Practices That Include Filing Warranty Claims After the Claim Period

question 17

Multiple Choice

Practices that include filing warranty claims after the claim period, misredeeming coupons, and making fraudulent returns of merchandise are examples of

• A) normal and reasonable consumer behavior.
• B) unethical practices by consumers.
• C) acceptable consumer code of ethics.
• D) costs to be passed along to shareholders as a part of doing business.
• E) violations of the Consumer Bill of Rights.

Appreciate the role of economists in supporting free trade and understanding economic indicators.

Understand the components and structure of the circular-flow diagram.

Identify and differentiate between factor and product markets.

Distinguish between households and firms in the context of the circular flow.

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Definitions:

Liabilities

Financial obligations owed by a business to creditors, including loans, accounts payable, and any other debts.

Owner's Equity

The amount of the business that belongs to the owners minus any liabilities owed by the business.

Total Liabilities

The sum of all financial obligations a company owes to external parties, including loans, accounts payable, and bonds payable.

Total Assets

The sum of all current and non-current assets owned by a company, reflecting its total resources.