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Jared Needs a Fancy Sports Car

question 79

Multiple Choice

Jared needs a fancy sports car.Jared only wants to use the car for three months.Jared goes to the bank and requests a loan for the sports car.Instead of giving Jared a loan for the car,the bank tells Jared,"we (the Bank) will purchase the car and you can use it for three months,so long as you pay us $4,000 a month." The Bank purchases the sports car from the manufacturer and then lets Jared use the car,so long as he makes $4,000 each month.Under the UCC,what type of sale or lease is this?

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Paperwork

The written documents or records, especially those associated with transactions, processes, or administration.

Cash Receipts Report

A financial document summarizing all cash inflows, or money received, by a business during a specified period.

QuickBooks

A popular accounting software package designed for small and medium-sized businesses to manage income and expenses and keep track of their financial health.

Total Revenue

The full amount of income generated by the sale of goods or services before any expenses are deducted.