Consumers' Education

Question 0

what would be the least expensive source of credit

Answer 0

bank

Question 1

what would not give you a car loan

Answer 1

credit bureau

Question 2

what type of insurance can a lender require that you purchase

Answer 2

property

Question 3

what is not needed to calculate the interest charges on a loan

Answer 3

equity

Question 4

which method is most commonly used to calculate credit card finance charges

Answer 4

average daily balances

Question 5

which type of bankruptcy is known as straight bacnkruptcy

Answer 5

chapter 7

Question 6

what refers to a credit store

Answer 6

FICO

Question 7

which if these refers to the term of a loan

Answer 7

time

Question 8

what would not be an addition to a credit card balance

Answer 8

credit

Question 9

what law stops credit discrimination based on sex

Answer 9

equal credit protection act

Question 10

how many bank credit cards can a person legally carry

Answer 10

no limit

Question 11

what refers to the amount of a loan

Answer 11

principle

Question 12

what is used to compare loan costs

Answer 12

APR

Question 13

what is least likely to appear in a credit report

Answer 13

rent payments

Question 14

what law requires creditors to furnish the true cost of credit

Answer 14

truth-in-lending law

Question 15

what might not be required for a loan from a bank

Answer 15

collateral

Question 16

what method charges interest only on the unpaid balance

Answer 16

simple interest

Question 17

which of these would not be used to calculate your credit score

Answer 17

income

Question 18

what would not be found ont he front of your credit card

Answer 18

credit limit

Question 19

what type of bankruptcy creates a court supervised payment plan

Answer 19

chapter 13

Question 20

how often are credit card statements received

Answer 20

monthly

Question 21

what method of calculating interest is the cheapest fo the borrower

Answer 21

simple interest

Question 22

what is a good credit score

Answer 22

750

Question 23

what term does not refer to a credit card

Answer 23

right

Question 24

what law allows you to get a free copy of your credit report

Answer 24

fair credit reporting act

Question 25

what term does not refer to a credit card

Answer 25

unlimited credit

Question 26

if you cannot pay your loan payments what should you do first

Answer 26

call the creditor

Question 27

what law keeps collection agencies from calling you at work

Answer 27

fair debt collecting act

Question 28

what would not be true of a credit card

Answer 28

discounted

Question 29

what is not a credit bureau

Answer 29

fair isaac

Question 30

what is not a credit card cost

Answer 30

cash advantage

Question 31

who would require you to sign a retail installment contract

Answer 31

car dealer

Question 32

what best describes a credit score

Answer 32

credit reputation

Question 33

what would not be a subtraction from a credit card balance

Answer 33

cash advantage

Question 34

what law allows the borrower to know the Annual Percentage Rate charged

Answer 34

truth-in-lending act

Question 35

what will not be a loan contract

Answer 35

credit score

Question 36

what is not a good source of credit from a bank

Answer 36

cash value of loan

Question 37

what is not a bank credit card

Answer 37

diners club

Question 38

the purpose of consolidating debts is to make which of these possible

Answer 38

lower payments

Question 39

the term garnishment could result from which credit situation

Answer 39

missing payments

Question 40

waht is the highest credit score POSSIBLE

Answer 40

850

Question 41

what are the 3 major credit score agencies

Answer 41

equifax, transition, experian

Question 42

3 things that lower credit score

Answer 42

missing payments, short history, using more than 80% of available credit

Question 43

5 sources people use

Answer 43

bank, friends, family, finance, credit unions

Question 44

what would not be found on a credit card application

Answer 44

medical info

Question 45

what would you not find ont he front of you card

Answer 45

PIN number

Question 46

what is not necessarily listed on credit card statement

Answer 46

item purchased

Question 47

what is the amount owed in a given time

Answer 47

balance

Question 48

what is a loan without collateral

Answer 48

unsecured

Question 49

where do you have to be a member

Answer 49

credit unions

Question 50

what are the periodic payments that are made to repay a loan

Answer 50

installments

Question 51

what is least likely to be reported to a bureau

Answer 51

rent

Question 52

what is not a 3 c or credit

Answer 52

capital

Question 53

PArents become this if the guarantee a loan made by their child

Answer 53

cosigner

Question 54

what is bringing several debts together under one new contract with a single monthly payment

Answer 54

consolidation

Question 55

an 18% annual percentage rate is what monthly rate (divide by12)

Answer 55

1.5%

Question 56

what is the cost of borrowing money

Answer 56

interest

Question 57

nickname for credit cards

Answer 57

plastic

Question 58

tf rent-to-own is an expensive source of credit

Answer 58

true

Question 59

tf credit cards are revolving charge accounts

Answer 59

true

Question 60

tf a finance company is an inexpensive source of credit

Answer 60

false

Question 61

tf you can change any amount on your credit card

Answer 61

false

Question 62

tf commercial banks have the flexibility to meet any credit need

Answer 62

true

Question 63

tf pawnbrokers are an expensive source of credit

Answer 63

true

Question 64

tf when you use your credit card, you are actually borrowing money

Answer 64

true

Question 65

tf credit life insurance is designed to pay your debt if you die

Answer 65

true

Question 66

tf credit life insurance can be acquired by a lender

Answer 66

false

Question 67

tf the truth-in-lending act sets interest rates on loans

Answer 67

false

Question 68

tf a home mortgage is an example of an unsecured loan

Answer 68

false

Question 69

tf the truth-in-lending act specifies teh financial informationthat must be disclosed in a loan contract

Answer 69

true

Question 70

tf a home equity line of credit uses a house as collateral

Answer 70

true

Question 71

tf adjustable rate loans can adjust up but not down

Answer 71

false

Question 72

tf a loan contract will include the amount financed

Answer 72

true

Question 73

tf retailers pay credit card issuers a percentage of the amount charged

Answer 73

true

Question 74

tf the only requirement for a credit card is to be 18 years of age

Answer 74

false

Question 75

tf you will have to pay a finance charge on your unpaid credit card and balance

Answer 75

true

Question 76

tf most issuers of credit cards use the average daily balance method of computing credit card finance charges

Answer 76

true

Question 77

tf you can legally use only one bank credit card

Answer 77

false

Question 78

tf your credit score is your financial reputation

Answer 78

true

Question 79

tf credit unions collect info about borrowers and sell it to creditors

Answer 79

false

Question 80

tf rent paymetns and medical payments always appear in your credit history

Answer 80

false

Question 81

tf to maintain good score always make payments on time

Answer 81

true

Question 82

tf creditors provide info about you to bureaus

Answer 82

true

Question 83

tf you must make a minimum payment each month

Answer 83

true

Question 84

tf bankruptcy gives you legal protection

Answer 84

true

Question 85

tf all cards charge annual fee

Answer 85

false

Question 86

tf you can be charged extra fee for using card to make cash advantage

Answer 86

true

Question 87

tf using card is one of least expensive ways to borrow $

Answer 87

false

Question 88

tf card must be signed on back

Answer 88

flase

Question 89

tf affinity cards are co-sponsored

Answer 89

true

Question 90

tf highest possible score is 1250

Answer 90

false