The Creditor Who Has to Rely on Collateral to Secure

question 44

True/False

The creditor who has to rely on collateral to secure payment is known as an unsecured creditor.

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Definitions:

Cabinet Departments

Major administrative units within the executive branch of the U.S. government, each headed by a Secretary, responsible for a specific area of government policy.

Public Bureaucracy

The body of government officials and administrators, often career civil servants, responsible for implementing policies and administering public programs.

Profit

The financial gain obtained when the revenue generated from business activities exceeds the expenses, costs, and taxes associated with them.

President's Advisers

A group of senior officials and experts who provide counsel and assistance to the President of the United States on various matters.