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BML 18-5
Test Description: Business Management and Law Ch 18: Credit. Set 5
Instructions: Answer all questions to get your test result.
1) Which of these can be a good idea to sign?
A
a contract you will not receive a copy of
B
a contract with blank spaces on it
C
a contract requiring you to pay fees and interest
D
a contract you haven't read or don't understand
2) Which of these does NOT bear the burden of proving that information in person's credit report is true?
A
the credit bureaus
B
the person him/herself
C
lenders
D
a creditor who claims the person owes a debt
3) Type of charge account that allows customers to acquire new debt and pay some part of existing debt at any time, as needed.
A
budget account
B
revolving account
C
regular account
D
single-payment loan
4) This type of credit occurs when a company receives goods from a supplier and pays for them later.
A
trade credit
B
sales credit
C
property credit
D
loan credit
5) Type of charge account that requires customers to make payments of a fixed amount over several months.
A
single-payment loan
B
budget account
C
revolving account
D
regular account
6) The value of all of a borrower's possessions is called
A
net income
B
credit rating
C
collateral
D
capital
7) Type of credit in which customers pay nothing until the end of the loan period.
A
regular account
B
budget account
C
single-payment loan
D
revolving account
8) Which of the following would be considered a travel and entertainment card?
A
Macy's Department Store card
B
VISA card
C
American Express card
D
Shell Oil card
9) Anyone who buys on credit or receives a loan.
A
lender
B
creditor
C
credit agency
D
debtor
10) A company that gathers information on credit users and sells it to potential lenders.
A
debt collector
B
creditor
C
credit counseling service
D
credit bureau
*select an answer for all questions
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