The Property Given to a Creditor as Security for a Debt

question 25

Multiple Choice

The property given to a creditor as security for a debt is known as:

• A) a mortgage.
• B) collateral.
• C) a pledge.
• D) a lien.
• E) ademption.

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Definitions:

Marginal Cost

The incremental cost incurred when producing one more unit of a good or service. This is a different phrasing for the concept given previously.

Marginal Benefit

The additional satisfaction or utility gained by consuming an extra unit of a good or service, a reiteration with different phrasing.

Patient Protection and Affordable Care Act (PPACA)

A federal law enacted in 2010 aimed at reducing healthcare costs and increasing health insurance coverage among Americans.

Personal Mandate

The requirement under the Patient Protection and Affordable Care Act (PPACA) of 2010 that all U.S. citizens and legal residents purchase health insurance unless they are already covered by employer-sponsored health insurance or government-sponsored health insurance (Medicaid or Medicare).