Crystal Lake South High School

Intro to BusinessCredit Review

A: B:Lower your credit rating

Buy more than you can afford

An advantage of buying on credit is that you can_______

C: D:Get an A on your test Establish a good credit rating

Establish a good credit

rating

A: B:Checking Account Unsecured Loan

Which loan has a lower interest rate?

C: D:Secured Loan Credit Card

Secured Loan

A: B:Fair Credit Reporting Act

Truth in Lending Act

A collection agent tries to contact your neighbor aboutYour status of employment to see if you are able toPay back your debt. What law protects you from

This happening?

C: D:Fair Debt Collection Practices Act Equal Credit

Opportunities Act

Fair Debt Collection

Practices Act

A: B:Building credit reputation

The use of goods while paying for them

One disadvantage of credit is:

C: D:The forced saving feature of credit

Impulse buying by credit users

Impulse buying by credit users

A: B:Source of Income Bad Credit Report

You may not be denied credit because of your ____

C: D:Large current debts Lack of Income

Source of Income

A: B:Credit Credit debt

A measure of your credit worthiness is your

C: D:Credit rating Credit card

Credit Rating

A: B:Collateral Character

Which of these are not one of the 5 C’sof Credit?

C: D:Capability Capacity

Capability

A: B:Collateral Repossession

When items are taken away because you failTo pay for them.

C: D:Garnishment Principal

Repossession

A: B:Be charged a finance charge

Have to return your purchases

If you don’t pay your credit card balance in fullYou will ______

C: D:Have your credit card taken away

Pay a late fee

Be charged a finance charge

A: B:The lower the overall cost

Does not affect the interest rate

It is true that the longer the length of the loan_____

C: D:The greater the overall cost

The more fun to pay off

The greater the overall

cost

A: B:Regular Charge Accounts

Revolving Charge Accounts

Visa and MasterCard are examples of

C: D:Installment Loans Retail Store Accounts

Revolving Charge

Accounts

A: B:Consumer Credit Reform Act

Equal Credit Opportunity Act

This Act helps consumers correct credit card billing mistakes.

C: D:Fair Credit Reporting Act

Fair Credit Billing Act

Fair Credit Billing Act

A: B:Filing for BankruptcyUsing a new Credit Card to pay off old cards.

Which of the following is not a solution to Getting out of debt.

C: D:Develop a plan for repayment

Ask for assistance from an advisor

Using a new credit card to pay off old

cards.

A: B:Checking the credit history

Paying for the down payment

The cosigner of a loan is responsible for______

C: D:Buying the borrower dinner

Making the loan payments if the borrower cannot

Making the payments if the borrower cannot

A: B:Managing their credit report

Writing up their credit contracts

A credit customer is responsible for:

C: D:Reading contracts and verifying charges

Enforcing the credit laws

Reading contracts and

verifying charges

A: B:Shred documents that contain personal information

Don’t give personal information over the phone.

Which is not a way to prevent Identity Theft?

C: D:Always carry your Social Security card.

Do not open too many personal store cards.

Always carry your Social

Security Card.

A: B:Cash Installment Loan Retail Installment Loan

Credit that is offered by a seller to their customers:

C: D:Store CreditRevolving Charge Account

Retail Installment

Loan

A: B:Fair Credit Billing Act Truth in Lending Act

If you find that there is incorrect information onYour credit report, which law allows you to have

This investigated and removed?

C: D:Fair Credit Reporting Act

Equal Credit Opportunity Act

Fair Credit Reporting Act

A: B:33 - 7 28 - 14

What was the final score to the Bears game yesterday?

C: D:36 - 7 3 - 7

36 - 7

Great Job!!!!Great Job!!!!

Thank you for playing!Thank you for playing!