General Business Chapter 29 and 30

Your honesty and willingness to pay your debts is called

The use of credit often results in overbuying.

If you charge a purchase at the time you buy a good or service, you are using

Which of the following is NOT a disadvantage of credit?

A loan in which you do not pay anything until the end of the loan period is called a

A charge account represents a contract between the firm offering it and the customer.

Property that is used as security to back up a loan is known as collateral.

A regular charge account is one you can use any time but only part of the debt must be paid

A business that receives an invoice with the terms 2/10, n/30

Loan credit is available from several kinds of financial institutions.

Businesses avoid long-term credit because it is bad for business.

Everyone has a basic right to credit.

When installment sales credit is used, there often is a down payment required.

Your ability to pay debts when they are due is called capacity.

Your credit rating is not important when applying for a credit card.

Which of the following would make it possible for a teenager to get a credit card in her name?

Which of the following is true about T & E cards?

Which of the following is NOT true about credit references?

Which of the following is true about a cosigner of a note?

Charge account in which you agree to pay a fixed amount each month to cover utilities is called