a person or firm to whom money is owed is?

Assessment: WAEC SSCE - Commerce - 2016 (Objective) Subject: Commerce

Question 1 Report

a person or firm to whom money is owed is?

Answer Details
A person or firm to whom money is owed is called a creditor. This means that someone else owes them money and they have the right to receive payment from that person or entity. For example, if you borrow money from a bank, the bank becomes your creditor and you become the debtor because you owe the bank money. Similarly, if you buy goods or services from a supplier on credit, the supplier becomes your creditor until you pay them back.
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