Information Collected and Stored About Individuals Should Be Limited to What

question 179

True/False

Information collected and stored about individuals should be limited to what is necessary to carry out the function of the business or government agency collecting the data.

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Definitions:

Statement of Income

A financial report that shows a company's revenue and expenses over a specific period, revealing the net profit or loss.

Secured Notes

Debt securities backed by collateral, providing lenders with assurance of repayment through the borrower's assets in case of default.

Mortgages

Loans specifically used to purchase real estate, where the property itself serves as collateral.

Deferred Revenue

Payments received by a company for goods or services that have yet to be delivered or performed.