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Credit in America and Credit Records and Laws

Quiz by Julie

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26 questions
Show answers
  • Q1
    The most common method of purchase in the United Sates.
    Credit
    Checks
    Checks and Cash
    Cash
    30s
  • Q2
    In Early United States history, credit consisted of a store account with a local retailer and
    interest was rarely charged.
    none of these.
    interest was charged but bartered with goods.
    interest was charged on a weekly basis.
    30s
  • Q3
    Credit cards can be used
    to rent a motel room.
    to buy items you want.
    to pay another credit card.
    for all of these.
    30s
  • Q4
    When your earnings exceed your expenses
    neither of these.
    both of these
    you have the capacity to take on debt.
    you have capital or net worth.
    30s
  • Q5
    Payments on a credit account
    include both principal and interest.
    include only principal.
    include only cash payments.
    include only interest.
    30s
  • Q6
    If 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
  • Q7
    Most credit cards are
    closed credit agreements.
    none of these.
    revolving credit agreements.
    open credit agreements.
    30s
  • Q8
    Money borrowed against your line of credit is called a
    credit advance.
    cash advance.
    none of these.
    transfer of funds.
    30s
  • Q9
    The need for credit arose in the United States with the dawn of the
    Information Age.
    American Revolution.
    Industrial Revolution.
    Great Depression.
    30s
  • Q10
    A transaction that would be difficult to make without a credit card is
    buying a house.
    reserving a hotel room.
    purchasing a car.
    buying groceries.
    30s
  • Q11
    Your financial position is based upon your
    capital.
    age.
    income.
    collateral.
    30s
  • Q12
    One difference between a charge card and a credit card is that
    charge 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
  • Q13
    Before granting you credit, a creditor will check into
    none of these.
    your age.
    your past credit performance.
    your marital status.
    30s
  • Q14
    You can receive a free credit report
    never, they are never free.
    once a year.
    every other year.
    twice a year.
    30s
  • Q15
    Credit bureaus are permitted to charge a reasonable fee for
    freezing 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

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