Bond purchased a painting from Wool, who is not in the business of selling art. Wool tendered delivery of the painting after receiving payment in full from Bond. Bond informed Wool that Bond would be unable to take possession of the painting until later that day. Thieves stole the painting before Bond returned. The risk of loss:
a. Passed to Bond at Wool's tender of delivery.
b. Passed to Bond at the time the contract was formed and payment was made.
c. Remained with Wool, because the parties agreed on a later time of delivery.
d. Remained with Wool, because Bond had not yet received the painting.
.B
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The record industry has been forced into a ______ change because of the prevalence and ease of illegally downloading music.
A. technology B. structure C. culture D. people E. strategy
The Bookstore Café is a small restaurant located in a downtown business district. It is opened for breakfast and lunch and serves simple yet nutritious meals and also sells books from the New York Times bestseller list. How would you categorize the book inventory, cooking equipment, tables, chairs, and the register?
A. As investor capital B. As current liabilities C. As assets D. As retained earnings E. As owners' equity
Which of the following would cause the break-even point to change?
a. Sales volume increased. b. Fixed costs increased due to addition to physical plant. c. Total variable costs increased as a function of higher production. d. Total production decreased.
For each of the following types of business, indicate why the manager needs to know the unit cost information.
