Credit Basics
This is an agreement to borrow money and repay it later.
A. Saving
B. Credit
C. Investment
D. Expense
B. Credit
Credit between businesses where payment is delayed is called this.
A. Consumer credit
B. Secured credit
C. Installment credit
D. Trade credit
D. Trade credit
Money earned by a business is called this.
A. Liability
B. Expense
C. Revenue
D. Budget
C. Revenue
This system records and analyzes financial transactions.
A. Accounting
B. Finance
C. Marketing
D. Budgeting
A. Accounting
A series of related jobs over time is called this.
A. Job
B. Skill
C. Career
D. Task
C. Career
This person lends money in a credit agreement.
A. Creditor
B. Debtor
C. Customer
D. Borrower
A. Creditor
This document shows payment history and debt information for a person.
A. Ledger
B. Invoice
C. Credit report
D. Budget
C. Credit report
A financial plan for expected income and expenses is called this.
A. Invoice
B. Budget
C. Ledger
D. Credit report
B. Budget
This document proves a business transaction occurred.
A. Ledger
B. Journal
C. Source document
D. Budget
C. Source document
Skills that can be used in many different jobs are called this.
A. Basic skills
B. Employability skills
C. Technical skills
D. Job skills
B. Employability skills
This type of credit allows repeated use up to a limit (like a credit card).
A. Trade credit
B. Installment loan
C. Open-end credit
D. Closed-end credit
C. Open-end credit
These three factors help evaluate credit: Character, Capacity, and this.
A. Cost
B. Capital
C. Collateral
D. Credit score
B. Capital
This budget predicts future sales.
A. Start-up budget
B. Operating budget
C. Cash budget
D. Sales forecast budget
D. Sales forecast budget
This is total earnings before deductions.
A. Net pay
B. Salary
C. Bonus
D. Gross pay
D. Gross pay
A group of related careers is called this.
A. Career path
B. Industry
C. Career cluster
D. Job field
C. Career cluster
This is the amount of money originally borrowed in a loan.
A. APR
B. Finance charge
C. Interest
D. Principal
D. Principal
Money owed TO a business by customers is called this.
A. Expenses
B. Accounts payable
C. Accounts receivable
D. Revenue
C. Accounts receivable
This equation shows assets equal liabilities plus this.
A. Expenses
B. Profit
C. Owner’s equity
D. Revenue
C. Owner’s equity
Recording transactions in two accounts (debit and credit) is called this.
A. Auditing
B. Posting
C. Double-entry accounting
D. Budgeting
C. Double-entry accounting
Talking to people and building professional connections is called this.
A. Interviewing
B. Networking
C. Applying
D. Training
B. Networking
This represents the yearly cost of borrowing money as a percentage.
A. Credit score
B. APR
C. Principal
D. Finance charge
B. APR
A business has customers who are not paying on time. Which report helps track how late payments are?
A. Aging report
B. Payroll register
C. Credit report
D. Budget
A. Aging report
A business spends more money than it earns. What is this situation called?
A. Growth
B. Profit
C. Investment
D. Loss
D. Loss
A business buys supplies now and pays later. What type of transaction is this?
A. Expense payment
B. Purchase on account
C. Cash purchase
D. Sale
B. Purchase on account
A goal is specific, measurable, attainable, realistic, and timely. What type of goal is this?
A. Career goal
B. SMART goal
C. Personal goal
D. Long-term goal
B. SMART goal