In one or two sentences, describe which is greater: gross pay or net pay.

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• To formally cancel a contract is to _______ it.
• Joe-Bob is looking to buy a car and plans to finance the purchase with a loan. He earns $3,500 monthly. His mortgage costs him $900 monthly, and he pays $350 monthly for his student loan. a. Can he afford another loan based on the given affordability formulas? b. When should he apply these affordability formulas? c. When might these formulas not apply? d. How might a new car loan affect his other financial priorities?
• Berman Inc. has 6,000 shares of 8%, $50 par value, cumulative preferred stock and 50,000 shares of $1 par value common stock outstanding at December 31, 2013, and December 31, 2014. The board of directors declared and paid an $18,000 dividend in 2013. In 2014, $72,000 of dividends are declared and paid. What are the dividends received by the common stockholders in 2014?a. $42,000.b. $36,000.c. $30,000.d. $24,000.
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