Question: When you use credit, you satisfy needs today and pay for their satisfaction in the future.

Answer: true

Question: Credit is an arrangement to receive cash, goods, or services now and pay for them in the future.

Answer: true

Question: Consumer credit refers to the use of credit for personal needs (except a home mortgage) by individuals.

Answer: true

Question: Consumer credit is based on trust in people’s ability and willingness to pay bills when due.

Answer: true

Question: Consumer credit works because people by and large are dishonest and irresponsible.

Answer: false

Question: Consumer credit dates back to World War II.

Answer: false

Question: Consumer credit dates back to colonial time.

Answer: true

Question: Most economists do not recognize consumer credit as a major force in the American economy.

Answer: false

Question: There are very few valid reasons for using credit.

Answer: false

Question: Credit when effectively used, can help you have more and enjoy more.

Answer: true