If Your Income and Expense Statement Shows a Cash Deficit,you

question 146

Multiple Choice

If your income and expense statement shows a cash deficit,you may have

• A)increased your debts.
• B)increased your assets.
• C)added to savings.
• D)bought additional insurance.
• E)paid off some of your debts.

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Definitions:

Product Liability Suit

A legal action taken against a manufacturer, distributor, or seller for producing or selling a defective product that caused harm to a consumer.

Proximate Cause

The primary event or act that leads to a legal liability, directly resulting in the occurring damage or injury.

Strict Liability

A legal principle where a party can be held responsible for damages or harm caused without needing to prove negligence or intent.

Privity of Contract

A legal concept indicating that contracts confer rights and impose obligations only on the parties signing the contract.