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BML Final Set 18
Test Description: BML Final Set 18
Instructions: Answer all questions to get your test result.
1) Which of these is a good way to establish a good credit record?
A
Ignore small debts.
B
Get good grades.
C
Move on a regular basis.
D
Change jobs frequently.
2) Which of these is NOT a good way to establish a good credit record?
A
Always pay cash for all purchases.
B
Pay all debts on time or early.
C
Make small credit purchases and pay them off.
D
Have a savings and checking account and make regular deposits.
3) Anyone who buys on credit is a
A
creditor.
B
debtor.
C
financier.
D
payee.
4) Anyone who sells on credit is a
A
debtor.
B
creditor.
C
financier.
D
payee.
5) Companies that gather credit user information and sell it to businesses that offer credit are called
A
debt collection agency.
B
credit clearinghouse.
C
credit bureau.
D
investment company.
6) A company that attempts to obtain money that is past due is called a
A
credit clearinghouse.
B
credit bureau.
C
investment company.
D
debt collection agency.
7) The maximum amount you are allowed to owe at any one time on a credit account is the
A
charge limit.
B
finance limit.
C
credit limit.
D
installment.
8) This regulation requires credit bureaus to delete personal bankruptcy information that is more than 10 years old.
A
Fair Credit Reporting Act
B
Fair Debt Collection Practice Act
C
Bankruptcy Act of 2002
D
Consumer Credit Reporting Reform Act
9) All states have some sort of financial responsibility law which requires
A
people to have a bank account.
B
that people must have some sort of car insurance to protect other drivers.
C
people to pay the debts of their children.
D
that people pay their debts on time.
10) Which of these is covered by the basic form of homeowners' insurance?
A
weight of ice, snow and/or sleet
B
building collapse
C
falling objects
D
explosion
*select an answer for all questions
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