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BML 18-2
Test Description: Business Management and Law Chapter 18: Credit; set 2
Instructions: Answer all questions to get your test result.
1) Large single purchases (such as appliances and automobiles) are commonly bought using
A
trade credit
B
a charge account
C
a bank credit card
D
installment credit
2) The principal of a loan is
A
the total cost of the loan.
B
the amount borrowed.
C
in charge of hiring the loan's teachers.
D
the total amount of interest that will be paid.
3) People with very good credit ratings are more likely to get which type of loan?
A
unsecured loan
B
secured loan
C
payday loan
D
forever a loan
4) The formula for simple interest is
A
P x R x T
B
P x R
C
P x S x R
D
I x P x R
5) This law limits your liability to $50 for unauthorized credit card purchases made prior to notifying the card issuer.
A
Fair Credit Reporting Act of 1970
B
Fair Debt Collection Practices Act of 1978
C
Equal Credit Opportunity Act of 1976
D
Truth-in-Lending Act of 1968
6) Type of charge account that requires customers to make full payment within a stated period.
A
revolving account
B
ionic charge account
C
budget account
D
regular account
7) Total dollar cost of credit, including interest and all other charges.
A
APR
B
loan origination fee
C
interest charge
D
finance charge
8) Why is compound interest more expensive than simple interest?
A
Compound interest loans have higher fees.
B
Compound interest requires the borrower to pay interest on interest as well as the principal.
C
Interest rates are higher for compound interest loans.
D
Compound interest loans are for longer periods of time.
9) Which of the following is an example of a bank card?
A
MasterCard
B
Hallmark
C
American Express
D
Diners Club
10) The two major types of consumer credit are
A
credit cards and charge accounts
B
level loan and decreasing loan
C
secured and unsecured
D
sales credit and loan credit
*select an answer for all questions
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