Sawaal
2
Q:

To buy goods on credit means to

A) promise to pay for goods later. B) pay only a discount price.
C) promise to pay only a sale price. D) pay cash for goods.

Answer:   A) promise to pay for goods later.



Explanation:

If as a business, you buy goods or services on credit from a supplier (accounts payable) then the supplier will supply the goods and business will incur a liability to the supplier for that amount, but no cash will change hands at that stage.

Some of those shop keepers allowed regular "trustworthy" customers to purchase items without having the full payment.

Hence, Buying on credit means that no actual money has changed hands.

Subject: General Awareness
Exam Prep: AIEEE , Bank Exams , CAT
Job Role: Analyst , Bank Clerk , Bank PO
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