Unless Properly Disclosed,a Warranty That Is Implied That Sold or Leased

question 17

Multiple Choice

Unless properly disclosed,a warranty that is implied that sold or leased goods are fit for the ordinary purpose for which they are sold or leased,as well as other assurances,is known as ________.

• A)implied volatility
• B)an implied cause of action
• C)an implied assertion
• D)the implied warranty of merchantability

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Definitions:

Preferred Stock

A class of ownership in a corporation that has a higher claim on assets and earnings than common stock, often paying fixed dividends.

Interest Expense

The cost incurred by an entity for borrowed funds over a period of time, including loans, bonds, or credit lines.

Tax Rate

The percentage at which an individual or corporation is taxed on their income or profits.

Cash Dividend

A distribution of profits by a corporation to its shareholders in the form of cash.