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Credit Unit Test
Test Description: First review game for credit unit test in Econ/Personal Finance
Instructions: Answer all questions to get your test result.
1) Which of the following is an example of good debt?
A
gas placed on a credit card
B
none of these
C
college loans
D
meals placed on a credit card
2) A ____ loan must have property put up to guarantee the loan so that if you don't pay it, the lender takes the property.
A
secured
B
unsecured
C
retail store
D
layaway
3) A(n) _____ loan is based on trust and your credit score to get the loan and has no collateral.
A
unsecured
B
secured
C
retail store
D
layaway
4) _____ credit is either secured or unsecured, has no monthly payments, is short-term, and the balance is due in full on the due date.
A
installment closed-end
B
revolving open-end
C
non-installment
D
transaction
5) ____ credit allows you to make monthly payments on the balance due but interest is charged on the unpaid balance, a minimum monthly payment is required, and purchases are limited.
A
non-installment
B
installment closed-end
C
transaction
D
revolving open-end
6) The only source authorized by law to give you a free annual credit report is ____.
A
www.annualcreditreport.com
B
www.annualcreditreport.gov
C
www.annualcreditscore.com
D
www.annualcreditscore.gov
7) What is capacity?
A
Your character
B
Your reputation
C
Your budget
D
Your ability to repay a loan
8) If someone uses your credit card fraudulently, federal law states the maximum that you are liable for is $___ if you report it.
A
$50.00
B
$250.00
C
$100.00
D
$500.00
9) If you don't report fraudulent debit card use within ____ hours to your bank, then you are responsible up to $500.00
A
12
B
60
C
48
D
24
10) Which of the following is NOT a C of credit?
A
credit
B
character
C
capital
D
capacity
*select an answer for all questions
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