Single Lump-Sum Credit Is a Loan That Must Be Repaid

question 189

True/False

Single lump-sum credit is a loan that must be repaid in total on a specified day,usually within 30 to 90 days.

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Definitions:

Credit Account

is a financial arrangement where a borrower receives something of value now and agrees to repay the lender at a later date, often with interest.

Small Business Owner

A proprietor of a business enterprise that typically has a limited number of employees and a relatively low volume of sales.

Trade Credit

A financial arrangement where a buyer can purchase goods on account, paying the supplier at a later date, often used to improve cash flow.

New Businesses

Entities that have been recently established and are in the early stages of their operational and financial life cycle, facing unique challenges such as market entry and funding.