A Creditor Is a Person or Business Who

question 115

Multiple Choice

A creditor is a person or business who:

• A) has a receivable from another party.
• B) has a payable to another party.
• C) invests money in the stock of a company.
• D) purchases goods on account.

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Definitions:

Nonprofit

Organizations that operate for collective, public, or social benefit, without the goal of making profits for owners or investors.

Bankruptcy Estate

The assets and properties of an individual or entity undergoing bankruptcy, encompassing both tangible and intangible possessions.

Voluntary Chapter 7

A legal process initiated by an individual or business to declare bankruptcy, allowing for the liquidation of assets to pay off debts.

Exemption

A provision that allows an individual or entity to be excused from a usual requirement or rule.