A Creditor That Has a Specific Asset Pledged as Collateral

question 33

Multiple Choice

A creditor that has a specific asset pledged as collateral are called

• A) secured creditors
• B) unsecured creditors
• C) general creditors
• D) shareholders

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Definitions:

Commission

A fee paid to an agent or employee for transacting a piece of business or performing a service, often a percentage of the sale.

Net Proceeds

The amount of money received from a sale after subtracting costs and expenses.

Commission

A fee paid to an agent or employee for transacting a sale or performing a service, often a percentage of the sale amount.

Consignment

The act of giving goods to another party to sell on your behalf, but retaining ownership until the goods are sold.