A(n) ____ Is NOT an Acceptable Disconnecting Means for Appliances

question 6

Multiple Choice

A(n) ____ is NOT an acceptable disconnecting means for appliances.

• A) circuit-breaker in sight of the appliance
• B) circuit-breaker or switch capable of being locked in the off position
• C) attachment cord and plug
• D) horsepower-rated switch

Understand the concepts and purposes of Sales Returns and Allowances and Sales Discounts.

Calculate the effect of sales returns and sales discounts on net sales and net income.

Recognize the normal balances of various accounts related to sales and returns.

Apply accounting principles to transactions involving sales discounts, sales returns, and sales allowances.

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Definitions:

Market Allocations

Agreements between competitors to divide markets among themselves, often considered illegal under antitrust laws.

Sherman Act

The Sherman Act is landmark federal legislation passed in 1890 aimed at promoting fair competition for the benefit of consumers by prohibiting monopolies and restrictive trade practices.

Franchise

A type of license that a party (franchisee) acquires to allow them to have access to a business's (franchisor's) proprietary knowledge, processes, and trademarks in order to allow the party to sell a product or provide a service under the business's name.

Tying Arrangement

A business practice where the sale of one product is linked to the compulsory purchase of another, often scrutinized under antitrust laws.