Which of the Following Statements About Foreclosure of Liens Is

question 3

Multiple Choice

Which of the following statements about foreclosure of liens is true?

• A) The lienholder need not give notice to the debtor for holding a sale of the possessed goods.
• B) The lienholder need not bring a lawsuit against the debtor if there is no statutory procedure.
• C) The right of a lienholder to possess goods does not automatically give the lienholder the right to sell the property.
• D) The lienholder cannot have the property sold at a judicial sale.

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Definitions:

Advertising Expense

The cost incurred to promote products, services, or the overall brand, which is often reported on the income statement.

Period Costs

Expenses that are not directly tied to the production of goods or services, such as selling, general, and administrative expenses.

Selling

The process of exchanging a product or service for money; involves promoting and delivering goods to customers.

Administrative

Related to the activities that manage, organize, and run an organization including tasks such as budgeting, staffing, and directing resources.