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Per Fin Final Exam 7
| Question | Answer |
|---|---|
| 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