A system of fixed exchange rates is more likely to result in exchange controls than is a system of flexible (floating)exchange rates.

GAAP's goals are to ensure that financial statements

A) do not contain any representation that could jeopardize management.
B) provide stockholders all of the information they need to assess management's performance.
C) are accurate and free from fraud.
D) clearly reflect the economic condition and performance of the company.

When the government imposes taxes on buyers and sellers of a good, society loses some of the benefits of market efficiency.

Which of the following is a defining characteristic of laissez-faire leaders?

A) These leaders are not comfortable delegating authority and take sole responsibility for their decisions.
B) These leaders make it very clear that they are in charge and their followers usually have little or no freedom to disagree or to disobey.
C) These leaders consult with followers to get information about organizational decisions but they take sole responsibility for the final decisions.
D) These leaders act as representatives for the group members, while allowing them to plan, control, and complete their tasks as they wish.

The selling and administrative expense budget of Garney Corporation is based on the number of units sold, which are budgeted to be 1,800 units in October. The variable selling and administrative expense is $2.00 per unit. The budgeted fixed selling and administrative expense is $22,680 per month, which includes depreciation of $7,020. The remainder of the fixed selling and administrative expense represents current cash flows.Required:Prepare the selling and administrative expense budget for October.

Which of the following is an example of a product feature?

A) "This bureau comes in cherry, walnut, and mahogany finishes."
B) "If you stock our line of bakery products, more customers will be drawn into your store."
C) "Consumers prefer our line of toothbrushes 2 to l over competing brands."
D) "This automatic lawn sprinkling system will save you three hours a week."
E) "This car model will save you $25 a week for gas."