Negotiable Instruments Function As

question 9

Multiple Choice

Negotiable instruments function as:

• A) substitutes for cash
• B) credit devices
• C) devices for making business deals easier
• D) are subject to Article 3 of the UCC
• E) all of the other choices

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Definitions:

Term

A fixed or limited period for which something, such as an agreement or investment, lasts or is intended to last.

Due Date

The date by which an obligation, such as a payment or submission, is required to be fulfilled.

Note Issued

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

Uncollectible Receivables

Accounts receivable that are considered to be uncollectable from customers, often written off as bad debt.