Suppose a customer buys a refrigerator and is given credit for 30 days. At the end of the 30 days, the customer must pay the entire amount of the bill. This is known as
A) installment account.
B) open charge account.
C) revolving charge account.
D) trade credit.

Question

Quizplus · Accepted Answer

An open charge account allows the customer to make purchases on credit and requires the full balance to be paid at the end of a specified period, typically 30 days.

Suppose a Customer Buys a Refrigerator and Is Given Credit