If No Time Is Specified for the Acceptance of an Offer,the

question 43

Multiple Choice

If no time is specified for the acceptance of an offer,the offer terminates after:

• A) 24 hours.
• B) 48 hours.
• C) two weeks.
• D) a reasonable period of time.

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Definitions:

Income Statement Expenditures

These are expenses reported on the income statement, including costs associated with the operations of a business, such as cost of goods sold, administrative expenses, and interest on debt.

Plant Assets

Long-term tangible assets used in the operation of a business that are subject to depreciation.

Natural Resources

Naturally occurring materials or commodities valuable to humans, such as water, minerals, and forests.

Plant Assets

Long-term tangible assets used in the operation of a business that are not intended for sale.