To avoid paying interest, credit card holders should pay for their goods.

Commerce Revision Test 02

Quiz
•
Business
•
9th - 11th Grade
•
Hard
Tkay Syazfia
Used 8+ times
FREE Resource
30 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
at the time of purchase.
before a date given on the monthly statement.
two months after the purchase date.
when their goods arrive.
2.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Which statement explains why retailers offer credit to consumers?
to decrease retailers’ costs
to decrease consumers’ incomes
to increase consumers’ debts
to increase retailers’ sales
3.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Which question is most important for a customer considering buying goods on credit?
Are the goods fit for the purpose?
Do the goods represent value for money?
What discount will be given by the retailer?
What is the difference between the cash price and the credit price?
4.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Which statement about credit is not true?
Credit enables buyers to purchase expensive goods.
Impulse buying is encouraged by having credit available to use.
Offering credit to customers is risk-free for retailers.
Spending on credit means borrowing against your future income.
5.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
What is a disadvantage to the buyer of buying a television on credit?
A credit check will be made by the seller.
Interest may be charged by the seller.
Payment is postponed until a later date.
There is no need to carry a large amount of cash when buying.
6.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Susan buys a jacket using a credit sales agreement. The cash price is $290. Susan pays $50 deposit and the rest of the debt, on which 10% interest is charged, in 12 equal monthly instalments. What will be the total credit sales price?
$266
$290
$314
$340
7.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Suleiman has received his credit card statement which contains the following information. What is the best way for Suleiman to avoid paying any interest on his credit card?
pay $750 after 21 October
pay $2000 before 21 October
pay $2250 after 21 October
pay $2250 before 21 October
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