Ritz owned a building in which there was a duly recorded first mortgage held by Lyn and a recorded second mortgage held by Jay. Ritz sold the building to Nunn. Nunn assumed the Jay mortgage and had no actual knowledge of the Lyn mortgage. Nunn defaulted on the payments to Jay. If both Lyn and Jay foreclosed and the proceeds of the sale were insufficient to pay both Lyn and Jay, then:
a. Jay would be paid after Lyn was fully paid.
b. Jay and Lyn would be paid proportionately.
c. Nunn would be personally liable to Lyn but not to Jay.
d. Nunn would be personally liable to Lyn and Jay.
.A
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Which of the following is a common trait of close corporations?
A. There is no established market for the stock. B. The shareholders are large in number. C. Shareholders usually live in different geographic areas. D. Only few of the shareholders are active in the business.
Matthew received a promotion after turning in an important project. Matthew did not tell his supervisor that the majority of the project was done by someone else. He really wanted the promotion and decided not to mention that someone else was responsible for the successful project. It appears Matthew is at the ______ of moral development.
A. preconventional level B. conventional level C. postconventional level D. neoconventional level
This year Jenna had the gains and losses noted below on property, plant and equipment used in her business. Each asset had been held longer than one year. Jenna has not previously disposed of any business assets.
Jenna will recognize
A)
B)
C)
D)
Basic knowledge skills means being able to work with others
Indicate whether the statement is true or false.