The amount of money received, or the fair value of the products or services received by the maker when a promissory note is issued is called the_____________
Fill in the blank(s) with correct word
principal
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What is a likely type of information shared in open book management?
a. employee evaluations b. profit reports c. salaries d. personal reflections
Freddie has been assessed a preparer penalty for willful and reckless conduct. When he completed Peggy’s Federal income tax return, he purposely omitted $100,000 of cash receipts that should have been reported as gross income. Freddie charged Peggy $4,000 to prepare the return. What is Freddie’s preparer penalty?
A. $-0- because Peggy incurred her own understatement penalty for the return. B. $2,000 C. $4,000 D. $5,000
Commerce Bank files a suit against Drake, its former accountant, alleging constructive fraud. Drake may be held liable A) if Commerce Bank cannot prove actual fraud
B) if Drake was grossly negligent in the performance of his duties. C) only if Drake acted with fraudulent intent. D) only if Drake impersonated someone who could be liable for fraud.
In the context of management planning, _____ refers to very specific, short-term planning that applies tactical plans to daily, weekly, and monthly functions.
A. operational planning B. strategic planning C. contingency planning D. risk mitigation planning