Taxable income equals adjusted gross income minus A) tax credits. B) nontaxable exclusions. C) personal dependency exemptions and personal deductions. D) taxes withheld from wages. ANSWER C
Date: September 19th, 2020
An increase in which of the following would not decrease your taxable income? A) Federal taxes withheld from wages B) State and local taxes withheld from wages C) Personal dependency exemptions and personal deductions D) Adjustments to gross income ANSWER A
Date: September 19th, 2020
A short position refers to A) inadequate margin in a margin account. B) securities you have sold but do not own. C) an order to sell stock at a price below its current market price. D) securities you purchased but have not yet taken delivery of the shares. ANSWER B
Date: September 19th, 2020
The economic order quantity (EOQ) model is well accepted. However, there are weaknesses associated with several of its assumptions. What are these weaknesses? What will be an ideal response? ANSWER Weakness associated with the EOQ model assumptions include the assumption of constant demand, constant unit price, constant carrying costs, constant ordering costs, instantaneous […]
Date: September 19th, 2020
Which of the following statements is false? A) An express warranty may not limit the benefits of an implied warranty. B) All products carry an implied warranty, unless they are sold “as is.” C) Puffery is illegal. D) A full warranty provides lemon protection. ANSWER C
Date: September 19th, 2020
NASDAQ is A) an electronic trading system in the over-the-counter market. B) a post on the NYSE where certain stocks trade. C) the trading symbol for a certain stock. D) a regulatory branch of the SEC. ANSWER A
Date: September 19th, 2020
Global income consist of A) income from all sources. B) only earned income. C) all income less tax credits. D) all income subject to the federal income tax. ANSWER A
Date: September 19th, 2020
What assumptions underlie the EOQ formula? What will be an ideal response? ANSWER The model’s assumptions are as follows:
Date: September 19th, 2020
If a product is sold “as is” A) it is covered by neither express nor implied warranties. B) it is not covered by an express warranty, but is covered by an implied warranty. C) it is not covered by an implied warranty, but can still be covered by an express warranty. D) it can still […]
Date: September 19th, 2020
Which item below is not true of the Securities and Exchange Commission? A) It oversees securities trades to assure that fair prices are set. B) It was created by the 1934 Securities Act. C) It requires that new issues of securities be registered with it. D) It requires that potential securities buyers be provided prospectuses. […]
Date: September 19th, 2020
