Unit quiz: Layered obligations and complete outlay

Check understanding, separately from reading

5 questions · 80% to pass · no timer. This quiz checks the lessons in this unit. These authored questions assess recognition and application of the taught distinctions, not professional qualification. You may review the lessons and retry. Repeat attempts reuse the question bank; a remembered answer is not proof of transfer to a new situation.

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Question 1

Old schedule: $3,000 weekly × 12 remaining weeks = $36,000. Replacement: $1,500 × 28 weeks = $42,000, assuming it fully retires the old obligations and no separate fees. Weekly relief = $1,500; extra total future outlay = $6,000.

Owner: “Which statement honestly describes this comparison?”Weekly relief is $1,500, but total future outlay increases by $6,000.The lower weekly payment proves both immediate relief and lower total cost.

Question 2

Fictional weekly old debits $7,000 plus new debit $4,000 = gross outflow $11,000. With a $6,500 new deposit, net outflow is $4,500. If that deposit stops while debits remain, outflow is $11,000. This is a one-period stress illustration, not total cost.

Owner: “My new debit is the whole weekly burden?”Yes. Old debits disappear from the budget when a new deposit is promised.No. Include old debits and subtract only disbursements actually received under the schedule.

Question 3

Invoice $20,000; advance 80% = $16,000. One assumed fee of 3% of invoice face = $600. Reserve release = $20,000 − $16,000 − $600 = $3,400. Total received = $19,400, assuming full collection and no other charges.

Owner: “The reserve is another fee that I never receive?”Not necessarily; distinguish held funds from fees and confirm the conditions and timing for release.Yes. All withheld funds always belong to the factor permanently.

Question 4

Example A: limit $50,000 less drawn $22,000 = $28,000 before restrictions. Separate Example B: a constant $24,000 balance at 12% nominal annual rate for 30 days on an actual/360 simple-interest convention gives $240. No fees, compounding or balance changes assumed.

Owner: “That interest example proves my line has no other costs?”Yes. Simple interest automatically includes every draw and service fee.No. It excludes fees and uses a stated day-count assumption; we must read the actual terms.

Question 5

Example A assumes $30,000 principal, no interest or fees, and 20 principal payments of $500: remaining balloon $20,000. Example B: equipment lease cash outlay = $10,000 upfront + 48 payments of $1,000 + $2,000 buyout = $60,000, before tax, insurance or maintenance.

Owner: “Can I ignore the buyout and final balloon when comparing?”No. Include them and verify the cash source or ownership choice at the end.Yes. Only the recurring installment is a financing cost.

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