_____ Is the Electronic Transfer of Data from One Location

question 62

Multiple Choice

_____ is the electronic transfer of data from one location to another.

• A)Data communication
• B)Data interpretation
• C)Data mining
• D)Data exchange

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Definitions:

Purchase Money Security Interest

A legal claim that allows a lender to repossess or foreclose on property if the borrower fails to pay back a loan used to purchase the property.

Collateral

An asset that a borrower offers to a lender to secure a loan, which the lender may seize if the borrower fails to repay the loan.

Perfected Security Interest

A perfected security interest is a legal claim or lien on collateral that has been publicly filed or registered, ensuring priority over others in the event of debtor default.

Financing Statement

A document filed to indicate a security interest in personal property, used to secure or claim debts.