Lon Borrows Funds Through the U

question 5

Multiple Choice

Lon borrows funds through the U.S. Department of Education (DOE) to pay for his education. He defaults on the loan. DOE

• A)can keep the debtor's tax refund.
• B)may garnish the debtor's paycheck without a court order.
• C)might take the debtor's federal benefits.
• D)any of the choices.

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Definitions:

Chief Executive Officer

The highest-ranking officer in a company or organization, who is responsible for making major corporate decisions.

Independent Contractor

An individual or entity contracted to perform work for another entity as a non-employee, typically responsible for paying their own taxes and benefits.

Board of Directors

A group of individuals elected by shareholders to oversee the management and make key decisions for a corporation.

Liability

Refers to legal responsibility for one's actions or omissions, typically resulting in the obligation to pay damages or compensation.