Match the Term with Its Definition

question 43

Multiple Choice

Match the term with its definition.
-Coverage designed to provide liability and physical damage protection for a vehicle

• A)automobile insurance
• B)coinsurance clause
• C)crime insurance
• D)design defect
• E)manufacturing defect
• F)marketing defect
• G)noneconomic damages
• H)personal property
• I)punitive damages

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Definitions:

Company's Profits

The financial gain realized when the revenues generated from business activities exceed the expenses, costs, and taxes needed to sustain the activities.

Interest

The cost of borrowing money or the return earned on an investment, typically expressed as a percentage.

Accounting Period

A specific time period at the end of which an organization prepares financial statements.

Income Statement

A financial statement that shows a company’s revenues and expenses over a specific period, illustrating how the revenues are transformed into net income or loss.