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What Does Credit Mean?

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Jeromeproofer Penn Profile
The word credit can be defined by its two word classes or families; the verb and the noun.  There are several definitions for each. Here are a few examples:

Verb

1. Publicly acknowledge someone as a participant in the production of something.
- The screenplay is credited to an American writer.

2. Ascribe an achievement or quality to someone.
- He is credited with painting 125 canvases.

3. Add money to an account.
- This deferred tax can be credited to the profit and loss account.

4. Believe (something surprising or unlikely).
- You would hardly credit it, but it was true.

Noun_

1. The ability of a customer to obtain goods or services before payment, based on the trust that payment will be made in the future.
- I've got unlimited credit with my bank.

2. The money lent or made available under such an arrangement.
- The bank refused to extend their credit.

3. An entry recording a sum received, listed on the right-hand side or column of an account ledger.

4. A payment received.
- You need to record debits or credits made to your account.

5. Public acknowledgment or praise, typically that given or received when a person's responsibility for an action or idea becomes or is made apparent.
- The president claims credit for each accomplishment.

6. A source of pride, typically someone or something that reflects well on another person or organization.
- He's a credit to his mother.

7. An acknowledgment of a contributor's services to a movie or a television program.
- The closing credits finished rolling.

8. A unit of study counting toward a degree or diploma
- In his first semester he earned 17 credits

9. The quality of being believed or credited.
- The abstract philosophy of Cicero has lost its credit.
joyce Profile
joyce answered
Basically, credit is when you loan someone money because you know that person will pay you back.
Or at least you TRUST that the person will pay you back
Shezan Shaikh Profile
Shezan Shaikh answered
In the world of finance, the term credit is known as the granting of the loan or creation of a debt. In general the movement of a financial capital is normally quite dependent on credit. Credit on the other hand is dependent on the creditworthiness or reputation of an individual or an entity which is held responsible for the taking of the funds.

In commercial trade the term credit is used in the same manner as that of finance. However in commercial trade it can also be used for the reference of the approval of delayed payments of certain purchased goods. In many cases Credit is not given to an individual or a firm if they are financially instable of returning the payment of the goods, or the amount taken on credit.

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