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Economics Chapter 3-4 Test Flashcards | StudBud
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Economics Chapter 3-4 Test
Economics Chapter 3-4 Test
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Economics
Flashcards
35 cards
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Questions
35
Answers
1
I can check my credit score for free once a year
False
True
2
What is the term given to "off brand" goods
Imitation
Great Value
Generic
Brand name
3
An unsecured loan has this as a disadvantage over secured loans
Collateral
High interest rates
High fees
Difficult paperwork
4
The Truth in Lending Act makes sure
You are protected from "hidden fees"
The bank has to tell you everything about the loan up front
There are no lies in the document
You are penalized for making late payments
5
The amount of money you pay in order to use somone else's money
Interest
Credit
Stock
Loan
6
The _________ should be consulted before filing for bankruptcy
Lending association
Government
Deacons
IRS
7
If I have a $2000 limit on my card and I always spend $1800, that ___________ my credit score
Helps
Does not effect
Hurts
8
a car is an example of
Capitol
Colllateral
Item
Durable good
9
Which type of advertising pits one company against another?
Competitive ad
Duel choice ad
Versus advertisement
Comparative ad
10
When you only pay the minimum payment on a credit card, you
Get out of paying interest
Give the bank what they actually want
End up paying much more money in the end
Don't have to pay as much
11
What is the institution that formulates your credit history?
Savings bank
Credit Union
Finance company
Credit bureau
12
When you choose to buy something based on research and comparisons, you are making a
Wise choise
Rational choice
Informed choice
Smart choice
13
This person has to pay the money that you owe the bank if you dont pay on time
Police
Cosigner
Relative
Official
14
Why do people use credit?
Cheaper prices
Can buy the item right now
Cant over pay
Fast and convenient
15
What type of card is a loan?
Debit
Both
Credit
16
If you have multiple debts, its best to pay off the _____________ debt first
Highest Principle
Highest Interest
Oldest
Most Recent
17
The largest chunk of your credit score comes from
If you made all your payments on time
If you have multiple cards
How long you had your card
How many times you used your card
18
Banks are not allowed to deny loans based on race, gender, or religion because of the
Tolerance Enforcement Act
Equal Treatment Act
Equal Lending Opportunity Act
Truth in Lending Act
19
You use installment debt to
Pay the full price now
Pay without interest
Pay in monthly payments
Pay in two years
20
What type of card helps your credit score?
Debit
Credit
Both
21
A charge account does not let you
Pay before the end of the month
Spend more than your limit
Spend in other countries
Transfer funds from a personal account
22
Applying for multiple cards in a short time ________ your credit score
Helps
Does not affect
Hurts
23
A loan taken out on a house is called a
Abodocation
Dwelling deal
Mortgage
Mortify
24
Having student loans, a mortgage, and a credit card ___________ your credit score
Hurts
Helps
Does not effect
25
A person who buys goods or services is a
Economist
Customer
Consumer
Shopper
26
Which president wanted to protect the consumer from the sellers?
Hoover
FDR
Nixon
JFK
27
What type of card requires a PIN #?
Debit
Credit
28
What is NOT one of the 4 things which effects a person's earning power?
Health
Experience
Religion
Education
29
A secured loan requires this to be promised to the bank if you don't pay
Collateral
Cosigner
Loans
Money
30
What is the most trusted way to gain information before buying something?
Word of mouth
Advertisements
Internet
Seller
31
What type of card protects you from fraud better?
Credit
Debit
32
What is the original amount of money taken as a loan called?
Interest
Principle
Proprietary
Cash
33
Expensive goods which you own for a long time are called
Lasting goods
Durable goods
Collateral
Needs
34
What government institution checks the quality and ethics of businesses?
Supreme court
Better business bureau
Fair business administration
America first
35
This type of income is money that is spent on taxes and bills
Wants
Leisure
Discretionary
Disposible
