MGT 315 Module 7 Mastery (Questions & Answers)
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Question 1
The _______ is a model act passed in 1949 that includes comprehensive laws that cover most aspects
of commercial transactions.
a. Gramm-Leach Bliley Act
b. Uniform Sales Act
c. Uniform Transactions Code
Selected: d. Uniform Commercial Code This answer is correct.
Correct. The Uniform Commercial Code (UCC) is a model act passed in 1949 that includes
comprehensive laws that cover most aspects of commercial transactions.
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Question 2
Which of the following is considered tangible personal property?
a. a car
b. a mutual fund investment
Selected: c. a trademark This answer is incorrect.
d. a patent
Actually, try again. Tangible personal property describes personal property that can be physically
relocated, such as cars, furniture, and office equipment. For more information on tangible personal
property, read the section “Exempted Personal Property” in Chapter 16 of your text.
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Question 3
Contractual duties and obligations include those specified by the agreement, the UCC, and _______.
a. other states
Selected: b. other nations This answer is incorrect.
c. custom
d. cultures
Actually, try again. Contractual duties and obligations include those specified by the agreement, the
UCC, and custom. For additional information, review the Chapter 12 section on “Performance and
Breach of Sales and Lease Contracts.”
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Question 4
When a creditor extends credit to a debtor and takes a security interest in some personal property of
the debtor, it is called a _______.
a. super-priority lien
b. collateral disposition
c. collateral disposition
Selected: d. secured transaction This answer is correct.
That is correct. A secured transaction is any transaction in which the payment of a debt is
guaranteed, or secured, by the debtor’s personal property.
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Question 5
Which of the following sales would be covered by Article 2 of the Uniform Commercial Code?
a. the sale of intangible goods
Selected: b. the sale of tangible goods This answer is correct.
, 1/1
Question 1
The _______ is a model act passed in 1949 that includes comprehensive laws that cover most aspects
of commercial transactions.
a. Gramm-Leach Bliley Act
b. Uniform Sales Act
c. Uniform Transactions Code
Selected: d. Uniform Commercial Code This answer is correct.
Correct. The Uniform Commercial Code (UCC) is a model act passed in 1949 that includes
comprehensive laws that cover most aspects of commercial transactions.
0/1
Question 2
Which of the following is considered tangible personal property?
a. a car
b. a mutual fund investment
Selected: c. a trademark This answer is incorrect.
d. a patent
Actually, try again. Tangible personal property describes personal property that can be physically
relocated, such as cars, furniture, and office equipment. For more information on tangible personal
property, read the section “Exempted Personal Property” in Chapter 16 of your text.
0/1
Question 3
Contractual duties and obligations include those specified by the agreement, the UCC, and _______.
a. other states
Selected: b. other nations This answer is incorrect.
c. custom
d. cultures
Actually, try again. Contractual duties and obligations include those specified by the agreement, the
UCC, and custom. For additional information, review the Chapter 12 section on “Performance and
Breach of Sales and Lease Contracts.”
1/1
Question 4
When a creditor extends credit to a debtor and takes a security interest in some personal property of
the debtor, it is called a _______.
a. super-priority lien
b. collateral disposition
c. collateral disposition
Selected: d. secured transaction This answer is correct.
That is correct. A secured transaction is any transaction in which the payment of a debt is
guaranteed, or secured, by the debtor’s personal property.
1/1
Question 5
Which of the following sales would be covered by Article 2 of the Uniform Commercial Code?
a. the sale of intangible goods
Selected: b. the sale of tangible goods This answer is correct.
