Credit Unit Test: Question Preview (ID: 13621)

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Which of the following is an example of good debt?
a) college loans
b) meals placed on a credit card
c) gas placed on a credit card
d) none of these

A ____ loan must have property put up to guarantee the loan so that if you don't pay it, the lender takes the property.
a) secured
b) unsecured
c) layaway
d) retail store

A(n) _____ loan is based on trust and your credit score to get the loan and has no collateral.
a) unsecured
b) secured
c) layaway
d) retail store

_____ credit is either secured or unsecured, has no monthly payments, is short-term, and the balance is due in full on the due date.
a) non-installment
b) installment closed-end
c) revolving open-end
d) transaction

____ credit allows you to make monthly payments on the balance due but interest is charged on the unpaid balance, a minimum monthly payment is required, and purchases are limited.
a) revolving open-end
b) installment closed-end
c) transaction
d) non-installment

The only source authorized by law to give you a free annual credit report is ____.

What is capacity?
a) Your ability to repay a loan
b) Your reputation
c) Your character
d) Your budget

If someone uses your credit card fraudulently, federal law states the maximum that you are liable for is $___ if you report it.
a) $50.00
b) $500.00
c) $100.00
d) $250.00

If you don't report fraudulent debit card use within ____ hours to your bank, then you are responsible up to $500.00
a) 48
b) 24
c) 60
d) 12

Which of the following is NOT a C of credit?
a) credit
b) character
c) capacity
d) capital

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