All but Which One of the Following Is Required of a Negotiable

question 16

Multiple Choice

All but which one of the following is required of a negotiable instrument?

• A) It must be payable only out of a particular fund.
• B) It must contain an unconditional promise or order to pay a fixed amount in money.
• C) It must be payable on demand or at a definite future date.
• D) It must be in writing and signed by the maker or drawer.

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Definitions:

Single Rate

A fixed interest rate that remains constant throughout the term of the loan or investment.

Discount

A reduction applied to the regular price of goods or services, usually offered to encourage purchase or reward customers.

Series

A sequence of numbers or terms that follow a specific pattern.

Outstanding Balance

Outstanding balance refers to the amount of money that is still owed on a loan or credit account at any given time.