Which term refers to amounts borrowed from lenders that are to be repaid within 12 months?

The term that refers to amounts borrowed from lenders with the obligation to repay them within 12 months is identified as short-term notes (or debt). This classification is essential in business finance, as it distinctly categorizes financial obligations based on their duration.

Short-term notes are typically used for immediate funding needs, such as managing day-to-day operations or covering expenses that arise quickly. They are characterized by their relatively lower interest rates compared to long-term debt, reflecting the lesser risk associated with shorter repayment periods.

In contrast, long-term debt pertains to loans that are to be repaid over a period exceeding one year, thus not applicable in this case. Current liabilities, while they can include short-term notes, encompass all debts and obligations a company expects to settle within a year, including accounts payable and other short-term debts, making it too broad for this specific inquiry. Revolving credit refers to a line of credit that can be drawn upon as needed, up to a certain limit, which also does not fit the definition of a specific borrowed amount to be repaid within a year.

Therefore, short-term notes (debt) accurately capture the essence of the borrowing arrangement described in the question.