Ralph,the Owner of a Medium-Sized Business Operated as a Sole

question 3

Multiple Choice

Ralph,the owner of a medium-sized business operated as a sole proprietorship,gives his vice-president,Wanda,authority to hire a new manager for the firm.Ralph gives Wanda detailed instructions about the salary she can contract to pay,but tells her that under no circumstances can she make commitments regarding the new manager's pension.Wanda contracts to hire Nick for the new managerial position.But to get Nick to sign up,she has to make certain specific pension commitments to him.Some years later,Nick sues Ralph for failing to fulfill the pension commitments.Which of the following is true in this case?

• A)Ralph has no liability,because he expressly told Wanda that she didn't have authority to bind him on pension matters.
• B)Ralph is bound on the basis of Wanda's apparent authority.
• C)Ralph is bound on the basis of Wanda's implied authority.
• D)Ralph is bound on the basis of Wanda's actual authority.

Analyze the impact of societal views on worth and merit when allocating limited resources and the ethical arguments against such considerations.

Understand the universal and cultural influences on perceptions of attractiveness.

Identify and describe the major components of attitudes.

Recognize the role of physical attractiveness and resources in mate selection.

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Definitions:

Equipment

Tangible property used in the operation of a business that is not intended for sale in the usual course of business.

Post-Closing Trial Balance

A list of all accounts and their balances after the closing entries have been made, used to verify the equality of debits and credits and prepare for the next accounting period.

Supplies Expense

An expense account that records the cost of consumable items used during an accounting period, such as office supplies.

Purchases

Transactions where goods or services are exchanged for money, typically recorded in the accounting period in which they occur.