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