________ Gains and Losses Are "Realized" Whereas ________ Gains and Losses

question 14

Multiple Choice

________ gains and losses are "realized" whereas ________ gains and losses are only "paper."

• A) Translation; transaction
• B) Transaction; translation
• C) Translation; operating
• D) none of the above

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Definitions:

Defective

Having a fault or flaw that impairs usability, quality, or safety, often used in the context of products or goods.

Magnuson-Moss Act

A federal law in the United States that was enacted to protect consumers from deceptive warranty practices.

Express Warranty

An explicit guarantee by a seller to a buyer that a product or service meets certain quality and performance standards.

Implied Warranty

A legal term for the assurance that a product will meet a certain standard of quality and functionality without it being explicitly stated by the seller.