Identify a true statement about the financial services provided by organizations.
A. Financial services organizations invest only in environmentally responsible public corporations.
B. Financial services include services provided by banks and insurance companies only.
C. Financial services organizations make investment decisions based solely on the socially responsible behavior of corporates.
D. Financial services organizations provide comparative cash flow positions of competing corporations to investors to help them with investment decisions.
E. Financial services organizations help individuals and companies determine how to invest money to achieve their financial goals.
Answer: E
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Ending inventory is equal to the cost of items on hand plus
a. the cost of all inventory purchased during the period. b. merchandise in transit sold to customers FOB shipping point. c. merchandise purchased in transit with terms FOB destination. d. merchandise in transit sold to customers FOB destination.
A fraud perpetrator uses the float time between banks to give the impression that he had money in his accounts. Which crime is he committing?
a. Floating b. Strip c. Spinning d. Kiting
High Step Shoes had annual revenues of $187,000, expenses of $104,700, and dividends of $18,800 during the current year. The retained earnings account before closing had a balance of $299,000. The entry to close the Income Summary account at the end of the year, after revenue and expense accounts have been closed, is:
A. Debit Income Summary $82,300; credit Retained earnings $82,300 B. Debit Retained earnings $63,500; credit Income Summary $63,500 C. Debit Retained earnings $82,300; credit Income Summary $82,300 D. Debit Income Summary $63,500; credit Retained earnings $63,500 E. Debit Retained earnings $299,000; credit Income Summary $299,000
________ is the first, or "big picture," level of planning
A) Strategic planning B) Functional planning C) Operational planning D) Product development E) Business planning