What is a small short-term loan that that is unsecured and is usually due upon the borrower's next payday?
A) Payday loans
B) Temporary Loan
C) Money Order
D) Cash
E) Unsecured Loan
A) Payday loans
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What will be an ideal response?
A statement of cash flows should be prepared for which of the following fiduciary fund types?
A. Fiduciary funds do not provide a statement of cash flows. B. Custodial. C. Private-purpose trust. D. Pension trust.
A firm has 1,000 shares of common stock outstanding with a par value of $15 per share. Upon liquidation, the firm has insufficient funds and requires an additional $5,000 to repay its creditors. Which of the following statements is true about the common shareholders' financial obligation?
A. If the share is purchased for $8, the stockholders are obligated to pay $2 per share to the creditors. B. If the share is purchased for $20, the stockholders are obligated to pay interest equal to $15 per share to the firm. C. If the share is purchased for $15, the stockholders are obligated to pay $15 per share to the bondholders. D. If the share is purchased for $18, the stockholders are obligated to pay a dividend of $3 per share to the firm. E. If the share is purchased for $10, the stockholders are obligated to contribute $5 per share to the firm.