Ron leases a car from Uptown Motors and pays $225 a month as a lease payment. Which one of the following terms applies to Ron?

Ron leases a car from Uptown Motors and pays $225 a month as a lease payment. Which one of the following terms applies to Ron?    A.  lessee B.  lessor C.  guarantor D.  trustee E.  manager Refer to section 27.1

2.	The party who owns a leased asset is called the:    A.  lessee. B.  lessor. C.  guarantor. D.  trustee. E.  manager. Refer to section 27.1

3.

Kate is leasing some equipment from Ajax Leasing for a period of one-year. Ajax pays the maintenance, taxes, and insurance costs for this equipment. The life of the equipment is 7 years. Which type of lease does Kate have?    A.  open B.  straight C.  operating D.  financial E.  tax-oriented Refer to section 27.1