Joan Borrows Money from Jake Under a Security Agreement

question 21

Multiple Choice

Joan borrows money from Jake under a security agreement. After borrowing the money, Joan buys a new kayak. The kayak is considered

• A) a floating lien.
• B) after-acquired property.
• C) a future advance.
• D) proceeds.

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Definitions:

Spearman's "g" Factor

A theory proposing a single, overarching intelligence factor that accounts for individual abilities in various cognitive tasks, representing general cognitive capability.

Specialized Intellectual Abilities

Unique or distinct cognitive capabilities that are more developed in some individuals than others, allowing for exceptional performance in certain tasks or fields.

Fluid Intelligence

The ability to solve new problems, use logic in new situations, and identify patterns, independent of acquired knowledge.

Reason

The capacity for consciously making sense of things, applying logic, and establishing and verifying facts.