Summarizing is the act of estimating a population fact from a sample finding
Indicate whether the statement is true or false
FALSE
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Patty owned a sole proprietorship. She had four salespersons selling the company's products
One of her salespersons made false statements about a competitor's products while trying to sell Patty's products. The competitor sues Patty's business and wins the lawsuit. Under what circumstances could Patty be personally responsible to pay the judgment? A) None, because this was a debt of the business B) Patty is liable here regardless of any other circumstances C) If Patty was separately named in the lawsuit D) If Patty knew about the salesperson's activities E) If the salesperson's activities were part of a continuing pattern rather than an isolated incident
What is the formula for the break-even point of a simple profit model?
A) Fixed Cost / Variable Cost Per Unit B) (Selling Price Per Unit - Variable Cost Per Unit) / Fixed Cost C) Fixed Cost / (Selling Price Per Unit - Variable Cost Per Unit) D) Fixed Cost / (Variable Cost Per Unit - Selling Price Per Unit) E) Selling Price Per Unit - (Fixed Cost / Variable Cost Per Unit)
The ____________________ contains the laws relating to the formation, operation, and dissolution of partnerships
Fill in the blank(s) with correct word
Senate Inc. is considering two alternative methods for producing playing cards. Method 1 involves using a machine with a fixed cost (mainly depreciation) of $17,000 and variable costs of $1.00 per deck of cards. Method 2 would use a less expensive machine with a fixed cost of only $5,000, but it would require a variable cost of $1.50 per deck. The sales price per deck would be the same under each method. At what unit output level would the two methods provide the same operating income (EBIT)?
A. 24,960 B. 28,080 C. 24,000 D. 26,880 E. 28,320