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BUSINESS MATH 2Q > Interest And Commission > Flashcards

Interest And Commission Flashcards

1
Q

is most commonly calculated on short-term loans.

A

Simple interest

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2
Q

It is calculated only on the original
principal amount and is paid at the end of the loan period

A

Simple interest

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3
Q

is the fee or rent lenders charge
borrowers for the borrowed money’s temporary use.

A

Interest

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4
Q

It is called as the amount borrowed

A

Principal

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5
Q

The
_________ is the percentage of the principal that will be charged for a specified period

A

Interest rate

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6
Q

Symbol of π‘ƒπ‘Ÿπ‘–π‘›π‘π‘–π‘π‘Žπ‘™ π‘Žπ‘šπ‘œπ‘’π‘›π‘‘ π‘œπ‘“ π‘‘β„Žπ‘’ π‘™π‘œπ‘Žπ‘› π‘œπ‘Ÿ π‘–π‘›π‘£π‘’π‘ π‘‘π‘šπ‘’π‘›π‘‘

A

P

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7
Q

Symbol of time π‘π‘’π‘Ÿπ‘–π‘œπ‘‘ (π‘‘π‘’π‘Ÿπ‘š) π‘œπ‘“π‘‘β„Žπ‘’ π‘™π‘œπ‘Žπ‘› π‘œπ‘Ÿ π‘–π‘›π‘£π‘’π‘ π‘‘π‘šπ‘’π‘›π‘‘

A

t

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8
Q

Symbol of π΄π‘›π‘›π‘’π‘Žπ‘™ π‘Ÿπ‘Žπ‘‘π‘’ π‘œπ‘“ π‘ π‘–π‘šπ‘π‘™π‘’ π‘–π‘›π‘‘π‘’π‘Ÿπ‘’π‘ π‘‘

A

r

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9
Q

Symbol of π΄π‘šπ‘œπ‘’π‘›π‘‘ π‘œπ‘“ π‘–π‘›π‘‘π‘’π‘Ÿπ‘’π‘ π‘‘ π‘π‘Žπ‘–π‘‘ π‘œπ‘Ÿ π‘Ÿπ‘’π‘π‘’π‘–π‘£π‘’π‘‘

A

I

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10
Q

It is the payment for the borrowed money

A

Interest

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11
Q

Symbol for π‘€π‘Žπ‘‘π‘’π‘Ÿπ‘–π‘‘π‘¦ π‘£π‘Žπ‘™π‘’π‘’ π‘œπ‘“ π‘‘β„Žπ‘’ π‘™π‘œπ‘Žπ‘› π‘œπ‘Ÿ π‘–π‘›π‘£π‘’π‘ π‘‘π‘šπ‘’π‘›π‘‘

A

F

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12
Q

The ______ is the first day of a loan,

A

loan date

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13
Q

the ______ (or maturity date) is the last day of the loan.

A

Due date

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14
Q

It is determined using the number of days involved

A

Time period

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15
Q

uses 30 days in
every month

A

Approximate time

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16
Q

uses the exact number of days in every specific month,

A

Actual time

17
Q

computed 365 days a year as the time factor denominator

A

Exact interest

18
Q

is a type of interest wherein the number of days is computed based on 360 days in a year.

A

Ordinary interest

19
Q

It is called the Banker’s Rule

A

Ordinary Interest using actual time

20
Q

Ordinary interest using actual time also known as

A

The banker’s rule

21
Q

the
lowest generated interest

A

Exact interest using approximate time

22
Q

What are two (2) types of consumer credit for installment purchases

A

open-ended and closed-ended
loan

23
Q

is a loan that can be borrowed over and over.

A

Open ended loans

24
Q

Credit cards and lines of credit are common types of ____

A

Open-ended loans

25
Q

is a
type of loan that cannot be borrowed once they’ve been repaid.

A

Closed-ended loans

26
Q

A person or firm representing a company to transact business for another

A

Agent

27
Q

Agent also called a
commission merchant or

A

Broker

28
Q

The company for which the agent has the power to act is called the

A

Principal

29
Q

The fee to an agent (salesperson) is usually a specific rate (percent) of the selling price or
depending on the structure of the underlying commission agreement

A

Brokerage fee

30
Q

It is a type of commission wherein the salesperson’s earning, or wage is based on his/her commission
alone.

A

Straight compensation

31
Q

It is a commission given to salespersons who do not receive a regular salary and their commission rate
increases as the sales volume increases.

A

Incremental Commission or Graduated Commission

32
Q

It is when an employee is being paid a guaranteed salary on total sales made by the employee.

A

Salary plus Commission

33
Q

It is when a salesperson earns a commission on his/her sales and commissions from sales of his/her
representatives.

A

Commission and Override

34
Q

t is when a salesperson is given a bonus if s/he exceeds his/her sales quota. In cases that the sales do not
exceed the prescribed quota by the company, the salesperson will not receive any bonus.

A

Commission and Bonus

35
Q

It is when a salesperson is paid in advance of sales and later deducted from the commission earned. It is
a way for a company to provide its salespeople with at least some income during lean sales periods. The
draw against commission should be lesser than the projected amount of commission.

A

Draw Against Commission

BUSINESS MATH 2Q (3 decks)

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