Marketing Essentials

Section 2: Credit

After You Read Online Action

Key Terms and Concepts

1. Credit enables consumers and businesses to buy goods and services when needed in exchange for a promise to pay later.
2. Answers may include: bank credit cards, store and gasoline credit cards, travel and entertainment cards, secured and unsecured loans.
3. Regular or 30-day accounts, installment accounts, revolving accounts, and budget accounts.

Academic Skills

4. 4.16 years: Step 1: $3,000 total purchases X (2 ÷ $1/purchase) = $6,000; Step 2: 25,000 miles ÷ 6,000 = 4.16 years
5. Student reports should give an example of consumer credit laws.