If an Instrument States No Time for Payment, the Note

question 30

True/False

If an instrument states no time for payment, the note is payable on demand.

---

Definitions:

Variable Cost

Costs that change in proportion to the level of production or sales volume.

Outside Supplier

A third-party entity that provides goods or services to a company, typically not affiliated with the company's internal supply chain.

Fixed Manufacturing Overhead

The portion of manufacturing overhead costs that remains constant regardless of the level of production or output volume.

Variable Cost

Costs that vary directly with the level of production or sales volume, such as materials and labor directly involved in manufacturing.