Assuming Constantine Files a Financing Statement with the Correct Agency

question 47

Multiple Choice

Assuming Constantine files a financing statement with the correct agency, how long is a financing statement valid under the UCC?

• A) 30 days
• B) 90 days
• C) 1 year
• D) 5 years
• E) 10 years

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Definitions:

Dividend Receivable

The amount due to shareholders from declared dividends by the company in which they hold shares, recognized as an asset on the balance sheet until paid.

Elimination

The process of removing intercompany transactions when consolidating financial statements of a group.

Consolidation

The process of combining the financial statements of multiple subsidiaries with those of the parent company to present as a single entity.

Company Tax Rate

The percentage of a company's taxable income that it must pay to the government as corporate income tax.