The Consumer Leasing Act Does Not Apply to Leases For

question 458

Multiple Choice

The Consumer Leasing Act does not apply to leases for:

• A) automobiles
• B) televisions and other home electronics
• C) furniture for a dentist's office
• D) automobiles and furniture for a dentist's office
• E) all of the other specific choices are not covered by the Act

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Definitions:

Accounts Payable

Liabilities to creditors, representing amounts the company owes for goods and services it has received but not yet paid for.

Note Receivable

A financial asset representing a written promise to receive a specific amount of money, plus interest if applicable, by a certain date.

Dishonored

A term used when an instrument such as a check is not accepted or paid upon presentation.

Accounts Receivable

Money owed to a business by its customers for goods or services delivered or used but not yet paid for.