Which of the following statements about stock ownership is not correct?
A) A C corporation can own stock of an S corporation.
B) An S corporation can own stock of a C corporation.
C) A tax-exempt charity can own stock of an S corporation.
D) An S corporation can own stock of a Qualified Subchapter S Subsidiary.
A) A C corporation can own stock of an S corporation.
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Exchange rate fluctuations are
A. well understood and supported by solid theory. B. random phenomena. C. the result of so many variables that they cannot be explained. D. not yet fully understood by economists.
The major drawback of a pie chart is its
A) reliance on three-dimensional graphics to convey meaning. B) inability to portray components of a whole. C) difficulty in distinguishing more than about six categories. D) tendancy to be overused. E) lack of visual appeal.
Ruby Dean, a fashion designer ordered 100 bales of cotton from Gemini Distributors, a noted textile dealer
Prior to agreeing upon the purchase price and the other terms of the sale, Ruby visited Gemini's warehouse and inspected the cotton but failed to notice a defect in the material that would make it unusable. Upon delivery of the cotton, Ruby noticed the defect and refused to accept and pay for the goods. Which of the following statements is TRUE? A) Gemini has breached a condition of the contract. B) Having taking advantage of the opportunity to inspect the goods, Ruby must pay for the goods. C) Ruby can legally refuse to accept and pay for the goods as Gemini had a duty to supply useable goods. D) Ruby can cancel the contract owing to the defect in the goods. E) Gemini has breached a warranty of the contract.
Which of the following statements about the insurer's obligation to provide a legal defense under the personal liability coverage (Coverage E) of the homeowners policy is (are) true?
I. The insurer agrees to defend the insured only if the suit is not groundless, false, or fraudulent. II. The insurer's obligation to defend the insured ceases after the amount paid for damages from an occurrence equals the policy limit. A) I only B) II only C) both I and II D) neither I nor II