Checks from Customers Who Pay Their Accounts Promptly Are Called

question 155

True/False

Checks from customers who pay their accounts promptly are called outstanding checks.

---

Definitions:

Debt Ceiling

The maximum amount of money the government is authorized to borrow without seeking approval from Congress.

Chapter 12

A chapter of the Bankruptcy Code specifically designed to address the financial restructuring of family farmers and fishermen.

Farmers

Individuals or entities engaged in the act of agriculture, growing crops and/or raising animals.

Unsecured Debts

Debts that are not backed by an asset or collateral, increasing the risk for lenders if the borrower defaults.