Elaine Asked Meredith If She Could Borrow Meredith's IPhone to Text

question 39

Multiple Choice

Elaine asked Meredith if she could borrow Meredith's iPhone to text her mom pictures of an awards ceremony.Meredith gave Elaine the iPhone and asked for nothing in return for this favor.This transaction was most likely a:

• A)bailment for the sole benefit of the bailor.
• B)mutuum.
• C)mutual-benefit bailment.
• D)bailment for the sole benefit of the bailee.

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Definitions:

Fixed Costs

Expenses that do not change in total regardless of changes in the volume of goods or services produced or sold.

Operating Income

The profit realized from a business's ongoing operations, calculated before taxes and interest payments are deducted.

Variable Cost

Costs that fluctuate in direct proportion to changes in production volume or activity levels.

Fixed Costs

Business expenses that remain constant regardless of the level of production or sales.