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BML 18-2
Test Description: Business Management and Law Chapter 18: Credit; set 2
Instructions: Answer all questions to get your test result.
1) Large single purchases (such as appliances and automobiles) are commonly bought using
A
installment credit
B
a charge account
C
trade credit
D
a bank credit card
2) The principal of a loan is
A
the total amount of interest that will be paid.
B
the amount borrowed.
C
the total cost of the loan.
D
in charge of hiring the loan's teachers.
3) People with very good credit ratings are more likely to get which type of loan?
A
unsecured loan
B
forever a loan
C
secured loan
D
payday loan
4) The formula for simple interest is
A
I x P x R
B
P x S x R
C
P x R x T
D
P x R
5) This law limits your liability to $50 for unauthorized credit card purchases made prior to notifying the card issuer.
A
Equal Credit Opportunity Act of 1976
B
Fair Debt Collection Practices Act of 1978
C
Truth-in-Lending Act of 1968
D
Fair Credit Reporting Act of 1970
6) Type of charge account that requires customers to make full payment within a stated period.
A
regular account
B
ionic charge account
C
revolving account
D
budget account
7) Total dollar cost of credit, including interest and all other charges.
A
loan origination fee
B
finance charge
C
interest charge
D
APR
8) Why is compound interest more expensive than simple interest?
A
Interest rates are higher for compound interest loans.
B
Compound interest requires the borrower to pay interest on interest as well as the principal.
C
Compound interest loans are for longer periods of time.
D
Compound interest loans have higher fees.
9) Which of the following is an example of a bank card?
A
American Express
B
Diners Club
C
MasterCard
D
Hallmark
10) The two major types of consumer credit are
A
level loan and decreasing loan
B
credit cards and charge accounts
C
sales credit and loan credit
D
secured and unsecured
*select an answer for all questions
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