Some governments develop five-year plans that map out allocations for economic resources over that period of time. What type of economy would be most likely to utilize such plans?
A) communist
B) socialist
C) capitalist
D) free-market
E) mixed
Answer: A
Explanation: A) Five-year plans are a common product of central planning within communist economies.
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Archibald surrenders a life insurance policy and receives a lump-sum cash payment of $32,000. His premium payments up to the time of surrender amounted to $26,000. How is the surrender treated for tax purposes?
A) Archibald will receive $6,000 tax-free and will be taxed on his $26,000 cost basis. B) The full $32,000 is received tax-free. C) The full $32,000 is taxable as ordinary income. D) Archibald will receive his $26,000 cost basis tax-free and will be taxed on $6,000.
Tools and techniques used in quality control include
A) process maps. B) control charts. C) statistical sampling. D) all of the above.