A sum of money borrowed that must be repaid by a certain date is a

A sum of money borrowed that must be repaid by a certain date is a

• A. Loan
• B. Taxes
• C. Income
• D. Check Register

Answer: (A)

When you borrow money and have to pay it back by a specific date, that is a loan. A loan means you receive money from someone else (like a bank or another person) and you agree to return that amount by a due date, often with a little extra called interest. This helps you understand why a loan is the right term: it describes money that is owed back to the lender. Taxes are money you owe to the government and aren’t something you repay to a lender. Income is money you earn from work or other sources, not borrowed. A check register is simply a record of money you’ve spent and received, not an amount borrowed. For example, borrowing $100 from a friend and promising to pay them back in two weeks is a loan.

When you borrow money and have to pay it back by a specific date, that is a loan. A loan means you receive money from someone else (like a bank or another person) and you agree to return that amount by a due date, often with a little extra called interest. This helps you understand why a loan is the right term: it describes money that is owed back to the lender. Taxes are money you owe to the government and aren’t something you repay to a lender. Income is money you earn from work or other sources, not borrowed. A check register is simply a record of money you’ve spent and received, not an amount borrowed. For example, borrowing $100 from a friend and promising to pay them back in two weeks is a loan.