BML 18-2: Question Preview (ID: 8724)

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Large single purchases (such as appliances and automobiles) are commonly bought using
a) a bank credit card
b) installment credit
c) a charge account
d) trade credit

The principal of a loan is
a) the total amount of interest that will be paid.
b) in charge of hiring the loan's teachers.
c) the amount borrowed.
d) the total cost of the loan.

People with very good credit ratings are more likely to get which type of loan?
a) secured loan
b) unsecured loan
c) payday loan
d) forever a loan

The formula for simple interest is
a) P x S x R
b) P x R x T
c) I x P x R
d) P x R

This law limits your liability to $50 for unauthorized credit card purchases made prior to notifying the card issuer.
a) Equal Credit Opportunity Act of 1976
b) Fair Debt Collection Practices Act of 1978
c) Fair Credit Reporting Act of 1970
d) Truth-in-Lending Act of 1968

Type of charge account that requires customers to make full payment within a stated period.
a) budget account
b) ionic charge account
c) regular account
d) revolving account

Total dollar cost of credit, including interest and all other charges.
a) APR
b) finance charge
c) loan origination fee
d) interest charge

Why is compound interest more expensive than simple interest?
a) Compound interest loans are for longer periods of time.
b) Interest rates are higher for compound interest loans.
c) Compound interest loans have higher fees.
d) Compound interest requires the borrower to pay interest on interest as well as the principal.

Which of the following is an example of a bank card?  
a) MasterCard
b) American Express
c) Diners Club
d) Hallmark

The two major types of consumer credit are
a) credit cards and charge accounts
b) sales credit and loan credit
c) level loan and decreasing loan
d) secured and unsecured

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