Question

14. Identify the incorrect option from the statement given below:
a. Credit refers to an agreement in which the borrower supplies the lender with
money.goods or services ir return for the promise of future payment
b. In rural areas, the main demand for credit is for crop production
c. Interest rate, collateral and documentation requirement, and the mode of
repayment is called the terms of credit.
d. The credit helps him to meet the ongoing expenses of production, complete
production on time​

Answer 1

Answer: a.

Explanation:

Credit refers to an agreement in which the lender supplies the borrower with money,goods or services in return for the promise of future payment.

Answer 2

Answer:

opt a

Explanation:

because, borrower and lender's place was exchange