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Business 5.01 B 10 Questions
Test Description: 5.01 Principles of Business and Finance
Instructions: Answer all questions to get your test result.
1) Walden Book Store obtained information about Ann's reputation for paying her bills. Which factor examined by creditors did the store receive?
A
Statement of account
B
Receipts
C
Credit report
D
Credit application
2) A Sears Department Store sales associate gave a customer a form to complete in order to apply for a credit card. Which factor examined by creditors did the customer receive?
A
Credit bureau credit report
B
Three C's of credit
C
Credit application
D
Documentation of credit data
3) Which is an example of a service provided by a credit bureau?
A
Credit counseling for customers
B
Statement of accounts to customers
C
Credit reports to other businesses
D
Credit applications to applicants
4) Josh maintained minimum living expenses while working on his job for the past six years. Which "C" of credit is he MOST LIKELY to meet?
A
Character
B
Capital
C
Capacity
D
Contract
5) Jenny has the option of borrowing $300 at a 3% interest rate. Which loan option would cost her the most money?
A
Option 3: loan for 6 months
B
Option 1: loan for 2 months
C
Option 4: loan for 1 year
D
Option 2: loan for 3 months
6) What is the interest amount for the following loan: $10,000 car loan for 5 years at 8% interest rate?
A
$4,000
B
$400
C
$5,000
D
$3,000
7) Ted issued credit cards to his employees so they could charge work products. Which advantage is Ted MOST LIKELY to accomplish by viewing the monthly credit card statement
A
Earn rewards
B
Monitor theft of customer records/database
C
Keep track of spending
D
Establish favorable credit rating
8) what is the maturity date for a loan made on February 1 and due in 15 days?
A
February 12
B
Febraury 28
C
February 16
D
February 28
9) what is the maturity date for a loan made on April 24 and due in 60 days?
A
July 1
B
June 23
C
June 22
D
June 30
10) A bank loaned Doug $4,500 for 24 months. Which type of credit did he accept?
A
Charge account
B
Consumer loan
C
Credit card
D
Installment credit
*select an answer for all questions
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