Jack Writes a Note for Mary

question 12

Multiple Choice

Jack writes a note for Mary. The note states that 'I Jack promise to pay you Mary $500.00 on January 4, 2003, or anytime after that date when a demand is made." Jack has given Mary a

• A) certificate note.
• B) maker note.
• C) promissory note.
• D) certification.
• E) promise in a note.

---

Definitions:

Inventory Turnover

A metric indicating the number of times a business's stock is sold and replenished during a specific timeframe.

Net Sales

Sales revenue minus deductions for returns, allowances for damaged or missing items, and discounts.

Semiannually

Occurring twice a year or every six months, often used in the context of payments, interest accrual, or reporting periods.

Average Inventory

An accounting measure used to estimate the value or quantity of inventory over a period, typically calculated as the sum of the starting and ending inventory divided by two.