When a Promissory Note Is Incomplete at the Time the Maker

question 69

True/False

When a promissory note is incomplete at the time the maker signs it, the maker is not obligated to pay.

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Definitions:

Direct Materials Budget

A financial plan that estimates the raw materials needed to meet production targets and the expected costs of those materials.

Materials Per Unit

The quantity of materials required to manufacture a single unit of product, often used in costing and budgeting.

Total Pounds Needed

A quantity measurement usually used in manufacturing or production to indicate the total weight of material required.

Ending Direct Materials

The value of materials available for use at the end of an accounting period after accounting for all usage and purchases.