Under the Mod Act,negligent Record Keeping Can Be Punished by Fines

question 40

True/False

Under the Mod Act,negligent record keeping can be punished by fines up to a maximum of $5,000,or 20 percent of the value of the goods.

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Definitions:

Major Considerations

The key factors or important aspects that need to be carefully thought about or taken into account in decision-making processes.

Tangible Asset

An asset with physical form and value, such as machinery, buildings, or land.

Goodwill

An intangible asset that arises when a business is acquired for more than the sum of its fair value of identifiable assets and liabilities, representing items like reputation or brand value.

Franchisor

The parent company that develops a product or business process and sells the rights to franchisees.