Megan contracts to sell Nonny her horse for $4,000. This contract will be fully discharged when Megan and Nonny

A. agree that the deal is fair
B. execute a bill of sale
C. sign a receipt
D. exchange the horse for the money


Answer: D. exchange the horse for the money

Business

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When total anticipated factory overhead is $100,000 and budgeted direct labor hours are 40,000, what is the predetermined factory overhead rate if it is based on direct labor hours?

a. $4.00/hour; b. $2.50/hour; c. $0.40/hour; d. $0.25/hour; e. none of these

Business

Bonds that contain a provision that allows the holders to exchange the bonds for other securities of the issuing corporation are called

a. debenture bonds. b. secured bonds. c. callable bonds. d. convertible bonds.

Business

The ABC Corporation is considering introducing a new product, which will require buying new equipment for a monthly payment of $5,000. Each unit produced can be sold for $20.00. ABC incurs a variable cost of $10.00 per unit

How many units must ABC sell each month to break even? A) 500 units B) 5000 units C) 250 units D) 2500 units E) 25 units

Business

An implied warranty arises when a person purports to act as an agent for a principal

Indicate whether the statement is true or false

Business