2nd Quarterly Practice Exam

This is the initial payment for the use of goods, items, or service.

• downpayment

• loan

• collateral

• interest

What is the process of repaying a loan through equal payments?

• amortization of loan

• amortization

• amortization period

• amortization schedule

Which is the one who lends the mortgage?

• mortgagee

• mortgager

• mortgagor

• mortgage

Ramil secured a house and lot from a real estate company worth ₱2,500,000 with a 20% downpayment. How much is the downpayment?

• ₱25,000

• ₱50,000

• ₱250,000

• ₱500,000

Ramil secured a house and lot from a real estate company worth ₱2,500,000 with a 20% downpayment. How much is the outstanding balance after the downpayment?

• ₱500,000

• ₱2,000,000

• ₱2,500,000

• ₱3,000,000

This is a way of compensation given to employees who sell company's products and services.

• income

• salary

• commission

• wage

What type of commission is this: the commission rate increases as the sales volume increases?

• graduated commission

• commission with override

• straight commission

• commission and bonus

How much is the payment made by the buyer every month?

• ₱3,750

• ₱4,000

• ₱1,500

• ₱250

How much is the total interest?

• ₱1,500

• ₱500

• ₱250

• ₱4,000

If the phone is bought using downpayment and cash basis, how much can be saved?

• ₱1,000

• ₱2,500

• ₱25,000

• ₱1,500