What Is a Promissory Note

question 111

Short Answer

What is a promissory note?
A "gentleman's agreement" to pay for products which were shipped on faith that the payment would be forthcoming
A short-term loan which uses accounts receivable as collateral for a loan
An agreement signed by the buyer stating when and how much money will be paid to the seller in return for immediate credit
The requirement for a firm to maintain a certain amount of funds on deposit with the lending bank
The right given to a bank to seize certain assets if payment is not made when due

---

Definitions:

Quality Control Chart

A graphic representation of process data over time, used to monitor the quality of processes.

Central Tendency

A statistical measure that identifies a single value as representative of a dataset, typically through the mean, median, or mode.

Measuring Samples

The act of collecting and analyzing a subset of data from a larger population to draw conclusions or make predictions.