Damage caused by rioters is covered by a standard fire insurance policy
Indicate whether the statement is true or false
F
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In the area of sales promotions, the letters POP stand for priced-on-purchase.
Answer the following statement true (T) or false (F)
All of the following statements regarding uncertainty in liabilities are true except:
A. A company only records liabilities when it knows whom to pay, when to pay, and how much to pay. B. Liabilities can involve uncertainty in whom to pay. C. A company can be aware of an obligation but not know how much will be required to settle it. D. A company can have an obligation of a known amount to a known creditor but not know when it must be paid. E. A company can create a liability with a known amount even when the holder of the note may not be known until the maturity date.
Trisha was injured when the delivery truck for a local furniture store struck her. The delivery driver claimed the brakes of the delivery truck failed, causing the accident. Trisha filed suit, and in her lawsuit named the delivery driver, the furniture store, the service station responsible for vehicle maintenance, and the manufacturer of the vehicle. Even though the manufacturer of the vehicle may be only 1 percent responsible for the accident, it may be required to pay a large percentage of the damages under the
A) collateral source rule. B) assumption of risk rule. C) joint and several liability rule. D) last clear chance rule.
Nicholas is the driver for a company executive. He is paid $13.50 per hour for his services and overtime only for hours worked in excess of 40 hours per week. His actual driving time varies, depending on the needs of the executive. Which of the following is true about Nicholas's compensation?
A) Nicholas must maintain a log of miles driven to document his activities. B) Nicholas will be compensated only for the hours during which he is driving. C) Nicholas will receive compensation for wait time when it is for the firm's benefit. D) Nicholas will not receive compensation for idle times when is waits for the executive to conduct business.