Which represents the most accurate description of how credit cards differ from loads

Answers

Answer 1

Answer:

Explanation:

Loans are typically for something that will build your value. Credit cards are not.

Answer 2

The option B gives the accurate difference between a credit card and a loan. The credit card payments typically vary from month to month, while the loan payments remain the same as long as the interest rates remain the same.

What is a Credit Card?

A credit card is a form of borrowing and allows you to borrow up to the credit limit set for your card. Credit cards let you borrow money from a bank under the agreement that you'll repay it by your bill's due date or incur interest charges.

A credit card is a type of payment card in which charges are made against a line of credit instead of the account holder's cash deposits. When using a credit card, you will need to make at least the minimum payment every month by the due date on the balance.

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Related Questions

Mill Company began operations on January 1, 20X1, and recognized income from construction-type contracts under different methods for tax purposes and financial reporting purposes. Information concerning income recognition under each method is as follows: Year Tax Purposes Book Purposes 20X1 $ 400,000 $ 0 20X2 625,000 375,000 20X3 750,000 850,000 Required: Assume the income tax rate is 21% in all years and that Mill has no other temporary differences. In its December 31, 20X3, balance sheet, what amount of deferred income taxes should Mill report

Answers

Answer:

Deferred tax asset balance on December 31, 20X3 = $115,500

Explanation:

The computation of the amount of deferred income taxes should Mill report is shown below:

Year Tax purpose Book purpose Difference Deferred tax book

20X1 $400,000 $0 $400,000 $84,000

20X2 $625,000 $375,000 $250,000 $52,500

20X3 $750,000 $850,000 ($100,000) ($21,000)

Deferred tax asset balance on December 31, 20X3 = $115,500

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