True/False
Indicate whether the sentence or statement is true or
false.
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1
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There are five major credit bureaus that keep track of your credit information
in this country.
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2
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When making a purchase using Installment Sales Credit, you normally make a down
payment for the item or service being purchased.
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3
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It is recommended that you get a copy of your credit report from the different
credit bureaus once a year so you can check your credit record and make sure no one is using your
personal information to make charges and thus hurt your credit rating.
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Multiple Choice
Identify the letter of the choice that best
completes the statement or answers the question.
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4
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When is installment sales credit typically used?
a | when purchasing utilities | b | when purchasing electricity
only | c | when purchasing furniture & household appliances | d | when purchasing
groceries |
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5
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Which is a type of loan discussed in class?
a | single-payment loan | c | monthly-payment loan | b | long-term loan | d | sales loan |
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6
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Which law/act requires prompt correction of billing mistakes when they are
brought to the attention of a business in a prescribed manner?
a | Truth in Lending Law | c | Fair Credit Reporting Act | b | Equal Credit
Opportunity Act | d | Fair Credit
Billing Act |
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7
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A credit bureau does what?
a | keeps track of your credit record for you | b | keeps track of your
credit record and provides that information to your employer | c | keeps track of your
credit record and sells that information to credit gathers | d | all of these are
correct |
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8
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What law/act requires that you be told the cost of a credit purchase in writing
before you sign a credit agreement?
a | Equal Credit Opportunity Act | c | Fair Credit Reporting
Act | b | Truth in Lending Law | d | Fair Credit Billing Act |
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9
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A report that shows the debts you owe, how often you use credit, and whether you
pay your debts on time is known as a.....
a | finance report | b | bank record | c | credit report | d | credit
bureau |
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Completion
Complete each sentence or statement.
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10
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One type of loan is one in which you agree to make monthly payments in specified
amounts over a period of time, with each payment known as a ______________. (spell your
one-word answer correctly and do not capitalize)
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