Why Is It So Important That You Make All of Your

question 110

Multiple Choice

Why is it so important that you make all of your credit and loan payments on time?

• A) Late payment history lasts 7 years on your credit file.
• B) The lender will be annoyed and not extend additional credit to you.
• C) Late payment history lasts 10 years on your credit file.
• D) Paying your credit cards and loans late just once will lead to bankruptcy.

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Definitions:

Influence Over Price

Influence over price describes the extent to which a producer or a group of producers can determine the selling price of their goods or services in the market.

Free Enterprise System

The free enterprise system is an economic system where private businesses operate in competition and largely free of state control, based on supply and demand.

Central Planning Agency

An organization tasked with overseeing the economic planning and resource allocation in a centrally planned economy, often encompassing various industrial and service sectors.

Business Contracts

Legally binding agreements between two or more parties outlining the terms of business transactions.