Consumer Credit 7100
Quiz
•
Business
•
9th - 11th Grade
•
Practice Problem
•
Hard
Khairunnisa Said
Used 3+ times
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12 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
To avoid paying interest, credit card holders should pay for their goods
at the time of purchase
before a date given on the monthly statement
two months after the purchase date
when their goods arrive
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which statement explains why retailers offer credit to consumers?
to decrease retailers' costs
to decrease consumers' income
to increase consumers' debts
to increase retailers' sales
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which question is most important for a customer considering buying goods on credit?
are the goods fit for the purpose?
do the goods represent value for money?
what discount will be given by the retailer?
what is the difference between cash price and credit price?
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is a disadvantage to the buyer of buying a television on credit?
a credit check will be made by the seller
interest may be charged by the seller
payment is postponed until a later date
there is no need to carry a large amount of cash when buying
5.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Susan buys a jacket using a credit sales agreement. The cash price is $290. Susan pays $50
deposit and the rest of the debt, on which 10% interest is charged, in 12 equal monthly instalments.
What will be the total credit sales price?
$266
$290
$314
$340
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
When making hire purchase transactions, which of the following is used?
a building society
a commercial bank
a finance company
a stock exchange
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A method of credit in which a shopkeeper keeps goods ordered for collection at the end of the week
is known as
credit sales
credit transfer
deferred credit
lay-by
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