In a Contract for Suretyship the Third Party Who Is

question 159

Multiple Choice

In a contract for suretyship the third party who is responsible for the borrower's payment obligations, or performance, to a creditor is known as the:

• A) banker
• B) borrowee
• C) principal
• D) lender
• E) none of the other choices are correct

Understand the essentials of planning within an organization, including identifying alternatives and selecting optimal solutions.

Comprehend the lean business model, including its main idea of eliminating waste and practices for continuous improvement.

Distinguish between managerial and financial accounting, focusing on their objectives and reporting requirements.

Recognize the importance of control measures in management, including performance reports and the PDCA Cycle.

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Definitions:

Terms 2/10 N/30

Terms 2/10 N/30 is a commercial credit term indicating that a buyer can deduct 2% of the invoice amount if payment is made within 10 days; otherwise, the full invoice amount is due in 30 days.

Invoice Paid

A financial transaction where an invoice has been settled or fulfilled, indicating that the billed goods or services have been paid for by the recipient.

Discount

A discount refers to a reduction from the usual cost of goods or services, often used as a marketing strategy to increase sales or reward customers.

Sales Revenue

The income earned by a company from its sales of goods or services before any expenses are deducted.