Under the ____ Form of Ownership, Any Money Borrowed by the Business

question 44

Multiple Choice

Under the ____ form of ownership, any money borrowed by the business is loaned to the owner personally.

• A)partnership
• B)corporation
• C)sole proprietor
• D)stewardship

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Definitions:

Security Interest

A legal claim or right granted over an asset to secure the performance of an obligation, typically repayment of a loan.

Overages

Extra charges incurred when a project goes over its budget, often applied in construction, film production, or retail leasing contexts.

Underages

Instances where the quantity or amount of something is less than what is expected, required, or legally necessary.

Personal Property Security Act

Legislation that governs the creation and registration of security interests in personal property to secure payment or performance of an obligation.