Mark Operates an Auto Parts Shop

question 23

Multiple Choice

Mark operates an auto parts shop.The shop has gone out of business,and all assets have been sold.The following debts remain: 1.$10,000 owed to suppliers for merchandise that was sold to customers.
2) $20,000 owed to suppliers for merchandise that was ruined in an unexpected flood.
3) $35,000 owed to a customer who has a final judgment in a product liability suit against the auto parts shop.
For which of these debts can Mark be held personally liable?

• A) None; they were all business debts.
• B) 1 only
• C) 1 and 2 only
• D) 1 and 3 only
• E) 1,2,and 3

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Definitions:

Morphine

A powerful opiate analgesic drug derived from the opium poppy, used to relieve severe pain.

Ergot

A fungus that grows on rye and other grains, known for producing substances used in medications and historically linked to episodes of mass poisoning.

Control

The power to influence or direct people's behavior or the course of events.

Categorical Loss

In data science, a loss function used in classification problems where the outcome is discrete and belongs to specific categories.