Which of the following is a function of the marketing department of an insurance company?
A) to settle claims after a loss has been reported
B) to determine the cost of products the insurer sells
C) to make final underwriting decisions
D) to identify production goals
Answer: D
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The following information is available on TGR Enterprises, a partnership, for the most recent fiscal year: Total partnership capital at beginning of the year$180,000Partnership net income for the year$150,000Withdrawals by partners during the year$120,000Additional investments by partners during the year$60,000There are three partners in TGR Enterprises: Tracey, Gregory and Rodgers. At the end of the year, the partners' capital accounts were in the ratio of 2:1:2, respectively. Compute the ending capital balances of the three partners.
A. Tracey = $90,000; Gregory = $90,000; Rodgers = $90,000. B. Tracey = $108,000; Gregory = $54,000; Rodgers = $108,000. C. Tracey = $204,000; Gregory = $102,000; Rodgers = $204,000. D. Tracey = $84,000; Gregory = $102,000; Rodgers = $84,000. E. Tracey = $60,000; Gregory = $30,000; Rodgers = $60,000.
If a statute or government regulation enacted after a contract's creation makes performance of a party's contractual duties illegal, the promisor is excused from performing.
Answer the following statement true (T) or false (F)
In accrual accounting, accrued revenues are recorded as liabilities.
Answer the following statement true (T) or false (F)
The law of one price says that
A. only one price can be charged for an item in a contract deal. B. even in international markets, bait and switch is illegal. C. in an efficient market, like goods will have like prices. D. in an efficient market, one price only is the permissible price.