Which of the following is true about a cosigner of a note? aThe cosigner is responsible for the payment of the note. bThe cosigner must be a friend or relative. cThe credit rating of the cosigner is unimportant.

If I do not have a credit history, I can ask another person to cosign a loan. If I default on the loan, the cosigner is responsible for the repayment. True False

Which of the following statements is NOT correct?Because there is the presence of ANZ logo on John's Visa credit  card,A.Visa provides a loan to ANZ so that ANZ can pay on behalf of John.B.ANZ pays fees to Visa so ANZ's customer John can use his credit card.C.John pays interest, if any, to ANZ.D.John has a debt with ANZ when he pays goods and services with his credit card.

What does a creditor issues?a.Verbal Agreementb.Cashc.Promissory Noted.Bills of Exchange

Which ONE of the following statements is INCORRECT?a.In a contract of suretyship, a surety renders him - or herself liable towards a creditor for the proper compliance with the obligations of a debtor.b.The surety may not render himself liable for an amount less than the principal debt.c.In a contract of suretyship, there are two debtors, namely the debtor in the principal agreement and the debtor in the contract of suretyship.d.A contract of suretyship is accessory to the principal obligation between the principal debtor and creditor.

Interest on Partner’s loan is credited to:a) Partner’s Fixed capital account.b) Partner’s Current account.c) Partner’s Loan Account.d) Partner’s Drawings Account