Refer to the information above. For the year, budgeted purchases of direct materials amounted to:

Which of the following statements regarding key-person coverage is NOT correct?

A) Premiums are paid by the business. B) The business owns the policy. C) The key person designates the beneficiary. D) The business is the beneficiary."

The average tax rate is the taxes paid on the next dollar of income.

a. true b. false