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BLAW 3310 - Exam 3 Review Test Bank, Complete Solution Guide: Latest Guide - University of Texas, Arlington. $18.99   Add to cart

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BLAW 3310 - Exam 3 Review Test Bank, Complete Solution Guide: Latest Guide - University of Texas, Arlington. 1. Every year, creditors have to absorb in unpaid debt: a. about $100 million b. about $5 billion c. over $20 billion d. less than $5 million e. about $20 million ANSWER: c (page 331)...

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BLAW 3310 - Exam 3 Review Test Bank, Complete Solution
Guide: Latest Guide - University of Texas, Arlington.

,BLAW 3310 - Exam 3 Review Test Bank, Complete Solution
Guide: Latest Guide - University of Texas, Arlington.

Chapter 12


Negotiable Instruments, Credit, and Bankruptcy

1. Every year, creditors have to absorb in unpaid debt:
a. about $100 million
b. about $5 billion
c. over $20 billion
d. less than $5 million
e. about $20 million

ANSWER: c (page 331)

National: AACSB Analytic; AICPA BB-Legal

2. Every year, creditors have to absorb in unpaid debt:
a. about $10 million
b. about $1 billion
c. about $20 million
d. about $50 million
e. none of the other choices are correct

ANSWER: e (page 331)

National: AACSB Analytic; AICPA BB-Legal

3. The law of negotiable instruments has it origins in:
a. France
b. Rome
c. England
d. Spain
e. Ancient Greece

ANSWER: c (page 332)

National: AACSB Analytic; AICPA BB-Legal

4. The law of negotiable instruments has its origins in:
a. France
b. Rome
c. Kenya
d. Spain
e. none of the other choices are correct

,ANSWER: e (page 332)

National: AACSB Analytic; AICPA BB-Legal

5. Before passage of laws affecting negotiable instruments:
a. the right to payment was a contract right that could not be sold
b. business was done on a cash basis only
c. businesses were required to maintain large cash reserves (or cash equivalents, such
as land or other property) as a guarantee of future payment for credit sales
d. it was possible to buy products internationally only by opening a letter of credit as
a guarantee of payment
e. credit cards were the most common exchange form used

ANSWER: a (page 332)

National: AACSB Analytic; AICPA BB-Legal

6. Negotiable instruments:
a. substitute for cash
b. are generally also gold certificates
c. make business deals more difficult
d. are part of federal regulatory controls
e. none of the other choices

ANSWER: a (page 332)

National: AACSB Analytic; Communication; AICPA BB-Legal

7. Negotiable instruments function as:
a. substitutes for cash
b. credit devices
c. devices for making business deals easier
d. are subject to Article 3 of the UCC
e. all of the other choices

ANSWER: e (page 332)

National: AACSB Analytic; Communication; AICPA BB-Legal

8. Negotiable instruments are not:
a. substitutes for cash
b. credit devices
c. devices for making business deals easier
d. generally subject to Article 3 of the UCC
e. none of the other choices

, ANSWER: e (page 282)

National: AACSB Analytic; Communication; AICPA BB-Legal

9. Negotiable instruments are not:
a. substitutes for cash
b. credit devices
c. subject to Article 2 of the UCC
d. devices for making business deals easier
e. all of the other choices

ANSWER: c (page 332)

National: AACSB Analytic; Communication; AICPA BB-Legal

10. Negotiable instruments are a part of the commercial law through:
a. Article 2 of the UCC
b. Article 3 of the UCC
c. Article 3 of the CISG
d. Article 3 of the Constitution
e. Article 3 of the Universal Trade Code

ANSWER: b (page 332)

National: AACSB Analytic; AICPA BB-Legal

11. Negotiable instruments are a part of the commercial law through:
a. Article 2 of the UCC
b. Article 3 of the Universal Trade Code
c. Article 3 of the CISG
d. Article 3 of the Constitution
e. none of the other choices are correct

ANSWER: e (page 332)

National: AACSB Analytic; AICPA BB-Legal

12. A(n) functions as a substitute for cash.
a. parley
b. easement
c. negotiable instrument
d. notable instrument
e. credit instrument

ANSWER: c (page 332)

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