According to the Federal Trade Commission, what is the largest type of consumer fraud?
a. Identity theft
b. Ponzi scheme
c. Magazine fraud
d. Telephone fraud
a
FEEDBACK: a. Correct. Identify theft is the largest type of consumer fraud.
b. Incorrect.
c. Incorrect.
d. Incorrect.
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Which of the following statements concerning direct financing leases is true?
A) The net investment in the lease should be adjusted each year by material increases (but not decreases) in estimated unguaranteed residual values. B) The lessor reports only interest revenue on the income statement. C) Initial direct costs result in an increase in Unearned Interest Revenue-Leases by an amount equal to these costs in the year the costs are incurred. D) The lessor's gross margin is amortized over the life of the lease.
Mandarin In Town, a Chinese restaurant, opened recently in Burnsville, Minnesota. People from all over the town flocked to Mandarin to find out how good it was. This gave a big boost to the restaurant's initial business, but it caused the other restaurants in the area to lose business temporarily. The way in which Mandarin in Town hurt existing restaurants in Burnsville is an example of:
A. innovative disruption. B. creative destruction. C. crowdsourcing. D. service distortion.
Which of the following approaches for determining fair value of Level 3 assets is used by the auditor?
a. Determining appropriate model and sensitivity of model. b. Reviewing contracts to determine if loss is other than temporary. c. Performing an analysis of volume of trading activity. d. Performing an analysis of trades on similar assets.
If your audience is expecting to hear from you, and the bad news is not a surprise, what organizational approach will benefit the message?
A) Goodwill B) Persuasive C) Indirect D) Casual E) Direct