What is the difference between an advance and a retainer, and why does it matter?
What will be an ideal response?
An advance is a prepayment of future legal services. A retainer—at least the traditional general
retainer—is a payment made to secure the lawyer’s availability. The difference between an advance and a retainer is that an advance is subject to a refund because it is to be later earned by the lawyer’s efforts, while a retainer has historically been thought of as nonrefundable. This is so because a retainer payment, made to secure a lawyer’s availability, is technically earned upon payment. Although courts have begun to oppose the total nonrefundability aspects of a retainer, it is still important that paralegals/legal assistants understand the difference
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The difference between the speed at which humans speak and the speed at which humans can comprehend is known as the speech–thought differential. What are the speeds of speech and of comprehension in words per minute (wpm)?
A. 150–200 wpm, 400–600 wpm B. 200–25 wpm, 300–400 wpm C. 75–125 wpm, 400–600 wpm D. 150–200 wpm, 300–400 wpm
Typical information obtained from the screening questionnaire includes product familiarity and knowledge, usage behavior, attitudes toward and participation in focus groups, and standard demographic characteristics
Indicate whether the statement is true or false
Expenses that have been paid for and recorded are called accrued expenses
Indicate whether the statement is true or false
Oak Valley Company, a custom cabinet manufacturing company, is setting standard costs for one of its products. The main material is cedar wood, sold by the square foot. The current cost of cedar wood is $6.00 per square foot from the supplier. Delivery costs are $0.20 per square foot. Carpenters' wages are $20.00 per hour. Payroll costs are $4.00 per hour, and benefits are $5.00 per hour. How much is the direct materials standard cost per square foot?
A) $11.20 B) $10.20 C) $6.20 D) $6.00