Question

Which phrase best defines credit? the process of continually purchasing goods at ever-increasing prices the immediate obtainment of goods or services in exchange for future payment the use of a deposit to secure goods for a later date the value of a property, good, or service

Answer 1

Answer:

The immediate obtainment of goods or services in exchange for future payment.

Explanation:

The term "credit" is used for the attainment of any goods or services immediately in exchange for future payment. This means that the services or goods will be acquired at the same moment but the payment will be done later on in the future.

This means that anything taken in advance without the payment done yet is termed as credit. So, the phrase that defines 'credit' best is the limited obtainment of any goods and services in exchange for payment to be done in the future.