When a Purchaser Takes Title to Goods but Has the Right

question 42

True/False

When a purchaser takes title to goods but has the right to return them within a specified or reasonable time, the purchaser must assume all the obligations of ownership while the goods are in his or her possession.

Recognize federal requirements for food labels.

Identify characteristics of national and non-national brands.

Understand the purpose and value of automobile service contracts.

Analyze factors that influence consumer buying decisions.

---

Definitions:

Marginal Cost

The increase in total cost that arises from producing one additional unit of a product.

Business License

A legal authorization granted by a governmental body allowing individuals or companies to operate a business within a specific jurisdiction.

Tax

A compulsory financial charge or some other type of levy imposed upon a taxpayer by a governmental organization in order to fund government spending and various public expenditures.

Profit

The financial gain achieved when the revenue from a business activity exceeds the expenses, costs, and taxes associated with maintaining the activity.