Consumer Math Final

Front

What is the formula to compute sales commission?

Back

Sales Commission = Sale Amount × Commission Rate.

Front

If the sale amount is $911.00 and the commission rate is 4%, what is the sales commission?

Back

$36.44

Front

How long does a negative credit action usually remain on a credit report?

Back

7 years.

Front

What are Credit Union Loans?

Back

Loans that are owned by members and offered to members at a fair and reasonable rate of interest.

Front

What is a Credit Card?

Back

A card that allows you to borrow money from a pre-approved limit to make purchases.

Front

What is a Debit Card?

Back

A card that deducts money directly from your checking account to pay for purchases.

Front

What is the difference between a Credit Card and a Debit Card?

Back

Credit cards allow borrowing money, while debit cards use your own funds.

Front

What is the impact of a negative credit action on your credit score?

Back

It can significantly lower your credit score and affect your ability to borrow.

Front

What is the purpose of a credit report?

Back

To provide a detailed account of an individual's credit history.

Front

What is the significance of a credit score?

Back

It determines your creditworthiness and affects loan approval and interest rates.