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

question 16

Multiple Choice

Determine the proper classification(s) of the asset discussed in the following scenario: Jack bought a new table saw for his home.
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:

Negotiable Instruments

Financial documents that guarantee the payment of a specific amount of money, either on demand or at a set time, and are transferable by endorsement.

Significance

The importance or meaning attached to something, often relevant in the context of making legal, social, or scientific determinations or judgments.

Sale of Goods Act

Legislation governing the sale of goods, providing rules on contracts, property transfer, and warranties to protect buyers and sellers.

Fitness and Quality

Standards and criteria that products or services must meet to be considered satisfactory and suitable for their intended purpose.