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Credit (Consumer Economics)
What does "line of credit" mean?
Which is NOT a 3C of Credit
Credit (Consumer Economics)
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Answers
1
Which is NOT a 3C of Credit
Credit
Capital
Character
Capacity
2
What does "line of credit" mean?
The minimum amount a consumer is permitted to owe
The maximum amount a consumer is permitted to owe
3
If you pay off your credit card in full, you do NOT pay interest
True
False
4
If you loose your credit card, you should report it right away
True
False
5
When buying an item on an installment plan, the customer might sign a "DATED NOTE"
False
True
6
When a consuerm has the option of paying only a portion of the unpaid balance on a credit card, this is called
Fixed Credit
Installment Credit
Revolving Credit
Non-refundable Credit
7
Which Act was passed by Congress because consumers were uniformed about credit terms?
Credit Terms Act
Equal Credit Opportunity Act
Truth In Lending
Fair Credit Report Act
8
What type of credit is most often used to borrow money or purchase expensive items?
Non-refundable Credit
Revolving Credit
Open Credit
Installment Credit
9
What is a record that tells prospective creditors how good a person is at paying off their debts?
Credit Limit
Social Security Number
Credit Rating
Credit Service
10
When shopping for a new credit card, which one would be the best option
fixed and high APR
fixed and low APR
Low APR and an annual fee
Variable, low APR
11
What is the greatest impact on your credit score? (FICO)
length of credit history
late payments
types of credit you have
outstanding balances
12
If you have good credit, you might get lower interest rates on loans
False
True
13
You should ALWAYS carry your social security card to prevent identity theft
False
True
14
The existence of consumer credit encourages UNDERSPENDING
True
False
15
What is it called when people pretend to be a business and send spam to get your personal inofmation?
Tracing
Phishing
Identity Thievery
Stealing Information