Which term means to obtain money from a bank or other person to buy something?

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Study for the 6th Grade Financial Literacy Test. Explore interactive quizzes and multiple-choice questions with insightful explanations. Prepare effectively today!

Multiple Choice

Which term means to obtain money from a bank or other person to buy something?

Explanation:
Obtaining money from a bank or another person to buy something is borrowing. When you borrow, you get the money now and promise to pay it back later, usually with some extra called interest. That’s why the word that fits best is Borrow. Budget means planning how to spend money, not where the money comes from. Deduct means to subtract an amount. Expense refers to money that you spend, not money you borrow.

Obtaining money from a bank or another person to buy something is borrowing. When you borrow, you get the money now and promise to pay it back later, usually with some extra called interest. That’s why the word that fits best is Borrow. Budget means planning how to spend money, not where the money comes from. Deduct means to subtract an amount. Expense refers to money that you spend, not money you borrow.

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