Why are credit instruments important? Explain. (150 words)

Q: What are the factors that may influence the use of money vs credit cards?

A: There are several factors that influence someone's decision to buy goods or services through money…

Q: Define the following using your own words and give examples To credit Debit Credit

A: Introduction:- Debit column is on the left and the credit column is on the right. Every transaction…

Q: Explain the characteristics of credit products.

A: When the banks or any financial institutes commitments or guarantees on the behalf of the customers…

Q: What do I need to do to build a solid credit history and how can I maintain it?

A: credit score history is a method to judge a customer's capability of paying his credit amount taken…

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: All of the following components go into calculating your credit score EXCEPT Payment history: 35% O…

A: Credit Score is calculated based on  1. Repayment History 2. Amount Owed 3. Length of credit history…

Q: What is the difference between a credit score(FICO) and a credit report. How/where can you check…

A: Credit Score- It is a number that  helps the lender to evaluate the credit worthiness  of an…

Q: What are the advantages and disadvantages of using a credit card?

A: There are various advantages when using a credit card as a method for purchasing goods. Following…

Q: What is a line of credit? Give three examples?

A: Line of credit is the borrowing limit available to a customer by the bank. The customer can borrow…

Q: How does credit scoring operate, and how are we as consumers and users of credit effected by it?

A: Credit Scoring - Credit scores are calculated with the help of the details of the old payment…

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

A:

Q: What is credit history? A record of a person's borrowing and repayment activity used to calculate…

A: Credit history checks if the borrower has been responsible with the debt payments or not. It checks…

Q: What is a sale on credit and why it is needed? Give three examples?

A: Sale on Credit: A sale on credit is revenue earned by a company when it sells goods and allows the…

Q: 1. Enumerate and explain the rules of debit and credit.

A: The entire subject or concept of accounting is based on the general rules of debit and credit. In…

Q: When can we used credit union?

A: Credit unions are the institutions or co-operatives that give banking services. These unions are…

Q: what is credit management

A: Credit Management is a process wherein terms and condition for providing loan is decided, what is…

Q: What is the difference between your credit report and your credit score? What is a good credit…

A: Introduction to Credit report A credit report is prepared by a credit bureau and is a breakdown of a…

Q: Discuss, in general, what it means for the brothersto set a credit and collections policy

A: Answer: Credit and collection policy refers to the laws and regulations of the company governing the…

Q: How can you have a good credit history?

A: Good credit history can be maintained by complying with the terms and conditions and ensuring that…

Q: What is a line of credit? A revolving credit agreement?

A: If a lender offers a revolving loan account, a particular credit cap is allocated to the lender.…

Q: What is the difference between a nominal account and a real account?

A: Nominal Account: These are the accounts that pertain to Incomes (or Revenues) and Expenses. Thus,…

Q: Explain the following Credit Terms: 4/21, n/30.

A: The invoice includes all the terms related to payment due from the customer.

Q: What are some of the assets and liabilities associated with credit cards?

A: Introduction: A credit card can be defined as a small piece of card which is offered by banks or any…

Q: what is debit and credit?

A: Debits and credits seem to be a bookkeeping notation framework that determines how and where every…

Q: Credit and collection management is also known as RCM. What is RCM and its meaning

A: credit and collection management is that term mostly used in the accounting for goods and services…

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: In your own definition what is credit and what is collection

A: The businesses tend to conduct their operations not only on a cash basis but also on a credit basis.…

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: What are the four things that affect your card-based credit costs?

A: A credit score is a number utilized by moneylenders to survey the likelihood of crediting cash to a…

Q: What is a credit score? O The number of credit cards a person has. O The number of years a person…

A: Credit score is a 3 digit number ranging from 300 to 900 representing the creditworthiness of the…

Q: what is credit transactions?

A: credit transactions:-    Credit transaction is a transaction of which the repayment of money loaned…

Q: Choose one as the most important Cs of Credit and explain why?

A: In order to determine the creditworthiness of the borrower, a lender conducts a thorough analysis of…

Q: List the ways in whichbanks deal with creditrisk

A: Credit risk in terms of banking industry refers to the risk exposure a bank faces when the borrower…

Q: Define each of the following terms:i. Credit policy; credit period; credit standards; collection…

A: CREDIT POLICY- ''Guidelines that spell out a way to decide which customers area unit sold-out on…

Q: What is the process of Borrowing with Credit Cards?

A: The credit card is a vital instrument to upsurge the buying power. The credit card facility aids to…

Q: 6. What is the transaction on the accounting equation to record $50 in bank service charges? Assets…

A: Total Assets = Total liabilities + Owners equity

Q: Internal sources of credit information t

A: Second option is wrong because financial statements are published and can be used as an external…