Examples of Contingent Liabilities Include

question 5

Multiple Choice

Examples of contingent liabilities include

• A)lawsuits requesting the company to pay damages for patent liability or product infringement
• B)product warranty claims
• C)payment of obligations of other parties
• D)liabilities for discounted accounts receivable
• E)income tax disputes
• F)both A and C
• G)both B and E
• H)both D and E

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Definitions:

Family And Medical Leave Act

A U.S. federal law that requires covered employers to provide employees job-protected and unpaid leave for qualified medical and family reasons.

Fair Labor Standards Act

A U.S. law establishing minimum wage, overtime pay eligibility, recordkeeping, and child labor standards affecting employees in the private sector and in federal, state, and local governments.

Federal Minimum Wage

The lowest hourly wage that employers can legally pay their workers, as mandated by federal law in the United States.