Quiz-What is a Promissory Note PDF

QUIZ Which description best describes a promissory note? A. A written promise B. A written debt instrument\* C. A form of credit D. A type of investment Who is the borrower in a promissory note also known as? A. Payee B. Holder C. Promisor\* D. Beneficiary Which of the following is NOT ty...

QUIZ Which description best describes a promissory note? A. A written promise B. A written debt instrument\* C. A form of credit D. A type of investment Who is the borrower in a promissory note also known as? A. Payee B. Holder C. Promisor\* D. Beneficiary Which of the following is NOT typically included in the terms of a promissory note? A. Amount borrowed B. Interest rate C. Borrower's promise D. Investment returns\* What does the maturity date on a promissory note refer to? A. The date the note was created B. The date the final payment is due\* C. The date the borrower was born D. The date the borrower's credit score is checked What does the acceleration clause in a promissory note allow? A. The borrower to increase the interest rate B. The lender to demand early repayment of the entire debt\* C. The borrower to delay payments indefinitely D. The lender to transfer the debt to another party What might an unsecured promissory note require from the borrower? A. Collateral B. Increased safety and security C. A higher credit score\* D. Investment in stocks What does a secured promissory note typically provide? A. Higher interest rates B. Decreased trust in the borrower C. Increased safety and security\* D. Flexibility in repayment terms