Which of the Following Statements Is Correct

question 54

Multiple Choice

Which of the following statements is correct?

• A) An open-end loan disallows additional credit until the initial amount is paid off.
• B) The average daily balance is equal to the sum of the daily balances divided by the number of days in the billing cycle.
• C) The average daily balance is the same as the average balance.
• D) With open-end loans, an individual makes regular fixed dollar payments for a specified period of time.

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Definitions:

Market Income

The amount of income earned by an individual or company without any government transfers.

Quintile

A statistical value dividing a data set into five equal parts, each representing 20% of the population being studied.

Medicaid

A joint federal and state program that helps with medical costs for some people with limited income and resources.

Disabled Persons

Individuals who have a physical, mental, intellectual, or sensory impairment which, in interaction with various barriers, may hinder their full and effective participation in society on an equal basis with others.