_____ Refer to Statements Made About Related Merchandise or Service

question 35

Multiple Choice

_____ refer to statements made about related merchandise or service.

• A)​Adjustment claims
• B)​Public relations promotions
• C)​Sales promotional materials
• D)​Credit reports

Recognize the circumstances under which contracts can be void, voidable, or enforceable.

Identify the rights and obligations of minors in contract law.

Understand the legal implications of entering into contracts while intoxicated.

Know the effect of illegality and public policy on the enforceability of contracts.

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Definitions:

Purchase Returns

Transactions where buyers return previously purchased merchandise to the seller, resulting in a reduction of cost of goods sold for the seller and a refund or credit for the buyer.

Freight-In

The shipping cost for merchandise transported into a company's inventory, typically considered part of the cost of goods sold.

Income Statement

A financial statement that reports a company's financial performance over a specific accounting period detailing revenues, expenses, profits, and losses.

Comparability

The quality that allows users to analyze and recognize similarities and differences between two or more items of financial information.