The Primary Difference Between a Line of Credit and a Revolving

question 87

Multiple Choice

The primary difference between a line of credit and a revolving credit arrangement is the:

• A)type of collateral used to secure the loan.
• B)length of the time period covered by the loan agreement.
• C)fact that the line of credit is a secured loan and the revolving credit arrangement is
• Unsecured.
• D)fact that the line of credit is an unsecured loan and the revolving credit arrangement is
• Secured.
• E)line of credit is a long-term financing agreement while the revolving credit arrangement is
• A short-term financing agreement.

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Definitions:

Respondeat Superior

Latin, meaning “let the master answer,” a doctrine under which an employer is legally liable for the acts of his or her employees, if such acts were performed within the scope of the employee’s duties.

Duces Tecum

a court order that requires an individual to produce documents or records for a legal proceeding.

Appointment Time

The specifically scheduled date and time set for a meeting, service, or consultation.