Which of the Following Describes an Action Where Liability of a Seller

question 6

Multiple Choice

Which of the following describes an action where liability of a seller is based on the theory that the manufacturer failed to use reasonable care to avoid foreseeable injury to the ultimate user or consumer?

• A)Negligence
• B)Strict liability
• C)Breach of warranty
• D)Magnuson-Moss Act

Understand and apply basic arithmetic operations (addition, subtraction, multiplication, division) in practical situations.

Calculate the total sales and expenses in various business scenarios.

Determine net income and expenditures after deductions.

Solve problems involving rates, such as speed, price per unit, and miles per gallon.

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Definitions:

Allocate Expenses

The process of assigning costs to specific cost centers or accounts based on their usage or benefit received.

Royalties

Payments made to the owners of intellectual property, such as patents, copyrights, and trademarks, usually based on a percentage of revenue generated from their use.

Schedule K-1

Schedule K-1 is a tax form used in the United States to report an individual's share of income, deductions, and credits from partnerships, S corporations, or trusts.

Schedule C

A tax form used by sole proprietors to report profit or loss from a business, detailing income, expenses, and net profit.