Question 1

In 2016 what type of financial institution held the most consumer credit, excluding mortgages?

Accepted Answer

A) Trust companies 
B) Credit unions 
C) Life insurance companies 
D) Chartered banks 
E) Special purpose corporations 
A) Trust companies 
B) Credit unions 
C) Life insurance companies 
D) Chartered banks 
E) Special purpose corporations

Question 2

Financing from car dealers in affiliation with financial institutions is called factory financing.

Accepted Answer

A) True 
 B)False

Question 3

What can be included in your credit report?

Accepted Answer

A) race 
B) nationality 
C) sex 
D) employer 
E) religion 
A) race 
B) nationality 
C) sex 
D) employer 
E) religion

Question 4

Another name for credit when loans are made on a continuous basis and borrower is billed periodically for at least partial payment is known as:

Accepted Answer

A) a line of credit. 
B) convenience credit. 
C) revolving credit. 
D) installment credit. 
E) bank card credit. 
A) a line of credit. 
B) convenience credit. 
C) revolving credit. 
D) installment credit. 
E) bank card credit.

Question 5

The 25-to 44-age group currently represents about 30 percent of the population but holds nearly ____________ percent of the debt outstanding.

Accepted Answer

A) 80 
B) 70 
C) 60 
D) 50 
E) 40 
A) 80 
B) 70 
C) 60 
D) 50 
E) 40

Question 6

If you are a woman, a creditor must

Accepted Answer

A) require a spouse to cosign a loan. 
B) ask about your birth control practices or family plans. 
C) consider whether you have a telephone listing in your own home. 
D) refuse individual credit in your own name. 
E) consider income from your part-time employment. 
A) require a spouse to cosign a loan. 
B) ask about your birth control practices or family plans. 
C) consider whether you have a telephone listing in your own home. 
D) refuse individual credit in your own name. 
E) consider income from your part-time employment.

Question 7

If you think your bill is wrong, you must notify your creditor in writing within 15 days after the bill was mailed.

Accepted Answer

A) True 
 B)False

Question 8

Your credit report may be issued only if this occurs with your consent.

Accepted Answer

A) True 
 B)False

Question 9

If you think that your bill is wrong, you should first

Accepted Answer

A) contact the local credit bureau and inform it of the billing error. 
B) complain to the Better Business Bureau. 
C) contact your provincial consumer protection agency. 
D) notify the creditor of the error. 
E) contact your attorney to settle the matter. 
A) contact the local credit bureau and inform it of the billing error. 
B) complain to the Better Business Bureau. 
C) contact your provincial consumer protection agency. 
D) notify the creditor of the error. 
E) contact your attorney to settle the matter.

Question 10

Provincial legislation regarding consumer reporting agencies regulate the type of information that can appear in a credit report and protects the consumer's right not to suffer from false information.

Accepted Answer

A) True 
 B)False

Question 11

FICO scores range between

Accepted Answer

A) 1-10 
B) 1-100 
C) 1-1,000 
D) 300-900 
E) 100-500 
A) 1-10 
B) 1-100 
C) 1-1,000 
D) 300-900 
E) 100-500

Question 12

What would your credit rating be if your credit is too new to rate?

Accepted Answer

A) R5 
B) R2 
C) R6 
D) R0 
E) R9 
A) R5 
B) R2 
C) R6 
D) R0 
E) R9

Question 13

What is not a typical credit application question?

Accepted Answer

A) Marital status 
B) Social insurance number 
C) Age 
D) Income 
E) Number of dependents and their ages 
A) Marital status 
B) Social insurance number 
C) Age 
D) Income 
E) Number of dependents and their ages

Question 14

Interest is a periodic charge for the use of credit, or other finance charges.

Accepted Answer

A) True 
 B)False

Question 15

Cobranding has become increasingly unpopular since General Motors launched its credit card in 1992.

Accepted Answer

A) True 
 B)False

Question 16

When a creditor looks at the borrower's attitude toward credit obligations, which of the 5 Cs of credit is she analyzing?

Accepted Answer

A) Capacity 
B) Capital 
C) Character 
D) Collateral 
E) Conditions 
A) Capacity 
B) Capital 
C) Character 
D) Collateral 
E) Conditions

Question 17

The use of credit indicates personal and financial instability.

Accepted Answer

A) True 
 B)False

Question 18

If your monthly net (after-tax) income is $2,000, what should be your maximum amount spent on credit payments?

Accepted Answer

A) $200 
B) $300 
C) $400 
D) $500 
E) $600 
A) $200 
B) $300 
C) $400 
D) $500 
E) $600

In 2016 what type of financial institution held the most consumer credit, excluding mortgages?

Financing from car dealers in affiliation with financial institutions is called factory financing.

What can be included in your credit report?

Another name for credit when loans are made on a continuous basis and borrower is billed periodically for at least partial payment is known as:

The 25-to 44-age group currently represents about 30 percent of the population but holds nearly ____________ percent of the debt outstanding.

If you are a woman, a creditor must

If you think your bill is wrong, you must notify your creditor in writing within 15 days after the bill was mailed.

Your credit report may be issued only if this occurs with your consent.

If you think that your bill is wrong, you should first

Provincial legislation regarding consumer reporting agencies regulate the type of information that can appear in a credit report and protects the consumer's right not to suffer from false information.

FICO scores range between

What would your credit rating be if your credit is too new to rate?

What is not a typical credit application question?

Interest is a periodic charge for the use of credit, or other finance charges.

Cobranding has become increasingly unpopular since General Motors launched its credit card in 1992.

When a creditor looks at the borrower's attitude toward credit obligations, which of the 5 Cs of credit is she analyzing?

The use of credit indicates personal and financial instability.

If your monthly net (after-tax) income is $2,000, what should be your maximum amount spent on credit payments?

Personal Financial Planning: An Introduction

Money Management Strategy: Financial Statements and Budgeting

Planning Your Tax Strategy

Banking Services of Financial Institutions

Choosing a Source of Credit: The Costs of Credit Alternatives

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

Exam 5: Introduction to Consumer Credit

In 2016 what type of financial institution held the most consumer credit, excluding mortgages?

Financing from car dealers in affiliation with financial institutions is called factory financing.

What can be included in your credit report?

Another name for credit when loans are made on a continuous basis and borrower is billed periodically for at least partial payment is known as:

The 25-to 44-age group currently represents about 30 percent of the population but holds nearly ____________ percent of the debt outstanding.

If you are a woman, a creditor must

If you think your bill is wrong, you must notify your creditor in writing within 15 days after the bill was mailed.

Your credit report may be issued only if this occurs with your consent.

If you think that your bill is wrong, you should first

Provincial legislation regarding consumer reporting agencies regulate the type of information that can appear in a credit report and protects the consumer's right not to suffer from false information.

FICO scores range between

What would your credit rating be if your credit is too new to rate?

What is not a typical credit application question?

Interest is a periodic charge for the use of credit, or other finance charges.

Cobranding has become increasingly unpopular since General Motors launched its credit card in 1992.

When a creditor looks at the borrower's attitude toward credit obligations, which of the 5 Cs of credit is she analyzing?

The use of credit indicates personal and financial instability.

If your monthly net (after-tax) income is $2,000, what should be your maximum amount spent on credit payments?

Personal Financial Planning: An Introduction

Money Management Strategy: Financial Statements and Budgeting

Planning Your Tax Strategy

Banking Services of Financial Institutions

Choosing a Source of Credit: The Costs of Credit Alternatives

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