Money that is declared to be legal tender in the U.S., must be A) accepted for all legal transactions. B) acceptable to citizens of foreign countries. C) exchangeable for an equivalent amount of precious metals. D) accepted to settle
Money that is declared to be legal tender in the U.S must be
D) accepted to settle
(A legal tender is a medium of exchange which is recognised by the government to meet any financial obligation or to meet a private or public debt, thus money declared to be legal tender must be accepted as a official meduim of payment for settling any financial obligation )
Money that is declared to be legal tender in the U.S., must be A) accepted for...
12. Which of the following statements is (are) correct? (x) The legal tender requirement by the U.S. government means that people are more likely to accept the U.S. dollar as a medium of exchange. (y) Since the U.S. government has decreed that U.S. currency is legal tender, the government must hold enough gold to redeem all currency. (z) The set of items that serve as media of exchange clearly includes credit cards and short-term bonds. A. (x), (y), and (z)...
ЕОС 13.16 Important Homework Answered Checkable deposits are money because they are A legal tender. acceptable as payment. token money C fiat money Answered Incorrect 1 attempt left Change your responses to resubmit
1) Which of the following is not a form of commodity money? a) cigarettes b) All of these c) checks d) precious stones 2) Legal tender is a) money that a government has required to be accepted in settlement of debts. b) money that has a value other than as a currency. c) money that must be backed by gold. d) money that must be accepted as payment for goods and services. 3) Sarafina withdraws $450 from her saving account...
As the price of foreign exchange decreases relative to the U.S. dollar, the: a. U.S. demand curve for foreign exchange shifts to the right. b. amount of foreign currency required to purchase a unit of U.S. dollar increases. c. goods made in foreign countries become cheaper for Americans. d. products made in the U.S. become cheaper for foreigners. e. supply curve of foreign exchange to U.S. markets decreases.
Which statement is NOT correct regarding International Financial Reporting Standards (IFRS)? a. IFRS is an accepted standard for public financial reporting in over 130 countries b. IFRS is an accepted standard for foreign companies filing with the U. S. Securities and Exchange Commission c. IFRS is an accepted standard for domestic companies filing with the U.S. Securities and Exchange Commission d. IFRS are principles-based while U.S. GAAP includes more detailed rules
5. On December 1, 2018, Keenan Company, a U.S. firm, sold merchandise to Velez Company of Canada for 150,000 Canadian dollars (CAD). Collection of the receivable is due on February 1, 2019. Keenan purchased a foreign currency put option with a strike price of $.97 (U.S.) on December 1, 2018. This foreign currency option is designated as a cash flow hedge. Relevant exchange rates follow: Date Spot Rate Option Premium December 1, 2018 $ 0.97 $ 0.05 December 31, 2018...
Which statement is correct as it relates to diverse accounting practices across countries? A. U.S. GAAP is acceptable worldwide wherever IFRS has not been adopted. B. Translating financial statements of various currencies into one common currency for consolidation purposes does not resolve the problem of diversity of accounting practices across countries. C. To have stock listed on a U.S. stock exchange, all financial statements submitted to the SEC must be prepared either using U.S. GAAP or using IFRS. D. Stock...
Other things equal, when U.S. money moves to take advantage of better foreign investment opportunities, then: a. U.S. banks will have excess reserves to loan out b. the U.S. money supply will decrease c. the U.S. money supply will increase d. the reserve requirement for U.S. banks will rise e. the effect of the U.S. deposit expansion multiplier will be increased
How would each of the following transactions show up on the U.S. balance-of-payments accounts? a. Payment of $50 million in Social Security to U.S. citizens living in Costa Rica. b. Sale overseas of 125,000 Elvis Presley CDs. c. Tuition receipts of $3 billion received by American universities from foreign students d. Payment of $1 million to U.S. consultants A.D. Little by a Mexican company e. Sale of a $100 million Eurobond issue in London by IBM f. Investment of $25...
20 When the US makes an agreement for the protection of firms' asets with China thi agreement is: a. A multilateral agreement b. A bilateral agreement c. An agreement reached by the WTO d. An agreement that protects the assets of US MNEs in NAFTA The internet and cloud computing represents a challenge to national legal systems because a. They obscure the location of economic activity for legal purposes b. Citizens love them too much c. They were not included...