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BML 18-4
Test Description: Business Management and Law, Ch 18 - Credit. set 4
Instructions: Answer all questions to get your test result.
1) Credit card companies generally send customers a monthly statement of account,
A
which states whether or not they have an account.
B
which customers shouldn't bother to read.
C
which is required by the Equal Credit Opportunity Act
D
which is a record of transactions completed during that month.
2) A person may be denied credit on the basis of his
A
amount of income
B
age
C
source of income
D
sex
3) Bankruptcy is
A
generally good for your credit rating.
B
the legal process of reducing or eliminating an amount owed.
C
usually the first option when faced with too much debt.
D
a simple process to eliminate debt.
4) Given the same principal, interest rate, and time, which of these types of loans is the most expensive?
A
interest compounded weekly
B
simple interest
C
disinterest
D
interest compounded monthly
5) The main activity of a credit bureau is to
A
make recommendations as to when credit should be issued
B
determine when a person is overusing credit
C
calculate the cost of credit for lenders and borrowers
D
report information on the use of credit by consumers
6) Document showing the debts you owe, how much you use credit, and whether you pay your bills on time.
A
credit report
B
credit rating
C
credit application
D
credit references
7) The federal law that provides protection when an error occurs on a monthly statement is the
A
Fair Credit Reporting Act
B
Truth-in-Lending Law
C
Equal Credit Opportunity Act
D
Fair Credit Billing Act
8) The maximum amount you may owe on a revolving credit account at one time is called a
A
budget
B
finance charge
C
credit limit
D
spending limit
9) How can you calculate the new balance of a revolving credit account?
A
(old balance) - (purchases and credits) + (fees and interest)
B
principal x rate x time
C
(old balance) + (fees, interest and purchases) - (payments and credits)
D
(old balance) x (interest x time) + (purchases and fees) - (credits and payments)
10) This type of charge account requires the buyer to make full payment within a stated period.
A
budget charge account
B
regular charge account
C
revolving charge account
D
sales charge account
*select an answer for all questions
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