crystal lake south high school intro to business credit review
TRANSCRIPT
Crystal Lake South High School
Intro to BusinessCredit Review
A: B:Lower your credit rating
Buy more than you can afford
An advantage of buying on credit is that you can_______
C: D:Get an A on your test Establish a good credit rating
Establish a good credit
rating
A: B:Checking Account Unsecured Loan
Which loan has a lower interest rate?
C: D:Secured Loan Credit Card
Secured Loan
A: B:Fair Credit Reporting Act
Truth in Lending Act
A collection agent tries to contact your neighbor aboutYour status of employment to see if you are able toPay back your debt. What law protects you from
This happening?
C: D:Fair Debt Collection Practices Act Equal Credit
Opportunities Act
Fair Debt Collection
Practices Act
A: B:Building credit reputation
The use of goods while paying for them
One disadvantage of credit is:
C: D:The forced saving feature of credit
Impulse buying by credit users
Impulse buying by credit users
A: B:Source of Income Bad Credit Report
You may not be denied credit because of your ____
C: D:Large current debts Lack of Income
Source of Income
A: B:Credit Credit debt
A measure of your credit worthiness is your
C: D:Credit rating Credit card
Credit Rating
A: B:Collateral Character
Which of these are not one of the 5 C’sof Credit?
C: D:Capability Capacity
Capability
A: B:Collateral Repossession
When items are taken away because you failTo pay for them.
C: D:Garnishment Principal
Repossession
A: B:Be charged a finance charge
Have to return your purchases
If you don’t pay your credit card balance in fullYou will ______
C: D:Have your credit card taken away
Pay a late fee
Be charged a finance charge
A: B:The lower the overall cost
Does not affect the interest rate
It is true that the longer the length of the loan_____
C: D:The greater the overall cost
The more fun to pay off
The greater the overall
cost
A: B:Regular Charge Accounts
Revolving Charge Accounts
Visa and MasterCard are examples of
C: D:Installment Loans Retail Store Accounts
Revolving Charge
Accounts
A: B:Consumer Credit Reform Act
Equal Credit Opportunity Act
This Act helps consumers correct credit card billing mistakes.
C: D:Fair Credit Reporting Act
Fair Credit Billing Act
Fair Credit Billing Act
A: B:Filing for BankruptcyUsing a new Credit Card to pay off old cards.
Which of the following is not a solution to Getting out of debt.
C: D:Develop a plan for repayment
Ask for assistance from an advisor
Using a new credit card to pay off old
cards.
A: B:Checking the credit history
Paying for the down payment
The cosigner of a loan is responsible for______
C: D:Buying the borrower dinner
Making the loan payments if the borrower cannot
Making the payments if the borrower cannot
A: B:Managing their credit report
Writing up their credit contracts
A credit customer is responsible for:
C: D:Reading contracts and verifying charges
Enforcing the credit laws
Reading contracts and
verifying charges
A: B:Shred documents that contain personal information
Don’t give personal information over the phone.
Which is not a way to prevent Identity Theft?
C: D:Always carry your Social Security card.
Do not open too many personal store cards.
Always carry your Social
Security Card.
A: B:Cash Installment Loan Retail Installment Loan
Credit that is offered by a seller to their customers:
C: D:Store CreditRevolving Charge Account
Retail Installment
Loan
A: B:Fair Credit Billing Act Truth in Lending Act
If you find that there is incorrect information onYour credit report, which law allows you to have
This investigated and removed?
C: D:Fair Credit Reporting Act
Equal Credit Opportunity Act
Fair Credit Reporting Act
A: B:33 - 7 28 - 14
What was the final score to the Bears game yesterday?
C: D:36 - 7 3 - 7
36 - 7
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