Buy now, pay later Unit 3 Quiz

If you're considered an "unknown credit risk" you will have to:

• forget about borrowing money

• establish a credit history

• only use cash

Which of these activities helps you get a good credit rating:

• making debt payments on time

• missing a debt payment

• using cash for everything

An annual service fee, has to be paid

• once a year

• every month

• every day

The due date is the _______________ day you can pay your bill without being charged a fine.

• only

• last

• first

The least you must pay on a credit card balance is the

• minimum payment

• emergency payment

• interest payment

The higher the APR ( annual percentage rate ) the

• less your minimum payment is

• more it costs to pay off a credit card debt

• more you pay in annual service fees

One good way to lower the cost of a loan is to

• pay high interest

• take several years to pay

• make a large down payment

To get approved for a loan you must fill out an application

• True

• False

If you get behind on your rent-to-own installments, the store can repossess or take back, your purchase

• True

• False

If the store keeps your purchase until it's paid for, you're using a:

• rent-to-own plan

• layaway plan

• getaway plan