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CBSE Class 10 - Social Science: Money and Credit: Role of Money in an Economy - Role of Money in an Economy

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Question

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

(A) It is the sum total of money borrowed from banks

(B) The amount borrowed from friends

(C) It is an asset of the borrower used as guarantee to a lender

(D) The amount invested in a business

Solution

(C) It is an asset of the borrower used as a guarantee to a lender

  Is there an error in this question or solution?
Solution Concept: Role of Money in an Economy.
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