The Owner of a Small Automobile Garage Has Been Advised

question 97

Multiple Choice

The owner of a small automobile garage has been advised to use an application form in evaluating applicants.This form will be most useful in discovering

• A)arrest records.
• B)general background information.
• C)physical disabilities.
• D)religious orientation.

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Definitions:

Installment Note

A debt instrument that requires regular payments, or installments, of principal and interest over a set period, until the debt is fully repaid.

Journal Entry

A record in accounting that shows a business transaction and its effect on the accounts, typically involving a debit and credit.

Interest Expense

The cost incurred by an entity for borrowed funds, referring to the interest payments made on any form of debt for a specific period.

Notes Payable

Notes payable are written agreements where a borrower agrees to pay back a specified amount of money, plus interest, to a lender by a certain date.