Which type of credit is described as approved for a single purchase and does not extend beyond that purchase?

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Prepare for the NYSTCE Family and Consumer Science Test with our study materials. Utilize flashcards and multiple choice questions with hints and explanations to excel in your exam!

Multiple Choice

Which type of credit is described as approved for a single purchase and does not extend beyond that purchase?

Non-installment credit is a one-shot loan for a single purchase. You’re approved to buy something and the debt is repaid in one lump sum instead of in multiple payments over time. Once you pay that single amount, the credit arrangement ends and nothing carries forward for future purchases. This contrasts with installment credit, where you repay a loan in several scheduled payments, and with revolving or open-end credit, where you can make ongoing purchases up to a limit and carry a balance over time.

Which type of credit is described as approved for a single purchase and does not extend beyond that purchase?

Prepare for the NYSTCE Family and Consumer Science Test with our study materials. Utilize flashcards and multiple choice questions with hints and explanations to excel in your exam!

Which type of credit is described as approved for a single purchase and does not extend beyond that purchase?

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