When using credit, the purchase amount becomes what once the payment agreement is made?
Introduction to Credit

Quiz
•
Other
•
9th - 12th Grade
•
Easy
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25 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Loan
Debt
Mortgage
IOU
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Credit allows for purchases without cash.
True
False
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Credit agreements are not legally binding.
True
False
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Credit is free.
True
False
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Lenders do not check a person’s likelihood to repay before accepting a credit agreement.
True
False
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT a type of credit?
Loans
Debit cards
Revolving credit accounts
Credit cards
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is often used for operating expenses?
Lump loans
Short-term loans
Intermediate-term loans
Large loans
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