A written promise to pay a sum of money on demand or at a definite time is called a(n)
A)default.
B)deferral.
C)accrual.
D)promissory note.

Question

Quizplus · Accepted Answer

A promissory note is a written agreement to repay a loan or debt on a specific date or on demand. It includes the amount of the loan, interest rate, and terms of repayment. Therefore, the best choice is D. The other options, default, deferral, and accrual, do not accurately describe a written promise to pay a sum of money.

A Written Promise to Pay a Sum of Money on Demand