Which of the following statements about multiple rate cards associated with contracts is true?

The correct statement regarding multiple rate cards associated with contracts is that they cannot be associated with the same contract. This means that each contract can reference only one rate card at a time, ensuring clarity and reducing complexity in contract management. Having multiple rate cards tied to a single contract could lead to confusion over which rates apply under various circumstances, complicating financial assessments and reporting.

While there are other considerations related to contracts and rate cards, such as the need for approval processes or their role in renewals, these do not directly pertain to the defining characteristic of how multiple rate cards are utilized with regard to singular contracts. Thus, the uniqueness of rate cards to individual contracts is fundamental in maintaining organized and efficient contract and asset management practices in the ServiceNow system.