Which of the following is true of a person's capacity to be a principal or agent?

A) To be an agent,a person must have the ability to make his own contracts,independent of the principal.
B) Any duty that a principal has the capacity to perform can be delegated to an authorized agent.
C) A principal must have the capacity to do the acts for which the agent has been retained.
D) To be an agent,a person must have the capacity to perform non-delegable obligations for the principal.

The difference between a company's assets and its liabilities,or net assets is:

A) Net income.
B) Expense.
C) Equity.
D) Revenue.
E) Net loss.

If you apply to a company that does not accept résumés from applicants,why should you still develop a résumé?

A) To add to an e-portfolio
B) To improve a social media site
C) To identify important information for a social networking profile
D) To replace the online application form
E) To prepare for the interview

A balance of trade surplus exists when

A) net exports are negative.
B) imports exceed exports.
C) net exports are positive.
D) All of the choices are true.

If Owner's Equity totals $73,000 and Liabilities total $40,000, then Assets owned by a business totals $113,000.

If a company maintains special journals sales of merchandise on credit should be recorded in a _______________ whereas sales of merchandise for cash should be recorded in the _______________.