Use the Following to Answer the Questions Below

question 12

Multiple Choice

Use the following to answer the questions below:
In each of the following multiple-choice questions, characterize EACH of the three given statements as being TRUE or FALSE and then indicate the collective true-false status of the statements using the choices:
-Statements:
(1) Fats and oils have the same general chemical structure.
(2) Biological waxes have a three-component "block diagram."
(3) In facilitated transport, a substance crosses a cell membrane with the help of a protein "pump."

• A) All three statements are true.
• B) Two of the three statements are true.
• C) Only one of the statements is true.
• D) None of the statements is true.

---

Definitions:

Interest Expense

The cost incurred by an entity for borrowed funds over a period of time, typically reported on the income statement.

Notes Payable

Notes payable refers to the written promises to pay a certain amount of money, usually including interest, by a certain date, and are recognized as liabilities on a company's balance sheet.

Interest-Bearing Note

A debt instrument that pays interest to the holder until it reaches its maturity date.

Notes Payable

Liabilities represented by formal agreements or promissory notes to pay specific amounts of money at designated times.