Regarding differences under the UCC in the treatment of merchants and nonmerchants, which is
true?
A) Article 2 contains several provisions that either apply only to merchants or impose a
greater duty on merchants.
B) The UCC applies to merchants, but not to nonmerchants.
C) The consideration requirement has been eliminated for contracts between merchants, but
is still present in contracts involving at least one nonmerchant.
D) The UCC requires merchants' contracts to be in writing, but not those of nonmerchants.
A
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Wheat producers in the United States claim that the Canadian Wheat Board is selling wheat imported into the United States at unreasonably low prices, and they fear depression of their own prices. The U.S. producers are accusing the Canadians of
A. creating an embargo. B. unfair foreign advantage. C. export crashing. D. loss transactions. E. dumping.
Lactose is milk sugar, and as infants, humans produce substantial amounts of the lactase enzyme to digest it. However, as we age, we soon lose some or even all of our lactase. In such cases, undigested lactose passes to the lower intestine where bacteria break it down into lactic acid and CO2, causing painful gas and bloating. This problem could be avoided by
A. taking lactase enzyme tablets or avoiding all dairy products. B. taking lactase enzyme tablets when consuming lactose products. C. avoiding all dairy products containing lactose. D. consuming lactose in tablet form. E. taking any enzyme tablets when consuming dairy products.
Which of the following statements is true about a journal entry?
a. Decreases in liabilities are indented. b. The Post. Ref. column is left blank until entries are posted. c. A line is skipped between each debit and each credit. d. Assets are entered before liabilities.
From tax returns, the Internal Revenue Service (IRS) has information concerning Elizabeth Jones. Generally, the IRS may not divulge this information to the Federal Bureau of Investigation unless Elizabeth has given written consent
a. True b. False Indicate whether the statement is true or false