BML 18-1 Question Preview (ID: 8722)


Business Management And Law Ch 18 - Personal Credit; First Set. TEACHERS: click here for quick copy question ID numbers.

Anyone who buys on credit is called a
a) debtor
b) noob
c) fool
d) creditor

If a debtor does not repay a loan secured by the item purchased on credit, the creditor has the right to
a) party.
b) repossess the item.
c) remain silent.
d) physically attack the debtor.

A person's reputation for paying bills on time.
a) capital
b) credit report
c) credit rating
d) capacity

Signing a promissory note occurs when using
a) a credit card.
b) poor judgment.
c) a loan.
d) a charge account.

Interest rates are stated
a) on a per-month basis.
b) vewwy vewwy qwuietly.
c) based on the length of he loan.
d) on a per-year basis.

An item put up as security against a loan is called
a) trade credit.
b) promissory note.
c) a police officer.
d) collateral.

__________ refers to a person's ability to pay a debt when it is due.
a) Character
b) Capacity.
c) Cacophony
d) Capital

A person's reputation for paying bills on time relates to a person's
a) capacity
b) capital
c) collateral
d) character

KWYS stands for
a) keep what you steal
b) know what you're signing
c) kill what you see
d) kiss while you sleep

All of the following are benefits of credit EXCEPT
a) convenience
b) savings
c) immediate possession
d) overbuying

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