Which term refers to a security maintained as a computer record rather than a physical certificate?

The correct term for a security that is maintained as a computer record instead of as a physical certificate is "book entry." This method allows for the ownership of securities to be recorded electronically, streamlining the process of buying, selling, and transferring ownership of securities without the need for physical documentation.

Book entry securities help improve efficiency and reduce risks associated with physical certificates, such as loss or damage. By recording transactions electronically, financial institutions and investors can manage their portfolios more easily and ensure accurate tracking of ownership.

Other terms, while related to securities, do not specifically address the electronic recording concept. Fully registered refers to securities that are recorded in the name of the owner, while registered security typically emphasizes that the security is recorded with the issuer rather than indicating the format of its record-keeping. Meanwhile, a physical certificate refers to the traditional paper-based form of recording ownership, which contrasts with the concept of book entry.