Determining Sources of Credit
Authored by Sally Wheeler
Business
10th Grade
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17 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is institutional credit?
A type of credit used to purchase land or houses
A type of credit used to purchase small items
A type of credit obtained from organizations in the business of loaning money
A type of credit used to purchase a car
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of short-term credit?
To purchase small items
To purchase a car
To purchase land or houses
To obtain a loan from an organization
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of real estate financing?
To purchase small items
To purchase a car
To purchase land or houses
To obtain a loan from an organization
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of installment plans?
To allow the buyer to pay for the product in full
To allow the buyer to own the product immediately
To allow the buyer to make a down payment
To allow the buyer to make regular payments while taking immediate possession of the good
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a cosigner?
A person who obtains a credit card
A person who shares responsibility for the loan if the borrower is unable to pay
A person who obtains a loan from an organization
A person who purchases products from retailers using a charge account
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is collateral?
The assets that are pledged to secure a loan
The amount of money borrowed from an organization
The interest charged on a loan
The person who shares responsibility for the loan if the borrower is unable to pay
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of a charge account?
To make purchasing products more convenient for the consumer
To obtain a loan from an organization
To purchase a car
To purchase land or houses
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