Typical and Familiar Members of a Particular Class by Which

question 93

Multiple Choice

Typical and familiar members of a particular class by which many of our concepts are defined are called

• A)prototypes
• B)propositions
• C)mental sets
• D)heuristics

---

Definitions:

Municipal Bond Interest

The interest income received from bonds issued by local or state governments, often exempt from federal income tax and sometimes from state and local taxes.

Book Depreciation Expense

The systematic allocation of the cost of a tangible asset over its useful life for accounting purposes, as reflected in the financial statements.

Warranty Expense

Costs incurred by a company for repairing, replacing, or refunding products under warranty, considered a contingent liability until incurred.

Unrealized Loss

A loss that results from holding onto an asset that has decreased in price, but has not yet been sold.