Use This Balance Sheet and Income Statement for the First

question 57

Multiple Choice

Use this balance sheet and income statement for the first year of operations for Layton Novelties to answer the following question. Use ending balances whenever average balances are required for computing ratios. Laytan Navelties
Income St-tement
Far the Year Ended December 31, 2010
$\begin{array}{lr}\text { Net sales } & \$ 80,000 \\\text { Cost of goods sold } & 32,000 \\\text { Gross margin } & \$ 48,000 \\\text { Operating expenses } & 26,400\\\text { Net income }&\$21,600\end{array}$ The return on equity for Layton Novelties is

• A) 48 percent.
• B) 21.6 percent.
• C) 42 percent.
• D) 30 percent.

Understand the consequences of failing to meet legal standards for wills and trusts.

Recognize the impact of life events on the validity of a will.

Identify tax implications and responsibilities for estates and trusts.

Understand the mechanisms and requirements for the revocation of a will.

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Definitions:

Desensitization

The type of sensory adaptation in which we become less sensitive to constant stimuli. Also called negative adaptation.

Reinforcement Schedules

The strategies implemented in the timing and frequency of reinforcing stimuli following desired behaviors.

Commuter Trains

Trains primarily used for transporting passengers between places of residence and places of work or study.

Fixed-interval Schedule

A type of reinforcement schedule in behaviorism where rewards are delivered at consistent time intervals after a desired behavior is performed.