Economic models

a. are useful because they do not omit any real-world details.

b. are usually composed of diagrams and equations.

c. are usually plastic representations of the economy.

d. are not useful because they omit many real-world details.

After being hired, each employee's performance is periodically evaluated by a manager, supervisor or boss usually every: a. month. b. 6 months. c. 2 years. d. 5 years.

The following information is from Amos Company for the year ended December 31, 2019. a. Retained earnings at December 31, 2018 (before discovery of error), $858,000. b. Cash dividends declared and paid during the year, $11,000. c.

Which of the following statements is not correct? a. Trade has potential to benefit all nations b. Trade allows nations to consume outside of their production possibilities curves. c. Trade allows for specialization d.

Evan believes stratification is important for society. He thinks inequality is good as it motivates the poor to work harder and rewards those for their hard work.

Which one of the following lubricants is recommended for use in gearboxes? a. Cream grease b. Motor oil c. Light oil d. Automobile grease

Which of the following would be subtracted from net income when determining cash flows from operating activities under the indirect method? An increase in accounts payable. Depreciation expense. A decrease in prepaid insurance.

Which entry would record the payment of a utility bill? A. Debit Utilities Expense; credit Cash B. Debit Cash; credit Utilities Expense C. Debit Utilities Expense; credit Accounts Payable D. Debit Accounts Receivable; credit Utilities Expense

Waymire Company sells a motor that carries a 60-day unconditional warranty against product failure. From prior years' experience, Waymire estimates that 3% of units sold each period will require repair at an average cost of $100 per unit.

In the film industry, what is the term used to describe all the activities and actions taken in order to create a movie? a. acquisition b. distribution c. exhibition d. production

Taxpayers who recover all or part of an item that they deducted or took a credit for in a prior year, must report the same amount as