Components or Parts of Finished Products Are Referred to as

question 84

Multiple Choice

Components or parts of finished products are referred to as

• A) upstream materials.
• B) raw materials.
• C) secondary products.
• D) intermediate products.

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Definitions:

Implied Warranty

A legal assumption that the goods or services sold meet certain standards of quality and functionality, even if not explicitly stated.

Merchantability

Implies that a product sold by a merchant is fit for the ordinary purposes for which such goods are used and meets the consumer's expectations.

Express Warranty

A clearly stated assurance or guarantee given by a seller about the condition or quality of a product or service.

Implied Warranty

A legal concept that guarantees a product will perform as widely expected without being explicitly stated in a contract.