PBMF Ch 18  Consumer Credit

PBMF Ch 18 Consumer Credit

Assessment

Flashcard

Business

9th - 12th Grade

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

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30 questions

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1.

FLASHCARD QUESTION

Front

Credit is the privilege of using someone else’s money for a period of time.

Back

True

2.

FLASHCARD QUESTION

Front

Businesses use charge accounts to obtain goods from a supplier and pay for them later.

Back

False

3.

FLASHCARD QUESTION

Front

Most business owners do not like bank credit cards because the business must take on the liability and expense of granting credit.

Back

False

4.

FLASHCARD QUESTION

Front

Collateral is a written promise to repay a loan based on a debtor’s credit history.

Back

False

5.

FLASHCARD QUESTION

Front

Principal × Rate × Time = Interest.

Back

True

6.

FLASHCARD QUESTION

Front

Amortization schedules show that when loans are first taken, a larger percentage of the payments go to interest.

Back

True

7.

FLASHCARD QUESTION

Front

Character refers to a person’s ability to pay a debt when it is due.

Back

False

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