Clark_11e-TB-Comb-U06-FQs

Clark_11e-TB-Comb-U06-FQs - Appendix F for Unit Six...

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Appendix F for Unit Six Questions on the Features UNIT SIX—FOCUS ON ETHICS: CREDITOR’S RIGHTS AND BANKRUPTCY A1. Xtra Credit Company lends money to Yvon, a farmer. Yvon secures the loan  with   her   livestock’s   feed.   Xtra   also   obtains   a   security   interest   in   the  proceeds from the feed. Yvon defaults on the loan. Xtra can a. not suffer any loss. b. suffer a loss of no more than half of the value of the loan. c. suffer a loss of no more than three-fourths of the value of the loan. d. suffer a total loss. ANSWER: D PAGE: 635 TYPE: = NAT: AACSB Reflective AICPA Legal B1. Subprime Credit Corporation uses “self-help” repossession when its debtors  default on their loans. This simplifies the process of repossession because a. it can be done without judicial process. b. it is less stressful for debtors.
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This note was uploaded on 10/11/2010 for the course MGT 301 taught by Professor Pederson during the Fall '10 term at SUNY Stony Brook.

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Clark_11e-TB-Comb-U06-FQs - Appendix F for Unit Six...

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