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Credit in America and Credit Records and Laws
Quiz by Julie
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26 questions
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- Q1The most common method of purchase in the United Sates.CreditChecksChecks and CashCash30s
- Q2In Early United States history, credit consisted of a store account with a local retailer andinterest was rarely charged.none of these.interest was charged but bartered with goods.interest was charged on a weekly basis.30s
- Q3Credit cards can be usedto rent a motel room.to buy items you want.to pay another credit card.for all of these.30s
- Q4When your earnings exceed your expensesneither of these.both of theseyou have the capacity to take on debt.you have capital or net worth.30s
- Q5Payments on a credit accountinclude both principal and interest.include only principal.include only cash payments.include only interest.30s
- Q6If there is a problem with a purchase,credit card companies are not allowed to charge interest on the amount in error until they have had time to verify the matter.credit card holders must contact their company and let them know of the error.credit cardholders can withhold payment until resolved.all of these.30s
- Q7Most credit cards areclosed credit agreements.none of these.revolving credit agreements.open credit agreements.30s
- Q8Money borrowed against your line of credit is called acredit advance.cash advance.none of these.transfer of funds.30s
- Q9The need for credit arose in the United States with the dawn of theInformation Age.American Revolution.Industrial Revolution.Great Depression.30s
- Q10A transaction that would be difficult to make without a credit card isbuying a house.reserving a hotel room.purchasing a car.buying groceries.30s
- Q11Your financial position is based upon yourcapital.age.income.collateral.30s
- Q12One difference between a charge card and a credit card is thatcharge cards are open-end credit, whereas credit cards are closed-end credit.none of these are true, there is no difference.the full balance on a charge card must be paid each month.charge cards almost always have lower credit limits than credit cards.30s
- Q13Before granting you credit, a creditor will check intonone of these.your age.your past credit performance.your marital status.30s
- Q14You can receive a free credit reportnever, they are never free.once a year.every other year.twice a year.30s
- Q15Credit bureaus are permitted to charge a reasonable fee forfreezing or unfreezing a consumer's credit reports and files.none of these.asking you for your credit information.verifying someone has an account with them.30s