Free Printable Introduction to Business Chapter 26

Worksheets

Introduction to Business Chapter 26

Total questions: 20

Worksheet time: 10mins

Name

Class

Date

An interest rate that fluctuates or changes is called a(n) __________ rate.

elastic

unrestricted

flexible

variable

The $500 you pay on the day you purchase a used car for $5,000 is called the _________.

down payment

minimum payment

first installment

security deposit

The amount the lender charges the borrower to finance a loan is the _________.

fee for service

origination fee

finance charge

service charge

The term used to describe the action of a creditor taking back collateral is __________.

reclaim

repossess

refinance

reposition

You should not use more than _________ of your income for credit payments.

20 percent

50 percent

40 percent

75 percent

With a fixed rate mortgage the interest rate _________.

always remains the same

changes as the balance decreases

is fixed at the beginning of the each year

is set by the government

The amount of borrowed money that is still owed is called ________.

balance

principal

maximum payment

remainder

When a consumer with a low credit rating gets a loan, the interest rate may be _________.

fixed

lower

higher

similar

The semiannual percentage rate determines the cost of credit on a yearly basis.

true

fasle

10.

What type of loan is given in cash by a credit card company in anticipation of the borrower's being able to repay it?

cash advance

secured loan

unsecured loan

mortgage

11.

A cosigner is responsible for a debt if the main applicant does not pay for it.

true

false

12.

What is the amount of time allowed to repay a debt without having to pay interest charges?

grace period

postponement

extension

13.

What is the max amount a card holder can charge on a credit card?

credit limit

credit celing

credit cap

14.

What is an interest rate that fluctuates or changes over the life of a loan?

adjustable rate

fixed rate

variable rate

15.

This type of interest does not change.

fixed rate

set rate

variable rate

16.

The total amount it costs the borrower to have the lender finance the loan

finance charge

loan payment

17.

Credit card companies all charge the same fees.

true

false

18.

A lender does not have to provide the borrower with the annual percentage rate and all the finance charges of the loan.

false

true

19.

To have a low interest APR,

pay bills on time

acquire financial advise

make a lot of money

do not have any debts

20.

Capacity refers to a borrower's trustworthiness in repaying a debt.

true

false

Reset

Introduction to Business Chapter 26

Total questions: 20

Worksheet time: 10mins

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