Credit Review (10/11/24 TEST PREP)
Quiz by Rebecca Booth
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50 questions
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- Q1When a person declares bankruptcy that fact will appear on the person’s credit report…Until the person is able to receive a new credit card10 years1. 3 yearsUntil the person repays all debts owed30s
- Q2Which of the following is considered to be open-end (remember synonymous with revolving credit) credit?Car loanInstallment loanMortgageDepartment store charge card30s
- Q3When a person brings an item to a pawnshop to obtain cash, the transaction is consideredAn unsecured loanA collateralized loanA sales agreementA custodial payment30s
- Q4What is meant by an uncollateralized loan?A home equity loan.A loan taken on a life insurance policy.A loan not backed by a co-signer who agrees to cover the amount of the loan.A personal loan without assets to cover the loan amount.30s
- Q5A decision to give an applicant credit is made by the..Consumer counseling serviceCredit reporting agencyCreditorConsumer30s
- Q6The type of credit card issued by an oil company (gas station), bank, or department store is…A revolving charge cardA debit cardAn installment cardA cash card30s
- Q7The annual percentage rate (APR) is:Always expressed in dollarsRequired by the Comptroller of the CurrencyRequired by the Securities Exchange CommissionThe true cost of credit that must be disclosed on a loan agreement30s
- Q8The amount a lender charges to borrow money is called the…Loan BalanceAnnual Percentage Rate (APR)PrincipalFinance Charge30s
- Q9The cost to use someone else’s money for a period of time is called the:Inflation rateInterest rate expressed as a percentageMinimum paymentOpportunity cost30s
- Q10Which of the following is the federal law that requires the cost of credit to be disclosed to consumers in bold print on a loan agreement?Equal Credit Opportunity ActFair Debt Collection Practices ActTruth in Lending ActFair Credit Reporting Act30s
- Q11Predatory lending practices generally include:An interest rate based on the borrowers credit historyRepayment terms that the consumer can affordVery high interest rates and feesResponsible financial advisers30s
- Q12Predatory lending practices do not include which of the following:An individual agreeing to a high cost loan with excessive feesA lender who expects a loan to be refinanced when you are unable to make paymentsA creditor knocking on your door and agreeing to refinance your mortgage without looking at your credit historyA loan that you can afford with an interest rate that is the same as the interest rate being charged by at least three other financial institutions.30s
- Q13Collateral is…A form of creditSomething of value that secures a loan to protect the lenderSomething that explains your net worthRequired for all loans30s
- Q14How can you avoid becoming a victim of identity theft?Avoid using a credit card to charge purchases on the phoneLeaving your wallet containing personal information where it can be stolenKeep your PIN on your ATM cardAvoid giving your social security number on a phone call you did not initiate30s
- Q15Jane opened her credit card bill and was surprised by the amount she owed. She cannot pay the full amount of the bill this month. The lowest dollar amount Jane is required to pay by the credit card company is the:Interest paymentMinimum paymentMonthly fee paymentPrincipal payment30s