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POB 5.01 B
Test Description: POB 5.01 B
Instructions: Answer all questions to get your test result.
1) Walden Book Store obtained information about Ann's reputation for paying her bills.Which factor examined by creditors did the store receive?
A
Credit application
B
Statement of account
C
Receipts
D
Credit report
2) A Sears Department Store sales associate gave a customer a form to complete to apply for a credit card. Which factor examined by creditors did the customer receive?
A
Credit bureau credit report
B
Credit application
C
Three C's of credit
D
Documentation of credit data
3) Which is an example of a service provided by a credit bureau?
A
Credit counseling for customers
B
Statement of accounts to customers
C
Credit reports to other businesses
D
Credit applications to applicants
4) Josh maintained minimum living expenses while working on his job for the past six years. Which "C" of credit is he MOST LIKELY to meet?
A
Capital
B
Character
C
Capacity
D
Contract
5) Jenny has the option of borrowing $300 at a 3% interest rate. Which loan option would cost her the most money?
A
Option 2: loan for 3 months
B
Option 1: loan for 2 months
C
Option 3: loan for 6 months
D
Option 4: loan for 1 year
6) What is the interest amount for the following loan: $10,000 car loan for 5 years at 8% interest rate?
A
$3000
B
$400
C
$5000
D
$4000
7) A bank loaned Doug $4,500 for 24 months. Which type of credit did he accept?
A
Credit card
B
Charge account
C
Installment credit
D
Consumer loan
8) Tonya is considering shopping at a Rooms To Go furniture store that advertises the option of payments for a period of three years. Which type of payment option was advertised?
A
Credit card
B
Consumer loan
C
Installment credit
D
Charge account
9) While shopping among several stores, Tina charged over $700 worth of home improvement supplies. Which type of credit did Tina use?
A
Installment credit
B
Credit card
C
Charge account
D
Consumer loan
10) Jenny charged $300 worth of gifts while shopping at several stores. Which type of credit did Jenny use?
A
Charge account
B
Installment credit
C
Consumer loan
D
Credit card
*select an answer for all questions
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