Question 1

Fees may be incurred on what payment methods?

Accepted Answer

A)  Checking account. 
B)  Debit card. 
C)  Prepaid card. 
D)  All of these answer choices are correct. 
A)  Checking account. 
B)  Debit card. 
C)  Prepaid card. 
D)  All of these answer choices are correct.

Question 2

Tips to minimize the possibility of someone using your cards in a fraudulent manner include

Accepted Answer

A)  reconciling statements monthly. 
B)  making copies of receipts. 
C)  sharing your account number over the phone. 
D)  filing statements in a bank safe. 
A)  reconciling statements monthly. 
B)  making copies of receipts. 
C)  sharing your account number over the phone. 
D)  filing statements in a bank safe.

Question 3

Some people refer to credit cards as ________ loans.

Accepted Answer

A)  amortized 
B)  mortgage 
C)  personal 
D)  revolving 
A)  amortized 
B)  mortgage 
C)  personal 
D)  revolving

Question 4

________ provide their owners with benefits linked to how much they purchase with their card.

Accepted Answer

A)  Secured credit cards 
B)  Prepaid debit cards 
C)  Reward credit cards 
D)  Amortized loans 
A)  Secured credit cards 
B)  Prepaid debit cards 
C)  Reward credit cards 
D)  Amortized loans

Question 5

What is the end balance for the following check register?

Accepted Answer

A)  $1,899.25. 
B)  $1,201.25. 
C)  $2,599.25. 
D)  $2,700.25. 
A)  $1,899.25. 
B)  $1,201.25. 
C)  $2,599.25. 
D)  $2,700.25.

Question 6

What types of fees may be incurred for debit cards?

Accepted Answer

A)  Card balance inquiries. 
B)  Load and reload of funds. 
C)  Monthly maintenance. 
D)  Monthly maintenance and lost card. 
A)  Card balance inquiries. 
B)  Load and reload of funds. 
C)  Monthly maintenance. 
D)  Monthly maintenance and lost card.

Question 7

Your credit score is built, in part, using what input(s)?

Accepted Answer

A)  Amount of credit. 
B)  Payment history. 
C)  Types of credit. 
D)  All of these answer choices are correct. 
A)  Amount of credit. 
B)  Payment history. 
C)  Types of credit. 
D)  All of these answer choices are correct.

Question 8

A check drawn on a financial institution, backed by the financial institution's finances, and made out to a specific payee is called a

Accepted Answer

A)  certified check. 
B)  money order. 
C)  cashier's check. 
D)  traveler's check. 
A)  certified check. 
B)  money order. 
C)  cashier's check. 
D)  traveler's check.

Question 9

Traditional methods of payment include

Accepted Answer

A)  cash. 
B)  coins. 
C)  checks. 
D)  All of these answer choices are correct. 
A)  cash. 
B)  coins. 
C)  checks. 
D)  All of these answer choices are correct.

Question 10

What personal information will you need to provide when requesting your credit report?

Accepted Answer

A)  Parents' names. 
B)  Marital status. 
C)  Address(es) for the past 2 years. 
D)  The high school you graduated from. 
A)  Parents' names. 
B)  Marital status. 
C)  Address(es) for the past 2 years. 
D)  The high school you graduated from.

Question 11

Thomas failed to make his loan payments, and the court ordered his employer to pay his wages directly to his creditor. What does this example represent?

Accepted Answer

A)  Credit. 
B)  A loan. 
C)  Garnish wages. 
D)  A fee. 
A)  Credit. 
B)  A loan. 
C)  Garnish wages. 
D)  A fee.

Question 12

It's June and Miles's credit card has a balance of $2,200. The minimum payment due is $88. The APR is 21%. How much interest will he pay this month?

Accepted Answer

A)  $38.28. 
B)  $40.26. 
C)  $40.76. 
D)  $41.96. 
A)  $38.28. 
B)  $40.26. 
C)  $40.76. 
D)  $41.96.

Question 13

It's April and Tamela's credit card has a balance of $1,200. The minimum payment due is $36. The APR is 24%. How much interest will she pay this month?

Accepted Answer

A)  $21.89. 
B)  $22.48. 
C)  $23.16. 
D)  $23.76. 
A)  $21.89. 
B)  $22.48. 
C)  $23.16. 
D)  $23.76.

Question 14

On January 1, Pablo borrows $5,000 with a fixed interest rate on the loan of 10% and a loan term of 2 years. He will be making monthly payments of $230.72. How much of Pablo's second loan payment would be interest charged?

Accepted Answer

A)  $41.67. 
B)  $40.09. 
C)  $38.50. 
D)  $36.90. 
A)  $41.67. 
B)  $40.09. 
C)  $38.50. 
D)  $36.90.

Question 15

On January 1, Pablo borrows $5,000 with a fixed interest rate on the loan of 10% and a loan term of 2 years. He will be making monthly payments of $230.72. How much of Pablo's first loan payment on February 1 would be principal?

Accepted Answer

A)  $189.05. 
B)  $190.63. 
C)  $225.50. 
D)  $250.28. 
A)  $189.05. 
B)  $190.63. 
C)  $225.50. 
D)  $250.28.

Question 16

What type of card allows you to make a payment using money that was loaded onto the card in advance?

Accepted Answer

A)  Prepaid card. 
B)  Debit card with PIN. 
C)  Debit card with signature. 
D)  Credit card. 
A)  Prepaid card. 
B)  Debit card with PIN. 
C)  Debit card with signature. 
D)  Credit card.

