Multiple Choice Questions; (1) __________ time is based on counting the actual number of days in a
Question:
Multiple Choice Questions;
(1) __________ time is based on counting the actual number of days in a time period.
(a) Exact
(b) Ordinary
(C) latent
(d) Preferred
(e) Official
(2) The method of lending money at ordinary interest using exact time is called the __________.
(A) Customer's rule
(b) Preferred rule
(c) Standard rule
(d) banker's rule
(3) If money is borrowed from a bank at a simple interest rate, the bank often collects the interest, which is also called the __________, at the time the loan is made.
(a) Bank discount
(b) Broker's discount
(c) Customer's discount
(d) Principle discount
(4) In a discounted note, the amount the maker receives after subtracting the discount is called the __________.
(a) Profit
(b) Proceeds
(c) Maturity value
(d) Principal
Elementary Statistics Picturing the World
ISBN: 978-0321911216
6th edition
Authors: Ron Larson, Betsy Farber