Fact Pattern 29-1B

question 22

Multiple Choice

Fact Pattern 29-1B
Tech Support Corporation uses its office equipment as collat?eral for a loan from United Bank. The bank files a financing statement with the secretary of state in the state in which Tech Support was chartered. One year later, Tech Support changes its name to Vector, Inc.
-Refer to Fact Pattern 29-1B. To continue the effectiveness of its perfected interest, United Bank must file

• A) a continuation statement after the original filing expires.
• B) an amendment to the financing statement before the period expires.
• C) a new financing statement immediately.
• D) a notice of repossession with all interested creditors.

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Definitions:

Machine-Hours

The total number of hours that machinery is operating for production purposes.

Machining

A manufacturing process involving the shaping of metal or other materials using machines such as lathes, milling machines, and grinders.

Finishing

Refers to the final process in manufacturing or production, where products are completed, treated, or coated to meet quality and design specifications.

Manufacturing Overhead

Indirect factory-related costs that are incurred when a product is manufactured, such as utilities and salaries for maintenance workers.