Specification-based testing aims to test the functionality of software according to the applicable requirements. This level of testing usually requires thorough test cases to be provided to the tester, who then can simply verify that for a given input, the output value (or behavior), either "is" or "is not" the same as the expected value specified in the test case. Test cases are built around specifications and requirements, i.e., what the application is supposed to do. It uses external descriptions of the software, including specifications, requirements, and designs to derive test cases. These tests can be functional or non-functional, though usually functional.
What term is used to test functionality of the software accordingly with the application requirements?
Specification-based testing

Australian citizens and residents from other parts of the nation now have automatic right of residence on the island after meeting these criteria (Immigration (Amendment No. 2) Act 2012). Australian citizens must carry either a passport or a Document of Identity to travel to Norfolk Island. Citizens of all other nations must carry a passport to travel to Norfolk Island even if arriving from other parts of Australia. Holders of Australian visas who travel to Norfolk Island have departed the Australian Migration Zone. Unless they hold a multiple-entry visa, the visa will have ceased; in which case they will require another visa to re-enter mainland Australia.
What will happen to travelers with an Australian visa who don't depart from the Australian Migration Zone?
the visa will have ceased

As part of the housing and credit booms, the number of financial agreements called mortgage-backed securities (MBS) and collateralized debt obligations (CDO), which derived their value from mortgage payments and housing prices, greatly increased. Such financial innovation enabled institutions and investors around the world to invest in the U.S. housing market. As housing prices declined, major global financial institutions that had borrowed and invested heavily in subprime MBS reported significant losses.
What are MBS as related to the housing and credit booms?
mortgage-backed securities