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Business 5.01 A 10 Questions
Test Description: Principles of Business and Finance
Instructions: Answer all questions to get your test result.
1) Tim has the option of borrowing $5,000 at a 3% interest rate from a local bank. Which loan option would allow Tim to pay the LEAST amount of money?
A
Option 2: loan for 12 months
B
Option 4: loan for 18 years
C
Option 3: loan for 24 months
D
Option 1: loan for 6 months
2) Sky Blue Credit Repair Company assists clients with spending less on debt and eliminating credit problems. With which type of credit assistance does the company provide?
A
Credit repair
B
Debt repayment plan
C
Bankruptcy
D
Credit counseling
3) After talking with a Sears customer representative about her overdue balance, Tina implemented a strategy that will minimize her debt. Tina used which type of credit assistance?
A
Debt repayment plan
B
Credit repair
C
Bankruptcy
D
Credit counseling
4) Han sued a furniture store that verified it provided inaccurate information about his credit history. Which regulation would protect him in having the information corrected?
A
Consumer Credit Reporting Reform Act
B
Fair Debt Collections Act
C
Equal Credit Opportunity Act
D
Fair Credit Reporting Act
5) JCPenney makes sure all applicants are creditworthy before issuing any of them credit cards. Which regulation is JCPenney adhering?
A
Equal Credit Opportunity Act
B
Fair Credit Reporting Act
C
Consumer Credit Reporting Reform Act
D
Fair Credit Billing Act
6) Mary paid only $50 for unauthorized charges made to her Capital One MasterCard. Which regulation protected her?
A
Fair Credit Reporting Act
B
Equal Credit Opportunity Act
C
Truth-in-Lending Law
D
Fair Credit Billing Act
7) Which is an example of content for a credit contract?
A
$450 worth of merchandise transaction
B
June 5th due date for payment
C
May 5th date of last transaction
D
Repair services fee may apply statement
8) Chase Mortgage Company sends quarterly summaries of transactions. Which type of document does the company send?
A
Personal credit application
B
Credit report
C
Statement of account
D
Business credit application
9) Capital Bank reported that John has both savings and checking accounts with its financial institution. Which factor for granting credit related to documentation is this institution
A
Credit data
B
Credit bureau credit report
C
Credit application
D
Three C's of credit
10) B Rental Company requires applicants to verify reputation for paying bills in order to determine potential credit risk. Which factor examined by creditors does the company require?
A
Credit report
B
Credit contract
C
Statement of account
D
Credit application
*select an answer for all questions
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