Credit is an arrangement in which businesses or individuals can purchase a good or service now and pay for it later.

____________ credit allows a customer to borrow up to a limit and either pay off the entire amount at the end of the month or make payments over time.

____________ credit enables the credit user to make a purchase provided that s/he agrees to make a down payment and to pay monthly installments.

Regular credit accounts are sometimes called _____________ accounts because they allow credit users to buy at any time during the set period.

______________ credit accounts often allow customers to purchase merchandise on credit with the same advantages as they would have with cash purchases.

In most businesses, the use of bank credit cards is __________.

Holders of travel and entertainment cards have to meet all but which of the following qualifications:

A secured or __________ requires the borrower to pledge to the lender some valuable possession as security to guarantee that the loan will be paid.

__________ loans are backed by a promissory note.

The costs of credit includes all but which of the following:

___________________ is a major reason that businesses offer credit because being able to “buy now and pay later” is often the deciding factor in the choice of a company with which to do business.

One important advantage of __________ credit is the ability to save money on purchases.

The _______________________ was drawn up to give states a model to follow in writing their own sets of credit laws.

The main purposes of the _____________________________ are to protect consumers who use credit and to make it easier for them to compare the terms of different credit options.

Under the Equal Credit Opportunity Act, credit applicants must be notified within _____ days of their acceptance or rejection.

The ________________ gives consumers the right to inspect the files of their credit hisoty at any credit agency and to have any mistakes corrected.

The _________________ allows a business 90 days to explain or correct a billing error.

A(n) ______________ has become so necessary that some people open credit accounts even when they have cash on hand.

All businesses must comply with credit legislation at both the state and __________ levels.

Retail Installment Sales Acts (RISA) govern only installment sales of _________________.