Secured loans use one of your assets, such as a car or boat, as collateral to guarantee that the lending institution will get the loan back even if you fail to make payments. A. True
B. False

True.

Explanation:

Most banks or financial institutions that offer loans to borrowers always ask the borrowers to present a collateral before the loan can be granted. The collateral acts as a security, it assures the lender their money lent would be recovered or the borrower would have to forfeit the collateral.

answer; that person may have a larger tax bill to pay on income taxes;

being born in poverty would limit the people's chances, opportunities and benefits.

this happen because of several things, such as:

- poor people tend to gain less access to good education and nutrition. this mean that their chance to obtain high paying jobs would also be limited.

- poor people tend to socialize with other poor people while the rich tend to socialize with other rich people. this means that simply throguh their social circle, rich people would have more business opportunities compared to the poor people.

- rich people tend to have more capital in their disposal. this would benefit them in business since it is far easier for them to fund their business operation compared to poor people.