Which of the following formulas represents working capital?
A. ?Current assets-current liabilities
B. ?Quick assets-current liabilities
C. ?Current assets¸current liabilities
D. ?Quick assets¸current liabilities
Answer: A
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Which of the following would an auditor most likely use in determining the auditor's overall materiality?
A. The results of the internal control questionnaire. B. The entity's annualized interim (i.e., quarterly) financial statements. C. The contents of the management representation letter. D. The anticipated sample size for planned substantive procedures.
How did Franklin Roosevelt’s establishment of the minimum wage fit with Adam Smith’s economic philosophy?
a. It satisfied Smith’s argument for a livable wage for every full-time worker. b. It violated Smith’s argument for government nonintervention in the economy. c. It violated Smith’s argument that businesses should obey the law and seek profits and nothing else. d. It satisfied Smith’s argument that governments should seek to regulate businesses to force ethical behavior in all ways possible.
______ focuses on determining the best management approach for a given situation.
a. Systems theory b. Contingency theory c. Behavioral theory d. Management science theory
Retail price competition is generally greatest in which stage of the traditional product life cycle?
a. introduction b. competition c. growth d. maturity