The Used Car Rule Requires Dealers to Give Consumers the Following

question 361

Multiple Choice

The Used Car Rule requires dealers to give consumers the following information except:

• A) a statement about any warranty terms offered with the vehicle
• B) a notice that there is no warranty if that is the case
• C) a warning that oral promises may not be enforceable
• D) a suggestion that the consumer get an independent inspection of the vehicle
• E) all of the other choices are required

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Definitions:

Unearned Fees

Income received by a company for services to be provided in the future; recognized as a liability until the services are rendered.

Adjusting Entry

A financial record created at the conclusion of an accounting cycle to distribute income and costs to the timeframe in which they were genuinely incurred.

Office Equipment

Tangible assets such as computers, desks, and chairs, purchased for use in the conduct of business operations and not intended for resale.

Production Equipment

Machines and tools used in the manufacturing process to produce goods.