Under Article 2A

question 16

Multiple Choice

Under Article 2A.of the UCC,what is the correct term for a person who transfers the right to possession and use of goods under a lease?

• A)Lessee
• B)Acquirer
• C)Buyer
• D)Seller
• E)Lessor

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Definitions:

Operating Expenses

Operating expenses are the costs associated with running a business's day-to-day operations, excluding the cost of goods sold.

Gross Profit

The difference between the revenue earned from selling goods or services and the cost of goods sold, not including overhead or other indirect expenses.

Cost of Goods Sold

The direct monetary requirements for producing goods that a company sells, involving both materials and workforce.

Ending Inventory

The value of goods available for sale at the end of an accounting period, calculated as the beginning inventory plus purchases minus cost of goods sold.