Answers CMS 2026-2027 Economics and Personal Finance CREDIT RECOVERY Practice TestQuestion 14

14

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Practice Test

Question 14 • CMS 2026-2027 Economics and Personal Finance CREDIT RECOVERY

Which describes the difference between a personal loan and a credit card?

Answer

A

Personal loans offer lump sums of money, while credit cards set a maximum amount a person can borrow.

B

Personal loans are secured for small purchases, while credit cards are unsecured loans for large amounts.

C

Credit cards are secured loans for large amounts, while personal loans are unsecured for small purchases.

D

Credit cards offer lump sums of money, while personal loans set a maximum amount a person can borrow.

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