Liability Without Fault Is Referred to as __________

question 21

Multiple Choice

Liability without fault is referred to as __________.

• A) censored liability
• B) negligence
• C) strict liability
• D) products liability

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Definitions:

Gross Profit

The financial metric representing the difference between sales revenue and the cost of goods sold before deducting administrative and selling expenses.

Product Costs

Product costs include all costs directly associated with the production of goods, including raw materials, direct labor, and manufacturing overhead.

Expenditures

Outflows of cash or other valuable assets from a person or company to pay for goods or services.

Finished Products

Items or goods that have completed all stages of production and are ready for sale to customers.