Abstract: An asset protection transponder, which may be attached to a set of keys, a car, a brief case, or even a person, transmits a response signal when queried by a transponder-pager worn by the user. The transponder-pager transmits a query signal automatically at appropriate intervals. Each asset protection transponder is on a different frequency and tone encoder setting. The transponder-pager provides both an audible and visible alarm that tells the user which asset is out of range. A test circuit lets the user poll each of the asset protection transducers to make certain that it is still within range.