Which of the Following Businesses Would Not Be as Likely

question 86

Multiple Choice

Which of the following businesses would not be as likely to use the specific identification method of inventory valuation?

• A)An automobile dealer
• B)A custom jewelry store
• C)A hardware store
• D)An art dealer

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Definitions:

Negligence

A failure to behave with the level of care that someone of ordinary prudence would have exercised under the same circumstances, leading to unintended harm.

Diversity Of Citizenship

Under the Constitution, a basis for federal district court jurisdiction over a lawsuit between citizens of different states, a foreign country, and citizens of a state or different states or a foreign country and citizens of a state or states. The amount in controversy must be more than $75,000 before a federal court can exercise jurisdiction in such cases.

Federal Law

A body of law created by the federal government of a country, dealing with issues that affect the entire nation.

Treaty

A formal, ratified agreement between two or more sovereign states, usually in written form and governed by international law.