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BML 18-1
Test Description: Business Management and Law Ch 18 - Personal Credit; first set
Instructions: Answer all questions to get your test result.
1) Anyone who buys on credit is called a
A
fool
B
creditor
C
noob
D
debtor
2) If a debtor does not repay a loan secured by the item purchased on credit, the creditor has the right to
A
party.
B
remain silent.
C
repossess the item.
D
physically attack the debtor.
3) A person's reputation for paying bills on time.
A
credit rating
B
credit report
C
capital
D
capacity
4) Signing a promissory note occurs when using
A
a credit card.
B
a charge account.
C
a loan.
D
poor judgment.
5) Interest rates are stated
A
vewwy vewwy qwuietly.
B
based on the length of he loan.
C
on a per-month basis.
D
on a per-year basis.
6) An item put up as security against a loan is called
A
collateral.
B
promissory note.
C
trade credit.
D
a police officer.
7) __________ refers to a person's ability to pay a debt when it is due.
A
Character
B
Cacophony
C
Capital
D
Capacity.
8) A person's reputation for paying bills on time relates to a person's
A
capital
B
collateral
C
capacity
D
character
9) KWYS stands for
A
kill what you see
B
kiss while you sleep
C
keep what you steal
D
know what you're signing
10) All of the following are benefits of credit EXCEPT
A
overbuying
B
savings
C
convenience
D
immediate possession
*select an answer for all questions
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