If you wish to keep your monthly payments as low and predictable as you can, you should use a
A) 15-year ARM.
B) 30-year ARM.
C) 15-year fixed rate.
D) 30-year fixed rate.
Answer: D
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A buyer agrees to purchase "two cars" from an elevator company. All material terms are
contained in a written contract, but "two cars" is not further defined. Which of the following evidence can be admitted if there is a dispute over what "two cars" refers to? A) Oral evidence that the word "car" refers to an elevator, since that is normal in the elevator industry, and that it does not refer to any of the company's automobiles B) Oral evidence that before the signing of the contract the parties intended the contract to be for the purchase of three cars C) Oral evidence that before the signing of the written agreement the elevator company said it would extend its normal one-year warranty (which is stated in the written contract) to two years D) Prior written evidence that the parties intended the contract to be for the purchase of three cars
Dr. Gonzalez ordered specialized surgical equipment from Physician's Supply Co, but his order was not delivered by the agreed date. Gonzalez is under no obligation to minimize damages since the contract was breached by Physician's Supply, not Gonzalez
a. True b. False Indicate whether the statement is true or false
Which of the following entries would be made to record the purchase of inventory on account, if a company uses the perpetual inventory system?
A) a debit to Purchases and a credit to Accounts Payable B) a debit to Accounts Payable and a credit to Purchases C) a debit to Merchandise Inventory and a credit to Accounts Payable D) a debit to Accounts Payable and a credit to Merchandise Inventory
Which of the following statements is incorrect?
A. On the work sheet, the effects of the accounting adjustments are shown on the account balances. B. On the work sheet, the adjusted amounts are sorted into columns according to whether the accounts are used in preparing the unadjusted trial balance or the adjusted trial balance. C. Working papers are useful aids in the accounting process. D. A worksheet is not a substitute for financial statements. E. After the work sheet is completed, it can be used to help prepare the financial statements.