Credit Module Test

  1. The interest or money charged a borrower for the use of credit is called - Finance charge

  2. Finance companies take less risk and charge lower interest rates that credit unions do - False

  3. The amount borrowed is known as the - Principle 

  4. A credit line is a pre-established amount that can be borrowed from on demand - True

  5. The most common source for a cash loan is a - Private Lender (family or friend)

  6. A revolving credit account is a type of open-ended credit - True

  7. An all-purpose credit card, such s Visa, Mastercard, or Dicover is an example of what type - revolving credit 

  8. Drug stores, clothing stores, etc, are examples of retail stores that take Visa and mastercard… -True

  9. Which of the following is not an advantage of using credit - It allows you to… (wtv the green one said)

  10. Large retailers usually only let customers use their store charge cards an bank debit cards only - False 

  11. Property you own that is worth more that your debts is called - Capital 

  12. Banks are more willing to give loans or credit to their regular customers - True

  13. A loan for which the borrower pledges property to ensure repayment is an - secured loan

  14. Credit unions make loans and credit available for members and non-members - False

  15. Credit that can be used again and again, as long as you don’t exceed the limit, is called Open ended

  16. The annual percentage rate is the cost of credit, expressed as a yearly percentage - True

  17. Generally speaking, the lowest interest rate for a loan would be found at a - Credit union

  18. All credit cards have the same conditions and terms, so it doesnt matter which one you choose - False

  19. In case of an error on a bill from a business where you used your credit card, which of the following is true - You should contact the company explaining the problem

  20. Your credit history reveals your ability to pay debt based on past experience - True

  21. Is it illegal to discriminate on the basis of which of the followng is granting or denying credit - marital status 

  22. Credit bureaus gather stores, ans sell credit info to other businesses - True 

  23. Under the Consumer Credit Protection Act, if you report your credit card lost or stolen, your liability is limited to - $50

  24. The 3 main credit bureaus in America are Experian, Equifax, and Creditfax - False

  25. Which of the following info items is off-limits to credit bureaus - Medical records 

  26. Credit bureaus use info from prvate records, such as income tax recrds and social security records - False 

  27. Paying your bills on the due date or a day or two late will earn you what type if credit rating - Good

  28. Credit scores are created by a point system that give you score somewhere between 300 and 850 - True 

  29. The 3 main credit bureaus in Americ re Experian, Equifax, and - Transunion

  30. An excellent credit rating means you pay your bills early and pay more the minimum amount -True

  31. Couples who are married the wives credit score only show up and are reported under the husbands name -False

  32. Credit files updated daily by computers and search procedures through the credit bureaus - True

  33. Lawful uses of your credit report include applying for credit, renting an apartment, and insurance matters - True

  34. You may see your credit report at no  charge within 60 days of credit denial - False

  35. The state of the economy has little effect on your ability to repay a debt - False booopee Lee poo poo

  36. Gay ass man tf

Pee pee poo poo that Fortnite