Purchase an item from a retailer and the item is held in your name until paid for

Purchase an item from a retailer and the item is held in your name until paid for

• A. Open Thirty-Day Account
• B. Layaway Plans
• C. Open-Ended Credit
• D. Installment Purchase Agreements

Answer: (B)

Layaway plans involve selecting an item and paying for it over time, with the retailer holding the item for you until it’s paid in full. Ownership remains with you only after the final payment, so the item is effectively set aside under your name at the store until you complete payment. That matches the scenario where the item is held in your name until paid for. The other options work differently: an open thirty-day account lets you take the item home and pay within 30 days; open-ended credit (like a credit card) allows ongoing borrowing and payments over time, often for multiple purchases; and installment purchase agreements usually involve receiving the item now and paying in installments, with ownership typically transferring upon delivery.

Layaway plans involve selecting an item and paying for it over time, with the retailer holding the item for you until it’s paid in full. Ownership remains with you only after the final payment, so the item is effectively set aside under your name at the store until you complete payment. That matches the scenario where the item is held in your name until paid for.

The other options work differently: an open thirty-day account lets you take the item home and pay within 30 days; open-ended credit (like a credit card) allows ongoing borrowing and payments over time, often for multiple purchases; and installment purchase agreements usually involve receiving the item now and paying in installments, with ownership typically transferring upon delivery.