Charge Accounts Are Referred to as Open-End Credit Because They

question 67

Multiple Choice

Charge accounts are referred to as open-end credit because they

• A)allow repeated borrowing without having to reapply for the credit each time.
• B)don't have to be paid off completely each month.
• C)make use of a plastic card.
• D)can be used to purchase merchandise or to borrow cash.

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Definitions:

Primacy Effect

The psychological principle that the first items presented in a series are most likely to be remembered.

Malcolm Gladwell

An author and journalist known for exploring the science of extraordinary achievements and the factors that contribute to success.

Firm Grip

A strong and secure hold or grasp on an object or concept.