Consumer Credit

question 174

Multiple Choice

Consumer credit:

• A)is a privilege of the affluent.
• B)dates back to colonial times.
• C)carries no finance charge.
• D)is not a major force in our economy.
• E)use has been declining in recent years.

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Definitions:

Services Provided

The activities or functions performed by a business or organization for the benefit of its customers, which do not result in the ownership of a physical product.

Biweekly Salaries

Payments made to employees every two weeks, totaling 26 pay periods in a year.

Fiscal Period

A specific time frame used for financial reporting and budgeting, often synonymous with a fiscal year, but can refer to any defined accounting period.

Adjusting Entry

An entry made in the accounting journals at the end of an accounting period to allocate income and expenditure to the appropriate period.