The Definition of Liability Is

question 12

Multiple Choice

The definition of liability is:

• A) the legal responsibility of competent adults for their own acts
• B) applied only to on-the-job acts
• C) duty of care
• D) standard of care
• E) confidentiality

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Definitions:

Property

Assets owned by an individual or business, encompassing real estate, personal property, and intellectual property rights.

Net Income

When revenue totals more than expenses, the result is net income.

Gross Profit

The difference between revenue and the cost of goods sold before accounting for other costs such as selling, administrative, and financial expenses.

Direct Expenses

Costs that can be directly attributed to the production of specific goods or services.