A Promissory Note

question 58

Multiple Choice

A promissory note:

• A) Is a short-term investment for the maker.
• B) Is a written promise to pay a specified amount of money at a certain date.
• C) Is a liability to the payee.
• D) Is another name for an installment receivable.
• E) Cannot be used in payment of an account receivable.

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Definitions:

Proclamation Of Neutrality

A declaration made by President George Washington in 1793, stating that the United States would remain neutral in the conflict between France and Great Britain, avoiding entanglement in European affairs.

Trade

The action of buying, selling, or exchanging goods and services between people or countries.

Secretary Of State

A high-ranking official in the U.S. government responsible for foreign affairs, traditionally regarded as the top cabinet post.

Hamilton

Alexander Hamilton, a founding father of the United States, known for being the first Secretary of the Treasury and founding the nation's financial system.