An attorney will draw up a contract for the purchase of a house. What provisions should you have in it?
What will be an ideal response?
Answer:
-the price, method of payment, buyer and seller, date on which buyer will take possession
-a clear legal description of the property
-legal title to the house must be free of all liens, encumbrances and who pays for search
-certification that house is free of termite or radon problems
-a contingent on suitable funding clause
-the proportion of utilities, insurance, taxes, and interest paid by buyer and seller
-condition of the house at point of transfer
-any other agreements
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Which of the following would most likely be classified as a current liability?
a. two-year notes payable b. bonds payable c. mortgage payable d. unearned rent
How have consumers benefited from market demassification?
What will be an ideal response?
Which of the following appears on a multistep income statement but not on a single-step income statement?
a. Cost of Goods Sold b. Selling Expenses c. General and Administrative Expenses d. Gross Margin
Much research has supported the notion that individuals work much harder when they are asked to do their best rather than when they are striving toward a specific goal.
Answer the following statement true (T) or false (F)