Polly promises to pay city council member Smith $500 to show up for the weekly city council meetings. Polly's promise is:
A. not supported by consideration.
B. wholly enforceable.
C. supported by consideration.
D. supported by conditional consideration.
Answer: A
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Suppose the Fed has set the federal funds rate at 4.5 percent using the Taylor rule. If the inflation rate increases by 1 percentage point and the weight on inflation gap is 0.5, all other variables remain unchanged, the federal funds rate should
A. decrease to 3.5 percent. B. decrease to 4 percent. C. increase to 5.5 percent. D. increase to 5 percent.
Waxman Company purchased a patent for $170,000 at the beginning of 2013, and estimated that its expected useful life was 10 years. The patent has a legal life of 17 years. What amount should be recorded as amortization expense for the patent in 2013?
a. $ -0- b. $ 7,000 c. $10,000 d. $17,000
Anything for which managers want a separate measurement of cost is called a ________.
A) responsibility center B) cost object C) profit object D) conversion cost
A company places $10,000 into a money market account for four months. The account is expected to pay 9 percent annual interest, compounded monthly. After one month, the entry to record interest earned is:
a. Short-Term Investments 75 Interest Income 75 b. Cash 75 Interest Income 75 c. Interest Income 75 Cash 75 d. Cash 75 Interest Receivable 75