Shaylee, Inc. borrowed $62,000 from a bank, depositing those funds in its bank account and signing a formal agreement to repay the loan in two years. What is the correct journal entry for this transaction?
A. Debit cash and credit notes payable for $62,000
B. Debit notes payable and credit cash for $62,000
C. Credit notes payable and credit cash for $62,000
D. Debit notes payable and debit cash for $62,000
Answer: A
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Note that there is an overlap between the T/F and multiple-choice questions, as some of the T/F statements are used in multiple-choice questions. Multiple Choice: True/False Starting to invest early for retirement increases the benefits of compound interest.
Answer the following statement true (T) or false (F)
Flyer Company sells a product in a competitive marketplace. Market analysis indicates that its product would probably sell at $48 per unit. Flyer management desires a 12.5% profit margin on sales. Their current full cost for the product is $44 per unit. If the company cannot cut the costs any lower than they already have, what would the profit margin on sales be to meet the market selling price?
a. 9.3% b. 7.3% c. 10.3% d. 8.3%
What term refers to drawing a general impression about something or someone based on a single (typically good) characteristic?
A) the halo effect B) first impression bias C) selective perception D) stereotyping E) the Hawthorne effect
Modern marketing thought holds that firms should:
A) Separate product-orientation from service-orientation. B) Focus on service-orientation at the expense of product-orientation. C) Collaborate with and learn from customers. D) Collaborate with and learn from competitors.