Which of the Following Is Least Likely to Be Classified

question 57

Multiple Choice

Which of the following is least likely to be classified as a necessary item for which a minor will be held liable on a contract?

• A) A camera.
• B) School supplies.
• C) Clothing.
• D) An automobile.

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Definitions:

Corporate Powers

The legal capacities and rights granted to a corporation by law, allowing it to act as a legal entity for conducting business, entering into contracts, and owning property.

Bonded Debt

Long-term debt secured by a guarantee (bond) that obligates the issuer to repay the borrowed amount at specified terms, commonly used by corporations and governments.

CAFR

Comprehensive Annual Financial Report, a set of government financial statements that provides a complete overview of a government entity's financial status.

Management's Discussion and Analysis

A section of a company's financial report that provides an overview of the previous fiscal period's operations, financial condition, and future prospects.