Chapter 15 Actual Full Exam Questions With Correct Answers.
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Course
AMORTIZATION
Institution
AMORTIZATION
Open-End Credit - correct answer A common way of buying on credit that has no fixed payments.
Credit Limit - correct answer The maximum amount of credit that can be charged to a card.
Credit Accounts - correct answer ...
Chapter 15
Open-End Credit - correct answer A common way of buying on credit that has no
fixed payments.
Credit Limit - correct answer The maximum amount of credit that can be charged to
a card.
Credit Accounts - correct answer Accounts opened at certain stores that allow the
customer to make frequent purchases without having to pay cash.
Revolving Charge Account - correct answer An account that may never be paid off.
A minimum amount must still be paid for it each month.
Credit Cards - correct answer Cards that are portable and allow the user to buy
things from most stores on credit. Ex: Mastercard, Visa
Country Club Billing - correct answer Provides a carbon copy of all original charge
reciepts. Is more expensive for credit card companies than Itemized Billing.
Itemized Billing - correct answer Provides an itemized listing of all charges without
copies of each individual charge. Is cheaper for credit card companies than Country Club Billing.
Finance Charges - correct answer Any charges beyond the cash price of an item.
Late Fees - correct answer Charged by lenders for payments that are recieved after
the due date.
Over-the-Limit Fees - correct answer Charge by lenders in the event the debt of the
credit user exceeds the amount authorized by the issuer of the card.
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