A Contingent Liability

question 149

Multiple Choice

A contingent liability:

• A)Is always of a specific amount.
• B)Is a potential obligation that depends on a future event arising out of a past transaction or event.
• C)Is an obligation not requiring future payment.
• D)Is an obligation arising from the purchase of goods or services on credit.
• E)Is an obligation arising from a future event.

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Definitions:

Environmental Factors

External elements, including physical, social, and cultural conditions, that can influence an individual's health, behavior, and ability to function.

Mildly Retarded

An outdated and insensitive term referring to individuals with below-average cognitive ability, now more appropriately called mild intellectual disability.

Moderately Retarded

A term previously used to describe individuals with moderate intellectual disability characterized by significantly below-average intellectual functioning and adaptive behaviors.

Profoundly Retarded

A term referring to individuals with a severe level of intellectual disability, often characterized by minimal capacity for sensory-motor function.