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Getting and Keeping Credit Chapter 29
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Getting and Keeping Credit Chapter 29



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  • 1. Getting and Keeping Credit Chapter 29
  • 2. Which is NOT one of the three factors to determine a person’s credit rating?
    • A. Capacity to pay
    • B. Character
    • C. Collateral
    • D. Credits
  • 3. What effect do finance charges have on the cost of an item bought on credit?
    • A. Increase the cost
    • B. Decrease the cost
    • C. Warnings on overdrafts
  • 4. The ____ agrees to repay the loan is the borrower can’t?
    • A. Agent
    • B. Co-Signer
    • C. Parents of the borrower
  • 5. Money you have in the bank, or big ticket items, such as a car can be offered as what?
    • A. Collateral
    • B. Interest Rate
    • C. Secured Loans
  • 6. What is interest rate?
    • A. A non stated percentage of the principal
    • B. A stated percentage of the principals
    • C. A cash loan backed by collateral
  • 7. Which of the following is NOT one of the pieces of information concerning terms of an installment loan that are generally contained in an installment loan contract?
    • Interest rate
    • Payment due dates
    • Cost of credit
    • Discounts
  • 8. Which of the following items are NOT on a statement for a charge or credit card account?
    • Previous balance
    • New purchases
    • Payments made
    • Old purchases
  • 9. What is the cost of credit stated in dollar and cents figure?
    • Down payment
    • Interest rate
    • Finance charge
  • 10. What is a cash loan backed by collateral?
    • Secured loan
    • Unsecured loan
    • Safe loan
  • 11. _______ is a person who agrees to make payments on a loan if the borrower cannot make them.
    • Principal
    • Cosigner
    • Endorsee
  • 12. A charge to the borrower that indicates how much credit costs on a yearly basis is called?
    • A. Interest Rate
    • B. Finance Charge
    • C. Annual Percentage Rate
    • D. Credit Rating
  • 13. A portion of the total cost of an item that is required at the time of purchase is called?
    • A. Joint Payment
    • B. Supply Payment
    • C. Price Payment
    • D. Down Payment
  • 14. A practice that allows the creditor to take part of the borrower’s wages if a payment is missed is called?
    • A. Cosigner
    • B. Garnishment
    • C. Collateral
    • D. Endorsement
  • 15. The amount of money owed as a debt upon which interest is calculated is called?
    • A. Principal
    • B. Repossession
    • C. Finance Charge
    • D. Lease
  • 16. A cash loan not backed by collateral and that carries an increased risk to the creditor is called?
    • A. Secured loan
    • B. Unsecured loan
    • C. Long-term loan
    • D. Short-term loan