In which of the following situations is the seller a merchant under Article 2 of the UCC?
a. Paul, a full-time college student, sold his textbooks to State Bookstore.
b. Randall, a part-time college student and full-time father, sold his textbooks to a friend.
c. Zompa Inc., a toy manufacturer, contracted to sell dolls to TonTon Department Store.
d. Mabel, a stay-at-home mom, sold her car to her friend Gloria.
c
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Suppose People's bank offers to lend you $10,000 for 1 year on a loan contract that calls for you to make interest payments of $250.00 at the end of each quarter and then pay off the principal amount at the end of the year. What is the effective annual rate on the loan?
A. 8.46% B. 8.90% C. 9.37% D. 9.86% E. 10.38%
All of the following would appear on a single-step income statement except
a. cost of goods sold. b. extraordinary items. c. gross profit. d. discontinued operations.
Cost concepts such as variable, fixed, mixed, direct, and indirect apply only to manufacturers and not to service companies.
Answer the following statement true (T) or false (F)
With respect to warranty disclaimers, under the UCC a seller:
a. may never disclaim a warranty b. may only disclaim implied warranties c. may disclaim only express warranties d. may disclaim any warranty except a warranty of title e. none of the other choices