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1.( TCO 3) _____ is a good example of a closed-end credit. A credit card issued by a department store A credit card issued by VISA or MasterCard A mortgage loan Using a cashier ' s check to pay for a purchase Using overdraft protection at a bank
Question 2. 2.( TCO 3) A creditor may set a maximum amount of credit that a person is allowed, and this is called a( n)
revolving credit. line of credit. convenience credit. installment cash credit. single lump-sum credit.
Question 3. 3.( TCO 3) If your monthly net( after-tax) income is $ 2,200, what should be your maximum amount spent on credit payments?
$ 150 $ 220 $ 440