Which of the Following Statements Is True About Arbitration

question 63

Multiple Choice

Which of the following statements is true about arbitration?

• A) Arbitration is less efficient than litigation.
• B) An official record of the arbitration hearing is always made to check for discrepancies.
• C) An arbitrator can question the witness for information.
• D) A legal counsel is required in arbitration.

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Definitions:

Information

A collection of data that is processed to be meaningful or useful.

Carrying Value

The value of an asset as it appears on a balance sheet, equal to the cost of the asset minus accumulated depreciation or amortization.

Purchase Price

The amount of money paid to acquire an asset, product, or service, or the total cost involved in a transaction.

Open Bond Market

A freely competitive market where participants can buy and sell bonds.