redit cards provide consumers with what is known as revolving credit. T

Q: Loans backed by a simple promise to repay are known as _____ loans. open-end credit revolving credit…

A: Loans can be of various types and kinds. Some loans require them to be backed by a collateral while…

Q: 21. Open account credit is a credit facility offered by retailers or financial institutions which…

A: Open credit is a financial contract between a lender and a borrower that allows the latter to obtain…

Q: Sales to customers who use bank credit cards such as MasterCard and VISA are usually recorded by a…

A: Sales: It is an activity involved in selling goods or services.

Q: Which of the following transactions will require a journal entry? Indicate if it will be a debit or…

A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…

Q: Which statement about credit cards is true?

A: A credit card is a plastic card that allows you to that allows the holder of the card to make…

Q: When a company makes a sale and accepts a credit card payment from a customer, the company: Multiple…

A: Increase in debits should be debited and increase in expenses should be debited. Increase in…

Q: How do sellers benefit from allowing their customers to use credit cards?

A:

Q: do we need to check   the credit worthiness of credit customers before granting their credit…

A: Giving credit to the business and customers is main earning sources for banks but they need to take…

Q: All of the following are fees for using a credit card except

A: In the given problem we need to identify the fee which is not charged by the Credit Card Companies.

Q: There are six laws that regulate consumer credit in the United States. The one that protects credit…

A: The Equal Credit Opportunity Act is intended to provide equal opportunities to people without any…

Q: The host of payment services offered by Banks do not include the following: O a. Cheque facility O…

A: The general service which are offered by a bank to all the customer are banking transaction of…

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

A: A loan provided by a financial body to a borrower that has a pre-approved credit limit and can be…

Q: pre-approved amount of open-end credit, based on a borrower's ability to pay, is called a(n) _____.…

A: There are different types of credit available in the market and it all depends on the agreement…

Q: Which of the following pieces of information would you not expect a potential credit customer to…

A: A potential credit customer is the customer to the lender of the money who has willingness to get…

Q: Bank loans often are arranged under existing lines of credit. What is a line of credit? How does a…

A:

Q: Paying bills through online banking on their due dates is an acceptable way to maintain excellent…

A: By paying the bills on time ensures that an excellent credit rating is maintained. Any delay in…

Q: Explain why a loan officer always looks at a credit report before making a loan. What should you do…

A: The credit report is a way of assessing the credit history of the person seeking loan. By looking at…

Q: Which of the following is an advantage of using a credit card? O Your spending is limited to the…

A:

Q: In sap, Which of the following outgoing payments will not require manual entry of bank account? a.…

A: A financial transaction is an agreement or communication between a buyer and a seller to exchange…

Q: Imagine you're trying to select a new credit card. Identify 4 attributes of a credit card you would…

A: A credit card refers to a short-term financial product. It provides the short-term debt funds at a…

Q: plain why it is important for a company to keep track of how much money in discounts is given out?…

A: . Percent of cash discount since 3/15, n/45 is the credit term between the seller and buyer which…

Q: accounts receivable

A: Account receivable refers to the process of payment that the company should receive from the…

Q: Which of the following is not a reason for the Jones Hardware Store to accept credit cards from…

A: the benefits of credit cards payments are : 1. faster payments 2. attractive offers  3. default in…

Q: A credit report keeps track of money you borrow from banks, credit card companies, and other…

A: Loan means the amount taken from another person to be repaid back with interest.

Q: What is the journal entry for recording credit sales? a. Cash Dr. and Sales Cr b. Sales Dr. and…

A: Journal entry for Recording credit sales: Accounts Receivable [Debit]          Sales [ Credit]

Q: What are some benefits to a business in accepting credit cards and debit cards?

A: Debit card: Debit card is an electronic card, which allows the debit card holders to pay cash…

Q: Which account in the bank helps the customers to deposit and withdraw when they need it? a. Savings…

A: Introduction: Banks: Banks accepts deposits from customers and gives loans to who are needed. It…

Q: When recording credit card or debit card sales using the net method, a. cash received equals sales.…

A: When a client or customer pays the payment with credit card or debit card usually a card processing…

Q: ade using a MoneyPlus credit card.

A: Journal entry: Journal entry is the book of original entry where first transactions are recorded in…

Q: Why do you think businesses extend credit to customers thereby creating accounts receivable?

A: Account receivable means where goods has been sold on credit and amount has not been received.…

Q: A credit bureau, AKA credit agencies, are companies that collect credit information about…

A: A credit bureau can be defined as a company that gathers and researches information about…

Q: The fee charged for using a credit card is called O APR O Interest O late fee O credit rating

A: Credit cards are provided by banks if customer is willing to take if he/she has an account with the…

Q: Making sales using credit cards is a way a company can dispose its receivables. O True O False

A: Credit Card Sales are those sales wherein the amount is received directly by the vendor on the date…

Q: _____ is the most popular type of open-end credit. Amount creditFinance credit     Installment…

A: Open-end credit is a type of loan provide by banks or financial institutions to the borrower. The…

Q: Explain how a credit card billing cycle works. What is a grace period, and when is the best time to…

A: A credit card gives a customer a line for a short time period, based on given term and condition of…

Q: How does a revolving line of credit work?

A: Revolving credit is an agreement between the lender and borrower that allows the borrower to raise…

Q: Effective credit management involves establishing credit standards for extending credit to…

A: Company provide credit to customers and discount to customers to increase sales.

Q: Effective credit management involves establishing credit standards for extending credit to…

A: The question is based on the concept of Financial Management. As per the Bartleby guidelines we are…

Q: T F When you use a debit card to make a purchase,a financial institution is extending credit to…

A: When you use a debit card to make a purchase,a financial institution is extending credit to youand…

Q: can you please explain the difference between Accounts Receivable, Notes Receivable and accepting…

A: Answer: The accounts receivables, notes receivables and accepting credit cards are form of the cash…

Q: How to entre a credit cards

A: How to entre a credit cards

Q: Credit card companies may charge which of the following? (select all that apply) cash advance fee…

A: While Credit Card are an incredible resource, they frequently accompany various expenses that can…

Credit card

A credit card is provided by financial institutions or banks, which permits a person to borrow money on a preapproved limit for purchases on a credit basis. The credit limit is decided by the institution and bank which issues a credit card depending on the person’s credit score and income. A cardholder can use the card for credit purchases, a balance transfer, cash advances.