A Customer Is Billed Monthly on the Basis of His/her

question 24

Multiple Choice

A customer is billed monthly on the basis of his/her outstanding cumulative balance in a(n) ________.

• A) debit account
• B) open credit account
• C) revolving credit account
• D) option credit account

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Definitions:

Individual

Pertaining to or characteristic of a single, particular person or thing as opposed to a group.

Mining Partner

A member of a partnership formed for the purpose of mining activities, sharing in the profits and liabilities of the venture.

Transferable

Capable of being passed on or conveyed from one person or entity to another.

Partnership Capital

When a partnership or limited liability partnership is formed, partners contribute cash or other property to the partnership.