Which of the Following Is Correct Concerning Termination Statements

question 29

Multiple Choice

Which of the following is correct concerning termination statements?

• A)A termination statement must be filed by a secured party when a debtor has defaulted on a loan.
• B)For consumer debt,the secured party must complete a termination statement in every place that it filed a financing statement.
• C)The secured party must file a termination statement within 30 days of a consumer debtor's demand,provided the debtor has paid the full debt.
• D)A termination statement indicates that a secured party is transferring its rights to collateral to another party.

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Definitions:

Multiply

The mathematical operation of repeated addition of a number by itself a specified number of times.

Simplify

The process of reducing an expression to its simplest form.

Average Cost

The total cost of production divided by the number of goods produced.

Setup Cost

The initial expense required to create a new product or establish a new process, including costs for equipment, facilities, and labor.