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

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