During the year, Cathy received the following:
• Dividends of $4,000 from Lindsay Corporation. Cathy's father owned the stock and directed the corporation to send the dividends to Cathy.
• A car worth $30,000 for being the 1,000th customer at a car dealership.
• $5,500 cash gift from her uncle.
• $10,000 inheritance from her grandmother.
What amount must Cathy include in gross income?
A) $30,000
B) $34,000
C) $39,500
D) $49,500
A) $30,000
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Management theorist Peter Drucker compared the workplace of the future to a
A. pyramid. B. symphony orchestra. C. flattened oval. D. chess game. E. warship.
A section in a contract that ensures that providers of goods and services do not encounter unreasonable financial hardship as a result of uncontrollable increases in the costs of or decreases in the availability of something required to deliver products to customers is called a(n) ________ clause.
Fill in the blank(s) with the appropriate word(s).
Internal control procedures for cash receipts do not require that:
A. Clerks having access to cash in a cash register should not have access to the register tape or file. B. All collections for sales are received immediately upon making the sales. C. Cash sales should be recorded on a cash register at the time of each sale. D. Custody over cash is kept separate from its recordkeeping. E. An employee with no access to cash receipts should compare the total cash recorded by the register with the record of cash receipts reported by the cashier.
The reasons a vertically integrated channel can be more effective against competition is because of all of the following except
A. the consolidation of power. B. tightly controlled and bureaucratic management style. C. the ability to inhibit competitors. D. the sharing of responsibilities and information. E. increased bargaining power.