Who is most likely the author of the following quote? “It is salutary to ask about any organization, ‘If it did not exist, would we invent it?’ ‘Only if it could do something better or more useful than anyone else’ would have to be the answer, and profit would be the means to that larger end.”

a. Charles Handy
b. Milton Friedman
c. Barack Obama
d. Congressional Banking Oversight Committee


Ans: A

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Many states require agencies that will exist for ______ to be established in writing

a. more than one year b. less than one year c. less than five years d. more than six months e. none of the other choices are correct

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The assets listed below of a foreign subsidiary have been converted to U.S. dollars at both current and historical exchange rates. Assuming that the recording currency of the foreign subsidiary is the functional currency, what total amount should appear for these assets on the U.S. company's consolidated balance sheet?AssetHistorical RatesCurrent RatePrepaid Insurance $60,000   $48,000  Buildings (Net)  480,000    240,000  Inventories, at Cost  300,000    288,000  Investments, at Cost  120,000    60,000  Total $960,000   $636,000  

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