Use the Following Information to Solve the Following Questions

question 145

Multiple Choice

Use the following information to solve the following questions:
During 2020 Ebert Corp. transferred inventory to Siskel Corp. and agreed to repurchase the merchandise early in 2021. Siskel then used the inventory as collateral to borrow from Southern Bank, remitting the proceeds to Ebert. In 2021 when Ebert repurchased the inventory, Siskel used the proceeds to repay its bank loan.
-This transaction is known as a(n)

• A) consignment.
• B) instalment sale.
• C) product financing arrangement.
• D) sale with delayed payment terms.

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Definitions:

Instinctive Drives

Innate impulses that motivate individuals to perform certain actions essential for survival, such as eating and reproducing.

Socially Unacceptable

Behaviors or actions that are generally considered offensive, inappropriate, or not in line with societal norms and values.

Acceptance

Agreeing verbally or in writing to the terms of a contract, which is one of the requirements of an enforceable contract.

Grief

A deep and poignant emotional pain or distress caused by loss, especially of a loved one.