Sam Is the Secured Party in a Transaction with Lilly

question 20

Multiple Choice

Sam is the secured party in a transaction with Lilly, who is the debtor. Sam files a financing statement with the appropriate state official. The financing statement must contain​

• A) ​Lilly's signature.
• B) ​Sam's bank account information.
• C) ​Lilly's credit report.
• D) ​a photograph of the collateral.

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Definitions:

Opportunity Cost

The cost of forgoing the next best alternative when a decision is made to choose one option over others.

Brownies

A small square-shaped chocolate cake that is typically rich in chocolate flavor and often contains nuts or other additives.

Cookies

Small data files stored on a user's computer by websites, used to remember information about the user's visit.

Comparative Advantage

The ability of an individual or economy to produce goods or services at a lower opportunity cost than others.