A warranty is a legally binding agreement that outlines the conditions under which a defective product will be repaired, replaced, or refunded.

Warranties, liabilities, patents, bids and insurance

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1.
FLASHCARD QUESTION
Front
Back
TRUE
2.
FLASHCARD QUESTION
Front
An implied warranty is an explicit assurance in product sales, stated by the seller.
Back
FALSE
3.
FLASHCARD QUESTION
Front
A 'Bumper-to-Bumper Warranty' exclusively covers the vehicle's motor and transmission.
Back
FALSE
4.
FLASHCARD QUESTION
Front
A guarantee is a formal, legally binding agreement that provides specific terms for defective product repair, replacement, or refund.
Back
FALSE
5.
FLASHCARD QUESTION
Front
Accounts payable are short-term liabilities a business owes to suppliers for purchases on credit. TRUE or FALSE?
Back
TRUE
6.
FLASHCARD QUESTION
Front
Deferred revenue is recorded as a liability on the balance sheet.
Back
TRUE
7.
FLASHCARD QUESTION
Front
A tax lien is a government's legal claim on a property due to unpaid taxes.
Back
TRUE
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