Personal Finance - Credit

What is the privilege of using someone else's money for a period of time called?

• A) Credit

• B) Debtor

• C) Creditor

• D) Loan Credit

Who is anyone who buys on credit or receives a loan?

• A) Credit

• B) Debtor

• C) Creditor

• D) Loan Credit

Who is one who sells on credit or makes the loan?

• A) Credit

• B) Debtor

• C) Creditor

• D) Loan Credit

What is borrowing a specific amount of money for a specific purpose called?

• A) Credit

• B) Debtor

• C) Creditor

• D) Loan Credit

What is charging a purchase at the time you buy the good or service called?

• A) Sales Credit

• B) Loan Credit

• C) Open-Ended Credit

• D) Closed-Ended Credit

What is a one-time loan for a specific dollar amount, for a specific time period, and with specified payment amounts called?

• Sales Credit

• Loan Credit

• Open-Ended Credit

• Closed-Ended Credit

What is the payment of part of the purchase price up front when receiving a loan called?

• A) Down Payment

• B) Sales Credit

• C) Open-Ended Credit

• D) Closed-Ended Credit

What is a line of credit that requires periodic payments of part or all of the total, and lets you borrow up to a certain amount each month called?

• Down Payment

• Sales Credit

• Open-Ended Credit

• Closed-Ended Credit

Loans are an example of which type of credit?

• A) Closed-Ended

• B) Open-Ended

Credit Cards are an example of which type of credit?

• A) Closed-Ended

• B) Open-Ended