Listed Below Are Ten Terms Followed by a List of Phrases

question 45

Multiple Choice

Listed below are ten terms followed by a list of phrases that describe or characterize five of the terms.Match each phrase with the best term by placing the letter designating the term in the space provided.
-____ Resources owned by a company.

• A)Assets
• B)Debit
• C)Journal entry
• D)Liabilities
• E)Revenues
• F)Expenses
• G)Credit
• H)General ledger
• I)Trial balance
• J)Dividends

Comprehend the nuances of horizontal privity and its relevance to product liability.

Recognize the existence and creation of implied warranties in sales contracts.

Understand how express warranties are created and how they differ from opinions or representations.

Distinguish between various defenses available to manufacturers or sellers in product liability cases.

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Definitions:

Economic Growth

An increase in the capacity of an economy to produce goods and services, compared from one period of time to another.

Capital Scarcity

A situation where there is a limited availability of capital resources (such as funds or equipment) relative to demand, often leading to increased costs or lower growth.

Incentive

A factor, often a monetary reward or advantage, that motivates individuals or entities to act in a certain way.

Productively

Refers to producing goods or services in a way that makes the best use of resources like time, materials, and labor.