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Business 5.01 A 10 Questions
Test Description: Principles of Business and Finance
Instructions: Answer all questions to get your test result.
1) Tim has the option of borrowing $5,000 at a 3% interest rate from a local bank. Which loan option would allow Tim to pay the LEAST amount of money?
A
Option 4: loan for 18 years
B
Option 1: loan for 6 months
C
Option 3: loan for 24 months
D
Option 2: loan for 12 months
2) Sky Blue Credit Repair Company assists clients with spending less on debt and eliminating credit problems. With which type of credit assistance does the company provide?
A
Credit repair
B
Debt repayment plan
C
Bankruptcy
D
Credit counseling
3) After talking with a Sears customer representative about her overdue balance, Tina implemented a strategy that will minimize her debt. Tina used which type of credit assistance?
A
Credit repair
B
Debt repayment plan
C
Credit counseling
D
Bankruptcy
4) Han sued a furniture store that verified it provided inaccurate information about his credit history. Which regulation would protect him in having the information corrected?
A
Fair Debt Collections Act
B
Equal Credit Opportunity Act
C
Fair Credit Reporting Act
D
Consumer Credit Reporting Reform Act
5) JCPenney makes sure all applicants are creditworthy before issuing any of them credit cards. Which regulation is JCPenney adhering?
A
Equal Credit Opportunity Act
B
Fair Credit Reporting Act
C
Consumer Credit Reporting Reform Act
D
Fair Credit Billing Act
6) Mary paid only $50 for unauthorized charges made to her Capital One MasterCard. Which regulation protected her?
A
Fair Credit Reporting Act
B
Equal Credit Opportunity Act
C
Fair Credit Billing Act
D
Truth-in-Lending Law
7) Which is an example of content for a credit contract?
A
Repair services fee may apply statement
B
$450 worth of merchandise transaction
C
June 5th due date for payment
D
May 5th date of last transaction
8) Chase Mortgage Company sends quarterly summaries of transactions. Which type of document does the company send?
A
Business credit application
B
Personal credit application
C
Credit report
D
Statement of account
9) Capital Bank reported that John has both savings and checking accounts with its financial institution. Which factor for granting credit related to documentation is this institution
A
Three C's of credit
B
Credit application
C
Credit bureau credit report
D
Credit data
10) B Rental Company requires applicants to verify reputation for paying bills in order to determine potential credit risk. Which factor examined by creditors does the company require?
A
Credit report
B
Statement of account
C
Credit application
D
Credit contract
*select an answer for all questions
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