What is a financing statement? What is its significance in perfecting a security interest?
What will be an ideal response?
A financing statement is a document filed by a secured creditor with the appropriate government office that constructively notifies the world of his or her security interest in personal property. Often, a creditor's physical possession of collateral is impractical because it would deprive the debtor of use of the collateral (e.g., farm equipment, industrial machinery, consumer goods). At other times, it is simply impossible (e.g., accounts receivable). Filing a financing statement in the appropriate government office is the most common method of perfecting a creditor's security interest in such collateral. This is called perfection by filing a financing statement.
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Which of the following is considered to be both a communication tool and a business planning tool?
A. a memorandum of understanding B. a histogram C. a value stream map D. demand forecasting
Which of the following statements is true?
A) Inventories allow manufacturers to operate different work centers at the same output. B) Inventories allow manufacturing to reduce production runs, reducing unit cost. C) Inventories allow manufacturing to level out production and to satisfy peak demand. D) All of the above are true. E) None of the above is true.
Candy bought a sofa from Max on credit. She is to make 5 monthly payments of $200 each. After one month Candy stops making payments. Max is a secured creditor; he may:
a. may enter Candy's home at any time to take the sofa b. do nothing because personal property may not be reclaimed c. require Candy to perform manual labor in exchange for the cash payments d. force Candy to turn over the sofa plus other property to make up for Max's time and efforts spent on collection e. none of the other choices
The average waiting time at the checkout counter for a large grocery chain is 2.45 minutes with a standard deviation of 24 seconds (0.40 minutes). Assume that the distribution of waiting time is normal. What proportion of the customers are served in between 1 minute and 2.5 minutes?