The Date on Which the Repayment for a Loan Is

question 21

Multiple Choice

The date on which the repayment for a loan is due is called:

• A) the maturity date.
• B) the deferment date.
• C) the deadline date.
• D) the face value date.
• E) the par date.

---

Definitions:

Fair Value

An estimated market value of an asset or liability based on current market prices or valuations of similar instruments.

Mortgage

A loan secured by real property, typically paid back with interest over a long period, used by individuals and businesses to purchase real estate.

Allowance Account

An account used in accounting to record reductions in the carrying amount of accounts receivable, due to potential or estimated uncollectible debts.

Net Realizable Value

The estimated selling price in the ordinary course of business minus the estimated costs of completion and the estimated costs necessary to make the sale.