Which Term Refers to a Document That Contains a Written

question 16

Multiple Choice

Which term refers to a document that contains a written promise to pay another person a specific amount on demand or at a specified date?

• A) promissory note
• B) cheque
• C) debit card
• D) credit card

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Definitions:

Service Company

A business that provides services to consumers or other businesses rather than manufacturing goods.

Planning Budget

A budget established at the beginning of the budgeting period that is valid only for the planned level of activity.

Net Operating Income

A financial metric that calculates a company's profit after operating expenses are subtracted but before income taxes and interest are deducted.

Variable Manufacturing Overhead

Costs in manufacturing that vary with the level of production output, such as utilities or indirect material costs, but do not include direct materials or direct labor.