When Will a Purchaser of Goods NOT Be Considered a 'Consumer

question 25

Multiple Choice

When will a purchaser of goods NOT be considered a 'consumer' under the Australian Consumer Law?

• A)If they purchase a commercial road vehicle valued at more than $40,000.
• B)If they purchase goods for personal or domestic use valued at more than $40,000.
• C)If they purchase goods valued at less than $40,000 for use in the course of a small business.
• D)If they purchase goods valued at less than $40,000.

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Definitions:

Current Revenues

Income recognized by a business within its fiscal year, typically from its main operations.

LIFO Cost

An inventory valuation method that assumes the last items placed in inventory are the first sold, implying newer inventory remains unsold.

Periodic Inventory

A method of inventory valuation where updates to the inventory levels and cost of goods sold are made at the end of an accounting period.

Inventory Balance

The total value of a company's inventory at the end of an accounting period, including raw materials, work-in-progress, and finished goods.