A deductible of $300 requires
A) the insurance company to pay the first $300 at 100% of damages.
B) you to pay the first $300 of damages.
C) the insurance company to pay the first $300 at 80% of damages.
D) the insurance company of the party at fault to pay.
Answer: B
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June sales were $27,000, while projected sales for July and August were $51,000 and $69,000, respectively. Sales are 60% cash and 40% credit. All credit sales are collected in the month following the sale. Calculate expected collections for July
A) $36,600 B) $41,400 C) $10,800 D) $30,600
Financial statement users' demand for assurance is similar to that of a potential home buyer who hires a home inspector in that
A) The buyer [or user] pays directly for this assurance in both situations. B) There are often information asymmetry and conflicts of interest. C) The cost of obtaining information is not relevant. D) Independence is not relevant in either situation.