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

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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 5:59 PM Name Module 5 Practice Test Status Completed Score 0 out of 100 points Time Elapsed 9 seconds out of 2 hours and Instructions Question 1 The state office in which a financing statement should be filed depends on the creditor's location. Selected Answer: [None Given] Correct Answer: False 0 out of 2 points Question 2 Proceeds consist of whatever is received when collateral is sold. Selected Answer: [None Given] Correct Answer: True 0 out of 2 points Question 3 A buyer in the ordinary course of business has priority over any security interest created by the seller. Selected Answer: [None Given] Correct Answer: True 0 out of 2 points Question 4 Fact Pattern 16-1 General Leasing Company (GLC) buys equipment for use as inventory, borrowing $1 million from Helpful Finance Corporation for a security interest in the equipment. The next day, GLC borrows $500,000 from Interstate Bank, also for a security interest in the equipment. GLC defaults on the loans. Refer to Fact Pattern 16-1. Suppose that Helpful perfects its security interest when GLC takes possession of the equipment. In that circumstance, the party with priority to the collateral on GLC's default would be Selected Answer: [None Given] Correct Answer: Helpful only. 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
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Question 5 If the assets in a debtor's estate in bankruptcy are insufficient to pay fully all creditors, the debtor is liable for the difference. Selected Answer: [None Given] Correct Answer: False 0 out of 2 points Question 6 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 7 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 8 Kofi files a petition for bankruptcy. Kofi must include with the petition Selected Answer: [None Given] Correct Answer: a list of creditors and the amount of the debt owed to each, a list of property, and a statement of financial affairs. 0 out of 2 points Question 9 Loni delivers her Mazda to be repaired at Nile's Body Shop. Loni agrees to pay cash. Nile performs, but Loni does not pay. Nile tells Loni that he will keep the car until she pays. This is Selected Answer: [None Given] Correct Answer: an artisan's lien. 0 out of 2 points
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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.

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

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