Eric Is Approached by a Street Vendor Selling Rolex Watches

question 60

Multiple Choice

Eric is approached by a street vendor selling Rolex watches at ridiculously low prices. Eric, however, was suspicious that the watches were illegal ________ brands.

• A) knockoff
• B) private
• C) generic
• D) look alike

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Definitions:

Assets

Resources owned by a business that have economic value and can be used to meet debts or generate income.

Fiscal Year

A twelve-month period used for calculating annual financial statements in businesses and other organizations, which may or may not align with the calendar year.

Natural Business Year

A fiscal year that ends when business activities have reached the lowest point in an annual operating cycle.

Assets

Resources owned by a company from which future economic benefits are expected to flow to the entity.