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Which one of the following is the appropriate meaning of collateral? - Social Science

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MCQ

Which one of the following is the appropriate meaning of collateral?

Options

  • It is the sum total of money borrowed from banks.

  • The amount borrowed from friends.

  • It is an asset of the borrower used as guarantee to a lender.

  • The amount invested in a business.

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Solution

It is an asset of the borrower used as a guarantee to a lender.

Concept: Role of Money in an Economy
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