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NEW QUESTION: 1
Loss of a closely held company cannot be carried and set off unless on the last day of the previous year in which the loss was incurred and as on the last day of the previous year in which such loss is set off, at least:
A. 49% of the shares are beneficially held by the same persons
B. 60% of the shares are beneficially held by the same persons
C. 50% of the shares are beneficially held by the same persons
D. 51% of shares are beneficially held by the same persons
Answer: D
NEW QUESTION: 2
The table shows the average price of gasoline among 50 gasoline-service stations on three different days,
along with the number of stations charging more and less than the average on each day.
Based on the information in the table, which of the following statements about the price of gasoline among
all 50 stations must be true?
I. On February 1st, the median price was less than the average price
II. On March 1st, the average price was equal to the median price.
III. The median price on March 1st was less than the median price on January 1st.
A. I and II only
B. I, II, and III
C. II and III only
D. I and III only
E. I only
Answer: B
Explanation:
Statement I must be true. On February 1st, more stations charged less than the average
price than greater than the average price; in other words, the medianprice was less than the average price.
Statement II must be true. On March 1st, the number of stations charging more than the average price
was the same as the number of stations charging less than the average price; in other words, the median
price was the same as the average price. Statement III must be true. The median price on March 1st was
the same as the average price: $2.40. The median price on January 1stwas greater than the average
price of $2.50.
NEW QUESTION: 3
In a review of a bank's compliance with the Regulation O overdraft provisions, what should the compliance officer do?
A. Examine the bank's overdraft reports for a selected time period
B. Examine the annual FFIEC-004 reports on indebtedness to correspondent banks
C. Identify the related interests of all directors, executive officers, and principal shareholders
D. Examine the bank's latest report of condition and income
Answer: A