While a Financing Lease Will Likely Provide a Lessor with the Right

question 18

True/False

While a financing lease will likely provide a lessor with the right to purchase the equipment at the end of the lease, a mechanic's lien covering the same equipment would entitle the mechanic to retain possession of the property until payment for the repair is received. Failure to pay for the repair altogether will entitle the mechanic to sell the equipment at fair value, to satisfy its outstanding account with the proceeds, and to forward any excess balance of funds remaining to the bailor.

---

Definitions:

Manufacturing

The process of converting raw materials or components into finished goods through the use of labor, machinery, and processing techniques.

Production Control

Creates a well-defined set of procedures for coordinating people, materials, and machinery to provide maximum production efficiency.

Timetables

Schedules that specify the times at which certain events or activities are intended to occur, often used in transportation, education, and project planning.

Six Sigma

A set of management techniques intended to improve business processes by vastly reducing the probability that an error or defect will occur.