CREDIT INTRO

Consumer Credit is granted to

• individuals

• businesses

Trade Credit is given to

• consumers

• businesses

​ (a)   is typically defined as an ​ (b)   between  ​ (c)   and a BORROWER

• Credit
• agreement
• LENDER

​ (a)   - the granting of extended time to pay off a debt

​ (b)   - a person or business that grants credit

​ (c)   - the conditions set by the creditor​

• CREDIT
• CREDITOR
• CREDIT TERMS

When a borrower fails to make payments as stated in the terms of agreement they are considered to be in

• wrong

• default

• response

Buying things on credit will increase the cost of a purchase

• TRUE

• FALSE

WHAT are some of the dangers of using CREDIT?

What are some advantages of using CREDIT?