Modules 114-115 Review Part 1 Question Preview (ID: 34402)
Modules 114-115 Review Part 1.
TEACHERS: click here for quick copy question ID numbers.
Which of the following is NOT something that a person may go into debt for that is typically considered good debt?
a) small business loan
b) vacation
c) college education
d) house
Which of the following is NOT true about layaway plans?
a) The buyer is allowed to take merchandise home before its paid for
b) the store keeps the merchandise until the item is fully paid for
c) the buyer is required to make payments on the merchandise
d) they are made for people who want to buy items but cannot afford to pay for them in full right away.
Which of the following is NOT true about commercial banks?
a) their interest rates are typically higher than those at credit unions
b) They offer home, business, personal auto, and education loans
c) Their interest rates vary
d) your credit rating doesn’t matter to them when you are seeking a loan
Open-end credit …
a) is also known as installment credit
b) provides a line of borrowing so you can use what you need
c) does not require you to pay the minimum balance each month
d) has a set date by which you must repay the loan
When using the decision model addressed in this module,
a) you should not consider any alternatives
b) you will make the correct decision, or the same exact decision as everyone
c) you analyze a problem and ,make a decision that is best for you
d) all of the above
When you use a credit card,
a) the government is financing your expenditure
b) it is best to repay the money quickly to avoid interest charges
c) . it is good to buy large purchases that you otherwise would not be able to afford
d) you will not have to pay any interest as long as you pay the minimum balance each month
Which of the following is NOT something that a person may go into debt for that is typically considered bad debt?
a) clothing
b) movie tickets
c) food
d) first home
Which of the following is true about a secured loan?
a) No interest is charged as long as the loan is paid on time
b) a house or a car may be used as collateral to guarantee the loan
c) . if you do not pay the loan, the lender must have your permission before your property is taken
d) a down payment of $100 or less is required to guarantee the loan
A savings and loan association
a) deals mainly in real estate loans
b) only loans money to members
c) only provides payday loans
d) charges no higher than 2% interest
Which of the following is NOT true of installment credit?
a) The Borrower receives all the loan money at once
b) There is no interest to pay
c) a borrower must repay the money by a specific date
d) it is the same as closed-end credit
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