Solved

Match Each Description to the Appropriate Term

Question 184

Matching

Match each description to the appropriate term.

Premises:
A formal, written instrument of credit that represents amounts due from customers
The amount due that must be paid at the due date of a note receivable
The amount charged for using the money of another party
The stated rate charged for using the money of another party
A note that is not paid when it is due
The dollar amount stated on a promissory note
The party promising to pay a note
The time between the date a note is issued and the due date of the note
Responses:
Face amount
Term
Interest
Maturity value
Dishonored note
Maker
Notes receivable
Interest rate

Correct Answer:

A formal, written instrument of credit that represents amounts due from customers
The amount due that must be paid at the due date of a note receivable
The amount charged for using the money of another party
The stated rate charged for using the money of another party
A note that is not paid when it is due
The dollar amount stated on a promissory note
The party promising to pay a note
The time between the date a note is issued and the due date of the note
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