Solved by verified expert :1. (p. 143) Consumer
credit refers to the use of debit cards for personal needs.
2. (p. 143) Consumer
credit dates back to colonial times when it was extensively used by
farmers.
3. (p. 143) Consumer
credit allows businesses to be more efficient or more productive.
4. (p. 143) Economists recognize consumer credit as a
major force in the American economy.
5. (p. 144) When
used effectively, credit can help a consumer have more and enjoy more.
6. (p. 144) A
trade off of credit is that it increases the amount of money that will be
available to spend in the future.
7. (p. 144) A
disadvantage of using credit is its use when making a hotel reservation.
8. (p. 145) During
the grace period, finance charges are assessed at only half the normal
rate.
9. (p. 145) Credit
can indicate stability since lenders consider you a good risk.
10. (p. 145) Although
credit allows immediate satisfaction of needs and desires, a greater advantage
is that it increases total purchasing power.
11. (p. 146) Closed-end
credit consists of loans made on a continuous basis with periodic bills for at
least partial payment.
12. (p. 146) Open-end
credit consists of loans made on a continuous basis with periodic bills for at
least partial payment.
13. (p. 146) Closed-end
credit is used for a specific purpose and involves a specific amount.
14. (p. 147) Installment
sales credit is a loan that allows a consumer to purchase high-priced
items.
15. (p. 147) A
consumer applies for open-end credit to make a single purchase, such as a large
appliance.
16. (p. 148) The
least expensive loans are often provided by parents or other family members.
17. (p. 148) The
most expensive loans are often provided by parents or other family
members.
