MM Ch 9 Test Review

Which of the following is not one of the three main categories of credit?

• installment credit

• revolving open-end credit

• layaway credit

• noninstallment credit

Noninstallment credit is typically __________ in duration.

• 30 days or less

• more than six months

• one to four years

• two days

Installment loans typically require the borrower to make payments every __________.

• day

• week

• year

• month

Installment loans are usually used to buy all of the following except __________.

• cars

• boats

• RVs

• gas

Credit is advantageous because __________.

• it helps us make large purchases sooner than we could if using cash

• it is costly

• none of the above

• it makes financial matters more complex

Which of the following statements is not an example of the disadvantages of credit?

• Some credit carries extremely high interest rates.

• Using credit properly helps establish good credit history.

• Credit makes unwise purchases too easy.

• Credit makes it easy to borrow too much money.

Which of the following is not one of the three primary credit bureaus?

• Experian

• Equifax

• Federal Credit Bureau

• TransUnion

Credit reports contain all of the following except __________.

• how much money you earn

• bankruptcy history

• records of late payment

• history of default

All of the following are common identity theft tactics except __________.

• sidewalk patrolling

• pretexting

• phishing

• shoulder surfing

Pharming is when __________.

• an email virus is used to redirect you to a legitimate looking website which is not legitimate.

• someone steals your information by listening in on your public convesation.

• someone copies your credit card number.

• someone pretends to need your personal information.