(1) A bank taking possession of collateral does not have to file a financing statement in order to perfect its interest. (a) True. (b) False.

(2) A description of the collateral does not need to be included in a security agreement.

(a) True.

(b) False.

(3) A transaction in which the payment of a debt is guaranteed by personal property owned by the debtor is a(n) ____________.

a) Secured transaction.

b) Approved transfer.

c) Guaranteed debt.

d) Approved guarantee.

e) Effected transaction.

(4) Generally, unsecured parties have priority over secured parties?

(a) True.

(b) False.

(5) If two parties are secured, and perfected, in the same collateral, in general the last party to perfect has priority.

(a) True.

(b) False.

(6) To create an enforceable security interest, the secured party must give value.

(a) True.

(b) False.

(7) A security interest cannot be perfected without the filing of a financing statement.

(a) True.

(b) False.

(8) A security agreement may provide for coverage of after-acquired property, but not for proceeds..

(a) True.

(b) False.

(9) The creditor must perfect a security interest in the collateral of the debtor in order to become a secured party.

(a) True.

(b) False.

(10) When a debtor uses collateral to secure a loan from a bank, a purchase-money security interest is created.

(a) True.

(b) False.

(11) When a debtor sells collateral, he or she receives ____________, something that is exchanged for collateral.

(a) Proceeds.

(b) Post-Financed Funds.

(c) Subsequent-acquired collateral.

(d) After-acquired property.

(e) Collateral.

(12) What is the likely effect on perfection when a financing statement is filed under an incorrect name?

(a) The perfection is likely not effective.

(b) Perfection is effective if the error involves the name of a corporation, but not if the error involves the name of an individual.

(c) Perfection is effective if the debtors name is incorrect, but not if the secured partys name is incorrect.

(d) Perfection is effective if the debtors name is incorrect, but not if the secured partys name is incorrect.

(e) There is usually no effect on perfection.

(13) To take goods free of any security interest, a buyer in the ordinary course of business cannot know about

the interest.

(a) True.

(b) False.

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