Which of the Following Statements Is Not Correct

question 101

Multiple Choice

Which of the following statements is not correct?

• A)The poverty line is an absolute level of income set by the federal government below which a family is considered to be in poverty.
• B)The poverty line is approximately equal to three times the cost of providing an adequate diet.
• C)The poverty line is adjusted annually to reflect changes in price levels.
• D)The poverty line is adjusted semiannually to reflect changes in fuel prices.

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Definitions:

Individually Liable

A legal concept where an individual is personally responsible for fulfilling the obligations of a contract or debt.

Partnership Debts

Liabilities that are owed by a partnership, which are the joint responsibility of the partnership's members.

Mutual Agency

A legal principle in partnerships where each partner has the authority to act on behalf of, and bind, the partnership in contractual agreements.

Unlimited Liability

Partners may be personally liable for debts of the partnership.