Jack Went to the ABC Casino to Gamble

question 19

Multiple Choice

Jack went to the ABC Casino to gamble.ABC offers its customers one free spin of the Million Dollar Wheel if they fill out an application form.Jack filled out the form,spun the Million Dollar Wheel,and won.However,now ABC refuses to pay,claiming that because Jack did not purchase his chance at the Million Dollar Wheel,Jack gave no consideration and therefore,no contract was formed.Identify the accurate statement.

• A)No contract was formed because Jack paid no money for his chance at the Million Dollar Wheel.
• B)No contract was formed because ABC did not sign any written contract as an obligation to do so.
• C)A contract was formed because filling out an application can constitute legal consideration.
• D)A contract was formed because no consideration is needed when a customer takes advantage of a "free" offer.

Understand and prepare closing entries for a merchandising company and how they differ from those of a service company.

Explain cost flows and operating activities in a merchandising company.

Identify the key components of income for a merchandising company.

Describe the types and attributes of inventory in a merchandising context and explain the concept of inventory shrinkage.

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Definitions:

Cost Per Trainee

The expense incurred by an organization for training a single participant, inclusive of all related costs.

Four-Step Process

A systematic method that typically involves identifying a problem, developing a plan, executing the plan, and evaluating the results.

Expressive Trainer

An instructor who uses emotion and enthusiasm to engage and motivate learners during training sessions.

Training Program

A structured sequence of education or skill development activities designed to achieve specific learning outcomes or improve performance.