Which of the Following Statements Regarding Lines of Credit Is

question 15

Multiple Choice

Which of the following statements regarding lines of credit is FALSE?

• A)The line of credit agreement may also stipulate that at some point in time the outstanding balance must be zero.This policy ensures that the firm does not use the short-term financing to finance its long-term obligations.
• B)A revolving line of credit is an uncommitted line of credit that involves an informal agreement from the bank for a longer period of time,typically two to three years.
• C)The line of credit may be uncommitted,meaning it is an informal agreement that does not legally bind the bank to provide the funds.
• D)A revolving line of credit with no fixed maturity is called evergreen credit.

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Definitions:

NFPA

An abbreviation for the National Fire Protection Association, an organization that creates codes and standards for fire safety and prevention.

Voluntary Certification

A process where individuals or organizations choose to undergo an assessment against predetermined standards to receive a formal recognition of their qualifications or quality.

Licensing Requirements

The specific qualifications, standards, and conditions set by regulatory bodies that individuals or entities must meet to legally operate or practice in certain professions.

NALA

An association representing legal assistants and paralegals, providing education, certification, and professional development.