Brass & Woodwind Instruments, Inc

question 72

Multiple Choice

Brass & Woodwind Instruments, Inc., allows Clifton to keep a professional clarinet that he bought from Brass & Woodwind even though he has not paid the full price. Brass & Woodwind's legally sufficient financing statement in the goods need not include​

• A) ​a description of the collateral.
• B) ​a statement of the reason for allowing Clifton to take the goods.
• C) ​Brass & Woodwind's name.
• D) ​Clifton's name.

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Definitions:

Price Reduction

A decrease in the selling price of goods or services, typically to attract customers or boost sales.

Traceable Fixed Expense

Costs that are constant and can be directly attributed to a particular department, project, or business segment.

Net Operating Income

The total profit of a company after operating expenses are subtracted from operating revenues, excluding taxes and interest.

Price Hike

An increase in the price of goods or services offered by a company.