BML 18-6: Question Preview (ID: 8728)

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Where should one go to get a free copy of his/her credit report?
a) www. annualcreditreport. com
b) www. freecreditreport. com
c) contact the credit bureaus directly
d) contact creditors directly

Which of the following is a disadvantage of using credit?
a) immediate possession
b) identity theft
c) convenience
d) improved credit rating

Which of the following is an advantage of using credit?
a) overbuying
b) higher prices
c) lower credit rating
d) convenience

Which of the following is NOT a feature of installment sales credit?
a) no sales contract is required
b) the seller can repossess merchandise if payments are late
c) a down payment is usually required
d) finance charges must be paid on the amount owed

Which of these is NOT part of the total dollar cost of credit?
a) interest rate
b) purchase price
c) credit insurance fees
d) service fees

Which of these requires disclosure of the APR?
a) sales credit agreements
b) cash advance loans
c) loan credit agreements
d) all of these

_____ is a written promise to repay a loan based on a debtor's credit history.
a) Collective
b) Collateral
c) Promissory note
d) Contract

A down payment is
a) a payment of part of the purchase price at the outset of a loan.
b) any payment which decreases the amount owed on the principal.
c) a payment which does not meet the minimum requirements of the loan agreement.
d) a payment that is socially acceptable.

Companies offering to erase bad credit history or dramatically improve your credit score in a short amount of time
a) usually offer legitimate advice.
b) are mostly trying to rip you off and have you do things that are illegal.
c) are tied to the credit bureaus.
d) are affiliated with major credit card companies.

_____ is the privilege of using someone else's money for a period of time.
a) Free Money
b) Debt
c) Credit
d) Theft

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