All of the Following Statements Are True EXCEPT

question 21

Multiple Choice

All of the following statements are true EXCEPT:

• A) shop clothing is often made of materials resistant to battery acid.
• B) fender covers are used whenever underhood work is done.
• C) fender covers protect against scratches from items such as belt buckles.
• D) in the do-it-yourself market, filters (oil, air, and fuel) account for 5% of all parts sales.

---

Definitions:

MBCA

Model Business Corporation Act, a recommendation for state law on corporations, providing a template for corporate governance and operations.

Net Asset Test

A financial assessment to determine a company's or individual's net worth by subtracting total liabilities from total assets.

Revised Act

Refers to legislation that has been updated or amended to incorporate changes or new provisions since its original enactment.

Earned Surplus

Profits that a company has retained rather than distributed to shareholders, typically used for reinvestment in the business or to pay down debt.