A Line of Credit Is an Informal Agreement That Permits

question 26

True/False

A line of credit is an informal agreement that permits a company to borrow up to a prearranged limit without having to follow formal loan procedures and paperwork.

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Definitions:

Inform

The act of providing or sharing knowledge, data, or details to educate or update someone on a particular subject.

Pioneering Product

The first of its kind product introduced into the market, which opens up a new category for consumers and typically enjoys a temporary monopoly.

Informational

Pertaining to or providing useful or important information or data.

Unlimited Talk

A telecommunications plan feature that allows users to make as many calls as they like for a fixed rate.