Letters of Credit Are an Example of "Off-Balance-Sheet" Financing

question 19

True/False

Letters of credit are an example of "off-balance-sheet" financing.

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Definitions:

Nannie Helen Burroughs

An African American educator, orator, religious leader, and businesswoman, known for her activism for women's rights and the education of black children, founding the National Training School for Women and Girls in Washington, D.C., in 1909.

War Department

Former name for what is now the Department of Defense in the United States, responsible for military affairs until it was restructured in 1947.

Lynching

A form of violence in which a mob, without legal authority, kills someone, often by hanging, for an alleged offense with or without a legal trial.

American Federation

An umbrella organization for U.S. unions, representing overall labor interests.