Tara McDonald
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High School Principles of Business Test sobre POB 5.01 Review, creado por Tara McDonald el 20/02/2017.

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Tara McDonald
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POB 5.01 Review

Pregunta 1 de 16

1

Eddie moved into his own apartment and realized he barely had enough money to get by. Before long, he was in credit trouble, so who should he contact to receive information on actions to help manage his debt?

Selecciona una de las siguientes respuestas posibles:

  • Loan officer

  • Credit counselor

  • Bank teller

  • Bankruptcy counselor

Explicación

Pregunta 2 de 16

1

When Laverne applied for a loan at the bank, they saw that she had paid all her bills on time. This showed that she had good:

Selecciona una de las siguientes respuestas posibles:

  • Character

  • Capital

  • Capacity

  • Collateral

Explicación

Pregunta 3 de 16

1

Rooms to Go Furniture had a great sale and Franny bought a new bedroom suit. The store will allow her to make monthly payments. This is an example of:

Selecciona una de las siguientes respuestas posibles:

  • Consumer Loans

  • Installment Credit

  • Unsecured Loan

  • Credit Card Sale

Explicación

Pregunta 4 de 16

1

Juan started a new job and needed some new professional clothes. He shopped at Sears and was offered credit. This is an example of:

Selecciona una de las siguientes respuestas posibles:

  • Consumer Loan

  • Home Loan

  • Charge Account

  • Budget Loan

Explicación

Pregunta 5 de 16

1

A VISA card is an example of which type of credit card?

Selecciona una de las siguientes respuestas posibles:

  • Bank

  • Oil Company

  • Retail Store

  • Travel and Entertainment

Explicación

Pregunta 6 de 16

1

Mary owns several homes and has interest in opening a retail store. From this information, which “C” of credit is she most likely to meet if she wants to borrow money to open the new store?

Selecciona una de las siguientes respuestas posibles:

  • Capital

  • Collateral

  • Character

  • Capacity

Explicación

Pregunta 7 de 16

1

During the loan application process, Frank lost his job at no fault of his own. This may keep him from receiving his loan, because of lack of:

Selecciona una de las siguientes respuestas posibles:

  • Capital

  • Collateral

  • Capacity

  • Character

Explicación

Pregunta 8 de 16

1

Cost of credit refers to:

Selecciona una de las siguientes respuestas posibles:

  • Saving money

  • Principal

  • Length of loan

  • Interest Paid

Explicación

Pregunta 9 de 16

1

The formula for calculating simple interest is:

Selecciona una de las siguientes respuestas posibles:

  • I = P + R + T

  • I = P / R / T

  • I = P x R x T

  • I=PR

Explicación

Pregunta 10 de 16

1

Some people out of necessity use this to reduce debt, but it harms your credit score for at least 7-10 years:

Selecciona una de las siguientes respuestas posibles:

  • Getting a new credit card

  • Getting a new loan

  • Credit Counseling

  • Bankruptcy

Explicación

Pregunta 11 de 16

1

The bank loaned Rodney $1800, which will be paid back in 18 months at a set amount each month. This loan is for a boat. What type of loan is it?

Selecciona una de las siguientes respuestas posibles:

  • Installment Sales Credit

  • Consumer Loans

  • Unsecured Loan

  • Credit Card Sale

Explicación

Pregunta 12 de 16

1

Jack bought a TV from Best Buy on December 31, with an agreement to pay it in full in 30 days. On what day is the payment due?

Selecciona una de las siguientes respuestas posibles:

  • January 1

  • January 30

  • February 31

  • December 31

Explicación

Pregunta 13 de 16

1

What is the maturity date for a loan made on January 24 and due in 60 days?

Selecciona una de las siguientes respuestas posibles:

  • March 24

  • March 25

  • March 31

  • April 1

Explicación

Pregunta 14 de 16

1

What is the interest amount for the following loan: $10,000 car loan for 5 years at 8% interest rate?

Selecciona una de las siguientes respuestas posibles:

  • $14,000

  • $3,000

  • $4,000

  • $5,000

Explicación

Pregunta 15 de 16

1

Jenny has the option of borrowing $300 at a 3% interest rate. Which loan option would cost her the most money?

Selecciona una de las siguientes respuestas posibles:

  • Option1: loan for 2 months

  • Option2: loan for 3 months

  • Option3: loan for 6 months

  • Option4: loan for 1 year

Explicación

Pregunta 16 de 16

1

What is the total loan amount for the following loan: $25,000 car loan for 3 years at 4.25% interest rate?

Selecciona una de las siguientes respuestas posibles:

  • $3,187.50

  • $26,000

  • $28,187.50

  • $31,187.50

Explicación