COST ACCOUNTING
FINANCIAL TERMINOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Elizabeth wants a special credit card for her daughter. She needs the card to have a limit that will not refresh after each cycle or after payment. She wants a(n) ____
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declining balance card
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account card
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private brand card
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credit limit increase
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Explanation:
Detailed explanation-1: -Your credit limit can be understood as the maximum spending amount your credit card issuer has allowed you to spend. Anybody who spends above this limit will have to pay an over-limit fee. Customers should avoid spending over this limit altogether to limit themselves.
Detailed explanation-2: -What Is a Credit Card? A credit card is a card issued by a financial institution, typically a bank, and it enables the cardholder to borrow funds from that institution. Cardholders agree to pay the money back with interest, according to the institution’s terms.
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