Intermediate 2 QUIZ 3
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University of Houston *
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3368
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History
Date
Feb 20, 2024
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Pages
3
Uploaded by BaronMaskLyrebird18
10/3/23, 6:20 PM
Umehani Huzefa Janoowalla's quiz history: 09.05 Ch 06 - 3
https://canvas.uh.edu/courses/3807/quizzes/58981/history?version=1
1/3
09.05 Ch 06 - 3 results for Umehani Huzefa Janoowalla
Correct answers are hidden.
Score for this quiz: 2
out of 5
Submitted 5 Sep at 10:16
This attempt took 11 minutes.
0 / 1 pts
Question 1
Incorrect
Incorrect
Shasta agrees to sell a product per day on two consecutive days to Louie.
On the first day, Shasta records a deferred liability. Thus, the product price
on:
the first day must be greater than the product price on the second day. the first day must be less than the product price on the second day. the first day must equal the product price on the second day. each day cannot be determined by the given information. 0 / 1 pts
Question 2
Incorrect
Incorrect
Shasta agrees to sell a product per day on two consecutive days to Louie.
On the first day, Shasta records a deferred asset. Thus, the product price on:
the first day must be greater than the product price on the second day. the first day must be less than the product price on the second day. the first day must equal the product price on the second day. each day cannot be determined by the given information.
10/3/23, 6:20 PM
Umehani Huzefa Janoowalla's quiz history: 09.05 Ch 06 - 3
https://canvas.uh.edu/courses/3807/quizzes/58981/history?version=1
2/3
1 / 1 pts
Question 3
What is a coupon?
A right to pay for a purchase at a reduced price. An obligation to refund the purchase price of a damaged product. A series of increasing interest rates. A series of decreasing interest rates. 1 / 1 pts
Question 4
A customer accepts a coupon when he purchases a product. The purchase
price must be:
allocated solely to the product. allocated solely to the coupon. allocated between the product and the coupon. reduced to zero if the coupon is activated by the holder. 0 / 1 pts
Question 5
Incorrect
Incorrect
A customer pays for a product a full year in advance of receiving it. Her
accountant believes that, by allowing the seller of the product to hold onto its
money for a year, the customer is functioning as a bank lender. The
customer should:
10/3/23, 6:20 PM
Umehani Huzefa Janoowalla's quiz history: 09.05 Ch 06 - 3
https://canvas.uh.edu/courses/3807/quizzes/58981/history?version=1
3/3
ignore her accountant and account for the transaction (only) as a product
purchase.
ignore the product purchase and account for the transaction (only) as a bank
loan.
account for the transaction as if it is two distinct transactions, i.e. a loan and a
product purchase.
contact the state banking regulator and apply for a bank license. Quiz score: 2
out of 5
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