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Credit System Foundations Quiz

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Questions and Answers

What is a crucial criterion for granting credit according to the text?

Government assistance to creditors

Facilities for credit operations

Availability of credit sources

Stable money standard (correct)

Why do creditors need absolute confidence in debtors' character and ability?

To ensure debtors honor and settle their obligations (correct)

To avoid enforcing payment of loans

To ensure debtors can obtain goods and services

To prevent debtors from accepting obligations

What characteristic enables an individual to obtain goods and services without cash?

Credit as a power (correct)

Government assistance

Availability of credit information

Facilities for credit operations

Why is it necessary for the money standard to be stable in the credit system?

To prevent uncertainty in purchasing power Signup and view all the answers

What must be available for those granting credit to make a correct evaluation of credit rating?

Sources of credit information Signup and view all the answers

How does credit as a power benefit individuals?

By enabling them to acquire goods and services without cash Signup and view all the answers

What is the main characteristic of credit according to the text?

Use of trust Signup and view all the answers

Which type of credit is described as being extended to consumers for personal consumption or enjoyment?

Consumer Credit Signup and view all the answers

What is the primary reason for Consumer Credit according to the text?

Desire for convenience Signup and view all the answers

Which type of credit is specifically given by commercial banks to assist businessmen in their operations?

Commercial Bank Credit Signup and view all the answers

What is a key characteristic of Mercantile Credit as described in the text?

Required only during processing time Signup and view all the answers

In what type of enterprise is credit considered the motive power according to the text?

All types of enterprises Signup and view all the answers