Sea Rovers, Inc. contracted to sell 1,000 pounds of shrimp to the Seafood Shack with delivery on June 1. On May 1, Sea Rovers advised the Seafood Shack that it would not be able to deliver the shrimp. The Seafood Shack
A. can sue Sea Rovers immediately for breach of contract.
B. must wait until June 1 to see if Sea Rovers will perform before suing for breach of contract.
C. cannot sue Sea Rovers because Sea Rovers gave adequate notice.
D. must wait until actual damages are determined before it can sue.
Answer: A
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Which of the following schemes is the correct order describing the levels of the merchandise classification scheme from the highest level to the lowest level?
A. Merchandise Group-Department-Classification-Category-SKU B. Department-Merchandise Group-Classification-Category-stock-keeping unit (SKU) C. Classification-Department-Category-Merchandise Group-SKU D. Category-Classification-Merchandise Group-Department-SKU E. Merchandise Group-Classification-Department-Category-SKU
During the month, a company learns that a check it issued has been accidentally destroyed. On the bank reconciliation, the company would
a. deduct the amount from the balance per bank. b. deduct the amount from the balance per books. c. add the amount to the balance per bank. d. add the amount back to the balance per books.
A liquidity ratio of 2.2 indicates $2.20 of income for each $1 of current liabilities
Indicate whether the statement is true or false.
Which of the following is untrue regarding professional corporations?
A) State statutes permitting professional corporations all apply only to specified professions. B) All states have statutes which permit the practice of professions by duly licensed individuals in the corporate form. C) There is a supplement to the MBCA which deals with professional corporations. D) Professionals may avoid personal liability for corporate debts by incorporating.