Negotiable Instruments Payable to Whoever Is Bearing Them Are Known

question 22

Multiple Choice

Negotiable instruments payable to whoever is bearing them are known as ________ instruments.

• A) Demand
• B) Order
• C) Transactional
• D) Bearer
• E) Payor

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Definitions:

360-Day Year

An accounting convention that simplifies interest calculations by assuming each month has 30 days, totaling 360 days for the year.

Interest Calculation

The process of determining the charge for the use of borrowed funds or the return on invested funds, typically expressed as an annual percentage rate.

Accrued Interest

Interest that has been incurred but not yet paid or received.

90-Day Note

A short-term debt obligation that is due for repayment within 90 days of the note's issuance.