Credit test Flashcards
1
Q
________ is the privilege of using someone else’s money for a period of time.
A
credit
2
Q
A(n) ________ is a person or business that buys on credit or obtains a loan; a(n) ________ is the person or business that grants a loan or sells on credit.
A
debtor & creditor
3
Q
________ is a credit plan that requires a purchaser to make a down payment and then fixed regular payments.
A
term loan
4
Q
A(n) _________ is a form of installment credit in which the borrower makes regular fixed payments over a set period of time.
A
installment sales credit
5
Q
A(n) ___________ allows you to rent something for a period of time at a set cost.
A
lease
