WorksheetsLife in Credit
Total questions: 10
Worksheet time: 5mins
What percentage of purchases in the U.S. are made with credit rather than cash?
25%
80%
55%
5%
What is Capital
The property you possess that is worth more than your debts
Property pledged to assure repayment of a loan
A pre-established amount that can be borrowed on-demand with no collateral
The total dollar amount of all interest and fees you pay for the use of credit
Deferred billing does not allow purchases to be paid until later
True
False
Credit cards are sponsored by which Sponsors
All of the above
American Express
Affinity
Mastercard
There are two types of Finance Companies
True
False
Which are examples of Private lenders?
Non-profit Bank
Girlfriend
Friends
Parents
When you have an all-purpose credit card, you have an automatic line of credit to the limit on the card.
False
True
Close-end credit is often used for
Expensive purchases
Cheap purchases
Regular purchases
All of the above
What is APR?
The total dollar amount of all interest and fees you pay for the use of credit
An agreement to lend the borrower an amount up to a stated limit and allow borrowing up until that limit again
The cost of credit expressed as a yearly percentage
A service available to charge customers until later on
Usury law definition:
Unlicensed lenders who charge illegally high-interest rates
Set maximum interest rates that may be charged for a loan
A pre-established amount that can be borrowed
None of them
