Tom, Lucinda, and Hye Are Friends of Ali and Make

question 44

Multiple Choice

Tom, Lucinda, and Hye are friends of Ali and make various loans to him so that he can run his falafel-making business.The business requires cash as well as equipment to run.Tom has loaned Ali a stove worth $3000 which, under the terms of the loan agreement, Ali has pledged to return to Tom whenever Tom requests.Lucinda has lent Ali $3000 in cash, and Hye has given Ali 100 kilograms of sesame seeds worth $1000.Ali's obligations to Lucinda and Hye are simply to repay them when he can.In the event of Ali's bankruptcy, which of the following statements is TRUE?

• A)Tom is considered an unsecured creditor, but Lucinda or Hye are not.
• B)Tom is automatically considered an unsecured creditor, but so are Lucinda and Hye.
• C)Tom is considered a secured creditor, but Lucinda and Hye are not.
• D)The claims of Lucinda and Hye have priority over Tom's.
• E)Tom is a preferred unsecured creditor compared to Lucinda and Hye because he advanced credit first.

Understand the significance of human relations competencies in contemporary workplaces due to societal changes.

Identify and explain the seven major themes emerging from the study of human relations and their impact on workplace dynamics.

Analyze the impact of Taylor's scientific management principles on the evolution of human relations.

Comprehend the concept of the "total person" and its relevance to organizational development and employee wellness.

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Definitions:

Income

Money received, especially on a regular basis, for work or through investments, constituting the financial resource available to individuals or entities for expenditure or investment.

Income

Earnings received through work, investments, or government benefits, among other sources.

Permanent Income Hypothesis

A theory suggesting that an individual's consumption at any given time is determined not just by current income but also by their longer-term income expectations.

Consumption

The action of using goods or services for personal use, satisfaction, or to fulfill needs.