Question 17

How many days do the credit bureaus have to investigate fraud once you notify them in writing that their information is inaccurate?

Accepted Answer

A)  10. 
B)  20. 
C)  30. 
D)  60. 
A)  10. 
B)  20. 
C)  30. 
D)  60.

Question 18

Credit reporting agencies can maintain bankruptcy information on your report

Accepted Answer

A)  for up to 7 years. 
B)  for up to 10 years. 
C)  for up to 15 years. 
D)  forever. 
A)  for up to 7 years. 
B)  for up to 10 years. 
C)  for up to 15 years. 
D)  forever.

Question 19

What information can stay in your credit report forever?

Accepted Answer

A)  Bankruptcy. 
B)  Failure to pay a utility bill. 
C)  Failure to pay a phone bill. 
D)  Borrowing more than $150,000. 
A)  Bankruptcy. 
B)  Failure to pay a utility bill. 
C)  Failure to pay a phone bill. 
D)  Borrowing more than $150,000.

Question 20

Macario received a $500 prepaid card for graduation. He lost the card on his way home. What is his maximum liability, given the fraud protection offered by prepaid cards?

Accepted Answer

A)  $0. 
B)  $50. 
C)  $250. 
D)  $500. 
A)  $0. 
B)  $50. 
C)  $250. 
D)  $500.

Fees may be incurred on what payment methods?

Tips to minimize the possibility of someone using your cards in a fraudulent manner include

Some people refer to credit cards as ________ loans.

________ provide their owners with benefits linked to how much they purchase with their card.

What is the end balance for the following check register?

What types of fees may be incurred for debit cards?

Your credit score is built, in part, using what input(s)?

A check drawn on a financial institution, backed by the financial institution's finances, and made out to a specific payee is called a

Traditional methods of payment include

What personal information will you need to provide when requesting your credit report?

Thomas failed to make his loan payments, and the court ordered his employer to pay his wages directly to his creditor. What does this example represent?

It's June and Miles's credit card has a balance of $2,200. The minimum payment due is $88. The APR is 21%. How much interest will he pay this month?

It's April and Tamela's credit card has a balance of $1,200. The minimum payment due is $36. The APR is 24%. How much interest will she pay this month?

On January 1, Pablo borrows $5,000 with a fixed interest rate on the loan of 10% and a loan term of 2 years. He will be making monthly payments of $230.72. How much of Pablo's second loan payment would be interest charged?

On January 1, Pablo borrows $5,000 with a fixed interest rate on the loan of 10% and a loan term of 2 years. He will be making monthly payments of $230.72. How much of Pablo's first loan payment on February 1 would be principal?

What type of card allows you to make a payment using money that was loaded onto the card in advance?

How many days do the credit bureaus have to investigate fraud once you notify them in writing that their information is inaccurate?

Credit reporting agencies can maintain bankruptcy information on your report

What information can stay in your credit report forever?

Macario received a $500 prepaid card for graduation. He lost the card on his way home. What is his maximum liability, given the fraud protection offered by prepaid cards?

Beginning Your Financial Journey: the Interior Finance Point of View

Tools for Your Financial Journey

Earnings and Income: the Building Blocks of Your Financial Journey

Personal Taxation

Loans and Housing Decisions

The Foundation of Savings

Investments

Risk Management: the Role of Insurance

Planning for the Future: Retirement and Estate Planning

Filters

Exam 5: Checking Accounts, Credit Scores, and Credit Cards

Fees may be incurred on what payment methods?

Tips to minimize the possibility of someone using your cards in a fraudulent manner include

Some people refer to credit cards as ________ loans.

________ provide their owners with benefits linked to how much they purchase with their card.

What is the end balance for the following check register?

What types of fees may be incurred for debit cards?

Your credit score is built, in part, using what input(s)?

A check drawn on a financial institution, backed by the financial institution's finances, and made out to a specific payee is called a

Traditional methods of payment include

What personal information will you need to provide when requesting your credit report?

Thomas failed to make his loan payments, and the court ordered his employer to pay his wages directly to his creditor. What does this example represent?

It's June and Miles's credit card has a balance of $2,200. The minimum payment due is $88. The APR is 21%. How much interest will he pay this month?

It's April and Tamela's credit card has a balance of $1,200. The minimum payment due is $36. The APR is 24%. How much interest will she pay this month?

On January 1, Pablo borrows $5,000 with a fixed interest rate on the loan of 10% and a loan term of 2 years. He will be making monthly payments of $230.72. How much of Pablo's second loan payment would be interest charged?

On January 1, Pablo borrows $5,000 with a fixed interest rate on the loan of 10% and a loan term of 2 years. He will be making monthly payments of $230.72. How much of Pablo's first loan payment on February 1 would be principal?

What type of card allows you to make a payment using money that was loaded onto the card in advance?

How many days do the credit bureaus have to investigate fraud once you notify them in writing that their information is inaccurate?

Credit reporting agencies can maintain bankruptcy information on your report

What information can stay in your credit report forever?

Macario received a $500 prepaid card for graduation. He lost the card on his way home. What is his maximum liability, given the fraud protection offered by prepaid cards?

Beginning Your Financial Journey: the Interior Finance Point of View

Tools for Your Financial Journey

Earnings and Income: the Building Blocks of Your Financial Journey

Personal Taxation

Loans and Housing Decisions

The Foundation of Savings

Investments

Risk Management: the Role of Insurance

Planning for the Future: Retirement and Estate Planning

Filters