When critics argue that insurance, real estate, and used cars are sold, not bought, they are accusing marketers of ________
A) deceptive promotions
B) excessive markups
C) high-pressure selling
D) shoddy products
E) excessive materialism
C
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At the beginning of Year 2, McKee, Inc. had a balance in the Warranties Payable account of $15,600. During the year McKee sold for $650,000 several products that carried a two-year warranty. McKee estimated that warranty expense would be 3% of sales for the year.Required:a) Prepare McKee's year-end adjusting journal entry for warranty expense.b) If McKee's incurred actual warranty cost is $12,500 during Year 1, what is the balance in the Warranties Payable account after the adjusting entry is made?
What will be an ideal response?
Driving down the street you stupidly run a red light and hit a car legally going through a green light. You knock that car into a parked car, which knocks a loaded gun out of the parked car that falls on the street and fires a bullet that hits a person walking on the sidewalk. That person sues you in tort for damages. They will probably:
a. win because you were negligent and caused their injury b. win because strict liability would apply to your actions c. win because carrying a loaded gun is dangerous d. lose because traffic violations may not be the basis for tort actions e. none of the other choices
Natural resources are first recorded as ________, then recorded as ________ when extracted, and lastly recorded as ________ when sold.
A. fixed assets; revenue; cost of goods sold B. fixed assets; inventory; cost of goods sold C. goods available to sell; inventory; a loss D. inventory; revenue; cost of goods sold
________ theory of motivation states that people cognitively evaluate potential behaviours in relation to rewards offered in exchange.
A. Two-factor B. Equity C. Expectancy D. Agency E. Reinforcement