The European Union is a free trade association that is based on a(n)
A) economic and monetary union.
B) economic union.
C) monetary union.
D) a commonly agreed upon list of lowered tariffs.
Answer: A
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Answer the following statements true (T) or false (F)
1) The last-in, first-out (LIFO) costing system may or may not match the physical flow of goods. 2) The last-in, first-out (LIFO) costing system is permitted under International Financial Reporting Standards (IFRS). 3) Under International Financial Reporting Standards (IFRS), companies may only use the specific identification, FIFO, and weighted-average methods to cost inventory. 4) When a company uses the last-in, first-out (LIFO) method, the cost of goods sold represents the costs of most recently purchased goods, and the ending inventory represents the oldest costs. 5) When using the weighted-average inventory costing method in a perpetual inventory system, a new weighted average cost per unit is computed at the end of each quarter.
Monopoly power is the power to control prices or exclude competition
Indicate whether the statement is true or false
An offer that has unclear major terms, or is missing important terms:
a. can be the basis for an implicit, but not express, contract b. can be the basis for an express, but not implicit, contract c. cannot be the basis for a contract d. makes the offeror liable if not executed properly e. makes the offeree liable if not executed properly
Becca and Bob own a car rental business. Becca contributes 75 percent of the capital but does only 20 percent of the work, while Bob contributes 25 percent of the capital but does 80 percent of the work. Both decide on a 50/50 allocation of profits In which types of business structures would this arrangement be possible?
A) limited liabilities and partnerships B) S corporations and partnerships C) sole proprietorships and limited liabilities D) S corporations and sole proprietorships E) S corporations, limited liabilities, and partnerships