Choose the Word or Phrase in [ ] Which Will

question 120

Multiple Choice

Choose the word or phrase in [ ] which will correctly complete the statement. Select
-[More than | Fewer than] half the banking institutions in the U.S.are federally insured.

• A)for the first item
• B)for the second item
• C)if neither item will correctly complete the statement.

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Definitions:

Purchase Money Security Interest

A legal claim or lien on collateral provided by a borrower to secure a loan used to purchase the collateral.

Personal Property Security Act

Legislation governing the use of personal property as security for a loan or obligation, detailing rights concerning collateral.

Security Interest

A legal claim or lien on collateral that has been pledged, usually to secure repayment of a loan.

Guarantee

A written commitment whereby a guarantor agrees to pay a debt if the debtor does not.