Which Type of Credit Account Does Not Allow a Consumer

question 109

Multiple Choice

Which type of credit account does not allow a consumer to make a partial payment?

• A) layaway plan
• B) revolving credit account
• C) open credit account
• D) option credit account

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Definitions:

Long-term Capital Gains

Profits from the sale of an asset held for more than a year, generally taxed at a lower rate than short-term capital gains or regular income.

Collectibles

Items of personal property that are considered valuable due to rarity, demand, or historical significance, potentially subject to special capital gains tax rates upon sale.

Capital Gain Transactions

Deals involving the sale of an asset, such as stocks, bonds, or real estate, where the sale price exceeds the purchase price, resulting in income that can be taxed at preferential rates.

Form 1099-B

A form used by brokers and barter exchanges to report proceeds from transactions to the taxpayer and the IRS.