A bill involved in a draft transaction is considered a note ________
A. if the drawer owes money to the drawee
B. if the drawee is drawer's buyer
C. if the drawee is a borrower of the drawer
D. if the drawer has kept money with the drawee for safeguarding
C
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Limited liability and indefinite business life are characteristics of a corporation.
Answer the following statement true (T) or false (F)
Janet and Tom were married in 2000. At the time they were married Tom owned a house himself in Ottawa that was worth $300,000 and it had no mortgage. The couple moved into the house and lived together there until 2015 when they decided to divorce
At the time of the divorce the house was then worth $500,000. As a result which of the following statements is TRUE? A) the house belongs to Tom and Janet has no claim on it B) Janet is entitled to half of the increased value of the house which is $100,000 C) Janet is entitled to half of the value of the house which is $250,000 D) the only way Tom could have prevented Janet from having a claim on the house is if they had signed a marriage contract to limit her claim E) both C and D are true
Kimberly contributed $50,000 as a limited partner in a limited partnership. Upon dissolution of the partnership, the priorities in distributing the assets are to:
A) creditors of the partnership, partners and ex-partners in satisfaction of liabilities for unpaid distributions, partners for return of contributions, and to partners for their partnership interests in the proportions in which they share in distributions. B) creditors of the partnership, partners for return of contributions, partners and ex-partners in satisfaction of liabilities for unpaid distributions, and partners for their partnership interests in equal shares. C) creditors of the partnership, partners for their partnership interests, partners for return of contributions to the partnership, and ex-partners for liability for unpaid distributions. D) partners for return of contributions, outside creditors of the partnership, partners for their partnership interests, and partners and ex-partners for unpaid distributions.
If a fast food restaurant has hamburger patties on a serving tray at the cash register, these would
be classified as ________ inventory. A) finished goods B) maintenance, repair, and operating C) raw materials D) work in progress