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Question 1 of 10
1. Question
What will be the effect on balance sheet and cash flow statement if the sum of money was taken from one of the listed assets in order to pay for the leased asset?
Correct
Leased and rented assets are not entered on the balance sheet unless a sum of money was taken from one of the listed assets in order to pay for the leased asset. This initial payment will create a decrease in cash and a decrease in net worth.
Incorrect
Leased and rented assets are not entered on the balance sheet unless a sum of money was taken from one of the listed assets in order to pay for the leased asset. This initial payment will create a decrease in cash and a decrease in net worth.
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Question 2 of 10
2. Question
What are the available options for the division of business and/or house in case of divorce settlement?
I. One spouse may keep the house or business by buying out the other’s interest
II. The business/home may be kept sealed without any proceedings
III. Both spouses may continue to own the business/home
IV. The business/home may be sold and the proceeds can be dividedCorrect
There are three available options when dividing a business and/or house: one spouse may keep the house or business by buying out the other’s interest; both spouses may continue to own the business/home; or the business/home may be sold and the proceeds divided.
Incorrect
There are three available options when dividing a business and/or house: one spouse may keep the house or business by buying out the other’s interest; both spouses may continue to own the business/home; or the business/home may be sold and the proceeds divided.
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Question 3 of 10
3. Question
What are the ways to divide the retirement plan during a divorce settlement?
I. Cash out method
II. Past value method
III. Buy out method
IV. Deferred division methodCorrect
There are two ways to divide a retirement plan during a divorce settlement. In the buy-out (or cash- out) method, the nonemployee spouse receives a lump-sum settlement in return for the employee’s right to keep the retirement plan. In the deferred division (or future value) method, each spouse will receive an equal share of the benefits when they are paid.
Incorrect
There are two ways to divide a retirement plan during a divorce settlement. In the buy-out (or cash- out) method, the nonemployee spouse receives a lump-sum settlement in return for the employee’s right to keep the retirement plan. In the deferred division (or future value) method, each spouse will receive an equal share of the benefits when they are paid.
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Question 4 of 10
4. Question
Who decides on the child support payment in case of divorce settlement?
Correct
Child support payments will be set by the court and based on the ratio of each parent’s income. Child support cannot be deductible by the payer and cannot be included in the income by the recipient.
Incorrect
Child support payments will be set by the court and based on the ratio of each parent’s income. Child support cannot be deductible by the payer and cannot be included in the income by the recipient.
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Question 5 of 10
5. Question
Name the programme that helps the individuals who want to work but cannot.
Correct
Most people should maintain an emergency fund with enough to cover between three and six months of expenses in case of job loss. Although there are state unemployment insurance programs that will help individuals who want to work but cannot, these funds are limited and subject to many restrictions.
Incorrect
Most people should maintain an emergency fund with enough to cover between three and six months of expenses in case of job loss. Although there are state unemployment insurance programs that will help individuals who want to work but cannot, these funds are limited and subject to many restrictions.
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Question 6 of 10
6. Question
According to the law of demand, how are the prices and demand related?
Correct
According to the law of demand, higher prices will reduce the demand for an item and lower prices will increase demand. As the price of a product increases, consumers will find more substitutes, products that fill a similar role, and consumers will be more responsive to price when more viable substitutions are available.
Incorrect
According to the law of demand, higher prices will reduce the demand for an item and lower prices will increase demand. As the price of a product increases, consumers will find more substitutes, products that fill a similar role, and consumers will be more responsive to price when more viable substitutions are available.
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Question 7 of 10
7. Question
How does the demand curve show in case of perfect price inelasticity?
Correct
Price elasticity exists when a small change in price results in a large change in sales. When perfect elasticity exists, the demand curve is exactly horizontal. Price inelasticity, on the other hand, exists when a large price change produces only a small change in sales. A vertical demand curve indicates perfect price inelasticity.
Incorrect
Price elasticity exists when a small change in price results in a large change in sales. When perfect elasticity exists, the demand curve is exactly horizontal. Price inelasticity, on the other hand, exists when a large price change produces only a small change in sales. A vertical demand curve indicates perfect price inelasticity.
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Question 8 of 10
8. Question
How does the demand curve show in case of perfect price elasticity?
Correct
Price elasticity exists when a small change in price results in a large change in sales. When perfect elasticity exists, the demand curve is exactly horizontal. Price inelasticity, on the other hand, exists when a large price change produces only a small change in sales. A vertical demand curve indicates perfect price inelasticity.
Incorrect
Price elasticity exists when a small change in price results in a large change in sales. When perfect elasticity exists, the demand curve is exactly horizontal. Price inelasticity, on the other hand, exists when a large price change produces only a small change in sales. A vertical demand curve indicates perfect price inelasticity.
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Question 9 of 10
9. Question
When does the price elasticity exist?
Correct
Price elasticity exists when a small change in price results in a large change in sales. When perfect elasticity exists, the demand curve is exactly horizontal.
Incorrect
Price elasticity exists when a small change in price results in a large change in sales. When perfect elasticity exists, the demand curve is exactly horizontal.
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Question 10 of 10
10. Question
According to the law of supply, how are the prices and supply related?
Correct
The law of supply states that a higher price will increase the supply of a good. A supply curve is elastic when a price change leads to a great change in the quantity supplied; the curve is inelastic when a price change produces only a small change in supply.
Incorrect
The law of supply states that a higher price will increase the supply of a good. A supply curve is elastic when a price change leads to a great change in the quantity supplied; the curve is inelastic when a price change produces only a small change in supply.