Which of the following is not a business transaction?
a. Securing a loan
b. Accumulating interest
c. Reducing the price of a product
d. A loss from a fire
c
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Hank bought a farm that had an old barn. He noticed one day that the roof of the barn was swaying in the wind. Hank went to see his insurance agent and he insured the barn for $20,000
The agent didn't ask if the roof might collapse, and Hank didn't say anything about it. One week later there was a strong wind and the roof collapsed. Assuming the insurer can prove it, under what legal grounds could the insurer deny payment of the claim? A) estoppel B) concealment C) warranty D) misrepresentation
Somerset Savings Bank agreed to finance a 72-unit condominium project, and Chicago Title issued a policy for Somerset's $9.5 million mortgage. After the title policy was issued, the city of Revere, Massachusetts, refused to issue a permit for the project because of issues with existing zoning laws, including a railroad right-of-way through the property. Somerset was left with a $9.5 million
mortgage on condominiums that would never be built. Somerset brought suit against Chicago Title for its failure to note the zoning issue. Which of the following statements is correct? A)?Chicago Title must cover the zoning issue costs, i.e., pay the damages because the property cannot be developed, including the cost of the mortgage. B)?Zoning restrictions are not covered in a title policy. C)?Chicago Title must cover the denial of the permit even though zoning issues are not covered under a title policy. D)?If the zoning restrictions make the property unmarketable, Chicago Title must pay the damages.
When testing whether two paired populations have equal medians and the sample sizes are large, it is appropriate to convert the Wilcoxon Matched-Pairs Signed Rank test to a paired sample t-test
Indicate whether the statement is true or false
Ready Company has two operating (production) departments: Assembly and Painting. Assembly has 150 employees and occupies 44,000 square feet; Painting has 100 employees and occupies 36,000 square feet. Indirect factory expenses for the current period are as follows: Administration$80,000 Maintenance$100,000 Administration is allocated based on workers in each department; maintenance is allocated based on square footage. The amount of administration expenses that should be allocated to the Assembly Department for the current period is:
A. $110,000. B. $103,000. C. $55,000. D. $48,000. E. $104,000.