Question 1

Your credit report may be viewed for what purpose?

Accepted Answer

A)  Underwriting of life insurance. 
B)  Determining voter eligibility. 
C)  Gaining college admittance. 
D)  Applying for a marriage license. 
A)  Underwriting of life insurance. 
B)  Determining voter eligibility. 
C)  Gaining college admittance. 
D)  Applying for a marriage license.

Question 2

What type of hybrid method immediately converts paper check payments at the point-of-sale terminal to an electronic form of payment?

Accepted Answer

A)  Check-to-electronic conversion. 
B)  Automated Clearing House. 
C)  Peer-to-peer payments. 
D)  Prepaid card. 
A)  Check-to-electronic conversion. 
B)  Automated Clearing House. 
C)  Peer-to-peer payments. 
D)  Prepaid card.

Question 3

Which of the following is a national credit bureau?

Accepted Answer

A)  Equifax. 
B)  TransUnion. 
C)  Experian. 
D)  All of these answer choices are correct. 
A)  Equifax. 
B)  TransUnion. 
C)  Experian. 
D)  All of these answer choices are correct.

Question 4

Which of the following is an individual, in addition to the borrower, who will be held responsible for repayment of the debt?

Accepted Answer

A)  Originator. 
B)  Co-signer. 
C)  Lender. 
D)  Loan officer. 
A)  Originator. 
B)  Co-signer. 
C)  Lender. 
D)  Loan officer.

Question 5

What should installment loan lenders disclose to credit applicants?

Accepted Answer

A)  The interest rate expressed as an annual percentage rate (APR), only. 
B)  The finance charge expressed in dollars, only. 
C)  The interest rate (as an APR) and the finance charge (in dollars). 
D)  Neither the interest rate (as an APR) nor the finance charge (in dollars). 
A)  The interest rate expressed as an annual percentage rate (APR), only. 
B)  The finance charge expressed in dollars, only. 
C)  The interest rate (as an APR) and the finance charge (in dollars). 
D)  Neither the interest rate (as an APR) nor the finance charge (in dollars).

Question 6

What input makes up the largest portion of your FICO score?

Accepted Answer

A)  Amount of credit. 
B)  Payment history. 
C)  New credit. 
D)  Length of credit history. 
A)  Amount of credit. 
B)  Payment history. 
C)  New credit. 
D)  Length of credit history.

Question 7

The most widely used credit score is referred to as a

Accepted Answer

A)  FICO score. 
B)  risk score. 
C)  payment score. 
D)  borrowing score. 
A)  FICO score. 
B)  risk score. 
C)  payment score. 
D)  borrowing score.

Question 8

Sachi borrowed $7,000 to purchase a used car. The total amount she will need to pay includes the $7,000 she borrowed, $2,400 interest, and $250 loan fees. What is the finance charge on Sachi's loan?

Accepted Answer

A)  $250. 
B)  $2,400. 
C)  $2,650. 
D)  $9,650. 
A)  $250. 
B)  $2,400. 
C)  $2,650. 
D)  $9,650.

Question 9

An example of installment credit includes

Accepted Answer

A)  MasterCard. 
B)  student loans. 
C)  Visa. 
D)  a home equity line of credit. 
A)  MasterCard. 
B)  student loans. 
C)  Visa. 
D)  a home equity line of credit.

Question 10

Josiah owes $3,500 on his credit card with a minimum percentage of 3% or a minimum payment of $100, whichever is higher. How much is the minimum payment due?

Accepted Answer

A)  $100. 
B)  $105. 
C)  $200. 
D)  $3,500. 
A)  $100. 
B)  $105. 
C)  $200. 
D)  $3,500.

Your credit report may be viewed for what purpose?

What type of hybrid method immediately converts paper check payments at the point-of-sale terminal to an electronic form of payment?

Which of the following is a national credit bureau?

Which of the following is an individual, in addition to the borrower, who will be held responsible for repayment of the debt?

What should installment loan lenders disclose to credit applicants?

What input makes up the largest portion of your FICO score?

The most widely used credit score is referred to as a

Sachi borrowed $7,000 to purchase a used car. The total amount she will need to pay includes the $7,000 she borrowed, $2,400 interest, and $250 loan fees. What is the finance charge on Sachi's loan?

An example of installment credit includes

Josiah owes $3,500 on his credit card with a minimum percentage of 3% or a minimum payment of $100, whichever is higher. How much is the minimum payment due?

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

Your credit report may be viewed for what purpose?

What type of hybrid method immediately converts paper check payments at the point-of-sale terminal to an electronic form of payment?

Which of the following is a national credit bureau?

Which of the following is an individual, in addition to the borrower, who will be held responsible for repayment of the debt?

What should installment loan lenders disclose to credit applicants?

What input makes up the largest portion of your FICO score?

The most widely used credit score is referred to as a

Sachi borrowed $7,000 to purchase a used car. The total amount she will need to pay includes the $7,000 she borrowed, $2,400 interest, and $250 loan fees. What is the finance charge on Sachi's loan?

An example of installment credit includes

Josiah owes $3,500 on his credit card with a minimum percentage of 3% or a minimum payment of $100, whichever is higher. How much is the minimum payment due?

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