The Rules by Which an Owner's Association Operates Are Known

question 24

Multiple Choice

The rules by which an owner's association operates are known as

• A) bylaws.
• B) covenants, conditions, and restrictions.
• C) house rules.
• D) ordinances.

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Definitions:

Annual Net Incomes

The total profit of a company after all expenses and taxes have been deducted from revenues for one year.

Salvage Value

The estimate of an asset's worth at the end of its useful life.

Average Accounting Return

A financial ratio that measures the net profit of a project or investment as a percentage of its initial cost.

Straight-line Depreciation

A method of allocating the cost of a tangible asset over its useful life in equal yearly amounts.