Year 9 NSW » Commerce » Consumer choice » Payment and records

Topic : Payment and records

In this topic you will learn...

Chapter 1 : Instant payment

Chapter 2 : Deferred payment

Your ability to pay back a loan limits the amount of money you can borrow
A loan is an agreement where a consumer agrees to borrow money, usually from a financial institution, and repay it with interest
You would take out a loan for purchases that you cannot afford yet, but from which you will benefit in the meantime
Because you pay interest on a loan, you pay more for an item than its initial price
A loan may take several years or decades to repay
If you cannot repay the loan, the lending institution may repossess the item
Credit cards allow the holder to take out small loans with the issuing institution in a time-restricted lending cycle
Credit cards have a limit and if you do not repay the loan, charge interest on the money you owe at the end of a lending cycle
Lay-by is a type of loan where the vendor withholds the item until you pay for it
In a lay-by transaction you pay a deposit to reserve the item and then pay the remainder in a set time

Chapter 3 : Records and receipts

Chapter 4 : Systems of payment - past and future

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This topic includes

2 flash animations
1 final exam

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