
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When taxable income exceeds certain levels, exemption and deduction allowances
A) increase in proportion to increases in taxable income. B) are limited but may be carried over to future years. C) are eliminated. D) reach a maximum allowable amount.
In Your Face Inc manufactures mirrors, and sold an order to a retailer, The Glass Company ("TGC"), on 90 days credit. There are no other terms mentioned. The order was delivered. TGC did not pay, and has been selling the mirrors
Which of the following is TRUE? A) In Your Face is entitled to repossess the mirrors immediately because TGC has broken a condition of the agreement by not paying. B) In Your Face is entitled to repossess the mirrors immediately because TGC has broken a warranty of the agreement by not paying. C) In Your Face is entitled to repossess the mirrors immediately because TGC has broken a term of the agreement. D) In Your Face is not entitled to repossess the mirrors. E) In Your Face is entitled to rescind the contract.
The Fair Debt Collection Practices Act prohibits which of the following practices?
a. A debt collector falsely representing himself as a lawyer b. A debt collector telephoning the debtor at 8:00 a.m. c. Visiting a debtor at work if the employer permits personal visits d. Using neighbors to locate the debtor
A monopoly exists when a firm with many potential competitors attempts to develop a marketing strategy to differentiate its products.
Answer the following statement true (T) or false (F)