Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

1. Introduction to Accounting

Types of Accounting

Financial Accounting

1. Introduction to Accounting

Types of Accounting

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Multiple Choice

Which type of short-term loan is known for charging very high fees and interest rates?

Mortgage loans

Payday loans

Auto loans

Student loans

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Verified step by step guidance

Understand the concept of short-term loans: These are loans typically meant to be repaid within a short period, often less than a year. They are used to cover immediate financial needs.

Identify the characteristics of payday loans: Payday loans are a type of short-term loan that is known for charging very high fees and interest rates. They are typically due on the borrower’s next payday.

Compare payday loans with other types of loans: Mortgage loans, auto loans, and student loans are generally long-term loans with lower interest rates and fees compared to payday loans.

Recognize the risks associated with payday loans: Due to their high fees and interest rates, payday loans can lead to a cycle of debt if borrowers are unable to repay them on time.

Conclude that payday loans are the type of short-term loan known for charging very high fees and interest rates, distinguishing them from other loan types listed in the problem.