The type of credit that operates like a revolving credit account where customers can purchase goods up to a certain dollar limit without a new credit check for each purchase is known as a/an ______.

A) open charge account
B) installment account
C) line of credit
D) debit card

Question

Nesha Crawford__ · Accepted Answer

Final Answer : C, Explanation :  A line of credit operates as a revolving credit account, allowing customers to borrow up to a certain limit without needing a new credit check for each transaction. This flexibility makes it distinct from options like installment accounts, which typically involve fixed payments over time for a specific purchase.

The type of credit that operates like a revolving credit account where customers can purchase goods up to a certain dollar limit without a new credit check for each purchase is known as a/an ______.

A) open charge account
B) installment account
C) line of credit
D) debit card

Definitions

Learning Objectives

Learning Objectives

Related questions

The type of credit that operates like a revolving credit account where customers can purchase goods up to a certain dollar limit without a new credit check for each purchase is known as a/an ______.A) open charge accountB) installment accountC) line of creditD) debit card

Definitions

Learning Objectives

Learning Objectives

Related questions

The type of credit that operates like a revolving credit account where customers can purchase goods up to a certain dollar limit without a new credit check for each purchase is known as a/an ______.

A) open charge account
B) installment account
C) line of credit
D) debit card