Answers 2027 Ignite Financial Literacy-Personal Finance - EL3403 The Cost of CreditQuestion 1

1

AssignmentMultiple Choice

The Cost of Credit

Question 1 • 2027 Ignite Financial Literacy-Personal Finance - EL3403

Which statement best explains what it means to use credit?

Answer

A

Using credit means lending money to a family member or friend.

B

Using credit means giving money to a financial institution with the hope of making money.

C

Using credit means getting money from a store and paying it back immediately.

D

Using credit means receiving money from a financial institution and paying it back over time.

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