Final answer:
Corporate bonds are a type of bond issued by a company that represents a claim against its general assets.
Step-by-step explanation:
Bonds that are a claim against a company's general assets are called corporate bonds. Corporate bonds are debt securities issued by private companies to raise capital. These bonds represent a loan to the company and entitle bondholders to periodic interest payments and the return of the principal amount at maturity.
For example, if a national department store issues corporate bonds, investors who purchase these bonds become creditors of the store and have a claim against its assets. In case of bankruptcy or default, bondholders have priority over equity shareholders, which means they have a higher chance of recovering their investment.