BML 18-4: Question Preview (ID: 8726)

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Credit card companies generally send customers a monthly statement of account,
a) which is a record of transactions completed during that month. b) which states whether or not they have an account. c) which is required by the Equal Credit Opportunity Act d) which customers shouldn't bother to read.
A person may be denied credit on the basis of his
a) sex b) age c) source of income d) amount of income
Bankruptcy is
a) a simple process to eliminate debt. b) generally good for your credit rating. c) usually the first option when faced with too much debt. d) the legal process of reducing or eliminating an amount owed.
Given the same principal, interest rate, and time, which of these types of loans is the most expensive?
a) interest compounded weekly b) interest compounded monthly c) disinterest d) simple interest
The main activity of a credit bureau is to
a) determine when a person is overusing credit b) calculate the cost of credit for lenders and borrowers c) make recommendations as to when credit should be issued d) report information on the use of credit by consumers
Document showing the debts you owe, how much you use credit, and whether you pay your bills on time.
a) credit report b) credit references c) credit application d) credit rating
The federal law that provides protection when an error occurs on a monthly statement is the
a) Truth-in-Lending Law b) Fair Credit Reporting Act c) Fair Credit Billing Act d) Equal Credit Opportunity Act
The maximum amount you may owe on a revolving credit account at one time is called a
a) spending limit b) finance charge c) credit limit d) budget
How can you calculate the new balance of a revolving credit account?
a) (old balance) x (interest x time) + (purchases and fees) - (credits and payments) b) principal x rate x time c) (old balance) - (purchases and credits) + (fees and interest) d) (old balance) + (fees, interest and purchases) - (payments and credits)
This type of charge account requires the buyer to make full payment within a stated period.
a) regular charge account b) budget charge account c) sales charge account d) revolving charge account
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