Jayson Smith is a recent college graduate who found himself in debt as a result of credit card expenditures and is in need of dependable transportation. Smith recently purchased a new motorcycle from Watt Cycles. In financing the cycle, Smith found that he would be making payments to Beneficial Corp., a company that deals in poor credit risks and short-term loans. Smith was dealing with which of the following?

Question

Quizplus · Accepted Answer

Beneficial Corp. is a finance company that specializes in dealing with poor credit risks and short-term loans. A savings bank deals primarily in savings accounts and mortgage loans, a savings and loan association specializes in home mortgages and other home-related loans, and a commercial bank deals in a wide range of financial services including savings accounts, checking accounts, loans, and investments.

Jayson Smith Is a Recent College Graduate Who Found Himself