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Econ - Ch. 4 review

Test review- dave ramsey

QuestionAnswer
What is not a good idea for getting out of debt? C- Borrowing money from your parent to pay for the debt.
If you do not have a FICO score, what factors will determine whether or not you qualify for a mortgage? B- Both A & B. The history of rental and utility payments as well as the amount of your down payment and employment history can determine if you qualify;
Which of the following things cannot be done with a debit card but can be done with a credit card? D- Going into debt. A debit card acts like cash, and does not borrow money from other suppliers.
Which of the following is a sign that your identity may have been stolen? All of the answers. A call from your collection agency, a credit report showing suspicious account openings, or bank and billing statements that do not arrive on time can be signs of identity theft.
A credit score is intended to measure: B-The risk of your not repaying a debt.
Which of the following is NOT a recommended step in the Drive Free method of purchasing a car? C- Exploring new car dealerships for the best interest rate.
Which of the following is the most cost-effective option for purchasing a home? B- The most ideal way to buy a house is with 100% down; if that is not an option, you should get no more than a 15-year plan, fixed rate mortgage with a down payment of at least 10%.
What best summarizes how the use of the credit card for purchases instead of cash can change one's spending behavior? C- Studies show that consumers typically spend more when using credit as opposed to cash purchases.
What is paycheck garnishment? D- A court-ordered attachment that allows a lender to take money that you owe directly from your paycheck. (E.g. If a parent is not paying child-support, then the money might start to get pulled from his paycheck.)
Which of the following is a credit TRUTH? (not a credit myth) C- Borrowing money can have serious consequences and prevent you from building wealth.
What factors affect a credit score? All of the above ( the duration of debt, new debt, type of debt, just debt overall lol)
Which of the following statements is false? A- Under FCRA, consumers are allowed to receive one free credit report every five years.
Which of the following is not recommended in the debt snowball method of getting out of debt? C- Every extra dollar you get should be thrown at the largest debt first.
Individual account information is removed from your credit report score seven years after the last activity on the account, except for Chapter 7 bankruptcy, which stays on your credit report for: D- 10 years
Which of the following is not a factor in determining a FICO score? B- Paying cash for all purchases
A yearly fee that's charged by the credit card company for the convenience of the credit card ... an Annual fee
A long-term rental agreement on a car, a form of secured long-term debt... a Lease
A decrease in loss or value... Depreciation
A detailed report of an individual's credit history... a Credit report
A card issued by a bank that allows users to finance a purchase... a Credit card
Cost of borrowing money on an annual basis; takes into account the interest rate and other related fees on a loan... Annual percentage rate (APR)
Preferred method of debt repayment; includes a list of all debts organized from smallest to largest balance; minimum payments are made to all debts except for the smallest, which is attacked with the largest possible payments... Debt snowball
When a person owes more on a item (car, house, etc.) than it is worth, the person is said to be ________ on the loan. Upside-down
An interest rate charged to a customer during the early stages of a loan; the rate often foes up after a specified period of time... Introductory rate
Time frame that a loan agreement is in force, and before or at the end of which the loan should either be repaid or renegotiated... Loan term
True/False: Teens are huge targets of credit card companies today. True
True/False: You must establish credit in order to buy a house. False
True/False: Co-signing a loan is a good way to help a friend or relative. False
True/False: If you are a victim of identity theft, you are only responsible for paying back half of the debt. False
True/False: Under the Fair Credit Reporting Act (FCRA), any person or organization may check a person's credit information without having a legitimate need. False
True/False: It is okay to use a credit card if you pay it off every month. False
True/False: There are three credit bureaus: Experian, TransUnion, and Equifax. True
True/False: The Federal Trade Commission (FTC) is one of many U.S. federal agencies that regulate the consumer credit system and enforce the laws related to it. True
True/False: You need to have a credit card to rent a car or check in to a hotel. False
True/False: You can and should obtain a free copy of your credit report annually in order to check for any suspicious activity. True
Created by: toastyghosty
 

 



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