Which of the Following Statements Regarding a Line of Credit

question 139

Multiple Choice

Which of the following statements regarding a line of credit is true?

• A)The purpose for which the money is being borrowed must be stated by the borrower.
• B)A line of credit agreement usually fixes the interest rate that will be applied to any extensions of credit.
• C)A line of credit agreement is a legal commitment on the part of the bank to provide the stated credit.
• D)Such agreements usually cover the borrower's fiscal year.

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Definitions:

Binary Numbers

A numeric system that represents values using two symbols, typically 0 and 1, forming the basis of all modern computer systems.

Controller Scope Tags

In industrial programming, these are identifiers used within the controller's programming environment to define and manage variables or tags that are specific to a particular scope or context.

Routine

A set of programmed instructions designed to perform a specific task or function within a larger system.

Program

A set of instructions written in a programming language that a computer can execute or interpret to perform a specific task or operation.