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Modules 114-115 Review Part 1
Test Description: Modules 114-115 Review Part 1
Instructions: Answer all questions to get your test result.
1) Which of the following is NOT something that a person may go into debt for that is typically considered good debt?
A
college education
B
small business loan
C
vacation
D
house
2) Which of the following is NOT true about layaway plans?
A
they are made for people who want to buy items but cannot afford to pay for them in full right away.
B
the buyer is required to make payments on the merchandise
C
The buyer is allowed to take merchandise home before its paid for
D
the store keeps the merchandise until the item is fully paid for
3) Which of the following is NOT true about commercial banks?
A
They offer home, business, personal auto, and education loans
B
Their interest rates vary
C
their interest rates are typically higher than those at credit unions
D
your credit rating doesn’t matter to them when you are seeking a loan
4) Open-end credit …
A
is also known as installment credit
B
has a set date by which you must repay the loan
C
does not require you to pay the minimum balance each month
D
provides a line of borrowing so you can use what you need
5) When using the decision model addressed in this module,
A
all of the above
B
you will make the correct decision, or the same exact decision as everyone
C
you should not consider any alternatives
D
you analyze a problem and ,make a decision that is best for you
6) When you use a credit card,
A
the government is financing your expenditure
B
. it is good to buy large purchases that you otherwise would not be able to afford
C
you will not have to pay any interest as long as you pay the minimum balance each month
D
it is best to repay the money quickly to avoid interest charges
7) Which of the following is NOT something that a person may go into debt for that is typically considered bad debt?
A
movie tickets
B
food
C
first home
D
clothing
8) Which of the following is true about a secured loan?
A
No interest is charged as long as the loan is paid on time
B
a down payment of $100 or less is required to guarantee the loan
C
a house or a car may be used as collateral to guarantee the loan
D
. if you do not pay the loan, the lender must have your permission before your property is taken
9) A savings and loan association
A
only loans money to members
B
deals mainly in real estate loans
C
charges no higher than 2% interest
D
only provides payday loans
10) Which of the following is NOT true of installment credit?
A
There is no interest to pay
B
The Borrower receives all the loan money at once
C
a borrower must repay the money by a specific date
D
it is the same as closed-end credit
*select an answer for all questions
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