Which of the Following Would Be Considered a Merchant Under

question 2

Multiple Choice

Which of the following would be considered a merchant under the UCC?

• A)A woman sells her pistol to someone responding to a classified ad.
• B)A man who owns a jewelry store sells his used car to a neighbor.
• C)A gun dealer sells a rifle to someone who enters his shop.
• D)All of these are correct.

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Definitions:

Balance Sheet

A financial statement that summarizes a company’s assets, liabilities, and shareholders' equity at a specific point in time, providing a snapshot of its financial condition.

Inventory System

The methods and technologies used to keep track of the types, quantities, and locations of products a company has in stock.

Perpetual

Referring to a continuous inventory system where updates are made in real-time following each sale or purchase transaction.

Revenue

The total amount of money received by a company from its business activities, such as sales of goods or services, before any expenses are subtracted.