True or False 1.) All checks are required to have a preprinted check 2) Electronic Funds transfer does not use paper 3) All checking accounts earn interest 4.) An endorsement may be in writing or by the use of company stamp 5) A chain discount is a series of three or more successive discounts 6.) Break even Point is fixed cost divided by contribution margin 7.) Selling Price times 1 minus markup percent on selling price will equal the cost of markup is based on selling price 8) Cost is equal to the selling price divided by (1+markup percent on cost) when markup is based on cost 9)Contribution margin is selling price plus unit cost 10.) Gross profit is net sales minus the cost of bringing merchandise into the store 11.) Exempt wages means not taxable wages 12.) Net pay-deductions gross pay 13.) Gircular E from the Internal Revenue Service contains many tax tables 14.) Payroll registers cannot record oumulative 15.) Depreciation is an exact science that requires no 16.) Physical deterioration is related to an assets estimated amount of usefulness 17.) MACRS is not used for tax purposes 18.) Product obsolescence means the asset has been fully depreciated 19.) Cost minus residuall dlivided by number of years equals depreciation expense taken each year in the straight-line methoo 20.) A company can change from LIFO to FIFO without notifying the Internal Revenue Service 21.) The gross profit method is a a way to Estimate the cost of ending inventory without a physical count