INSTRUCTIONS: Choose the Word or Phrase in [ ] Which

question 97

Multiple Choice

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement.
-Loan repayment of a [PLUS | Stafford] loan would begin a month after the loan is received.

• A)for the first item
• B)for the second item
• C)if neither item will correctly complete the statement.

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Definitions:

Indorsement

A signature or stamp on a financial document transferring the rights and responsibilities from one party to another.

Transferor

The party who transfers a right, title, or interest in property to another party, known as the transferee.

Dishonored Check

A check that a bank has refused to cash or pay because there are insufficient funds in the account on which it was drawn, or because it is considered a fraudulent check.

Contractual Obligation

is a legal duty that arises out of a contract, requiring a party to fulfill the terms of the agreement.