Which of the Following Is NOT Correct

question 55

Multiple Choice

Which of the following is NOT correct?

• A) Using credit is appropriate to pay for medical emergencies.
• B) Using credit can increase the amount of money that will be available to spend in the future.
• C) Using credit occurs when you use water or electricity
• D) Using credit cards usually makes returning merchandise without a receipt easier.
• E) Using credit allows consumers to enjoy goods and services now and pay later.

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Definitions:

Purchase Orders

Official documents issued by a buyer committing to pay the seller for the supply of specific products or services at agreed prices and terms.

Expenditures

Funds spent by a business in the pursuit of profit and other business activities, including operating and capital expenses.

Private Purpose Trust Fund

A fund typically used by governmental entities to report all other trust arrangements under which principal and income benefit individuals, private organizations, or other governments.

Fiduciary Fund

A fund used to account for assets held by a government in a trustee or agency capacity for individuals, private organizations, or other governments.