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Per Fin Final Exam 7

QuestionAnswer
A store advertising "30 Days Same as Cash" is advertising which type of credit? Non-installment Credit
If a person has a credit card with a limit of $2,000, it means that: The credit card company is loaning him up to $2,000 to make purchases
The best way to protect against identity theft is to: Check credit bureau personal credit reports regularly
The major purpose of the Equal Credit Opportunity Act is to: Prohibit creditors from using age, religion, or race to deny credit to a person
Which of the following is ot an advantage of using credit? Credit can carry extremely high interest rates
Which of the following is an example of pretexting? Receiving a phone call from someone posing as your bank?
Dustin requested his _______ from TransUnion, which is a _______. Credit report; Credit bureau
Cody had $500 showing as his principal on the loan. The principal can be defined as: The total amount outstanding on the loan
Which of the following is NOT a good reason for taking a personal loan? David needs to borrow $1,000 so he can buy season tickets to see the Yankees play.
Which of the following terms is NOT correctly matched with its definition? Unsecured Loan: A loan that has an asset pledged as collateral
Which of the following would be the BEST option for making small purchases? Credit card
The maximum amount that you can borrow using a credit card: Credit limit
The time during which the credit card company does not charge you interest after having billed you: Grace period
Additional coverage added to an insurance policy: Policy rider
The process of combining several small accounts into one larger account: Debt consolidation
A long term rental agreement: Lease
One way to take your school loans, credit card debt, and personal loan payment and combine them into one payment is through: Debt consolidation
Each of these are high interest options for individuals with very poor credit, EXCEPT: Debt Consolidation
Which of the following is a TRUE statement about credit cards? If a person pays her total credit card bill within the grace period, there is no interest charged.
One way that credit cards encourage people to use their credit is by offering them: Cash back/rewards
One great advantage of using a credit card is that it provides: An easy way to establish a personal credit history
With a mortgage, the ______ is put up as collateral: House
Fees charged by a lender on borrowed money: Interest
Someone other than the borrower who agrees to sign the loan document and to repay the loan if the original borrower stops making payment: Cosigner
When someone uses your personal information without your permission for personal gain. Identity theft
Assets that have been pledged against loan repayment Collateral
Also known as APR Annual Percentage Rate
Created by: Traceyshea
 

 



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