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BML 18-3
Test Description: Business Management and Law, Ch 18 - Credit, set 3
Instructions: Answer all questions to get your test result.
1) If you use a credit card to buy a shirt at the department store, you are using
A
sales credit.
B
loan credit.
C
poor judgment.
D
extra credit.
2) On loans with compounding interest,
A
interest is made up each month according to the whims of the creditor.
B
interest is shot with a compound hunting bow.
C
interest is made up of more than one type of molecule.
D
interest is calculated on the amount that is unpaid at the end of each month.
3) Service providers such as dentists and plumbers commonly offer __________ accounts.
A
regular charge
B
super double secret
C
no type of credit
D
budget charge
4) The most valuable number to consider when comparing credit among various borrowing sources is the
A
annual percentage rate
B
total finance charge
C
maturity date
D
principal
5) Which of these is NOT part of the Credit Card Act of 2009?
A
credit card companies must keep the due date on the same date each month
B
credit card companies are required to give a free gift whenever someone applies for a new account
C
anyone under the age of 21 must have either a cosigner or a source of income to get a credit card
D
credit card companies may not change the interest rate without informing the customer
6) The cost of using someone else's money is
A
interest.
B
personal pride.
C
installments.
D
debtor's fee.
7) The date on which a loan must be repaid is the
A
installment date
B
promissory date
C
first date
D
maturity date
8) Someone who sells on credit or makes a loan.
A
creditor
B
credit agency
C
credit counselor
D
debtor
9) A form on which you provide information a lender needs to decide whether to extend you credit is called a
A
credit report
B
credit application
C
promissory note
D
credit contract
10) A written promise to repay based on a debtor’s excellent credit history is a
A
lie
B
sales credit
C
promissory note
D
collateral
*select an answer for all questions
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