SKO 100

6. Open account credit provides a debtor with a predetermined line of credit and a flexible payback period. Which of the following is an example of open account credit? i. Personal Loan ii. Overdraft i. Charge card iv. Education loan A. i and ii B. i,i and ii C. ii and ii D. i,ii,i and iv

7. Types of credit extension? Which one is biggest?Writing the lending process to provide loan for customer

Explain why a loan officer always looks at a credit report before making a loan. What should you do if your credit report is not accurate?

How do you create a loan in Quickbooks? A. Select Banking > Create Loan B. Use the loan manager C. Create the loan account D. Create a liability account

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1. How do banks use your credit reports? Sight an example to illustrate the answer.  2. How can you have a good credit history?

Consumers should comparison shop for credit just as they would for any other consumer good or service. How might a​ consumer's stage of the financial life​ cycle, income, net​ worth, or credit score affect the availability of loan sources and the associated cost of the loans​ offered?       Question content area bottom Part 1 Which of the following statements is​ correct?  ​(Select best answer​ below.)     A. ​Typically, stages of the financial life​ cycle, income, net worth and your credit score move in​ unison, and the cost of the loans tends to be lower in early financial life cycle stages due to a sufficient supply of fund sources.   B. ​Typically, stages of the financial life​ cycle, income, and net worth move inversely with credit​ score, and the cost of the loans tends to be lower in early financial life cycle stages due to a sufficient supply of fund sources.   C. ​Typically, stages of the financial life​ cycle, income, net worth and your credit score move…

Consumers should comparison shop for credit just as they would for any other consumer good or service. How might a​ consumer's stage of the financial life​ cycle, income, net​ worth, or credit score affect the availability of loan sources and the associated cost of the loans​ offered?         Question content area bottom Part 1 Which of the following statements is​ correct?  ​(Select best answer​ below.)     A. ​Typically, stages of the financial life​ cycle, income, and net worth move inversely with credit​ score, and the cost of the loans tends to be lower in early financial life cycle stages due to a sufficient supply of fund sources.   B. ​Typically, stages of the financial life​ cycle, income, net worth and your credit score move in​ unison, and the cost of the loans tends to be lower in early financial life cycle stages due to a sufficient supply of fund sources.   C. ​Typically, stages of the financial life​ cycle, income, net worth and your credit score…

A good credit rating would be based on all the following criteria EXCEPT whether you   a. have a record of paying what you owe on time.   b. have little or no current debt.   c. use credit for regular expenses.   d. can afford to take on more credit.   e. have used credit appropriately in the past.

Imagine you're trying to select a new credit card. Identify 4 attributes of a credit card you would consider in making your selection. make a brief description of each attribute and how you would use it to select a credit card. Where would you file a complaint if the issuer of the credit card you select later treats you unfairly?

Which of these statements is true? A)There is no reason to pay off a loan early B) when shopping for a loan, you need to compare only APRs C) the more you owe, the higher your interest payment will be D) you can save money by making the smallest down payment the lender will allow

Choose the letter that BEST corresponds with a correct answer. Write in capital letter the answer of your choice. 1. It refers to the rental fee charged by a lender to an individual for the use of money. D. Principal A. Rate C. Interest 2. The amount of money being borrowed or invested is known as C. Interest B. Time A. Rate D. Principal B. Time 3. This kind of interest is calculated only one for the entire time period of loan. A. Loan B. Investment C. Simple Interest D. Compound Interest 4. The first day of a loan is called as A. due B. loan C. loan date D. due date 5. Which of the following is the percent of interest chredon tha maney per year? A. Rate Ust 6. It is the payment or receipt of equal casn amounts pe! peridd 1or u specified amount of time. Just answer 8,9,12ed amount of fime 912 ntest D. Principal C. Contingent Annuity D. General Annuity 7. When the annuity is made at the end of each period, is called A. Annuity B. Ordinary annuity A. Annuity B. Ordinary annuity C.…

Is the following statement true or false? Open-end loans are often called line-of-credit accounts. O True O False

Which of the following credit checks would be considered a soft check? A. Vehicle loan application B. job application C. student loan application D. Credit card application   I don't need explanation just the answer :)

is a short term loan against your credit card. Instead of using the credit card to make purchases or pay for a service, you bring it to the bank or ATM and receive cash to be used for whatever purpose you need.

Promissory notes can be used in which of the following cases? a. Lending money b. All the given options c. Borrowing money d. Credit purchases or credit sales Clear my choice

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Directions: Match the vocabulary definitions to the vocabulary words. Vocabulary Words 1. Credit score = 2. FICO = 3. Poor FICO credit score = 4. Exceptional FICO credit score = 5. Payment history scores = 6. Length of credit history= 7. New credit = 8. Total debt, balances, and utilization =     Vocabulary Definitions A. Total owed as well as how much available credit a person is using B. All new loans or accounts and all creditor credit report requests C. How long a person has had an account or loan D. Stands for Fair Isaac Corporation, a company that provides lenders with formulas to figure out credit scores E. Credit score that is below 580 F. A way for lenders to predict how likely a person is to pay back a loan on time G. Whether a person is paying bills on time and as agreed H. Credit score of 800 or more

A friend owns a business that extends credit to its customers.  The friend has asked you to helps with estimating uncollectible accounts and wants you to make a recommendation.  Specifically, your friend is asking: Which of the two methods of estimating uncollectible provides for the most accurate estimate of the current net realizable value of the receivables?

Bank Muscat advances secured and unsecured loans to their customers. If Bank Muscat is issuing secured loans, identify which one of the following is the reason for bank to issue secured loan? a. To increase interest on loans by the banks b. To sell the collateral in the event of non-refund of the loan c. To have long standing relationship with customer d. To reduce the loan amount and time period

Credit cards provide consumers with what is known as revolving credit. True or false

Which of the following is not a way in which banks lend short-term unsecured loans? a. Through a guaranteed credit line that has a commitment fee for any unused amount for the year b. Through credits cards lines with a certain credit limit c. By sending the amount earned from trust and investment products offered by the bank d. By lending a single date maturity loan to a debtor

One possible cost of extending credit is called​ ______________.   A. cash   B. accounts receivable   C. bad debt expense   D. allowance for bad debt

Question: Which of the following is not a control over debtors? a. investigation the credit worthiness of each other. b. sending out regular statements. c. monitoring all overdue accounts. d. paying within discount period. required: please answer this question by choosing the right options.