What is credit card, charge account, installment credit, and consumer loan?
100
Randy noticed seven purchases for products not used by the business possibly made by one of his employees on the business credit card. What is the advantage and disadvantage of this situation?
What is overbuying by employees and keeping track of what employees are spending?
100
Name at least 2 credit laws or acts.
What is equal credit opportunity act, fair credit reporting act, etc...?
100
The possibility of incurring a loss.
What is risk?
100
This insurance covers eye examinations, prescription lenses, frames, and contact lenses.
What is vision care?
200
Jenny charged $300 worth of gifts while shopping at several stores. Which type of credit did Jenny use?
What is credit card?
200
For filing taxes, Randy has been able to use only credit card statements from his Business American Express to track purchases. What is the advantage?
What is minimizing record-keeping and receipts?
200
JCPenney makes sure all applicants are creditworthy before issuing any of them credit cards. Which regulation is JCPenney adhering?
What is equal credit opportunity act?
200
Threat of loss without an opportunity to gain.
What is pure?
200
This insurance combines hospital, surgical, regular, and major medical insurance.
What is comprehensive medical insurance?
300
Mary makes prearranged equal payments monthly to Progress Energy. Which type of credit did Mary use?
What is a charge account?
300
Randy charged about $6,000 worth of furniture and decorations for his waiting room over several shopping sprees. He can barely make the minimum payments of about $400 each month. Is this a disadvantage or advantage and what kind?
What is overbuying?
300
Han sued a furniture store that verified it provided inaccurate information about his credit history. Which
regulation would protect him in having the information corrected?
What is the Fair Credit Reporting Act?
300
The 4 ways to manage risk.
What is avoid, transfer, insure, or assume?
300
This insurance covers specialized care out of the hosppital.
What is major medical?
400
A bank loaned Doug $4,500 for 24 months. Which type of credit did he accept?
What is a consumer loan?
400
Randy issued a credit card to an employee to purchase supplies. Disadvantage or advantage and what kind?
What is an advantage to keep track of what employees are spending?
400
JCPenney makes sure all applicants are creditworthy before issuing any of them credit cards. Which
regulation is JCPenney adhering?
What is equal credit opportunity act?
400
A book company has a contract with a trucking company to transport its books. How is the company managing its risks?
What is transfer?
400
This provides physicians, a clinic, or a hospital a contract with an insurance company.
What is the PPO?
500
Justin paid $20 at the end of a doctor's visit and agreed to pay the balance in 30 days. He will avoid any cost for this credit. Which type of credit did Justin use?
What is a charge account?
500
Randy received free software by frequently using his business credit card. What kind of advantage is this?
What is earning rewards?
500
Mary paid only $50 for unauthorized charges made to her Capital One MasterCard. Which regulation
protected her?
What is the truth in lending law?
500
If a competitor moved across the street from you, this is what kind of risk?
What is uninsurable?
500
When members are entitled to a wide range of prepaid health care services.