Property law in the United States has developed from:
a. the Norman law of the fifth century b. the Roman Justinian Code
c. the Jus Civile
d. English common law from centuries ago e. the Jus Gentium
d
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A question asked by stockholders is, "How much profit did the company make?" What should the stockholder examine to get the most information that will help evaluate the answer to this question?
a. The balance sheet, because retained earnings represents current profits b. The statement of cash flows, as cash inflows and outflows represents current profits c. The income statement, since it shows the revenues and expenses for the period d. The economic resources of the company
An increasing number of companies find ways to perform well with relatively little financial or physical capital. This is referred to as being ______.
a. low-cap b. asset-light c. revenue-neutral d. capital-adverse
James was a partner in a large firm. He died unexpectedly. His son, Frank, wanted to take over for his father in the partnership and was well qualified to do the work his father had done. Which statement best describes Frank's rights in the partnership if he inherits the interest?
a. Frank has a right to take over for his father in the partnership. b. Frank is entitled to the value in the partnership, but not to become a full partner. c. Frank has no rights to his father's partnership interest. d. Frank may become a partner only if his father's will specified such action.
Stopping payment on a check
A) is possible after the check clears in cases of disputes. B) can only be used if the check has not cleared. C) is free if your checkbook is lost or stolen. D) is encouraged by most banks as a customer service.