Steven Is a Manufacturer's Representative for Sellmed Corporation

question 28

Multiple Choice

Steven is a manufacturer's representative for Sellmed Corporation.One day he receives a big-screen television as a gift from one of the clients he contacts on behalf of Sellmed.In this case:

• A)Steven must account to Sellmed for the gift he has received.
• B)the big-screen television belongs to Sellmed rather than to Steven.
• C)if Steven keeps the TV without telling Sellmed, he will have breached his fiduciary duty to Sellmed.
• D)All of these are correct.

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Definitions:

Excise Tax

A tax imposed on specific goods, services, or activities, such as tobacco, alcohol, and fuel, usually intended to discourage their use or generate revenue.

Demand and Supply

Economic model that determines the price of a good in a market, based on the desire and availability of the good.

Law of Demand

The Law of Demand states that, all else being equal, as the price of a good increases, the demand for that good decreases, and conversely, as the price decreases, demand for the good increases.

Price Ceiling

A government-imposed limit on how high a price can be charged for a product, service, or commodity, usually intended to protect consumers from excessive costs.