A Sale and Leaseback Arrangement Transfers Ownership from a User

question 104

True/False

A sale and leaseback arrangement transfers ownership from a user to a lessor who then leases the asset back to the former owner.

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Definitions:

Preauthorized Payment

A prearranged payment that allows a payee to automatically withdraw funds from a payer's account as per the agreed terms, usually on a recurring basis.

Stop Payment

An instruction to a bank by an account holder not to pay or honor a check that has been issued from their account.

EFT Charges

Charges or fees associated with Electronic Funds Transfer, which is the electronic transfer of money from one bank account to another.

Unauthorized Payment

A transaction completed without the approval or consent of the account holder.