Which of the Following Is True Regarding the Obligation of a Minor

question 3

Multiple Choice

Which of the following is true regarding the obligation of a minor on disaffirmance?

• A)The obligations of a minor upon disaffirmance vary from state to state.
• B)In all states,a minor is entitled to a full refund without returning consideration.
• C)In all states,a minor must return any consideration in his control but is entitled to a full refund of any purchase price regardless of the condition of the consideration when returned.
• D)In all states,a minor only receives a return of half the minor's investment.
• E)In all states,a minor must return any consideration in his control,must make restitution,and must pay for any loss in value of the collateral.

Estimate interest by rounding the principal to the nearest hundred dollars and using shortcuts for interest calculation.

Determine the principal amount or rate given other loan terms.

Understand and differentiate between exact simple interest and ordinary simple interest.

Calculate the length of the loan period given the interest rate, principal, and total interest.

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Definitions:

First-In, First-Out

An inventory valuation method where goods purchased or produced first are sold or used first.

Conversion Costs

Costs associated with converting raw materials into finished goods, typically including both labor and overhead expenses in manufacturing.

Work In Process

Inventory items that are currently being manufactured but are not yet complete, representing a business's partially finished goods.

First-In, First-Out

A method of inventory valuation where goods purchased or produced first are sold first, assuming costs rise over time.