Navigate through bond and IOU scenarios and make critical decisions! Learn about the differences between formal bonds and informal IOUs, their legal protection, tradability, and use cases.
MONEY:$1,000
Scenario 1 of 12
The Formal vs Informal
You need to borrow $5,000. A friend offers to lend it with a simple IOU note. A bank offers a formal bond with legal documents and interest payments.
Are bonds more formal than IOUs?
Press Y for YES or N for NO