Question: 2 . Complete the following passage by selecting the appropriate terms from the following list ( some terms may be used more than once )

2. Complete the following passage by selecting the appropriate terms from the following list (some terms may be used more than once): Bankers Acceptance ; Commercial Draft; Open Account; Trade Acceptance; Promissory Note.
Most goods are sold on ________________. In this case the only evidence of the debt is a record in the sellers books and a signed receipt. When the order is very large, the customer may be asked to sign a(n)_________________, which is just a simple IOU. An alternative is for the seller to arrange a(n)_____________ ordering payment by the customer. In order to obtain the goods, the customer must acknowledge this order and sign the document. This signed acknowledgement is known as a(n)___________. Sometimes the seller may also ask the customers bank to sign the document. In this case it is known as a(n)________________.

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