Most Lemon Laws Define a Lemon as a Car That

question 57

Multiple Choice

Most lemon laws define a lemon as a car that:

• A) was sold by a dealer who refuses to make reasonable attempts to correct the problem.
• B) continues to have a defect that substantially impairs its use,value,or safety,even after the manufacturer has made reasonable attempts to correct the problem.
• C) has been unpopular and so is sold at a discounted price.
• D) a manufacturer must destroy so that it cannot be sold to other unsuspecting consumers.

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Definitions:

Actuarially Determined Discount Rate

This refers to the interest rate used in the actuarial valuation to discount future pension obligations to present value, reflecting the expected rate at which the pension plan's liabilities can be funded or settled.

Pension Liability

The amount of money a company is required to pay into its employees' retirement plans in the future.

Accumulated Benefit Obligation

An estimate of the total amount of an employer's obligation for pension benefits earned by employees to date, not based on future salary increases.

Plan Assets

Assets specifically identified to fund the obligations of a pension or other employee benefit plan.