It Is Not Unusual to Find Persons with a Variety

question 49

True/False

It is not unusual to find persons with a variety of skills and skill levels serving as contingent workers. Contingent workers in the U.S. are usually under 25 years of age and may include independent contractors, middle management positions, and even college students who only want to work during the summer months.

---

Definitions:

Secured Creditor

A creditor that has a legal interest, usually called a lien, in a debtor’s property, securing the debt and giving the creditor rights to the property if the debt is not repaid.

Collateral

Assets pledged by a borrower to secure a loan, which can be seized by the lender if the loan is not repaid.

Security Interest

A legal claim or lien on assets which secures the performance of an obligation, usually repayment of a loan.

Present and After-Acquired Equipment

Refers to a security interest in equipment that a borrower currently owns and any equipment they will acquire in the future.