_____ Law Defines the Rights and Duties of Individuals and Organizations

question 51

Multiple Choice

_____ law defines the rights and duties of individuals and organizations (including businesses) .

• A)Civil
• B)Criminal
• C)Competitive
• D)Administrative
• E)Regulatory

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Definitions:

Discount Date

The last day on which a cash discount may be taken. The day on which a note is discounted (sold).

Due Date

The final day an invoice is to be paid. After that day the buyer may be charged interest. Also, the date by which a loan is to be repaid.

Remittance

Amount that a buyer actually pays after deducting a cash discount.

Discount Period

A certain number of days after the invoice date, during which a buyer may receive a cash discount. The time between a note’s discount date and its maturity date.