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The Concept of Credit Quiz

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Questions and Answers

What is the etymological origin of the word 'credit'?

It stems from the Sanskrit word 'kreda' meaning 'financial trust'

It comes from the Latin word 'credo' meaning 'I believe' or 'I trust' (correct)

It is derived from the French word 'creditum' meaning 'to entrust'

It originates from the Greek word 'kreditos' meaning 'to lend'

What does the element of time or futurity refer to in the context of credit?

It refers to the time required for credit approval

It refers to the time taken to build credit history

It refers to the duration of a loan or credit arrangement

It refers to the specified lapse of time after which payment is to be made (correct)

In economics, how is the term 'credit' interpreted?

As trusting in the solvency of a person or making a payment to be received back after some time (correct)

As a method of barter exchange between individuals

As a form of collateral for financial transactions

As a means of immediate payment for goods and services

What does the term 'credit' signify in the field of economics?

Reposing trust or confidence in somebody Signup and view all the answers

What are some characteristics of credit that are of prime importance when extending credit to an individual or business?

Confidence and capacity Signup and view all the answers

Credit is not related to trust or confidence in another person in any way.

False Signup and view all the answers

The term 'credit' is not interpreted in economics as trusting in the solvency of a person or making a payment to a person to receive it back after some time.

False Signup and view all the answers

When extending credit to an individual or business, capacity is not a characteristic of prime importance.

False Signup and view all the answers

The element of time in credit does not matter as long as payment is made after the specified lapse of time.

True Signup and view all the answers

Receiving deposits is not one of the functions of credit.

False Signup and view all the answers

The Concept of Credit Quiz

Choose a study mode

Podcast

Questions and Answers

What is the etymological origin of the word 'credit'?

What does the element of time or futurity refer to in the context of credit?

In economics, how is the term 'credit' interpreted?

What does the term 'credit' signify in the field of economics?

What are some characteristics of credit that are of prime importance when extending credit to an individual or business?

Credit is not related to trust or confidence in another person in any way.

The term 'credit' is not interpreted in economics as trusting in the solvency of a person or making a payment to a person to receive it back after some time.

When extending credit to an individual or business, capacity is not a characteristic of prime importance.

The element of time in credit does not matter as long as payment is made after the specified lapse of time.

Receiving deposits is not one of the functions of credit.

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