Ready to test your Knowledge?
Try out our new practice tests completely free!
exam preparation banner icon

Personal Finance Study Set 15

Business

Quiz 6 :

Introduction to Consumer Credit

Quiz 6 :

Introduction to Consumer Credit

search
arrow
Although credit allows more immediate satisfaction of needs and desires,it does not increase total purchasing power.
Free
True False
Answer:

Answer:

True

Tags
Choose question tag
close menu
arrow
Credit is an arrangement to receive cash,goods,or services now and pay for them in the future.
Free
True False
Answer:

Answer:

True

Tags
Choose question tag
close menu
arrow
"Shopaholics" and young adults are most vulnerable to misusing credit.
Free
True False
Answer:

Answer:

True

Tags
Choose question tag
close menu
arrow
All economists do not recognize consumer credit as a major force in the American economy.
True False
Answer:
Tags
Choose question tag
close menu
arrow
With closed-end credit,loans are made on a continuous basis and you are billed periodically for at least a partial payment.
True False
Answer:
Tags
Choose question tag
close menu
arrow
Credit,when effectively used,can help you have more and enjoy more.
True False
Answer:
Tags
Choose question tag
close menu
arrow
Single lump-sum credit is a loan that must be repaid in total on a specified day,usually within 30 to 90 days.
True False
Answer:
Tags
Choose question tag
close menu
arrow
Interest is a periodic charge for the use of credit.
True False
Answer:
Tags
Choose question tag
close menu
arrow
With open-end credit,you pay back one-time loans in a specified period of time in payments of equal amounts.
True False
Answer:
Tags
Choose question tag
close menu
arrow
It is safer to use credit,since charge accounts and credit cards let you shop and travel without carrying a large amount of cash.
True False
Answer:
Tags
Choose question tag
close menu
arrow
Installment cash credit is a direct loan of money for personal purposes,home improvements,or vacation expenses.
True False
Answer:
Tags
Choose question tag
close menu
arrow
Perhaps the greatest disadvantage of using credit is the temptation to overspend.
True False
Answer:
Tags
Choose question tag
close menu
arrow
College students are not a prime target for credit card issuers.
True False
Answer:
Tags
Choose question tag
close menu
arrow
Consumer credit refers to the use of credit for personal needs (except a home mortgage)by individuals and families.
True False
Answer:
Tags
Choose question tag
close menu
arrow
With closed-end credit,generally the seller holds the title to the merchandise until the payments have been completed.
True False
Answer:
Tags
Choose question tag
close menu
arrow
Consumer credit dates back to colonial times.
True False
Answer:
Tags
Choose question tag
close menu
arrow
Closed-end credit is used for a specific purpose and involves a specified amount.
True False
Answer:
Tags
Choose question tag
close menu
arrow
Using a bank credit card,such as Visa or MasterCard,is an example of closed-end credit.
True False
Answer:
Tags
Choose question tag
close menu
arrow
Installment sales credit is a loan that allows you to receive high-priced items,such as large appliances or furniture.
True False
Answer:
Tags
Choose question tag
close menu
arrow
Consumer credit is based on trust in people's ability and willingness to pay bills when due.
True False
Answer:
Tags
Choose question tag
close menu
Showing 1 - 20 of 189