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Secured Transactions: Examples & Explanations

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

When a debtor fails to fulfill the terms of the security agreement, it's known as a:

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1. In a secured transaction, the creditor is also known as the:

2. In a secured transaction, the creditor's right to the collateral is also known as the:

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About This Quiz & Worksheet

These assessments will test your knowledge of secured transactions. You'll need to know what happens when a debtor fails to fulfill the terms of the security agreement and what the creditor is also known as in a secured transaction.

Quiz & Worksheet Goals

Use this printable worksheet and quiz to review the characteristics of:

  • Attachment
  • Default
  • Repossession
  • Security interest
  • Secured party

Skills Practiced

This worksheet and quiz will let you practice the following skills:

  • Interpreting information - verify you can read information regarding creditors and interpret it correctly
  • Reading comprehension - ensure that you draw the most important information from the related business law lesson
  • Defining key concepts - ensure that you can accurately define main phrases and terms, such as attachment and repossession

Additional Learning

To learn more, review the corresponding lesson titled Secured Transactions: Examples & Explanations. This lesson will help you:

  • Describe the difference between a secured transaction and an unsecured one
  • Identify how secured transactions work
  • Explain how the security interest becomes effective
  • Appreciate how to recoup the amounts covered in a loan
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