4 - NR275.BUS.241.35.SP11 - ( [Spring 2011] BUS 241-35:...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
NR275.BUS.241.35.SP11 - ([Spring 2011] BUS 241-35: Business Law I) Assignments ... Module 5 Practice Test Review Test Submission: Module 5 Practice Test Review Test Submission: Module 5 Practice Test User Kristen M Ritch Submitted 3/5/11 5:28 PM Name Module 5 Practice Test Status Completed Score 0 out of 100 points Time Elapsed 6 seconds out of 2 hours and Instructions Question 1 Jill believes that she should file a plan for a Chapter 13 discharge in bankruptcy. A Chapter 13 bankruptcy plan must provide for Selected Answer: [None Given] Correct Answer: the surrender of all collateral to the creditors. 0 out of 2 points Question 2 The payment of John's debt to Kirsten is guaranteed by John's personal property. Kirsten is most likely to perfect her interest by Selected Answer: [None Given] Correct Answer: filing a financing statement with the appropriate authority. 0 out of 2 points Question 3 Everyday Loans, Inc., takes possession of Ferbie's stock in Glade Electronics Corporation to perfect Everyday's security interest in the stock. This is Selected Answer: [None Given] Correct Answer: a pledge. 0 out of 2 points Question 4 The first security interest to be perfected is the last in priority over any other perfected security interests. Selected Answer: [None Given] Correct Answer: False 0 out of 2 points Question 5 0 out of 2 points NR275.BUS.241.35.SP ([Spring 2011] BUS 241-35: Business Law I) Announcements Assignments Course Documents Discussion Board My Grades Communication Tools Resources
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Khali's debt to Lew is past due. Lew obtains a judgment against Khali to collect the debt, but Khali refuses to pay. Lew asks the court to order Khali's employer to pay a portion of Khali's paycheck to Lew. This is a request for Selected Answer: [None Given] Correct Answer: an order of garnishment. Question 6 A security agreement must be filed in person to be valid and enforceable. Selected Answer: [None Given] Correct Answer: False 0 out of 2 points Question 7 To create an enforceable security interest, the secured party must give value. Selected Answer: [None Given] Correct Answer: True 0 out of 2 points Question 8 Hal's Hardware store defaults on a debt to Intrastate Bank, which takes possession of the collateral securing the debt. Intrastate sells the collateral. The proceeds from the sale are applied first to Selected Answer: [None Given] Correct Answer: Intrastate's fees for the sale. 0 out of 2 points Question 9 The concept of a floating lien does not apply to a shifting stock of goods. Selected Answer: [None Given] Correct Answer: False 0 out of 2 points Question 10 Region Bank wants to perfect its security interest in timber owned by Superior Lumber, Inc. Most likely, a financing statement should be filed with Selected Answer: [None Given] Correct Answer: the county clerk. 0 out of 2 points
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 03/16/2011 for the course BUS 241 taught by Professor Green during the Spring '11 term at New River Community College.

Page1 / 8

4 - NR275.BUS.241.35.SP11 - ( [Spring 2011] BUS 241-35:...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online