John Buys a New Car with the Help of a Loan

question 58

Multiple Choice

John buys a new car with the help of a loan. He permits the creditor to take possession of the car if he cannot repay the loan in time. Here, the car is the ________.

• A) after-acquired property
• B) collateral
• C) intangible personal property
• D) floating lien

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Definitions:

TPSs

Computerized systems crucial for conducting and recording business transactions efficiently, specifically designed to handle user transactions and operations in real-time to ensure data integrity and processing reliability.

ERP Systems

Enterprise Resource Planning Systems integrate various functions like finance, HR, manufacturing, and supply chain into a unified system to streamline processes and information across the organization.

Opendoor

A technology company in the real estate sector that simplifies the process of buying and selling homes through digital platforms.

Commission

A fee paid to an agent or employee for transacting a piece of business or performing a service, especially a percentage of the money received from a total paid to the agent responsible for the business.