Edzy
Single Answer MCQ
Q-00015873

In which situation did Salim use credit?

1

To buy a new house

2

To finance his vacation

3

To cover production costs for shoes

4

To lend money to Swapna

Reviewed & Verified by Edzy Expert

Sandeep Chaturvedi

Sandeep Chaturvedi

CBSE Social Science & Humanities Reviewer

Social science and humanities educator with 14+ years of experience reviewing CBSE SST, economics, commerce, arts, and vocational content.

M.A. HistoryM.A. Political ScienceB.Ed.

Answer and Solution

Answer

C. To cover production costs for shoes

Solution:

Salim needed credit to cover production costs for shoes based on an order, making option C the correct answer. The other options do not relate to his situation.

Watch Video Solution

Keep Practising

Students who asked this also explored

Continue with nearby questions to strengthen the same chapter concept while you still have the context fresh in mind.

Q1

What was Salim's outcome after taking credit?

Single Answer MCQ
View explanation
Q2

What main risk did Swapna face with her loan?

Single Answer MCQ
View explanation
Q3

What did Swapna have to do when she couldn't repay her loan?

Single Answer MCQ
View explanation
Q4

What role does collateral play in credit agreements?

Single Answer MCQ
View explanation