State whether each of the following statements is true or false.

1. Mortgage bonds and sinking fund bonds are both examples of debenture bonds.
True or False

2. Convertible bonds are also known as callable bonds.
True or False

3. The market rate is the rate investors demand for loaning funds.
True or False

4. Annual interest on bonds is equal to the face value times the stated rate.
True or False

5. The present value of a bond is the value at which it should sell in the market.
True or False

Kirnon clinic uses client-visits as its measure of activity. during july, the clinic budgeted for 3,250 client-visits, but its actual level of activity was 3,160 client-visits. the clinic has provided the following data concerning the formulas to be used in its budgeting: fixed element per month variable element per client-visitrevenue - $ 39.10personnel expenses $ 35,100 $ 10.30medical supplies 1,100 7.10occupancy expenses 8,100 1.10administrative expenses 5,100 0.20total expenses $ 49,400 $ 18.70the activity variance for net operating income in july would be closest to: