If a North Carolina Firm Contracts to Buy Toys from a Seller

question 337

Multiple Choice

If a North Carolina firm contracts to buy toys from a seller in China, if there is a dispute:

• A) North Carolina courts have jurisdiction because the buyer is from there
• B) U.S. federal courts have jurisdiction because of diversity of citizenship
• C) Chinese courts have jurisdiction because the seller is from there
• D) the parties can choose in their contract where the dispute will be resolved
• E) the U.N. Court of International Trade has jurisdiction, as it has in all such cases

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Definitions:

Budgeting

The process of creating a plan to spend your money, allocating estimated income towards expense categories.

Activity Variance

The difference between the budgeted or planned level of activity or production and the actual level achieved.

Direct Labor

The labor costs directly attributed to the production of goods or services, such as wages paid to assembly line workers.

Budgeting

The process of creating a plan to spend your money, allocating financial resources to various activities, departments, or items over a particular period.