One Example of Closed-End Credit Is

question 84

Multiple Choice

One example of closed-end credit is:

• A)a credit card issued by a department store.
• B)a credit card issued by VISA or MasterCard.
• C)the use of overdraft protection at a bank.
• D)the use of a Travel and Entertainment card.
• E)a mortgage loan.

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Definitions:

Medicare

A federal health insurance program in the United States for people aged 65 and older, and for some younger people with disabilities.

Installment Note Payment

A portion of a loan's repayment structure, where payments are spread out over time, typically including both principal and interest components.

Carrying Amount

The net value of an asset or liability reported on the balance sheet, calculated as the original cost minus depreciation, amortization, or impairment costs.

Federal Unemployment Taxes

Taxes imposed by the federal government on employers to fund state workforce agencies and unemployment compensation for workers who have lost their jobs.