If a Criminal Offense Is Punishable by Imprisonment for More

question 83

Multiple Choice

If a criminal offense is punishable by imprisonment for more than a year, it is probably a:

• A) tort
• B) defamation
• C) felony
• D) misdemeanor
• E) breach of contract

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Definitions:

Tax Liability

The total amount of taxes owed by an individual, company, or other entity to a taxing authority.

Income Tax Expense

The amount charged against a company's profits due to income taxes, reflecting the cost of complying with jurisdictions' tax laws.

Capital Lease

A lease agreement in which the lessee records the leased asset as if it was purchased with financing, reflecting it on their balance sheet.

Interest Rate

The percentage at which interest is paid by a borrower for the use of money that they borrow from a lender.