A(n) ________ contains a specific promise and a specific demand.
A. consideration
B. revocation
C. capacity
D. exculpation
E. offer
Answer: E
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Selected data from the accounting records of Webb Company are listed below: General & administrative expenses $2,200 Operating revenues $6,000 Selling expenses 1,800 Income taxes 600 Other revenues (expenses) 800 Dividends paid 1,200 Read the information about Webb Company. What is Webb's net income?
a. $ 1,600 b. $ 2,000 c. $ 2,200 d. $ 2,800
What is the earliest age that Social Security will provide full retirement benefits?
a. 62 b. 64 c. 68 d. 65 e. it depends upon how old you are
Of the five expenses that follow, which one is most likely treated differently than the others when income taxes are considered in a discounted-cash-flow analysis?
A. Utilities expense. B. Depreciation expense. C. Advertising expense. D. Salaries expense. E. Office expense.
Patty is a poor college student struggling to work and keep up with her studies. Fred, her uncle, promises to pay Patty support of $200 per month for the next six months. Although Fred didn't ask her to, she quits her current job in order to devote full time to her studies for the next six months. Fred makes one payment and then stops with no explanation. If Patty sues, what is the likely result?
A. Fred would win, as he did not ask Patty to quit her job. B. Patty would win, as a contract was formed when Fred promised to pay her the support. C. Fred would win, as family members cannot sue each other for breach of an oral promise. D. Patty may win under the doctrine of promissory estoppel.