Echo Corporation Plans to Sell a Small Building to Nate,its

question 8

True/False

Echo Corporation plans to sell a small building to Nate,its 65% shareholder.The building was placed in service five years ago.An independent appraisal will be obtained to set the selling price at an appropriate market price,and a $50,000 gain is expected to result.The only asset previously sold by Echo was a stock investment five years ago which resulted in a $40,000 loss.If the sale of the building closes before year-end,the gain on the building will allow recognition of the capital loss carryover before it expires.

Distinguish between different methodological approaches used in personality psychology, such as idiographic vs. nomothetic.

Explain the significance of primary traits in personality assessment and their impact on behavior.

Recognize the principle of environmental factors ("press") in activating needs and behaviors.

Describe the process and utility of factor analysis in personality psychology.

---

Definitions:

Rescission

The act of canceling or invalidating a contract, returning all parties to their state prior to the contract.

Award

A formal acknowledgment, often involving a monetary gift, given in recognition of an achievement or as a decision in arbitration and legal matters.

Fraudulent Misrepresentation

A false statement made knowingly, without belief in its truth, or recklessly, causing another to enter into a contract.

Rescission

The revocation, cancellation, or repeal of a contract, returning the parties to the positions they occupied before the contract was made.