Understanding Promissory Notes

Understanding Promissory Notes

University

5 Qs

quiz-placeholder

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Understanding Promissory Notes

Understanding Promissory Notes

Assessment

Quiz

Mathematics

University

Practice Problem

Easy

Created by

Hasliza Halim

Used 4+ times

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5 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the role of a promissory note?

A promise to pay within one year of the issuing of the promissory note.

A promise to pay with terms and conditions that include when and how much to pay.

A promise to pay whenever you can.

A promise to get a job.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a promissory note?

A written promise to pay a specific amount of money at a future date

A contract to borrow money from a bank

A type of insurance agreement

A certificate of deposit

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT typically included in a promissory note?

The amount to be paid

The date of payment

A description of the goods purchased

The name of the payee

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who is the party that promises to pay in a promissory note?

The payee

The maker

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

From the promissory notes, identify the term of the note

Two months after, 10% per annum

Madam Sharifah

23 Feb 2024

Kaira

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