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Illusion [34]
3 years ago
14

Dennis purchased a big-screen television from ABC Electronics and financed the purchase through ABC Electronics based on an agre

ement granting ABC Electronics a security interest in the television and requiring that Dennis make monthly payments. Three months later, Dennis was unable to continue making payments on the television because he had bought a boat, a new car, an expensive engagement ring for his girlfriend, and some other items. The manager from ABC Electronics called and asked Dennis to return the television. Dennis refused on the basis that ABC Electronics never perfected its interest in the television. Which of the following is the correct designation for the television in the agreement between Dennis and the electronic store? a. Pledged goods b. Acknowledged goods c. Illegal security d. Defined security e. Collateral
Business
1 answer:
svetoff [14.1K]3 years ago
4 0

Answer:

e. Collateral

Explanation:

Collateral refers to the security given by the person in order to secure the right of the creditor.

As for example, if I take a loan from bank and then sign an agreement to pay in installments, then the bank might secure its payment through a collateral to be paid by me. For this I might give the bank papers of my house.

In the given case also, Dennis took the Television in exchange of money promised to be paid in installments. Further as for collateral he provided the owner the right to take back the television.

Thus, there is a collateral provided, and since he has defaulted in payment owner has the right to collect television back.

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Mike is applying for a home loan and wants to buy a house worth $150,000 in a neighborhood close to his work. however, he only h
hichkok12 [17]

Pay PMI (private mortgage insurance) which is the amount the lender charges to protect their interests in case the borrower stops paying and defaults on the loan.

6 0
3 years ago
Now that you have studied the active and passive voice, what do you think when someone in government or business says, "Mistakes
Nikitich [7]

Answer:

The sentence is unethical if there is a clear responsability on the mistakes. If the mistakes were made, and no one can be truly held accountable for that, then, the sentence is not unethical.

Explanation:

For example, if the government is corrupt, and officials actively commit embezzlement, the phrase "mistakes were made" is unethical because it is diverting the personal responsability of the corrupt officials.

But if for example, there is a volcano eruption, and the goverment tries its best to avoid casualties, but because of some involuntary mistakes some people still die, the phrase is not unethical because the mistakes were not voluntary and the consequences of those were not intended.

8 0
3 years ago
Company A sold merchandise with a list price of $4,200 and costing $2,300 on account to Company B.
kompoz [17]

Answer: d. The invoice amount is greater than $3,300 and less than $3,400.

Explanation:

The terms of the sale are FOB destination, 2/10, n/30. This means that company B will get a 2% discount if they pay in 10 days, if not, they will have to pay in 30 days.

The goods were sold at a list price of $4,200.

Company B returned $750 according to the Credit memo from Company A.

This reduces the transaction amount by that credit memo,

= 4,200 - 750

= $3,450

It is stated that Company B paid within the discount period which was 10 days so they get the discount for a total balance of,

= 3,450 * (1 - 2%)

= $3,381

The answer therefore is option D.

7 0
3 years ago
Typical cash flows from investing activities include each of the following except: Group of answer choices Proceeds from collect
Alinara [238K]

Answer:

Proceeds from collecting the principal amount of accounts receivable arising from customer sales.

Explanation:

Cash flow can be defined as the net amount of cash and cash- equivalents that is flowing into (received) and out (given) of a business. There are three components of the cash flow;

1. Operating cash flow: all cash generated from the business activities of an organization.

2. Financing cash flow: all payments made by an organization and profits from issuance of debts and equity.

3. Investing cash flow: costs associated with purchasing of capital assets and investments of cash resources in other businesses.

This ultimately implies that, cash flow statement, also known as the statement of cash flows, contains financial information about operating, financial and investing activities.

Generally, investing activities comprises of purchasing physical assets, investing in securities and the sale of assets or securities associated with the company.

Hence, typical cash flows from investing activities include each of the following;

I. Payments to purchase property, plant and equipment or other productive assets (excluding inventory).

II. Payments to acquire held-to maturity securities of other entities, except cash equivalents.

III. Proceeds from the sale of equipment.

IV. Payments to buy intangible assets.

4 0
2 years ago
Suppose that a decrease in the price of good X results in fewer units of good Y being sold. This implies that X and Y are A. sub
steposvetlana [31]

Answer: Option (A) is correct.

Explanation:

Good X and Good Y are substitute goods. Substitute goods are the goods that can be consumed in place of each other. There is a positive relationship between the price of one good and the demand for its substitute good. For example; tea and coffee. If the price of tea increases then as a result demand for coffee increases, because drinking tea become more expensive for the consumers as compared to the coffee. So, the demand for coffee increases, despite its price remains the same.

6 0
3 years ago
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