Tort Suits Generally Come From

question 190

Multiple Choice

Tort suits generally come from:

• A) customer carelessness or ignorance
• B) unexpected instances of carelessness or bad behavior
• C) failure to plan for unexpected catastrophes
• D) natural disasters
• E) repeated failure to comply with industry regulations

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Definitions:

Liabilities

Economic dues a company is obligated to clear with others, which involves dispensing economic benefits progressively over time.

Stockholder's Equity

Ownership interest represented by what remains of a company's assets once all liabilities have been deducted.

Assets

Resources owned by a business that have economic value and can be used to meet debts or generate income.

Fiscal Year

A twelve-month period used for calculating annual financial statements in businesses and other organizations, which may or may not align with the calendar year.