What is a Deferred Payment? - Definition & Examples

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What is a deferred payment?

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1. What is the difference between a deferred payment and a loan?

2. A mattress sells for $1500. You have a deferred payment plan option of paying in 5 monthly installments. How much do you pay with each installment?

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About This Quiz & Worksheet

Use these questions to make sure you know what a deferred payment plan is. Answer questions about how they work and use your knowledge to identify how much would be owed in examples.

Quiz & Worksheet Goals

In this quiz and worksheet, you'll test your understanding of:

  • What a deferred payment refers to
  • The difference between loans and deferred payments
  • What the most important part of a deferred payment plan is

Skills Practiced

  • Defining key concepts - ensure that you can accurately define main phrases, such as deferred payments
  • Distinguishing differences - compare and contrast topics from the lesson, such as deferred payment plans and loans
  • Knowledge application - use your knowledge to identify deferred payment plans and explain how much you would pay at a time

Additional Learning

For a more in-depth understanding of this form of payment, read the lesson titled What is a Deferred Payment? - Definition & Examples. You will explore topics like:

  • Companies and universities that offer deferred payment options
  • Who is likely to be offered a deferred payment plan
  • Why a consumer would want to use a deferred payment plan
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