Which of the Following Products Would Be Classified as an Organizational

question 28

Multiple Choice

 Which of the following products would be classified as an organizational good? 

• A) An electric generator purchased to use in the event of a power outage at home
• B) Large amounts of fabric purchased by homeowner to have curtains and upholstery made
• C) Equipment brought by a man to remove a tree lying across his driveway
• D) Timber purchased by the owner of a furniture store to make chairs

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Definitions:

Declaratory Judgment

A court judgment that clarifies the legal positions of the parties without requiring action or award damages.

Liability Case

A legal case involving the determination of someone's responsibility for damages or losses incurred by another party.

Coinsurance Clause

A provision in an insurance policy that requires the policyholder to bear a portion of the losses to the extent specified in the policy.

Fair Market Value

The price that a knowledgeable, willing, and unpressured buyer would pay to a knowledgeable, willing, and unpressured seller in the market.