An Installment Note Payable for a Principal Amount of $94,000

question 57

Multiple Choice

An installment note payable for a principal amount of $94,000 at 6% interest requires Lawson Company to repay the principal and interest in equal annual payments of $22,315 beginning December 31, 2014, for each of the next five years. After the final payment, the carrying amount on the note will be

• A) $ 1,263
• B) $21,053
• C) $22,315
• D) $ 0

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Definitions:

Empowerment

The process of giving employees power and responsibility to make decisions and contribute to the organization's success, often leading to increased job satisfaction and productivity.

Reward Power

A form of power that is based on the ability to distribute rewards that others view as valuable.

Visionary Leadership

A leadership style characterized by the ability to create and articulate a realistic, credible, attractive vision of the future for an organization or company that grows out of and improves upon the present.

Long-Term Plans

Plans that typically look three or more years into the future.