Question 1

The most commonly purchased type of credit insurance is

Accepted Answer

A) credit life insurance. 
B) credit accident insurance. 
C) credit health insurance. 
D) credit property insurance. 
E) credit disability insurance. 
A) credit life insurance. 
B) credit accident insurance. 
C) credit health insurance. 
D) credit property insurance. 
E) credit disability insurance.

Question 2

By evaluating your credit options, you can

Accepted Answer

A) reduce your finance charges. 
B) reconsider your decision to borrow money. 
C) discover a less expensive type of loan. 
D) find a lender that charges a lower rate. 
E) reduce your finance charges, reconsider your decision to borrow money, discover a less expensive type of loan, and find a lender that charges a lower rate. 
A) reduce your finance charges. 
B) reconsider your decision to borrow money. 
C) discover a less expensive type of loan. 
D) find a lender that charges a lower rate. 
E) reduce your finance charges, reconsider your decision to borrow money, discover a less expensive type of loan, and find a lender that charges a lower rate.

Question 3

The best way to pay off credit is to follow the minimum payment amount stated on your bill.

Accepted Answer

A) True 
 B)False

Question 4

Obtaining credit may be easier for people who file a consumer proposal rather than a bankruptcy.

Accepted Answer

A) True 
 B)False

Question 5

Paying only the minimum balance each month on credit card bills is a signal of potential debt problems.

Accepted Answer

A) True 
 B)False

Question 6

If you take the maximum length of time to pay off a credit card, at a rate of 18.5%, how many years will it take to pay the debt off? Select the closest whole number of years and a minimum payment of 1/36 or $20, whichever is greater.

Accepted Answer

A) 5 
B) 8 
C) 11 
D) 15 
E) 20 
A) 5 
B) 8 
C) 11 
D) 15 
E) 20

Question 7

The least expensive loans are available from car dealers, appliance stores, department stores.

Accepted Answer

A) True 
 B)False

Question 8

Creditors use the same system to calculate the balance on which they assess finance charges.

Accepted Answer

A) True 
 B)False

Question 9

Which of the following offer the least expensive loan?

Accepted Answer

A) finance companies 
B) banks 
C) savings and loan associations 
D) parents or family members 
E) loan sharks 
A) finance companies 
B) banks 
C) savings and loan associations 
D) parents or family members 
E) loan sharks

Question 10

Which type of credit insurance repays your debt in the event of a loss of income due to illness or injury?

Accepted Answer

A) credit life insurance 
B) credit accident and health insurance 
C) credit property insurance 
D) credit casualty insurance 
E) credit debit insurance 
A) credit life insurance 
B) credit accident and health insurance 
C) credit property insurance 
D) credit casualty insurance 
E) credit debit insurance

Question 11

The Annual Percentage Rate is the percentage cost of credit on a yearly basis.

Accepted Answer

A) True 
 B)False

Question 12

Membership in credit unions has been

Accepted Answer

A) growing steadily. 
B) declining gradually. 
C) static. 
D) restricted by the Tax Act. 
E) restricted by provincial laws. 
A) growing steadily. 
B) declining gradually. 
C) static. 
D) restricted by the Tax Act. 
E) restricted by provincial laws.

Question 13

What is monthly payment for a $25,000 amortized loan to purchase a car payable over 5 years at an annual interest rate of 6%?

Accepted Answer

A) $416 
B) $432 
C) $483 
D) $556 
E) $565 
A) $416 
B) $432 
C) $483 
D) $556 
E) $565

The most commonly purchased type of credit insurance is

By evaluating your credit options, you can

The best way to pay off credit is to follow the minimum payment amount stated on your bill.

Obtaining credit may be easier for people who file a consumer proposal rather than a bankruptcy.

Paying only the minimum balance each month on credit card bills is a signal of potential debt problems.

If you take the maximum length of time to pay off a credit card, at a rate of 18.5%, how many years will it take to pay the debt off? Select the closest whole number of years and a minimum payment of 1/36 or $20, whichever is greater.

The least expensive loans are available from car dealers, appliance stores, department stores.

Creditors use the same system to calculate the balance on which they assess finance charges.

Which of the following offer the least expensive loan?

Which type of credit insurance repays your debt in the event of a loss of income due to illness or injury?

The Annual Percentage Rate is the percentage cost of credit on a yearly basis.

Membership in credit unions has been

What is monthly payment for a $25,000 amortized loan to purchase a car payable over 5 years at an annual interest rate of 6%?

Personal Financial Planning: An Introduction

Money Management Strategy: Financial Statements and Budgeting

Planning Your Tax Strategy

Banking Services of Financial Institutions

Introduction to Consumer Credit

The Finances of Housing

Home and Automobile Insurance

Life, Health, and Disability Insurance

Fundamentals of Investing

Investing in Stocks

Investing in Bonds

Investing in Mutual Funds

Retirement Planning

Estate Planning

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Exam 6: Choosing a Source of Credit: The Costs of Credit Alternatives

The most commonly purchased type of credit insurance is

By evaluating your credit options, you can

The best way to pay off credit is to follow the minimum payment amount stated on your bill.

Obtaining credit may be easier for people who file a consumer proposal rather than a bankruptcy.

Paying only the minimum balance each month on credit card bills is a signal of potential debt problems.

If you take the maximum length of time to pay off a credit card, at a rate of 18.5%, how many years will it take to pay the debt off? Select the closest whole number of years and a minimum payment of 1/36 or $20, whichever is greater.

The least expensive loans are available from car dealers, appliance stores, department stores.

Creditors use the same system to calculate the balance on which they assess finance charges.

Which of the following offer the least expensive loan?

Which type of credit insurance repays your debt in the event of a loss of income due to illness or injury?

The Annual Percentage Rate is the percentage cost of credit on a yearly basis.

Membership in credit unions has been

What is monthly payment for a $25,000 amortized loan to purchase a car payable over 5 years at an annual interest rate of 6%?

Personal Financial Planning: An Introduction

Money Management Strategy: Financial Statements and Budgeting

Planning Your Tax Strategy

Banking Services of Financial Institutions

Introduction to Consumer Credit

The Finances of Housing

Home and Automobile Insurance

Life, Health, and Disability Insurance

Fundamentals of Investing

Investing in Stocks

Investing in Bonds

Investing in Mutual Funds

Retirement Planning

Estate Planning

Filters