Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Consumer Ed ch 10
Review for credit test
| Question | Answer |
|---|---|
| Interest on an unsecured loan is usually lower than on a secured loan. | False |
| ATM machines enable you to receive a cash advance and add it to your credit card bill. | True |
| The Fair Credit Billing Act helps consumers correct credit card billing Mistakes. | True |
| On a revolving charge account, the slower you reduce the balance, the less interest you will pay overall. | False |
| Few people can pay for a home without borrowing. | True |
| The Fair Credit Reporting Act of 1971 gave consumers a way to check their credit reports. | True |
| The Fair Credit Billing Act helps consumers correct credit card billing Mistakes | True |
| Married couples should have credit in only one of their names. | False |
| Credit cards are usually one of the most expensive forms of borrowing. | True |
| Consumers should take every credit card that is offered to them so they will have a variety of choices. | False |
| A company that collects information about consumers’ credit history and sells it to lenders is a | credit bureau |
| A loan that is backed by something of value pledged to ensure payment is a(n) | secured loan |
| The Equal Credit Opportunity Act makes it illegal to refuse credit on the basis of race, color, religion, national origin, gender, marital status, or age. | True |
| If you want to get cash for personal property such as jewelry or a TV, then you need to see a | pawnbroker |
| A measure of your creditworthiness is your credit rating | True |
| . A loan that is backed by something of value pledged to ensure payment is a(n) | secured loan |
| Visa, Mastercard, and American Express are sources for credit cards | True |
| Suppose you are renting a living room chair for $9.95 per week. If you rent it for 40 weeks, the rent-to-own company says you will own the furniture. How much will the chair cost you? | $398 |
| The time between the billing date and the payment due date, when no interest is charged, is the | Grace period |
| The total cost a borrower must pay for a loan, including all interest and fees is the | finance charge |
| The ability to borrow money in return for a promise of future repayment is _____. | credit |
| The maximum amount you are allowed to charge on your account is the | credit limit |
| A legal process in which people who cannot pay their debts must surrender most of their property is called | bankruptcy |
| A record of your past borrowing and repayments is your credit _____. | history |
| The difference between the amount owed on a home and the home’s value is the _____. | Equity |
| Asking another person, usually a parent, to agree to pay a debt for you if you become unable to pay is asking them To_____. | cosign |
Created by:
Lhoover