Chapter 4 Quiz

  1. Title to fixtures, shelves, counters, and merchandise is transferred or conveyed by:

    A) A deed
    B) A bill of sale
    C) A security agreement
    D) An escrow
    Bill of sale
  2. The stock and fixtures that are to be transferred with the sale of a business are usually enumerated in

    A) A contract of sale
    B) An inventory
    C) A deed
    D) An appraisal
  3. The number of times a given inventory sells within a one year period is known as:

    A) Turnover
    B) Net worth
    C) Assets
    D) Short-rate
  4. The California Law which is designed to regulate secured transactions in personal property and to warn transferor's creditors of a bulk transfer is known as the:

    A) Business and Professions Code
    B) Uniform Commercial Code
    C) Uniform Corporate Code
    D) Civil Procedure Code
    Uniform Commercial Code
  5. A Financing statement may be released from the records by 

    A) Payment in full
    B) A reconveyance
    C) Filing a release statement
    D) Death of the mortgagor
    Release statement
  6. The instrument used to secure a loan on personal property is called a:

    A) Bill of sale
    B) trust deed
    C) Security agreement
    D) Bill of exchange
    Security agreement
  7. When a retail business is sold, the state agency that is most concerned with protecting the the purchaser against "successor's liability" is the:

    A) Alcoholic Beverage Control Board
    B) Secretary of State
    C) Division of Corporations
    D) State Board of Equalization
    State Board of Equalization
  8. When a retail business is sold, it is necessary to pay state sales tax on:

    A) Furniture and fixtures
    B) Good will
    C) Stock in trade transferred
    D) None of the preceding
    Furniture and fixtures
  9. A sales tax permit must be obtained from the State Board of Equalization:

    A) By persons only when engaged in a retail business
    B) By persons engaged in a wholesale or retail business
    C) By everyone and is valid for only three years
    D) Only if the business operates as a franchise
    Wholesale and Retail
  10. The california state agency that governs the issuance of liquor licenses is the:

    A) State Board of Equalization
    B) State Franchise Tax Board
    C) Board of Supervisors
    D) Department of Alcoholic Beverage Control
    Department of Alcoholic Beverage Control
  11. All of the following are considered as ways to legally describe property except

    A) U.S. Government Survey
    B) Topographical Survey
    C) Metes and Bounds
    D) Lot and Block System
    Topographical survey
  12. When a metes and bounds description uses angles for direction, the angles are taken from:

    A) North or South Points
    B) East or West Points
    C) North and East Points
    D) South and west points
    North and South
  13. Which of the following statements is incorrect with regard to a property description using a metes and bounds description?

    A) It is often used for properties on which no tract map has been recorded
    B) It is brief and simple to understand and interpret
    C) It is not the only type of legal description
    D) It is often used to describe irregularly-shaped properties
    It is brief and simple
  14. Section 36 is located in which corner of a township

    A) Southeast
    B) Northwest
    C) Northeast
    D) Southwest
  15. The distance between the Southeast corner of section 4 and the Northwest corner of section 34 in a given township is:

    A) 4 miles
    B) 8 miles
    C) 10 miles
    D) 12 miles
    4 miles
  16. In what direction does the Humboldt Meridian Line run?

    A) East and West
    B) Southwest
    C) Northwest
    D) North and South
    North and South
  17. Which of the following would not make a good point of reference in a metes and bounds description?

    A) A neighboring property line
    B) A Corner of a township
    C) A neighbor's fence
    D) A corner of a section
    Neighbor's fence
  18. Which of the following is not a Base and Meridian Line in California

    A) Mt. Wilson
    B) Mt. Diablo
    C) Humboldt
    D) San Bernardino
    Mt. Wilson
  19. The North half or the est half of a section of land contains:

    A) 320 Acres
    B) 640 Acres
    C) 480 Acres
    D) 420 Acres
    320 Acres
  20. The N half of the North Half of a section contains:

    A) 160 Acres
    B) 320 Acres
    C) 640 Acres
    D) 420 Acres
    160 Acres
Card Set
Chapter 4 Quiz
Chapter 4 Quiz