Which of the Following Is Not One of the Broad

question 7

Multiple Choice

Which of the following is not one of the broad categories of insurance?

• A) Life
• B) General
• C) Medical
• D) Fixed-fee service contracts

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Definitions:

Sales

The total revenue generated from the sale of goods or services over a specific period.

Revenue Account

An account that tracks the income earned from normal business operations, such as sales of goods or services.

Sales Tax Payable

A liability account in a company's financial statements, representing sales tax collected from customers but not yet remitted to the government.

Sale

The exchange of a product or service for money, constituting the main operational activity for most businesses.