The type of power sometimes referred to as "formal authority" is ________ power.
A. structural
B. political
C. legitimate
D. expert
E. reward
Answer: C
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Explain the conversion cycle
If an issuer sells bonds at a premium:
A. The carrying value decreases from the par value to the issue price over the bond's term. B. The carrying value increases from the issue price to the par value over the bond's term. C. The carrying value of the bond stays constant over time. D. The carrying value increases from the par value to the issue price over the bond's term. E. The carrying value decreases from the issue price to the par value over the bond's term.
The "apparent," but not necessarily the "true," financial position of a company whose sales are seasonal can change dramatically during a given year, depending on the time of year when the financial statements are constructed.
Answer the following statement true (T) or false (F)
The PMI, Inc. processes an estimated 200,000 checks per year from its customers. Total revenue
collected by check is $40,000,000. The average float time until the funds are credited to PMI's checking account is 6 days. For an extra cost of $ .06/check, PMI's bank will install a lock-box system that will reduce float time from 6 days to 2.5 days. If PMI earns 3.5% on its checking account, how much per check will PMI make if it uses the lock-box system? A) $.005 B) $.008 C) $.006 D) $.007