Up-a-Creek, Inc., needed some long-term financing and arranged for a 6-year, $60,000, 12% mortgage loan on January 1, Year 1. Annual payments of $14,594 will be made on December 31 each year. For each item, select the amount as of or for the Year Ended December 31, Year 1, in the column of the one financial statement where each amount is found. What is Payment of interest?

You overheard a conversation by trustees of a definedbenefit pension plan about how successfulthey have been in making asset allocation decisionsand selecting asset managers

Every yeartheir asset allocation decision has resulted in theallocation to the top-performing asset classes, andthe managers that they selected outperformed theasset class benchmark. Comment on whether ornot you can judge whether these trustees did aneffective job in directing the pension plan.

A major controversy involving the U.S. banking industry in its early years was

A) whether banks should both accept deposits and make loans or whether these functions should be separated into different institutions. B) whether the federal government or the states should charter banks. C) what percent of deposits banks should hold as fractional reserves. D) whether banks should be allowed to issue their own bank notes.