An arrangement that allows customers to purchase and use goods or services and pay for them at a future time is known as what type of sale?

A sale characterized by customers being able to purchase goods or services and defer payment to a later date is termed a credit sale. This arrangement typically involves the seller extending a financial agreement to the customer, allowing them to take possession of the item or utilize the service immediately while paying later, which helps customers manage their cash flow.

In many cases, credit sales may involve interest or fees depending on the terms set by the seller, adding a further incentive for both parties: customers get immediate access to what they need, and sellers can potentially increase their sales volume.

The other types of sales listed do not encompass this concept. A cash sale requires immediate payment upon completion of the transaction, a retail sale commonly occurs in a straightforward exchange of goods for cash or credit at the point of sale, and a consignment sale involves an agreement where goods are delivered to a retailer but ownership remains with the original seller until sold. Each of these options reflects a different payment structure and does not include the deferred payment aspect mentioned in the question.