The ________ budget is used to evaluate expenditures that will impact the business for more than one year.
A. operating
B. capital
C. depreciation
D. production
Answer: B
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According to David Whitwam, former CEO of Whirlpool, one must create an organization whose people are:
A) adept at exchanging ideas, processes, and symptoms. B) absolutely free of the "not-invented here" syndrome. C) constantly working together to identify best global opportunities. D) working together to solve the biggest global problems. E) able to adapt to systems across borders.
Martin Corporation granted an incentive stock option to employee Caroline on January 1, 2012. The option price was $150, and the FMV of the Martin stock was also $150 on the grant date. The option allowed Caroline to purchase 160 shares of Martin stock. Caroline exercised the option on August 1, 2016, when the stock's FMV was $250. Unless otherwise stated, assume Caroline is a qualifying employee. If Caroline sells the stock on September 5, 2018, for $350 per share, she must recognize (ignore alternative minimum tax)
A. long-term capital gain of $16,000 in 2018. B. long-term capital gain of $32,000 in 2018. C. ordinary income of $16,000 on the exercise date and a long-term capital gain of $16,000 in 2018. D. 0. No gain or loss is recognized at exercise or sale with incentive stock options.
Bill filed a petition for bankruptcy under Chapter 7 of the Bankruptcy Act. Bill listed, among others, the following debts: a debt to the National Bank for $10,000 secured by his 1980 truck, which is valued at $3,500; an unsecured debt to his friend, Francis; a $500 debt to the IRS for 1989 federal income taxes; and a $500 student loan to the university which was due one year ago. In this scenario, ________.
A. Francis can claim the debt without filing a proof of claim B. the $500 debt to the IRS is a nondischargeable debt C. the bank can receive preferential payment because the debt owed to it is the highest D. the $500 student loan to the university is a dischargeable debt
According to the text, which of the following is a typical definition of a multinational corporation?
A. It is a company that maintains operations in multiple countries. B. It is a company that maintains franchises in multiple countries. C. It is a company that has multiple home bases and manufacturing plants. D. It is a company that pays corporate taxes in at least two countries.