Marcus employs a real estate broker, Dean, to sell his house. Dean's express powers are to advertise and market the house for sale, show the house to prospective buyers, and accept offers from them
He is not allowed to seal a deal without Marcus' consent. Marcus goes away on a month-long trip where he cannot be contacted. During this time, a short circuit in the house causes a power outage. Dean uses his authority to hire an electrician to repair the circuits and restore electricity in the house. Marcus then comes back and pays Dean for the repairs. What is the nature of the agency that Dean used to fix the problem in the house?
A) implied agency
B) agency by ratification
C) power of attorney
D) express agency
A
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Wendt, Inc counted its ending inventory as $178,000 at year-end, January 31, 2014 . Upon review of the records, it was noted that the following items were in transit during the count: A) $2,000 of goods shipped by a supplier to Wendt sent FOB destination on January 31 were received February 5, and were not counted by Wendt. B) $5,000 of goods shipped by a supplier to Wendt sent FOB shipping point
on January 30 were received February 2, and were not counted by Wendt. C) $6,000 of goods shipped by Wendt to a customer FOB shipping point on January 31 were received by the customer February 3, and were counted by Wendt. Determine the correct inventory balance at January 31. a. $178,000 b. $177,000 c. $174,000 d. $172,000
In studying failure around the world, The Global Entrepreneurship Monitor report recognized three types of economies. Which one of the following represents an economy focused on unskilled labor and natural resources?
a. efficiency-driven b. factor-driven c. people-driven d. innovation-driven
Banks like electronic funds transfers because they eliminate the float time that a drawer enjoys on a checking account and the paperwork involved in processing checks
Indicate whether the statement is true or false
Data consists of raw facts, like sales or weather statistics.
Answer the following statement true (T) or false (F)