Classification of Tangible Goods

Question 1

Consumer Goods

Answer 1

Goods bought for use primarily for personal, family, or household purposes

Question 2

Inventory

Answer 2

• Goods (other than farm products) held by a person for sale or lease to be furnished under contract of service
• Raw materials, work in process, materials used or consumed in business

Question 3

Equipment

Answer 3

Goods, other than inventory, farm products, or consumer goods (default!)

Question 4

Farm Products

Answer 4

Crops, livestock, supplies produced in a farming operation or products of crops/livestock in their unmanufactured state in possession of debtor who is engaged in farming operation