.png){kind=logo}
PDF Download
FREE AND STUDY GAMES ABOUT FINANCIAL KNOWLEDGE
EXAM QUESTIONS
Actual Qs and Ans Expert-Verified Explanation
This Exam contains:
-Guarantee passing score -24 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation Question 1: What is the property that you possess that is worth more than your debts called?
Answer:
assets or capital Question 2: The amount of money that a business earns in a given period is called?
Answer:
revenue
Question 3: List three advantages of credit.
Answer:
easy to build show responsible expand your purchasing power Question 4: The amount a business makes when total revenue exceeds total expenses is called?
Answer:
profit
Question 5: The period of time in which the loan must be repaid is known as?
Answer:
long term
Question 6: What was one of the earliest forms of credit in the US?
Answer:
account at a store
Question 7: List three disadvantages of credit.
Answer:
debt spend what you want to credit can tie up your income
Question 8: What is the difference between a short term and long term loan?
Answer:
short term within a year long term over a year
Question 9: The amount borrowed is known as the?
Answer:
principle Question 10: What are some of the reasons that a business would need to take out a loan?
Answer:
to expand their business start up a business
Question 11: What is property pledged to assure repayment of a loan called?
Answer:
colleteral Question 12: over spending on credit cards has had what effect on the american consumer?
Answer:
debt
Question 13: The amount a business loses when the total revenue is less than the total expenses is called?
Answer:
loss
Question 14: Give an example of a company that uses revolving credit accounts.
Answer:
visa master card
Question 15: Money that is owed is referred to as?
Answer:
debt
Question 16: What is a minimum payment?
Answer:
credit and statement least amount you pay a month
Question 17: What is APR?
Answer:
annual percentage rate total cost of credit express yearly % Question 18: The total dollar amount of all interest and fees you pay for the use of credit is called?
Answer:
finical charge
Question 19: What is equity?
Answer:
money raise for a company in exchange for share
Question 20: the person or company that loans money or extends credit to you is the?
Answer:
lender
Question 21: when you borrow money or use credit you are a?
Answer:
borrower Question 22: Name an ad you have seen on TV that tries to get you to use credit to purchase their product.
Answer:
lifecall
Question 23: why do banks and store encourage consumers to use credit?
Answer:
so they collect interest and spend more money Question 24: what is money borrowed to buy something now, with the agreement to pay for it later called?
Answer:
credit
.png)