What makes an exculpatory clause illegal and against public policy?
When the person or organization succeeds in its demand that an exculpatory clause be placed in a superior bargaining position. (Refer to page 191 in the text for more details about exculpatory clauses.
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How is the balance sheet linked to the other financial statements?
a. The amount of retained earnings reported on the balance sheet is equal to net income. b. Retained earnings is added to total assets and reported on the balance sheet. c. Net income increases retained earnings on the statement of retained earnings, which ultimately increases retained earnings on the balance sheet. d. There is no link between the balance sheet and other statements, as each contains different accounts and provides different information.
Rick Lee, a milk deliveryman in New York, delivers dairy products to 200 customers weekly. The quality of the service Rick provides to his customers is based on customer expectations. All of the following determine the expectations of Rick's customers EXCEPT:
A. changing shifts in demand for local produce and dairy products. B. customer experiences with milk from a grocery store. C. word-of-mouth comments about Rick's product and service. D. customer needs for fresh milk delivered weekly. E. Rick's ability to provide the anticipated dairy products.
Which of the following is true about the demand curve?
A) It is used to illustrate the effect of price on the quantity supplied. B) It is always graphically depicted by a straight line. C) It shows the quantity of product customers will buy in a market during a period of time even if other factors change. D) It usually slopes upward and to the right. E) It shows the relationship between product demand and product price.
Manufacturer costs are the lowest during the introduction stage of the product life cycle
Indicate whether the statement is true or false