If Repossessed Collateral Is Sold or Otherwise Disposed of by the Creditor,the

question 4

Multiple Choice

If repossessed collateral is sold or otherwise disposed of by the creditor,the time,place,manner,and method of disposal must be:

• A) commercially reasonable.
• B) scheduled with the debtor so that the debtor is able to attend.
• C) court ordered.
• D) perfected.

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Definitions:

Selling

The process of promoting and transferring ownership of a product or service to customers in exchange for money or value.

Administrative Expenses

Costs related to the general operation of a business, including salaries of executives, office supplies, and utilities.

Direct Labor

The wages paid to workers directly involved in the production of products or the delivery of services.

Planning Budget

A budget prepared at the beginning of the budgeting period, reflecting expected revenues and expenses based on forecasted levels of operations.