What did Milton Friedman argue in his seminal 1970 article published in The Wall Street Journal?
a. Profit, although important, should not be the primary focus of firms.
b. Firms have a duty to pay their employees a living wage.
c. Profit, as a result of the actions of the firm, is an end in itself.
d. Firms do not provide value to society unless they are acting in a socially responsible manner.
Ans: C
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Which of the following is not a financial control?
A. budgets B. financial statements C. income statement D. audits E. ISO 14000
Amy Hudson has been trying to purchase Glen Cappel's antique desk for some time, but Glen has been reluctant to sell. One evening Glen said to Amy, "Okay, I'll sell the desk for $550." Amy replied, "Thank you, Glen. I accept." The agreement was not reduced to writing, but Glen and Amy did shake hands. Two days later, Amy sent Glen a letter outlining the terms of the agreement, and stating that
she would deliver $550 cash according to the agreement within ten days. The letter was signed, "Best regards, Amy." Later, Amy had second thoughts, and refused to go through with the purchase. Nothing had been exchanged at this point. Glen a. can enforce the contract against Amy because the statute of frauds is satisfied under this situation. b. cannot enforce the contract against Amy because her signature was inadequate without her last name under the statute of frauds. c. cannot enforce the contract against Amy because he did not sign the letter. d. can enforce the contract because they shook hands on the agreement.
For trade secrets to be protected, a business owner is obligated to take all reasonable precautions
to prevent discovery of the trade secrets by others. Indicate whether the statement is true or false
Mosher, Inc ad the following balances and transactions during 2017:
Beginning Merchandise Inventory as of January 1, 2017 100 units at $82 March 10 Sold 70 units June 10 Purchased 200 units at $85 October 30 Sold 170 units What would be reported for Ending Merchandise Inventory on the balance sheet at December 31, 2017 if the perpetual inventory system and the first-in, first-out inventory costing method are used? A) $5,740 B) $17,000 C) $5,100 D) $8,200