A Firm's ________ Describes Why It Exists and What Its

question 35

Multiple Choice

A firm's ________ describes why it exists and what its business model is supposed to accomplish.

• A) mission statement
• B) vision statement
• C) feasibility statement
• D) duty statement
• E) responsibility statement

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Definitions:

Nondelegable Duty

A duty that the proprietor cannot delegate, or pass off, to another party.

Actual Warranty

A promise or guarantee provided by a seller regarding the condition and functionality of a product.

Implied Warranty

A warranty that is imposed by law rather than by statements, descriptions, or samples given by the seller.

C.P.A.

Stands for Certified Public Accountant, a designation given to someone who has passed the Uniform CPA Examination and met additional state education and experience requirements.