Crystal Lake South High School Intro to Business Credit 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 testEstablish a good credit rating

A:B: Checking AccountUnsecured Loan Which loan has a lower interest rate? C:D: Secured LoanCredit Card

Secured Loan

A:B: Fair Credit Reporting Act Truth in Lending Act A collection agent tries to contact your neighbor about Your status of employment to see if you are able to Pay 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

A:B: Source of IncomeBad Credit Report You may not be denied credit because of your ____ C:D: Large current debtsLack of Income

Source of Income

A:B: CreditCredit debt A measure of your credit worthiness is your C:D: Credit ratingCredit card

Credit Rating

A:B: CollateralCharacter Which of these are not one of the 5 C’s of Credit? C:D: CapabilityCapacity

Capability

A:B: CollateralRepossession When items are taken away because you fail To 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 full You 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 LoansRetail 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

A:B: Filing for Bankruptcy Using 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 LoanRetail Installment Loan Credit that is offered by a seller to their customers: C:D: Store Credit Revolving Charge Account

Retail Installment Loan

A:B: Fair Credit Billing ActTruth in Lending Act If you find that there is incorrect information on Your 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: What was the final score to the Bears game yesterday? C:D:

36 - 7

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