Kathy Purchased a $2,000 Digital TV from Young's Appliances

question 70

Multiple Choice

Kathy purchased a $2,000 digital TV from Young's Appliances.She will make 12 equal payments over the next year to pay for it.She is using:

• A)an installment loan
• B)open-end credit
• C)revolving check credit
• D)a line of credit
• E)none of the above

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Definitions:

Liabilities

Financial obligations or debts that an entity owes to others, which must be settled over time through the transfer of economic benefits.

Excise Tax

A tax imposed on specific goods, services, or transactions, often with the aim of reducing their consumption or raising government revenue.

Lung Cancer

A type of cancer that originates in the lungs, often associated with smoking and exposure to hazardous pollutants.

Benefits-Received Tax

A taxation principle where taxes are levied on individuals based on the benefits they receive from the government's use of the collected tax.