CAPM (Certified Associate in Project Management) Practice Exam

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What does a warranty typically assure?

Lowest price
Product durability only
Products are fit for use or customer receives compensation
Immediate replacement with no conditions

The correct answer is: Products are fit for use or customer receives compensation

A warranty typically assures that products are fit for use or the customer will receive compensation. This means that if a product does not meet the specified requirements or if it malfunctions, the customer is entitled to either getting a replacement, a refund, or some form of compensation as specified in the warranty terms. This assurance is essential in providing customers with confidence in the quality of the product they are purchasing. Option A is incorrect because a warranty does not necessarily guarantee the lowest price of a product. Option B is also incorrect as warranties typically cover more than just product durability. Option D is incorrect as immediate replacement without conditions is not always part of a warranty; conditions and terms are usually specified in the warranty agreement.