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A: Solution:- There are various banking terms which are used in day to day use in the banking sector.
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- A pre-approved amount of open-end credit, based on a borrower's ability to pay, is called a(n) _____. revolving creditfinance charge average daily balanceline of creditThis is the payment method used for setting up automatic monthly payments such as utility bills and mortgages. O Payment Links O Mobile Payments O Direct Debit O Direct DepositQuestion The average collection period is the average amount of time that elapses from a credit sale until the company can use the payment (collection) of the sale. True or false?
- How can a customer pay an emailed QuickBooks Online invoice via credit card? A. Send a message via the message feature with their credit card number B. Select Review and pay > Apply for account > Pay C. Print off a form and then enter and send their credit card details and authorization D. Select Review and pay > Enter payment details > PayDirection: Match the following bank accounts to its usage or description listed below. Write your answer on the blank before the number. Choose from the following Savings Account Current Account Time Deposit UITF _________________1. The simplest form of bank account. _________________2. A bank account which cannot be withdrawn until the contract period has ended. _________________3. It is a type of bank account that pooled funds managed by experts to ensure high yield and quality returns. _________________4. It allows a limited number of withdrawals only. _________________5. It makes saving very rewarding. _________________6. It allows numerous withdrawals with a large sum of money. _________________7. The investors earn through the increase in fair value of the pooled fund. _________________8. The investors earn through interest while saving. _________________9. This bank account comes with atm or passbook. ________________10. This is evidence by a…Examine the summary section of a monthly credit card statement above and find the New Balance. (Disregard the minimum payment
- Explain why there could be 4/5 different APR's listed for just one credit card. What are the different situations for these APR's? Explain how a credit card billing cycle works. What is a grace period, and when is the best time to make payments in your billing cycle?21. Open account credit is a credit facility offered by retailers or financial institutions which allow the customers to borrow up a pre-determined amount to pay for purchases. Which of the following is/are categorized as open account credit? i. Credit card ii. Personal loan iii. Car loan iv. OverdraftPromissory 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
- If a company is able to estimate the rate of redemption for gift cards, they should use the ________ method to account for breakage. Group of answer choices accrual credit proportional remoteWhat is a credit card’s grace period? A) it is the amount of time after a purchase and before it starts accruing interest B) it is a period during which the card’s interest rate cannot change C) it is the amount of time between the bill being issued and your payment being due D) it is the period during which you can return the card and not incur any feesEven before you use a new credit card, what information is the institution that issued your card required by law to disclose? o The rate of interest and method used to compute finance charges o The rate of interest and estimated dollar amount of finance charges o The method used to compute finance charges and estimated dollar amount of finance charges The interest rate on cash advances is generally The most common method that banks and retail credit card issuers use to compute finance charges is the average daily balance (ADB) method. You expect to actively use your card. Which variation of the ADB method will be least expensive for you? O ADB excluding new purchases O ADB including new purchases It doesn't matter Consider the following case: On June 1, Crystal's credit card has a balance of $5,626.25. According to the terms of the card's lending agreement, an interest rate of 20% per year is assessed and the monthly finance charges are calculated using the Average Daily Balance (ADB)…