Joann Is Buying an Existing Convenience Store

question 41

Multiple Choice

Joann is buying an existing convenience store.When she considers which bank to use,her best choice would be:

• A)a national bank that processes credit card payments.
• B)the credit union where she is already a member.
• C)a bank close to her store.
• D)the largest one in her town,which is located on the other side of town from her store.

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Definitions:

Defined Benefit Pension Plans

Pension plans where an employer promises a specified pension payment upon retirement, based on an employee's earnings history, tenure of service, and age.

OCI

Other Comprehensive Income includes revenues, expenses, gains, and losses that are not included in net income, affecting the equity section of the balance sheet.

Discontinued Operations

Parts of a company's operations that have been sold or terminated, which are reported separately from continuing operations on financial statements.

Tax Rate

The percentage at which an individual or corporation is taxed.