To what do the terms non-revolving and revolving refer?

(1 point)
Responses

checking accounts
checking accounts

credit
credit

loans
loans

bankruptcy
bankruptcy

1 answer

The terms non-revolving and revolving refer to credit.

Revolving credit allows borrowers to access funds up to a certain limit repeatedly, such as with credit cards, while non-revolving credit involves a fixed amount that cannot be reused once paid off, as seen in installment loans.