When a Note Matures

question 144

Multiple Choice

When a note matures:

• A) the debtor must pay the creditor the principal amount of the note.
• B) the creditor must pay the debtor the interest due on the note.
• C) the debtor must pay the creditor the maturity value of the note.
• D) the creditor must pay the debtor the maturity value of the note.

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Definitions:

Internal Revenue Service

The U.S. federal agency responsible for administering and enforcing the tax laws and collecting taxes.

Corporate Officer

Executives who are appointed by a corporation's board of directors to manage the corporation's affairs.

Day-To-Day Operations

The regular, routine activities necessary for a business or organization to function effectively.

Model Business Corporation Act

A standardized set of laws designed to regulate business corporations, serving as a guide for state legislatures in drafting their corporate statutes.