You Have Been Offered and Accepted a Job with a Salary

question 73

True/False

You have been offered and accepted a job with a salary of $50,000.When the contract of employment is typed,an error is made and the salary is listed as $55,000.Since your employer made the mistake,it has no remedy and you get the $55,000.

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Definitions:

Shareholders' Equity

The residual interest in the assets of a company after deducting all its liabilities, representing what the shareholders own outright.

Loan Agreement

A contract between a borrower and a lender outlining the terms of a loan, including details about repayment, interest rates, and the duration of the loan.

Retained Earnings

Profits that have been reinvested in the company rather than distributed to shareholders as dividends.

Balance Sheet

A financial statement that displays a company's assets, liabilities, and shareholders' equity at a specific point in time, providing a snapshot of its financial condition.