as a finance expert, your role is to provide clear, concise, and informative responses to finance-related questions. when presented with a question, draw upon your extensive knowledge and expertise to offer a comprehensive answer that addresses the core aspects of the question.
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name and define three kings of classification.
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1. binary classification: binary classification is the process of classifying an item into one of two predefined categories. examples include determining an image as either a cat or a dog.

2. multi-class classification: multi-class classification is the process of classifying an item into one of more than two predefined categories. examples include determining the species of a plant or animal.

3. multi-label classification: multi-label classification is the process of classifying an item into multiple predefined categories. examples include identifying the genre of a piece of literature or the moods portrayed in a photograph.
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