Review Game Zone
Flash Cards
(current)
Games
Teachers
Search
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
a charge account
B
trade credit
C
installment credit
D
a bank credit card
2) The principal of a loan is
A
the amount borrowed.
B
the total cost of the loan.
C
the total amount of interest that will be paid.
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
secured loan
B
forever a loan
C
payday loan
D
unsecured 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
Truth-in-Lending Act of 1968
B
Fair Debt Collection Practices Act of 1978
C
Fair Credit Reporting Act of 1970
D
Equal Credit Opportunity Act of 1976
6) Type of charge account that requires customers to make full payment within a stated period.
A
ionic charge account
B
budget account
C
revolving account
D
regular account
7) Total dollar cost of credit, including interest and all other charges.
A
finance charge
B
interest charge
C
loan origination fee
D
APR
8) Why is compound interest more expensive than simple interest?
A
Compound interest loans have higher fees.
B
Compound interest requires the borrower to pay interest on interest as well as the principal.
C
Interest rates are higher for compound interest loans.
D
Compound interest loans are for longer periods of time.
9) Which of the following is an example of a bank card?
A
Diners Club
B
Hallmark
C
American Express
D
MasterCard
10) The two major types of consumer credit are
A
sales credit and loan credit
B
secured and unsecured
C
level loan and decreasing loan
D
credit cards and charge accounts
*select an answer for all questions
Check Results & Get Answers
Play Games with the Questions Above
Teachers: Create FREE classroom games with your questions
Click for more info!
©2007-2024
ReviewGameZone.com
|
About
|
Privacy
|
Contact
|
Terms
|
Site Map
WAIT! Find what you needed?
×
Still Looking for the Answers?
Have Another Question?
Play a Review Game with These Questions?
Want to Make Your Own Test Like This One?