The first step in the decision making process.

____ is the amount received for an item that is sold.

loans for periods of 1 to 7 years

_____ is money loaned

The amount of profit generated by additional inputs

Loans for a period of 1 year or less

The emphasis in a given area where the most returns can be achieved.

The use of one resource or item to replace another, when the results are the same.

used to purchase land and buildings

used to purchase land and buildings

Money spent on commodities that are kept 6 months or longer.

TWO ANSWERS - There are two types of credit - choose them.

Credit used to increase production or income.

Credit used to purchase consumable items used by individuals; does not contribute to the business

A loan in which the full amount of a loan is received by the borrower and is paid back with interest after a short period.

A loan where interest is subtracted from the principal at the time the loan is made

A loan where the interest is charged for the entire amount of the principal for the entire length of time.

A loan where the interest owed plus the payment on principal is equal throughout the payment time.

A document signed by a borrower agreeing to the terms of a loan.

The longer the term of a loan, the ___ interest is paid.

Which loan formula is I (interest) = P (principal) x R (rate) x T (time)

Clothing and shoes are examples of ____ credit uses.

Livestock and seeds are examples of ____ credit uses.

Using beef instead of deer to feed your dog is an example of