Easy
1 point
ID: #7314
Question
IOU means:
Options
1
a promissary note issued by a bank to another bank guaranteeing payment by a purchaser
Correct Answer
2
a bank note guaranteering payment of the sum on demand by the Central Bank
Correct Answer
3
an unstamped memorandum of debt given by a borrower dated and addressed to the lenders pronounced as I owe you
Correct Answer
4
International Olympics Union
Correct Answer
Explanation
An IOU is an informal document acknowledging a debt. It does not contain specific terms of repayment or the date by which the debt must be paid, unlike a promissory note.
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