Modules 114-115 Review Part 2 Question Preview (ID: 34406)


Modules 114-115 Review Part 2. TEACHERS: click here for quick copy question ID numbers.

Jessica took out a loan and paid $100 in application fees and 10% interest on the loan. These costs are called
a) finance charges
b) overlimit
c) APR
d) unsecured loan

Carlos wants a loan. He finds one that does not require collateral, but he can only borrow a small amount. Because he does not have to possess collateral, his loan is a(n)
a) unsecured loan
b) secured loan
c) revolving credit
d) retailer

When you are shopping for a loan, the rate you compare is the
a) APR
b) reduce
c) retailer
d) overlimit

If you receive a source of consumer credit from a(n) ________, you may get the benefits of receiving discounts, getting advance notice of sales and being offered a major credit card that can be used anywhere.
a) retailer
b) reduction
c) revolving credit
d) risk based lending company

High-interest loans with expensive fees and a high risk of losing collateral are costs associated with a(n)
a) risk based lending company
b) retailer
c) revolving credit
d) secured loan

If you spend more than your credit limit, you pay these fees.
a) overlimit
b) finance charges
c) late
d) unsecured

A credit card with a dollar limit and a minimum balance payment requirement is a(n)
a) revolving credit
b) non installment credit
c) overlimit
d) a secured loan

A loan is secured by collateral it is called a(n)
a) secured loan
b) unsecured loan
c) revolving credit
d) non installment credit

. Isabella's father adds $100 to his monthly payments for his secured loan. He does this because he is trying to _______ the cost of the loan.
a) reduce
b) increase
c) end
d) secure

. Isabella's father gets the electric bill. He knows he has to pay the entire bill by the specified date. This type of credit is called a
a) non installment credit
b) risk based lending company
c) revolving credit
d) secured loan

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