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BML 18-6
Test Description: Business management and Law Ch 18, set 6
Instructions: Answer all questions to get your test result.
1) Where should one go to get a free copy of his/her credit report?
A
www. annualcreditreport. com
B
www. freecreditreport. com
C
contact creditors directly
D
contact the credit bureaus directly
2) Which of the following is a disadvantage of using credit?
A
convenience
B
identity theft
C
immediate possession
D
improved credit rating
3) Which of the following is an advantage of using credit?
A
convenience
B
overbuying
C
lower credit rating
D
higher prices
4) Which of the following is NOT a feature of installment sales credit?
A
no sales contract is required
B
the seller can repossess merchandise if payments are late
C
finance charges must be paid on the amount owed
D
a down payment is usually required
5) Which of these is NOT part of the total dollar cost of credit?
A
credit insurance fees
B
purchase price
C
service fees
D
interest rate
6) Which of these requires disclosure of the APR?
A
sales credit agreements
B
cash advance loans
C
all of these
D
loan credit agreements
7) _____ is a written promise to repay a loan based on a debtor's credit history.
A
Contract
B
Collective
C
Promissory note
D
Collateral
8) A down payment is
A
a payment that is socially acceptable.
B
any payment which decreases the amount owed on the principal.
C
a payment of part of the purchase price at the outset of a loan.
D
a payment which does not meet the minimum requirements of the loan agreement.
9) Companies offering to erase bad credit history or dramatically improve your credit score in a short amount of time
A
are affiliated with major credit card companies.
B
are mostly trying to rip you off and have you do things that are illegal.
C
usually offer legitimate advice.
D
are tied to the credit bureaus.
10) _____ is the privilege of using someone else's money for a period of time.
A
Theft
B
Credit
C
Debt
D
Free Money
*select an answer for all questions
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