The Commitment Concept Says That Plans Should ________

question 9

Multiple Choice

The commitment concept says that plans should ________.

• A) extend far enough to meet those commitments made when the plans were developed
• B) be done for as long a time period as possible
• C) be done for as short a time period as possible
• D) not commit to specifically meeting the goals made when the plans were developed

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Definitions:

Acceleration Clause

A contract provision that allows a lender to require a borrower to repay all of an outstanding loan if certain agreed upon conditions are not met.

Market Value

The price at which an asset would trade in a competitive auction setting, reflecting what a willing buyer would pay a willing seller.

Mortgage

A loan in which property or real estate is used as collateral. The borrower agrees to pay back the loan, with interest, over a set period of time.

Co-Sureties

Multiple parties who join together to provide surety or a guarantee for the performance or obligations of another.