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Modules 114-115 Review Part 2
Test Description: Modules 114-115 Review Part 2
Instructions: Answer all questions to get your test result.
1) Jessica took out a loan and paid $100 in application fees and 10% interest on the loan. These costs are called
A
unsecured loan
B
finance charges
C
APR
D
overlimit
2) Carlos wants a loan. He finds one that does not require collateral, but he can only borrow a small amount. Because he does not have to possess collateral, his loan is a(n)
A
secured loan
B
unsecured loan
C
retailer
D
revolving credit
3) When you are shopping for a loan, the rate you compare is the
A
overlimit
B
reduce
C
APR
D
retailer
4) If you receive a source of consumer credit from a(n) ________, you may get the benefits of receiving discounts, getting advance notice of sales and being offered a major credit card that can be used anywhere.
A
revolving credit
B
reduction
C
risk based lending company
D
retailer
5) High-interest loans with expensive fees and a high risk of losing collateral are costs associated with a(n)
A
revolving credit
B
secured loan
C
retailer
D
risk based lending company
6) If you spend more than your credit limit, you pay these fees.
A
finance charges
B
unsecured
C
overlimit
D
late
7) A credit card with a dollar limit and a minimum balance payment requirement is a(n)
A
revolving credit
B
non installment credit
C
a secured loan
D
overlimit
8) A loan is secured by collateral it is called a(n)
A
revolving credit
B
secured loan
C
non installment credit
D
unsecured loan
9) . Isabella's father adds $100 to his monthly payments for his secured loan. He does this because he is trying to _______ the cost of the loan.
A
increase
B
reduce
C
end
D
secure
10) . Isabella's father gets the electric bill. He knows he has to pay the entire bill by the specified date. This type of credit is called a
A
secured loan
B
risk based lending company
C
non installment credit
D
revolving credit
*select an answer for all questions
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