Julian Is a Keen Cyclist

question 39

Multiple Choice

Julian is a keen cyclist.He is given some lycra bike pants pursuant to an agreement with his sponsor.He does not need the pants and casually asks his workmate Jeremy whether he would be interested in them.Jeremy says that he is and Julian delivers them to Jeremy's apartment.The next day Julian emails Jeremy asking him to transfer $500 into his bank account in payment for the bike pants.Jeremy refuses and Julian threatens legal action.The principal legal issue for determination by the court will be:

• A)whether Julian and Jeremy had entered into a binding contract for sale of the bike pants.
• B)whether Julian acted in an ethical way.
• C)whether Jeremy can return the shorts to Julian because they are the wrong size and colour and not flattering.
• D)whether $500 is a reasonable price for the shorts.

Understand the concept of a flexible budget and how it differs from a static budget.

Analyze the impact of changes in activity level on fixed and variable costs within a flexible budget.

Calculate and interpret variances related to materials, labor, and overhead costs.

Identify the responsibilities associated with various cost variances.

---

Definitions:

End Of Life

A phase of life characterized by the process of dying or the moment when life ceases.

Terminally Ill

Used to describe a disease or condition that is expected to lead to death, often after a specified short duration.

Kubler-Ross's Stages

A five-stage model describing the phases of emotional response to grief and loss: denial, anger, bargaining, depression, and acceptance.

Gender Roles

The societal norms dictating the behaviors considered appropriate for individuals based on their perceived sex.