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When installing an oil pump in an engine: Technician A packs the pump with petroleum jelly. Technician B submerges the pump in clean oil and rotates the pump shaft to fill the pump body. Who is correct?
Pledged Assets
Assets that are pledged as security or collateral for a loan or obligation, ensuring the lender has a claim to the asset in case of default.
Accounts Payable
Short-term obligations or debts a company owes to its suppliers or creditors.
Note Payable
A written promise to pay a specific amount of money, often bearing interest, at a future date or on demand.
Liquidated
The process of closing a business by selling off assets to pay creditors and distributing any remaining assets to the owners or shareholders.
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