There Can Be No Liability Without

question 55

Multiple Choice

There can be no liability without:

• A) motive
• B) omission
• C) harm
• D) an attempt

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Definitions:

Interest Expense

An accounting item representing the charge for the use of borrowed funds, affecting an organization's net income.

Note Payable

A written promise to pay a specified sum of money, often bearing interest, at a future date.

Interest Payment

The amount paid at intervals by a borrower to a lender as compensation for the use of borrowed money.

Principal Payment

A payment towards the original amount of a loan, not including interest.