The primary difference between entering into a gamble and purchasing insurance is that
A)
in a gamble the odds are known with certainty.
B)
with all types of insurance you are always financially better off, whereas, with gambles, you are always financially worse off.
C)
a gamble involves pure risk, whereas insurance involves speculative risk.
D)
gambling is in many circumstances illegal and insurance is legal.
D
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Alternative procedures that would provide evidence of the existence of receivables would include which of the following?
a. Physical observation of customer facilities. b. Review of subsequent collections. c. Analysis of the aged trial balance. d. A confirmation to the client management for customer accounts.
Outline how the "reasonable person" concept can be interpreted in different ways. How can it lead to one interpreting this concept normatively?
What will be an ideal response?
Publicity differs dramatically from advertising, but it typically costs much more than advertising
Indicate whether the statement is true or false
Refer to Oakland Athletics. Other teams have an average payroll of $85 million. Beane’s payroll for the Athletics is only $33 million. His ability to be frugal and yet build a successful team is in large part due to his ability to set goals, give directions, and assign tasks. In other words, Beane excels in ____.
A) consideration B) creating instrumentality C) using decision rules D) initiating structure E) participative management