A Revolving Credit Agreement Is a Formal Line of Credit

question 56

True/False

A revolving credit agreement is a formal line of credit usually used by large firms. The firm will pay a fee on the unused balance of the committed funds to compensate the bank for the commitment to extend those funds.

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Definitions:

African Slavery

The forced enslavement of African people, primarily seen in historic contexts such as the transatlantic slave trade to the Americas.

Native Americans

The indigenous peoples of the United States, including those who were present prior to European colonization as well as their descendants.

Pueblo Revolt

Uprising in 1680 in which Pueblo Indians temporarily drove Spanish colonists out of modern-day New Mexico.

Catholic Missionary

A member of the Catholic Church who is sent to an area to promote Christianity through evangelism, education, and social services, often in foreign missions or underserved communities.