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

Introduction to Credit

Quiz
•
Financial Education
•
8th Grade
•
Easy
Jocelyn Cantu
Used 1+ times
FREE Resource
16 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
1 min • 6 pts
Loan
Debt
Mortgage
IOU
2.
MULTIPLE CHOICE QUESTION
1 min • 6 pts
Credit allows for purchases without cash.
True
False
3.
MULTIPLE CHOICE QUESTION
1 min • 6 pts
Credit agreements are not legally binding
True
False
4.
MULTIPLE CHOICE QUESTION
1 min • 6 pts
Credit is free
True
False
5.
MULTIPLE CHOICE QUESTION
1 min • 6 pts
Lenders do not check a person's likelihood to repay before accepting a credit agreement.
True
False
6.
MULTIPLE CHOICE QUESTION
1 min • 6 pts
Which of the following is NOT a type of credit?
Loans
Debit Cards
Revolving Credit Accounts
Credit Cards
7.
MULTIPLE CHOICE QUESTION
1 min • 6 pts
Which of the following is often used for operating expenses?
Lump Loan
Short-Term Loans
Intermediate-Term Loans
Large Loans
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