Omar is Precise Service Company's chief executive officer. On Precise's behalf, Omar solicits business, hires and fires workers, and handles the finances. Precise pays Omar varying amounts, depending on his "needs." Omar is most likely

A. a principal.
B. an employee.
C. an employer.
D. an independent contractor.


Answer: B

Business

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Various laws and contracts govern the rights and obligations of a shareholder. Which of the following is/are not true?

a. The corporation laws of the jurisdiction in which incorporation takes place govern the rights and obligations of a shareholder. b. The articles of incorporation or the corporate charter sets out the agreement between the firm and the jurisdiction in which the business incorporates. c. The board of directors adopts bylaws, which are the rules and regulations governing the internal affairs of the corporation. d. The U.S. Government grants to the firm the privileges of operating as a corporation for certain stated purposes and of obtaining its capital through the issue of shares of stock. e. none of the above

Business

Supermeg Dry Cleaners had the following payroll data for its May 14 pay date:



When the firm remits its health insurance premium for this pay date, what is the General Journal entry?
A) Debit Cash $13,618.71; Credit Health Insurance Payable $13,618.71
B) Debit Cash $27,237.42; Credit Health Insurance Payable $27,237.42
C) Debit Health Insurance Payable $13,618.71; Credit Cash $13,618.71
D) Debit Health Insurance Payable $27,237.42; Credit Cash $27,237.42

Business

The process of buying materials, components and services and working with suppliers is known as ________.

Fill in the blank(s) with the appropriate word(s).

Business

The method used to find the best fitting line through the observations is called the ____________________ method

Fill in the blank(s) with correct word

Business