________ Are Established to Eliminate the Necessity of Checking a Major

question 32

Multiple Choice

________ are established to eliminate the necessity of checking a major customer's credit each time a major purchase is made.

• A) Credit standards
• B) Credit policies
• C) Credit departments
• D) Lines of credit

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Definitions:

60-Day Note

A financial instrument that is payable within 60 days, often used in business transactions as a form of short-term borrowing.

Intermediate Calculations

Calculations performed as steps toward solving a final problem or arriving at a final figure, often used in mathematical or financial analyses.

Maturity Date

The specified date on a financial instrument at which the principal (or final payment) is due to be paid.

Promissory Note

A financial document in which one party promises in writing to pay a determinate sum of money to another party under specific terms.