A Business Repays the Amount Borrowed on a Note Payable

question 119

Multiple Choice

A business repays the amount borrowed on a note payable.Which account is credited?

• A) Cash
• B) Equipment
• C) Notes payable
• D) Notes receivable

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Definitions:

Maslow's Hierarchy

A theory proposed by Abraham Maslow outlining a hierarchy of human needs, from basic physiological needs to self-actualization, suggesting that higher needs become motivational only after lower needs are satisfied.

Higher Needs

Advanced psychological needs such as self-actualization and esteem needs, following basic physiological and safety needs in Maslow's hierarchy.

Lower Needs

Basic physiological and safety requirements in Maslow's hierarchy, essential for an individual's survival.

Humanistic Psychology

A psychological perspective that emphasizes the study of the whole person, and the uniqueness of each individual's experience, focusing on personal growth and the concept of self-actualization.