Determine the Proper Classification(s) of the Asset Discussed in the Following

question 46

Multiple Choice

Determine the proper classification(s) of the asset discussed in the following scenario: Judge Marshall purchased a new gold-trimmed gavel to decorate his living room.
I.Personal use property.
IV.Intangible property.
II.Business use property.
V.Real estate.
III.Tangible property.
VI.Personal property.
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• A)Statements I and III are correct.
• B)Only statement VI is correct.
• C)Statements II and III are correct.
• D)Statements II, III, and VI are correct.
• E)Statements I, III and VI are correct.

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Definitions:

Criminal

A person who has committed a crime or has been legally convicted of a crime.

Steal

The act of taking something without permission or legal right and without intending to return it.

Consumer

An individual or group who uses goods and services produced within an economy.

Specific Product

A particular good or service that is distinct because of its brand, model, or other identifying characteristic.