MGT 315 Module 7 Mastery (Questions & Answers)

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MGT 315 Module 7 Mastery (Questions & Answers) 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.

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