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Hire purchase: Quiz


Question 1: Hire purchase (frequently abbreviated to HP) is the legal term for a contract developed in the United Kingdom and now found in China, Japan, India, ________, and New Zealand.

Question 2: In ________ and the United States, a hire purchase is termed an installment plan; other analogous practices are described as closed-end leasing or rent to own.
United KingdomBelizeBarbadosCanada

Question 3: Hire purchase differs from a mortgage and similar forms of ________-secured credit in that the so-called buyer who has the use of the goods is not the legal owner during the term of the hire-purchase contract.
Allodial titleProperty lawLienProperty

Question 4: Business consumers may find the different ________ and taxation treatment of hire-purchased goods beneficial to their taxable income.
Equity (finance)AssetBalance sheetAccountancy

Question 5: In cases where a buyer cannot afford to pay the asked price for an item of property as a lump sum but can afford to pay a percentage as a deposit, a hire-purchase contract allows the buyer to hire the goods for a monthly ________.
LandlordHouseRental agreementRenting

Question 6: Hire purchases are commonly used by businesses (including companies, partnerships and sole traders) in ________ to fund the purchase of cars, commercial vehicles and other business equipment.
BarbadosCanadaAustraliaUnited Kingdom


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