Types of credit sales - SS2 Commerce Past Questions and Answers - page 1
What is a mortgage?
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A loan used for purchasing a car
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A loan used for purchasing real estate
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 A loan used for education expenses
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What is an overdraft?
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A loan used for purchasing real estate
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 A facility allowing you to withdraw more money from your bank account than available
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A deferred payment option for purchases
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What is the purpose of credit deferred payment?
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To acquire goods or services immediately and pay for them over time
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To make a one-time payment for a purchase
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To withdraw more money from a bank account than available
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What do finance houses or leasing companies provide?
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Loans for purchasing real estate
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Financing options for acquiring assets without outright purchase
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Facilities for withdrawing more money from a bank account than available
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What can a loan be used for?
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Purchasing real estate
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Funding education expenses
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Various purposes such as purchasing a car, funding education, or covering unexpected expenses
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Define overdraft in simple terms.
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What is the primary purpose of credit deferred payment?
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