The characteristic that means the actions of one partner are binding on all other partners is known as:

A) mutual agency.
B) exclusive agency.
C) unlimited life.
D) limited liability.

Given the following data, find the expected breakdown cost. The cost per breakdown is $100.
$$\begin{array}{lcccc}\text{ Number of breakdowns }& 0& 1& 2& 3\\ \text{ Monthly frequency }& 5& 20& 23& 2\end{array}$$

Which of the following is a correct statement about cumulative and noncumulative preferred stock?

A) They both receive dividends in arrears.
B) Cumulative stock's undeclared dividends accumulate each year until paid while noncumulative stock's right to receive dividends is forfeited in any year that dividends are not declared.
C) Cumulative preferred stock is guaranteed to receive its dividends.
D) Cumulative preferred stock's right to receive dividends is forfeited in any year that dividends are not declared while noncumulative stock's undeclared dividends accumulate each year until paid.

A check drawn by a company for $340 in payment of a liability was recorded in the journal as $430. What entry is required in the company's accounts?

A) debit Accounts Payable; credit Cash
B) debit Cash; credit Accounts Receivable
C) debit Cash; credit Accounts Payable
D) debit Accounts Receivable; credit Cash

Mandatorily redeemable preferred stock is reported on the balance sheet as

A) a liability.
B) an equity item.
C) a temporary investment.
D) a separate line between liabilities and shareholders' equity.

A person collecting unemployment insurance benefits is

A) officially unemployed.
B) not in the labor force.
C) classified as a discouraged worker.
D) is employeD.

Irina will make her presentation to a large audience of members whose negative attitudes range from displeased to outraged. What advice should Irina follow in preparing her presentation for this audience?

A) Include plenty of personal stories, several anecdotes, and lots of jokes or humor.
B) Use facts, statistics, and expert opinions along with an energizing, upbeat delivery style.
C) Be humorous, add colorful visuals and startling statistics, and keep the presentation brief.
D) Present objective data and expert opinion in a calm, controlled delivery style.