What is a peak association?
What will be an ideal response?
Answer: A peak association is a group that represents the political interests of many companies and industries.
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Jones lives in Oklahoma and is the owner of a large number of valuable antiques. Treasures Delight, located in Arkansas, is a seller of antiques. Treasures Delight is owned by Sally Delight. Delight offers to purchase all of the antiques owned by Jones paying 60% of the agreed price and, by agreement, signs a security agreement for the balance putting up her entire inventory as security. The security agreement provides for monthly payments. Which of the following is correct?
A. Since this is a purchase money security interest, Jones is automatically perfected without a filing. B. Although this is a purchase money security interest, Jones must file to have a perfected security interest. C. There is not a purchase money security interest because being antiques for resell classifies the collateral as inventory. D.If Jones decides to file for perfection of his security interest, Jones would file a financing statement in Oklahoma.
Resources owned or controlled by a company that are expected to yield future benefits are:
a. Assets. b. Revenues. c. Liabilities. d. Owner's Equity. e. Expenses.