Jason Wants to Insure Himself Against Injuries and Damage Resulting

question 6

Multiple Choice

Jason wants to insure himself against injuries and damage resulting from the operation of his taxi that he owns. Jason should obtain

• A) automobile insurance.
• B) disability insurance.
• C) group insurance.
• D) life insurance.

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Definitions:

Accounts Payable

Short-term liabilities of a business that are due to be paid to creditors within a specified period.

Cost of Goods Sold

The direct costs attributable to the production of the goods sold by a company, including material and labor.

Operating Expenses

Costs associated with the normal operations of a business, excluding cost of goods sold and direct labor.

Prepaid Expenses

Expenses paid in advance for goods or services to be received in the future, recognized as assets until used.