NEFE Module 2 Test Review
Quiz by Eric Davis
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49 questions
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- Q1Would the following situation be an appropriate or inappropriate way to use credit: Use store credit to buy a new refrigerator to replace one that is no longer working.InappropriateAppropriate30s
- Q2Would the following situation be an appropriate or inappropriate way to use credit: Sign a five-year loan for a used car.AppropriateInappropriate30s
- Q3Would the following situation be an appropriate or inappropriate way to use credit: Set up a six-month payment plan to pay hospital X-ray fees after being injured in an accident.InappropriateAppropriate30s
- Q4The total amount of money you owe other people isInterestDebtCreditCollateral30s
- Q5A period of time before interest starts accumulating on charged purchases isCollateralGrace PeriodInterestCredit30s
- Q6What you pay to use another person's money isInterestDebtCollateralCredit30s
- Q7A reference of how you have used credit in the past isCredit ScoreCollateralCapitalCredit Report30s
- Q8Something of value that lenders can repossess if you are unable or unwilling to repay a loan as promised isDebtCollateralCapitalCapital30s
- Q9A way for you to buy something now and pay for it later isInterestCreditGrace PeriodCredit Report30s
- Q10When items are bought on credit and paid for over a long period of time, the cost to the buyers isless than if the items were bought with cashmore than if the items were bought with cashthe same as if the items were bought with cash30s
- Q11Credit cards are an example ofCash LoanInstallment CreditService CreditRevolving Credit30s
- Q12A car loan is an example ofInstallment CreditCash LoanRevolving CreditService Credit30s
- Q13A personal loan where the borrower may have to pay the amount borrowed plus interest all at once isCash LoanInstallment CreditService CreditRevolving Credit30s
- Q14Your monthly electric bill is an example ofCash LoanRevolving CreditInstallment CreditService Credit30s
- Q15All of the following are advantages of using credit EXCEPTinterestopportunity to build creditemergenciesconvenience30s